- New housing starts soared over the summer, but that doesn’t matter much to home improvement retailers like Home Depot and Lowe’s.
- Speaking at Goldman Sachs’ virtual retail conference this week, the CEOs of both companies clarified that their businesses are not dependent on new home construction.
- In fact, Lowe’s CEO Marvin Ellison said that the aging housing stock in the US is good for business.
- “If you’re living in one of those aging homes, it’s going to lend itself to you making those investments to modernize,” he said.
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When it comes to the home improvement business, fixing up an older home is a far more lucrative than building a new one from scratch.
That is at least the case for retailers like Home Depot and Lowe’s. The CEOs of both companies recently made comments during Goldman Sachs’ annual Global Retailing Virtual Conference suggesting