LOWES:
INNOVATION PROCESS AND 3-YEAR BRAND DEVELOPMENT STRATEGY RESHAPE THE PRODUCT MIX.
The Challenge
Lowe’s, in an intensely competitive retail space, wanted to reshape its in-house product mix and revitalize its in-store merchandising to create distinct differences that increase footfall, drive up basket ring and ultimately increase shareholder value.
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Our Approach
Elevation conducted in-depth research and analysis, using our proprietary innovation process, and collaborated with Lowe’s to introduce exclusive, licensed brands.
The Results
Revitalized merchandising and exclusive licensing agreements with the brands that target customers prefer resulting in an 8% increase in average basket ring.
