Lowe's To Dump Smart Home

Giant home improvement retailer Lowe's is giving up

on the smart home market. The company, which has

more than 2,000 locations, recently announced plans

to exit the home automation market and is seeking a

buyer for its Iris Smart Home business as part of a

“strategic reassessment.”

The announcement is part of multiple other maneuvers

by Lowe’s (NYSE: LOW) that include closing its Orchard

Supply Hardware business, selling its Alacrity Renovation

Service and all its locations in Mexico, and shutting more

than 50 locations in the U.S. and Canada.

Speaking to investors, president and CEO Marvin Ellison,

noted, “Our top priority this quarter was taking the necessary

steps to build a sustainable foundation to position Lowe’s

long-term success, by exiting underperforming stores of

non-core businesses. This will allow us to intensify our

focus on our core retail business.”