Lowe’s is now offering tool rental services. According to an announcement made today, the company will begin rolling out tool rental departments across the country, creating a one-stop-shop for the tools and equipment that both professionals and DIY customers will require to complete home improvement projects. Lowe’s Tool Rental will begin a multi-year national rollout on August 20 with the opening of its first location in Charlotte, North Carolina.
The Following Tools Will Be Available For Rent At The Tool Rental Department:
- A completely redesigned fleet of commercial-grade equipment, including well-known brands such as Husqvarna, Bosch, and Metabo HPT.
- For purchase, a large selection of drain cleaning and restoration tools, as well as sanitation and concrete tools, as well as merchandise to go along with rental tools, such as protective equipment and cleaning solutions
- Technology that makes the check-in and check-out process simple and convenient, such as an online reservation option, in-store self-service kiosks, and digital documents that can be signed and viewed from a mobile device.
- A dedicated team of knowledgeable associates who are able to provide hands-on product demonstrations to customers
- About 4,000 square feet of space with a mechanic shop to service tools, a space for on-site cleaning, and product demonstration areas.
- a formalized formalized formalized “Our customers understand that having the right tool for the job is critical to the success of every project, but they may not always want to invest in a new tool or piece of equipment. Lowe’s Tool Rental helps customers save money on the costs of owning, maintaining, and storing the tools they need, while still getting the tools they need “Lowe’s senior vice president of professional sales and services, Fred Stokes, shared his thoughts. “Offering tool rental as part of our commitment to keeping Pros productive as their new home is just another way we are ensuring their success. It doesn’t matter if a Pro’s tool fails on the job, needs repair, or they want to try something new; tool rental will allow them to get back to the job site more quickly, saving them both time and money in the process.”
In either case, the Lowe’s Tool Rental departments will be newly constructed spaces that either adds to the existing Lowe’s store or are located on Lowe’s property adjacent to an existing store. If you would like more information about Lowe’s Tool Rental, please visit www.Lowes.com/Rental.
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Important Information Regarding Forward-Looking Statements
Within the meaning of the Private Securities Litigation Reform Act of 1995, statements in this press release that are “forward-looking statements” are included. Forward-looking statements are those that include words such as “believe,” “expect,” “anticipate,” “plan,” “desire,” “project,” “estimate,” “intend,” “will,” “should,” “could,” “would,” “may,” “strategy,” “potential,” “opportunity,” “outlook,” “guidance,” and similar expressions. Forward-looking statements are those that do not relate strictly to the present. These forward-looking statements include, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business outlook, and priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market and home improvement industry, demand for products and services, share repurchases, and Lowe’s strategic initiatives, including the Lowe’s Home Improvement Store of the Year Award and Lowe’s Home Improvement Store of the Year Award. There are risks and uncertainties associated with such statements, and we can give no assurance that they will turn out to be correct. Actual results may differ materially from those expressed or implied by such statements, including by a wide margin.
These forward-looking statements are subject to a number of risks, uncertainties, and other factors that could materially affect our ability to achieve the results expressed or implied by them, including but not limited to changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, and other factors that are beyond our control.
In addition to the foregoing factors and other uncertainties, risks, and potential events described in “Item 1A – Risk Factors” in our most recent Annual Report on Form 10-K, and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC, investors and other interested parties should carefully consider the foregoing factors and other uncertainties, risks, and potential events. The information contained in any forward-looking statements speaks only as of the date on which they are made, and we undertake no obligation to update these statements except as required by applicable law.
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High-quality home improvement products and services are provided to approximately 18 million customers per week in the United States and Canada by Lowe’s Companies, Inc. (NYSE: LOW), a FORTUNE® 50 company. Lowe’s and its related businesses operate or provide service to more than 2,200 home improvement and hardware stores, employing approximately 300,000 associates in the fiscal year 2019. Lowe’s and its related businesses had sales of $72.1 billion in the fiscal year 2019. Lowe’s, based in Mooresville, North Carolina, gives back to the communities it serves through programs that promote the development of safe, affordable housing and the training of the next generation of skilled trade professionals. Please see Lowes.com for additional information.
What Types Of Tools Will Be Available For Rental?
According to Lowe’s, the tool rental department will offer a diverse selection of drain cleaning, restoration, sanitation, and concrete tools from leading manufacturers such as Husqvarna, Bosch, and Metabo HPT, among others. The pressure washers, augers, carpet cleaners, nail guns, trenchers, paint sprayers, and other tools that we saw at the Charlotte store were all excellent. Lowe’s Tool Rental is likely to have what you need for whatever project you decide to undertake.
What Is The Process For Renting A Tool From Lowe’s?
You can choose a tool, confirm your rental dates, and make a reservation either online or in-store using self-service kiosks, depending on your preferences. When it comes time to pick up the tool, make sure to bring a valid ID as well as a credit card. Keep in mind that none of this will be available until tool rental becomes available at your local Lowe’s store, and the company has not announced which stores will be receiving the new tool rental service.
In What Currency Does Lowe’s Tool Rental Charge A Fee?
The cost of renting a tool at Lowe’s is determined by the type of tool you’re renting and the length of time you’ll need it. Rental periods are available for as little as four hours and as long as four weeks, depending on the location. The majority of tools can be rented for between $25 and $65 per day on average.
The towable stump grinder, which rents for $138 per day at the North Carolina store, and the 30-inch trencher, which rents for $171 per day, are two of the most expensive tools available at the store. Smaller tools, such as a cordless nail gun, will cost you $36 per day or $144 per week, while a 14-inch chainsaw will cost you $43 per day or $172 per week in rental fees.
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What Measures Are Being Taken to Protect People During the Pandemic?
In accordance with Lowe’s policies, rental tools will be thoroughly sanitized before and after each use. They are also placing a high priority on safety by providing curbside pickup and drop-off services. Simply park your vehicle in one of the clearly marked curbside spaces in front of the store and follow the directions on the signage to the store.
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