Technology is quickly changing the retail experience. To stay ahead of the curve, Lowe's created its Innovation Labs, to help customers and employees solve problems in their day to day.
Kyle Nel, founder and executive director of Lowe's Innovation Labs, gave Cheddar an inside look at the new technology the company is working on. He says AR and VR are its main focus right now.
The company is testing out its Holoroom, a virtual reality design and visualization tool that allows homeowners to have an immersive home improvement experience, at few locations around the country.
Nel says that hiring science fiction writers to sit around and envision fantastical futures, is at the core of Lowe's innovation strategy. The writers are complemented by a second team that actually make those ideas a reality, he said.
Ahead of the release of October's consumer inflation data Tuesday, you may notice changes from the Bureau of Labor Statistics. When it comes to how it estimates health insurance costs, the move is expected to give a boost to the U.S. inflation measure which will reverse a trend that has provided some relief.
A handful of retailers will report earnings this week, including Home Depot, Target, Walmart and Macy's, as gas prices peaked in September to the end of this latest quarter while borrowing costs remain at their highest levels in decades.
