| Associated Press
Sales of previously occupied homes rose in January as a surge in buyers with cash and others eager to avoid higher mortgage rates snapped up properties, leaving the number of available houses on the market at a record low. Well before the pandemic, Lowe’s, under the stewardship of its CEO Marvin Ellison, overhauled an antiquated website and increased Lowe’s business with professional customers like electricians and contractors. That helped the company to pivot during the pandemic, when more people were relying on online services. And even as Lowe’s now deals with industrywide supply chain issues and higher costs, it’s using its clout to keep shelves stocked while trying to tame inflation at its stores.
Lowe’s is also expanding to new areas to keep sales growing. The chain announced in January a partnership with Petco Health and Wellness Company to create pet supply shops under the Petco brand at its stores. The plans call for opening nearly 20 shops in Texas, North Carolina and South Carolina by next month. It’s also tapping into the aging baby boomer market; it launched an initiative last year to create a one-stop destination at its stores aimed at seniors who want to stay in their homes.
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