It probably doesn’t feel like we’re living in a golden era of retail.
And to be sure, there are plenty of issues with our modern shopping landscape.
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Particularly over the last few years, covid ushered in something of a new beast for many shoppers and businesses to grapple with.
The early 2020s saw a vast number of retailers — big and small — shutter due to unforeseen challenges.
Covid brought in-person shopping to a near-screeching halt.
And when foot traffic declines, profit soon follows.
The American Bankruptcy Institute reports that approximately 60% of businesses that closed during the pandemic never opened again.
That’s a huge number, and the ones that were left after the worst of covid were met with new challenges.
A rise in retail theft, increased rent and operating expenses, higher interest rates, and changing consumer behaviors all contributed to a new retail world that many companies are still trying to navigate.
A person shops at Home Depot.
Image source: Shutterstock
Some retailers find silver linings
But some companies have found their footing faster than others.
Several large-scale home improvement stores saw success during and after covid.
This is partly because many of us had more free time around the house. With more hours spent at home, many noticed projects that needed to be done.
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It could’ve been something simple like applying a new coat of paint to the powder room or putting in fresh landscaping.
But many people got even more ambitious; some remodeled kitchens and living rooms. Some bought new homes altogether.
And Home Depot (HD) was one of the top beneficiaries during covid.
Between 2020-2022, the Atlanta, Georgia-based retailer saw record revenue. Sales grew by $40 billion — a rate that previously took the retailer nine years to achieve.
Home Depot makes another major change
Home Depot and Lowe’s (LOW) have been in a competitive sparring match to bring on new customers and maintain pre-existing ones.
In April, Lowe’s made a $1.32 billion acquisition of Artisan Design Group (ADG) to cater to contractors and professionals, a demographic Home Depot has also been working hard to capture.
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And now, Home Depot is working hard to please yet another group of folks.
In May, the home improvement retailer announced it would grow its array of tax-free items for military and service members.
This comes in the form of an agreement with the Army & Air Force Exchange Service, which will put many appliances, tools, and other home improvement supplies at The Home Depot’s partnership page at ShopMyExchange.com.
In addition to tax-free benefits, military members will also receive free shipping on large appliances and a 10% discount on full-priced non-appliances.
Lowe’s also offers a 10% military discount to service members, veterans, and their spouses.
