Lowe’s responds to the housing crisis with new benefits for buyers

Many people are frustrated by the state of the housing market. And who can blame them?

In February, the average existing home sold for $398,000, according to the National Association of Realtors. This is the 32nd consecutive month of year-over-year price increases.

It has been extremely difficult for new buyers to enter the market when both home prices and mortgage rates remain high. In fact, mortgage rates fell at the beginning of the year, then skyrocketed in the wake of the Iran war.

These factors have kept buyers out of the market. And that, combined with overall economic conditions, has put pressure on home improvement giants Home Depot and Lowe’s.

Despite beating earnings, Lowe’s operating income fell during its most recent quarter. And in its full outlook for 2026, Lowe’s said it expects comparable sales to range from flat to up 2%, compared to a year ago.

But that doesn’t mean the company is giving up. Instead, Lowe’s continues to work on strategies to win customers’ business.

Despite facing a number of challenges, Lowe’s is leaning toward value, convenience and loyalty to attract shoppers during the upcoming spring season, a critical time for business. The retailer recently promoted a new series of seasonal promotions and customer benefits, headlined by free same-day mulch delivery for loyal members.

For the first time, MyLowe’s Rewards and MyLowe’s Pro Rewards members can get free same-day delivery on eligible orders over $25, a move designed to make time-sensitive outdoor projects easier and more attractive.

Related: Home Depot shows it has faith in a housing market rebound

The benefit is part of a broader SpringFest campaign that will run from late March through April. Includes ongoing deals in key categories like lawn & garden, outdoor living, grills, and power equipment.

Shoppers can enjoy fantastic deals including discounted mulch, garden soil, garden kits and tools.

“Spring is one of the most energizing times of year for homeowners, and you can feel that boost the moment you walk into Lowe’s,” said Lowe’s Chief Marketing Officer Jen Wilson.

At a time when so many consumers are restricting their spending to deal with economic uncertainty and persistent inflation, Lowe’s is right to focus on value and loyalty.

Given the weak housing market conditions, Lowe’s needs to focus on attracting old or existing customers rather than waiting for new ones to arrive.

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Of course, the company no doubt hopes its spring offerings and new perks will drive foot traffic in a positive direction. Recent data from Placer.ai found that year-over-year, Lowe’s same-store visits fell 2.2% in October, rose 2.9% in November, and fell 1.5% in December.

In January, however, same-store visits increased 4%. And introducing new spring offers and loyalty benefits is a great way to build on that momentum.

Lowe’s really needs to pay attention to what customers need right now. Convenience is often a high priority for consumers, but savings may be even more crucial in today’s economy.

Recent data from Clever found that 50% of homeowners need critical renovations they can’t afford. What Lowe’s really needs to do beyond its spring promotion is take steps to offer customers the best prices possible if it wants to continue winning business.

Maurie Backman owns shares of Lowe’s.

Related: Walmart sees a worrying shift in consumer behavior

This story was originally published by TheStreet on March 28, 2026, where it first appeared in the Retail section. Add TheStreet as a preferred source by clicking here.