PALM BEACH, Florida, May 12, 2020 /PRNewswire/ -- The past several years have experienced continued growth in the DIY category… and it is projected to continue for several years in the future. A report from Technavio projects the global DIY/home improvement retail market, which includes home centers and hardware stores, will to exceed $680 billion in 2025. The report said: " Do-it-yourself home improvement retailing industry growth is expected to accelerate over the next five years, due to the greater emphasis on DIY home improvement projects for personalized interior designing. The change in lifestyles has raised the interest of individuals in DIY interior designing. In developing regions, the growing population of working women and their participation in the decision-making process for home decoration is driving the sales of products required for such projects. The use of DIY products lowers the long-term costs than work outsourced to expensive labor, which will be a significant factor behind the rising demand for DIY home improvement products over the next five years. With the advent of e-commerce and the availability of free pick-up and delivery opportunities by key competitors, the do-it-yourself home improvement retailing market will grow at a CAGR of over 4% during the forecast period. Active companies in the markets this week include ToughBuilt Industries, Inc. (NASDAQ: TBLT), The Home Depot, Inc. (NYSE: HD), Lowe's Companies, Inc. (NYSE: LOW), Tractor Supply Company (NASDAQ: TSCO), Amazon.com, Inc. (NASDAQ: AMZN).
A report from Dun & Bradstreet added: "The global DIY/home improvement retail market, which includes home centers and hardware stores, is projected to exceed $680 billion in 2025, up from about $580 billion in annual revenue in 2016, according to Global Market Insights (GMI). Developed regions, including North America and Europe, accounted for about 85% of the world market in 2017. Japan and Australia are other major DIY/home improvement markets. US giants Home Depot and Lowe's account for 25% of global market share.
ToughBuilt Industries, Inc. (NASDAQ: TBLT; TBLTW) BREAKING NEWS: TOUGHBUILT™ LAUNCHES 81 PRODUCTS WITH TRACTOR SUPPLY – ToughBuilt, an advanced product design, manufacturer and distributor with emphasis on innovative products, currently focused on tools and other accessories for the professional and home improvement building and construction industries, today announced that 81 SKUs of its products, have been accepted for immediate placement on www.tractorsupply.com.
Tractorsupply.com is the online arm of Tractor Supply Company, one of the nation's leading retail chains. Additionally, the Company is launching an in-store promotion of four SKUs with Tractor Supply brick and mortar stores.
Chief Executive Officer Michael Panosian commented, "I am very pleased to announce that we have forged a great relationship with Tractor supply both for online and near future in store presence. We are now covering a new market segment with focus on rural areas. Tractor Supply, with 1800 stores strong and a major online presence, is a great opportunity for Toughbuilt to reach many doors and achieve further recognition of our innovative products and brand." Additional information about the Company is available at: https://www.toughbuilt.com/
Other recent developments in the markets this week include:
The Home Depot, Inc. (NYSE: HD) announced that it will hold its First Quarter 2020 Earnings Conference Call on Tuesday, May 19, at 9 a.m. ET. A webcast will be available by logging onto http://ir.homedepot.com/events-and-presentations and selecting the First Quarter Earnings Conference Call icon. The webcast will be archived and available beginning at approximately noon on May 19.
The Home Depot is the world's largest home improvement specialty retailer, with 2,293 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.
Lowe's Companies, Inc. (NYSE: LOW) announced a second "special payment" to workers during the month of May, with full-time staff receiving $300 and part-time and seasonal workers getting $150. This is the second bonus the home improvement retailer has offered; the first was in March. This bonus program will cost $80 million, bringing the total payments to workers and to communities to $250 million. Starting Monday, Lowe's will also require all workers to wear face masks. Other coronavirus-related measures taken inside stores include the installation of plastic shields to protect customers and workers and a redesign of store layouts to encourage social distancing. Lowe's stock is down 6.4% over the past year while the S&P 500 index SPX, +0.01% has fallen 4.2% for the period.
Tractor Supply Company (NASDAQ: TSCO) Tractor Supply offers an extensive mix of products necessary to care for home, land, pets and animals with a focus on product localization, exclusive brands and legendary customer service that addresses the needs of the Out Here lifestyle. With more than 33,000 team members, the Company leverages its physical store assets with digital capabilities to offer customers the convenience of purchasing products they need anytime, anywhere and any way they choose at the everyday low prices they deserve. At March 28, 2020, the Company operated 1,863 Tractor Supply stores in 49 states and an e-commerce website at www.TractorSupply.com.
Amazon.com, Inc. (NASDAQ: AMZN) - Amazon Web Services (AWS), an Amazon.com company, announced the general availability of Amazon Kendra, a highly accurate and easy to use enterprise search service powered by machine learning. With just a few clicks, Amazon Kendra uses machine learning to enable organizations to index all of their internal data sources, make that data searchable, and allow users to get precise answers to natural language queries. When users ask a question, Amazon Kendra uses finely tuned machine learning algorithms to understand the context and return the most relevant results, whether that be a precise answer or an entire document.
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