Lowe's makes major change to how you interact with its stores

Core Insights - The home improvement retail sector faced significant challenges in the past year due to weak consumer demand driven by price increases, job losses, and higher interest rates [1] - Major competitors Home Depot and Lowe's reported declines in foot traffic, with Home Depot experiencing a 3.8% decrease and Lowe's a 3.5% decrease year-over-year in Q1 2025, attributed to a sluggish housing market and economic headwinds [2] - Consumer interest in home improvement remains, but economic conditions have shifted priorities towards essential needs like food [2] Economic Impact - Home sales have stagnated as prices and mortgage rates have increased since 2022, largely due to the Federal Reserve's rate hikes aimed at controlling inflation [3] - Concerns over affordability and economic uncertainty are negatively impacting consumer confidence, particularly for larger discretionary purchases [4] Company Response - In response to changing consumer behavior, Lowe's is enhancing its services, including the rollout of AI voice agents for customer calls to improve in-store assistance [5][6] - The implementation of AI technology aims to alleviate distractions for sales staff, allowing for more direct customer interaction [6][8] - Lowe's ensures that any technology adopted addresses real, relevant problems rather than merely following trends [9]