Trying to redecorate your space before hosting your loved ones for the holidays? Or are you simply looking to upgrade old appliances for a cheaper cost during fruitful end-of-year sales? If so, there's a good chance you're going to be visiting your local Lowe's store—and you'll want to be on the lookout when you do. For some shoppers, the company is adding an exciting new upgrade next month. Read on to find out what major change Lowe's is planning to make at 149 of its locations.
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Lowe's has been doing great business despite high inflation.
iStockLowe's released its third-quarter earnings report on Nov. 16, detailing recent financial success for the home improvement retailer. Marvin R. Ellison, Lowe’s chairman, president, and CEO, said the "better-than-expected results" showed that the company's comparable sales in the U.S. had increased by 3 percent for the quarter.
"We’re not seeing the negative impacts of inflation," Ellison told CNBC, adding that customers have not shied away from spending money on renovations and upgrading to better products.
According to Reuters, higher mortgage rates are pushing consumers away from buying new homes and instead, convincing them to renovate their existing spaces. As a result, Lowe's said it has seen customers investing more in flooring, appliances, and kitchens.
And now, Lowe's is bringing one thing to some of its stores that might entice these ready-to-spend shoppers.
The retailer is making a major change with a new partnership.
ShutterstockLowe's also revealed on Nov. 16 that it's preparing for a major new rollout at some of its stores. The retailer will be expanding its assortment of premium appliances "through a new exclusive home center partnership," according to a press release from the company. Lowe's has partnered with Miele, which is a popular German manufacturer that specializes in premium appliances.
"Our partnership with Miele reaffirms Lowe's commitment to ensuring that we have new, high-quality offerings across all price points," Bill Boltz, Lowe's executive vice president of merchandising, said in a statement. "We're excited to offer Miele's products that are known globally as high-end premium appliances. Whether they are replacing appliances or completing their kitchen and laundry spaces, this will allow our design-focused customers who work with builders, designers and architects to bring their vision to life."
Several Miele appliances are being added to Lowe's inventory.
ShutterstockThrough this partnership, Lowe's will be introducing an "exclusive selection of Miele dishwasher and laundry appliances" to its product lineup. According to the press release, the retailer is adding three Miele dishwashers to its inventory. Lowes said all these dishwashers "incorporate the same excellent cleaning power and are designed to fit the unique needs of the consumer," with a stainless-steel exterior design, Miele's automatic detergent dispensing system, individual sections, and adjustable cleaning baskets.
But it's not just not dishwashers. Lowe's will also have a laundry category for Miele appliances, which includes two washers and one dryer. "All are front-loading with easy-to-use controls," Lowe's said. They will also have features such as detergent control to prevent from over or under-dispensing, flexible installation so they can fit anywhere in the home, up to 11 wash programs, and PerfectDry moisture sensing technology.
"Miele accessories, laundry detergents and cleaning products are also available for purchase," Lowe's noted. And in terms of prices for the appliances, Miele dishwashers at the home improvement retailer will start at $1,299, while the laundry appliances will start at $1,499.
Almost 150 of the retailer's stores will carry these products.
ShutterstockNot all Lowe's shoppers will have in-store access to these exclusive Miele appliances, however. The home improvement retailer is planning to rollout the assortment at just 149 locations in the U.S., starting in December. (As of Oct. 28, Lowe's has 1,969 stores located throughout the U.S. and Canada.)
But if you don't have access to one of the select stores—which Lowe's has not released an exact list of yet—or you don't want to wait until next month, don't worry. These Miele dishwashers and laundry appliances are already available for all customers to purchase on Lowe's website.
"Partnering with Lowe's is a very exciting step for Miele in the U.S. as it will make the Miele brand more accessible to Americans," Jan Heck, president and CEO of Miele USA, said in a statement. "We are truly grateful for the opportunity to provide more consumers with quality appliances that will create lasting impressions through the results of the machines."
