When it comes to shopping for home improvement supplies, Target and Lowe‘s are two of the biggest players in the game. Both retailers offer extensive selections of tools, appliances, décor, and more to help you tackle any project. But for budget-conscious shoppers, price is often the bottom line.
One popular savings tactic is price matching – but does Target actually price match Lowe‘s? We combed through the fine print of Target‘s policy and consulted retail experts to bring you the most comprehensive guide to price matching between these two home improvement heavyweights.
The State of Home Improvement Retail
But first, let‘s set the stage with some context on the competitive landscape in this $400 billion industry. Lowe‘s is the second largest home improvement chain after The Home Depot, with over 2,200 stores across North America pulling in $90 billion in annual revenue.
Target is a relative newcomer to the space, historically known more for affordable fashion and home décor. But in recent years, the bullseye brand has made an aggressive push into home improvement, now offering a robust selection of tools and renovation must-haves both in-store and online.
This expansion means Target is now a major threat to Lowe‘s in the DIY market. A 2021 survey by Retail Dive found that 60% of consumers name Target as their primary destination for home improvement shopping, beating out Lowe‘s at 40%. And with the convenience of Target‘s one-stop shopping and popular online ordering options, that trend shows no signs of slowing down.
So what does this mean for prices? Both stores aim to offer competitive value, often undercutting each other to win consumer favor. That‘s where price matching comes in as a powerful savings tool for shoppers.
The Nuts and Bolts of Target‘s Price Match Policy
Now let‘s get down to brass tacks: the specifics of Target‘s official Price Match Guarantee. According to the policy published on Target.com, if you find a lower price on an identical, in-stock item at select online or local competitors, Target will match the price. This guarantee is valid at the time of purchase or within 14 days after your Target purchase.
The big question is whether Lowe‘s makes the list of approved competitors for Target‘s price matching. We have good news: both Lowes.com and physical Lowe‘s stores are explicitly included in Target‘s policy. So if you buy a lamp at Target then spot the same one for 20% off at Lowe‘s the next day, you‘re in luck – Target will refund you the difference.
But there are a few restrictions to note:
- The item must be identical in brand, size, weight, color, quantity and model number
- The item must be currently in stock and available at both Target and Lowe‘s
- Target does not price match clearance items, damaged products, or Target-owned brands
- You cannot combine price matching with Target coupons or discounts (but manufacturer coupons are fair game)
Still, even with those limitations, Target‘s price match policy with Lowe‘s can add up to major savings – especially on big ticket items for home renovation and repairs.
How to Get a Price Match at Target: Step by Step
Alright, you found a better deal on your Target purchase at Lowe‘s – so what now? The price match process is slightly different depending on whether you bought the item at a Target store or on Target.com, but we‘ll walk you through both scenarios.
For In-Store Target Purchases:
- Gather your original Target receipt, the physical item (or packing slip), and proof of the lower price at Lowe‘s (either a digital or printed ad, or the website pulled up on your phone).
- Bring all of that to the Guest Services counter at your local Target store.
- The Target team member will verify the information and process your price match request.
- If approved, you‘ll be refunded the price difference to your original form of payment.
For Target.com Purchases:
- Call Target.com Guest Services at 1-800-591-3869.
- Provide your order number and request a price match based on the lower price you found at Lowes.com.
- The representative will verify the item eligibility and price difference.
- If approved, your original payment method will be refunded the difference.
Joshua Heckathorn, a retail industry expert and CEO of Creditnet.com, said price matching has become an essential tactic for traditional retailers to compete with online merchants.
"Price matching levels the playing field, especially for stores like Target going head-to-head with e-commerce giants," Heckathorn said. "Promising the best price makes shoppers more likely to complete their purchase in-store or on Target.com instead of going elsewhere."
Price Matching By the Numbers
So just how many shoppers are actually taking advantage of policies like Target‘s? The stats may surprise you. A 2020 report by the National Retail Federation found that nearly 70% of consumers have made a purchase from a physical store and later found a better price elsewhere. Of those shoppers, 65% said they would "definitely" or "probably" return to the store to request a price match refund.
That‘s a huge chunk of the consumer market that retailers can‘t afford to lose. In fact, a recent study published in the Journal of Marketing found that retailers can boost revenue up to 7% by strategically price matching their competitors.
"Price matching has essentially become table stakes in today‘s cutthroat retail environment," said Mark Mathews, VP of Research Development and Industry Analysis at the National Retail Federation. "Stores that don‘t offer some form of competitive price matching do so at their own risk in terms of losing business to rivals."
That‘s why nearly all major retailers now offer price match guarantees, with 41% specifically promoting a policy of matching online prices from competitors, according to Retail Dive.
Stacking Up the Competition: Target vs. Lowe‘s Price Match Policies
Now that we‘ve covered Target‘s price match policy in depth, let‘s see how it compares to the offering from Lowe‘s itself. Here‘s a side-by-side look at the key points:
| Policy | Target | Lowe‘s |
|---|---|---|
| Matches Competitor‘s Online Prices | Yes | Yes |
| Matches Competitor‘s In-Store Prices | Yes | Yes |
| Exclusions | Clearance, Target-owned brands, third-party sellers | Previous purchases, installation labor, limited-time promotions |
| Proof Required | Digital or printed ad, photo, or website | Digital or printed ad, photo, or website |
| Time Limit for Adjustment | 14 days | 30 days |
As you can see, the policies are quite similar, with a few notable differences. Lowe‘s offers a slightly longer window of 30 days for price adjustments compared to Target‘s 14 days. But Lowe‘s also excludes installation labor and promotional prices, while Target does not.
"I always advise my clients to carefully review each store‘s specific policy before making a major purchase," said Meaghan Brophy, Senior Retail Analyst at FitSmallBusiness.com. "The devil is really in the details when it comes to price matching."
Maximizing Your Savings: More Tips and Tricks
In addition to price matching, there are plenty of other ways to save at Target and Lowe‘s. Brophy recommends stacking multiple savings strategies to score the best deal.
"Combining a competitor price match with store coupons, loyalty rewards, and credit card benefits can be a powerful savings tactic," she said. "For example, if you use your Target RedCard to purchase a price-matched item from Lowe‘s, you‘ll save an extra 5% on top of the matched price."
Here are a few more hacks to get the most bang for your buck:
- Check weekly ad flyers for each store to compare current sales and promotions
- Sign up for email newsletters to get exclusive discount codes and coupons
- Join loyalty programs like Target Circle for personalized deals and cash back rewards
- Follow your favorite brands on social media for insider sale news
- Take advantage of seasonal and holiday offers, like Black Friday and Labor Day sales
- Don‘t forget about rebate apps like Ibotta and Rakuten for extra cash back on eligible purchases
- Consider opening a store credit card (if you can pay off the balance each month) for additional instant savings
The Psychology of Price Matching
So what is it about price matching that‘s so appealing to consumers? Retail experts point to powerful psychological factors.
"Price matching plays into the concept of ‘transaction utility,‘ or the perceived value of a deal," said Jeff Galak, Associate Professor of Marketing at Carnegie Mellon University‘s Tepper School of Business. "If a shopper believes they got the best possible price, they‘ll feel more satisfied with their purchase and more loyal to that retailer."
In fact, a study published in the Journal of Consumer Psychology found that price matching can boost both immediate and future purchase intentions by increasing consumer confidence and trust. Put simply, if shoppers know you‘ll match a lower price, they‘re more likely to buy from you now and in the future.
"Trust is the ultimate currency in retail today," Brophy said. "Policies like price matching establish that trust and make shoppers feel secure that they‘re not missing out on a better deal somewhere else."
The Future of Price Matching
As the retail landscape continues to evolve, experts predict price matching will only become more important in the battle for consumer loyalty. But the policies themselves may look different in the digital age.
"I anticipate more retailers will adopt ‘automatic price matching‘ using AI and dynamic pricing tools," Mathews said. "Rather than putting the onus on the consumer to do the research and request a match, stores could instantly adjust prices in real-time to stay competitive."
This type of technology is already being used by major retailers like Amazon, which changes prices millions of times per day based on competitors‘ offerings. Other companies are also exploring blockchain and smart contract solutions to streamline price matching.
"In an ideal world, shoppers wouldn‘t have to jump through any hoops or even think about price matching," Brophy said. "Stores could simply guarantee they always offer the best price, period."
Until then, vigilant deal-seekers can continue to take advantage of price match policies like Target‘s to get the best value for their money. Because even in the age of one-click ordering and same-day delivery, paying more than you have to never feels good.
The bottom line? As a shopper, you have the power to hold retailers accountable and ensure you‘re getting the most bang for your buck. And as the competition between mega-stores like Target and Lowe‘s heats up, that‘s a power you can take to the bank.
