Lowe's is looking capture a greater percentage of sales from its walk-in traffic as part of a reinvestment plan targeting its brick-and-mortar locations, Retail Info Systems (RIS) News reports. The home improvement retailer cited internal research that found a 15-basis-point difference between the percentage of customers who know what they want to purchase when entering the store and the stores' close rate; it plans to close the gap by raising service-level targets for its high-volume SKUs by 3%.
The plan to revamp its stores comes on the tails of an announcement earlier this month of a $550 million capital expenditure investment in the company's information technology systems—including a mobile point-of-sale system with e-mail receipts and the development of local, consumer-driven product selections—as well as the creation of a "C-level" position for the "customer experience," according to RIS.
Company officials also said it plans to increase close rates during the week, redirecting time spent on tasks to recover from the sales-focused weekend to increasing selling hours by approximately 2% per store. "Selling hours are 65% of total hours on average," Lowe's CEO Gregory Bridgeford told RIS. "However, Monday through Thursday, these hours are disproportionately skewed toward tasking as we recover from the weekend." To achieve this, RIS reports, the company will add 150 staffing hours per week at two-thirds of its stores.
The big-box also will reconfigure some of its endcap and promotional areas to clear sightlines and improve in-store navigation.
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