Lowe’s strengthens appliance position
MOORESVILLE, N.C. – Lowe’s will be adding the LG electronics brand to an already powerful portfolio of appliance brands that includes Frigidaire, Whirlpool, Samsung, KitchenAid, Maytag, Electroluc, GE and Bosch.
LG-brand refrigerators, washers, dryers, dishwashers and ranges are among the appliances that Lowe’s will offer online and in more than 1,700 of its locations across the United States beginning in 2013. The new line will include the industry’s largest total capacity refrigerator at 33 cubic feet and a host of products awarded the Energy Star "Most Efficient" designation.
“Through this strategic alliance with LG, our stores will now have a broader assortment of innovation and leading designs in appliances to help customers improve and maintain their homes,” said Craig Webber, Lowe’s merchandising VP. “When combined with our service advantages of next-day delivery capabilities and in-house facilitation of repairs and maintenance, Lowe’s appliance offering provides the best in customer experience and simplicity.”
“As a retailer that recognizes the value of innovation and shares a commitment to energy-efficient product offerings, Lowe’s is a perfect fit for LG home appliances,” said Chris Jung, president, home appliances, LG Electronics USA. Through our new alliance with Lowe’s, even more consumers looking for innovative and attractive appliances will be able to find LG for their homes.”
LG appliance innovations include direct-drive motors on its washing machines and linear compressors on its refrigerators to improve reliability, performance and efficiency. LG is a top brand in front-load washers in the United States and an award-winning leading innovator in French door refrigerators.
Its announcement to add a new brand to its existing portfolio comes two weeks after Lowe’s reported third-quarter results showing an improvement in the quarter’s profits, which were up 76%. Lowe’s president and CEO Robert Niblock called the results solid and said the company is focused on improving execution, delivering value and increasing product differentiation.
While Lowe’s reported strong profit growth, its sales results lacked the momentum evident at Home Depot, whose sales increased from 4.6% to $18.1 billion and same store sales increased 4.2% overall. Home Depot, too, expanded its major appliance brands by adding Whirlpool, Electrolux and Frigidaire in a limited number of stores and online.