Sam’s Club Enters Home Improvement Market With New Contractor Program

Image source: Sam's Club, Service Finance Co

Sam’s Club and Service Finance Company have teamed up to launch a new service that connects the wholesale club’s members with local home improvement contractors and offers financing options for projects around the house.

Through the Sam’s Club Home Install Experts by Service Finance program, members can select a product and service and then schedule a free consultation with a Service Finance dealer to discuss financing options.  

According to Sam’s Club, a unit of Walmart Inc (NYSE: WMT), members will be linked with “highly-rated” contractors who have been vetted by Service Finance, a subsidiary of ECN Capital (TSX: ECN). Products and services available include HVAC, roofing, siding, window and door installation, bathroom and kitchen renovations, flooring and gutter products.

The program also provides members with an additional discount on everyday dealer pricing.

Kevin O’Connor, Sam’s Club senior vice president and general merchandising manager, called the new offering “a gamechanger.”

“With access to Service Finance’s network of reputable dealers, our members can have confidence knowing they’re not only getting additional value from their membership, but they’re also getting the reassurance of a trusted provider,” O’Connor said.

Mark Berch, Service Finance’s president, said, “It’s a privilege to work with Sam’s Club and help its members make intelligent decisions about investments in their homes.”

He added, “We take pride in doing the heavy lifting so that Sam’s Club members can take care of their home improvements with trusted Service Finance dealers who can provide a financing option that works for them.”

The new program is Sam's Club's first foray into a burgeoning market that has been led by Home Depot and Lowe's.

Over the past year, demand in the home improvement sector skyrocketed as consumers invested in projects and renovations amid the pandemic-related lockdowns. In 2020, 77.2% of consumers did at least one home improvement project, up from 68.2% the prior year, according to GlobalData. 

The do-it-yourself trend does not seem to be slowing down anytime soon. Two-thirds of consumers plan to take on another home improvement project over the next three months and 92% said they have been to a home improvement retailer in the past month. 

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Source: Equities News