It may not seem like it, but the past few years actually afforded many of us some good times.
To be sure, Covid brought lots of chaos, volatility, and fear to the last five years. But lots of people were also granted a lot more free time.
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Some of us picked up hobbies and activities, such as starting new sports, learning a new language, or trying out a new musical instrument. Others tested new recipes, spent more time with friends and family, or finally got in shape.
Many had to stay at home for at least some period during Covid. Rather than going out to dinner or shows, we spent time in our homes — and noticed all the work that needed to be done.
It became a lot harder to put off those jobs, since we were staring at them for hours on end every single day.
So a lot of Americans got to work.
Image source: Scott Olson/Getty Images
Home improvement exploded in recent years
Naturally, many of the most devoted DIY-ers made the pilgrimage to some of the largest home improvement retailers in the U.S.
Both Lowe’s (LOW) and Home Depot (HD) saw huge growth surges during the pandemic, as Americans busied themselves with everything from paint color switches to entire kitchen remodels.
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This growth was further accelerated by a labor shortage, which forced many Americans to roll up their sleeves and take on projects themselves.
And when the pandemic ebbed and supply chain and labor shortages remediated, both Lowe’s and Home Depot were at the ready with other growth plans.
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Both have been investing heavily in loyalty programs to keep customers returning. And recently, both have put a keen eye on professionals and contractors to keep the big business coming back, too.
Lowe’s makes a massive buyout
Back in 2024, Home Depot made its largest acquisition in company history by buying SRS Distribution.
SRS Distribution is a large contractor supply company that provides pros with things like landscaping tools, roofing supplies, lumber, and pool materials.
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And now, Lowe’s has announced it will purchase Artisan Design Group (ADG).
ADG is an interior design and installation firm that services everyone from homeowners to large-scale national property managers.
The deal, which will see ADG purchased for $1.32 billion, represents a massive bet on the growing professional industry.
It runs over 130 distribution centers across 18 states and will give Lowe’s better access to pros around the U.S.
“With more than 18 million homes needed in the United States by 2033, we expect new home construction will be a major driver of Pro planned spend for the next decade,” Lowe’s CEO Marvin Ellison said of the deal. “The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion.”
