P&G's Tide Cleaners To Offer Hassle-Free Laundry Solutions
Zacks Investment Research | Feb 19, 2019 09:30PM ET
The Procter & Gamble Company (NYSE:PG) , popularly known as P&G, remains committed toward innovating ways to make people’s life simpler and faster. Evidently, P&G’s Tide rolled out Tide Cleaners — an end to end on-demand laundry solution — that provides laundry and dry cleaning service at the click of a button.
Notably, this is an out-of-home laundry that allows customers to get clean clothes via the Tide Cleaners app. In urban areas, customers can avail this service by using 24/7 drop-boxes available in apartments, offices and storefronts. They have to provide instructions along with the box number, following which the Tide Cleaners will send notifications regarding the time of picking up the clean clothes. These drop boxes are currently available in Chicago, Washington D.C., Dallas, Boston, Denver, Cincinnati, Philadelphia and Nashville.
Moreover, the company remains well on track with its expansion initiatives, installing nearly 350 new boxes each month. By 2020 end, it intends to roll out the Tide Cleaners to over 2,000 locations nationwide, almost double the size of its existing out-of-home laundry presence.
Tide Cleaners also bring on-campus van delivery laundry service for students, where they can buy a monthly laundry plan and dump clothes in the customized bag. Tide Cleaners presently exists in over 20 campuses, including the University of Alabama, Indiana University and Southern (NYSE:SO) Methodist University.
These apart, customers can leave and pick-up laundry from the existing retail locations that include supermarkets and other high-traffic regions. Impressively, Tide Cleaners’ drop locations ease-off several laundry challenges under a single roof, thus ensuring improved quality and customer service. At present, Tide Cleaners has more than 125 standalone stores in 22 states, in cities of Houston, Phoenix and Omaha. Most of the stores are local and family-owned franchises.
This game changing laundry solution is likely to enrich Tide’s expertise and superiority in the out-of-home laundry. Additionally, P&G targets simplifying laundry hassles everywhere with personalized care and convenience. We believe these innovations are going to go a long way in boosting the company’s profitability further.
A glance at the company’s price performance shows that the stock has outperformed the Zacks Investment Research
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