Lowe’s wants to help customers age in place
Lowe’s recently formed a two-year partnership with AARP to provide strategies and information for older adults aging in their homes.
“For the past 18 months, the home has increased in importance for all of us and perhaps especially for our baby boomer customers, who are increasingly interested in aging in place in their own homes,” said Lowe’s CEO Marvin Ellison on the retailer’s third-quarter conference call.
AARP will provide the Lowe’s Livable Home initiative with educational content, including stories and videos, to help people make major and minor changes to living spaces that will make stairways more navigable, bathrooms and kitchens more user-friendly and support family caregivers seeking to make home updates.
Mr. Ellison said the partnership would offer solutions such as “walk-in bathtub, grab bars, stairlifts, nonslip floors, pull-down cabinets and wheelchair ramps.”
The partnership comes as pandemic-related cocooning in the U.S. inspired a huge number of households to tackle DIY home improvement projects.
AARP survey data also shows 70 percent of people 50 and older want to remain in their current homes as they age. In addition, households headed by people age 65 and older are expected to grow from 34 million to 48 million in the next 20 years, according to the Urban Institute.
“People are living longer and they want to live their best lives at every age,” said AARP CEO Jo Ann Jenkins, in a statement. “Ageless homes that work for older adults are good for people of all ages, but most houses weren’t built to support our needs long term.”
Other large retailers have also begun to sell products and services specifically geared toward the aging in place demographic.
Best Buy in 2017 launched a service called Assured Living in 2017 providing in-home consultations for and installations of IoT solutions for older adults. The Assured Living program is no longer active, according to The Verge, though Best Buy continues to promote some tech devices geared specifically toward elderly users. Amazon, meanwhile, just launched an Alexa-based service geared toward aging in place.
- AARP and Lowe’s Team Up to Improve Aging-in-Place Options – AARP
- Lowe’s (LOW) Q3 2021 Earnings Call Transcript – The Motley Fool
- Lowe’s says pandemic-fueled home improvement demand could cool in year ahead – CNBC
- Amazon Alexa’s new elder care service launches today – The Verge
- Are Home Depot and Lowe’s about to hit a sales wall? – RetailWire
- Will Best Buy’s golden years strategy delivery long-term success? – RetailWire
DISCUSSION QUESTIONS: Do you see a focus on home improvement strategies, materials and information for older adults aging in place as the right move for Lowe’s to make? Do you see an untapped opportunity around aging in place for drug stores, consumer electronics or other channels?