Monro Continues to Rebrand Select Locations
Monro Inc. is transitioning select locations “to a tire-oriented banner” in a bid to boost tire sales even more. The rebranding initiative is part of Monro’s ongoing “store refresh” program. During the Rochester, N.Y.-based chain’s second quarter earnings call yesterday, Monro President and CEO Brett Ponton reported that “we substantially completed the re-image of approximately 120 stores across a number of markets.”
The store refresh initiative is a critical component of the company’s “Monro Forward” strategy and “underpins our ability to drive sustainable growth,” he said.
Pilot stores have generated double-digit increases in comparable store sales, according to Ponton.
This is expected to continue, he added. “We are pleased with the strong progress we’ve made in executing our ‘Monro Forward’ strategy.”
It takes around 17 weeks to complete a store refresh, Monro noted in its quarterly results presentation.
Monro recently completed agreements to acquire nine tire and auto service stories in California, plus 14 stores in Las Vegas, Nev., and four locations in the Boise, Idaho, area. And the company has completed previously announced acquisitions of eight tire and auto service locations in Louisiana.
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