Advance Auto Parts Inc. said it has begun converting the former Pep Boys locations it is leasing in the Los Angeles area into Advance stores.
The Raleigh, North Carolina-based chain of auto aftermarket parts stores (NYSE: AAP) said that it's opened 22 new stores in the Los Angeles market.
The move follows Advance's announcement in March 2021 that it planned to lease the retail space of 109 Pep Boys stores in California — more than half of them in the L.A. area — and convert them to Advance Auto Parts stores over the next year.
On Wednesday, Advance said that the first wave of store openings is underway in Los Angeles.
“We estimate that 70% of our customers in Los Angeles fit the profile of the classic do-it-yourselfer. Pairing that with the more than 7.6 million registered vehicles in Los Angeles’ unique car culture, this is a tremendous opportunity for Advance to bring care and speed to motorists through expert advice and best-in-class products and services,” said Advance President and CEO Tom Greco in a statement.
Advance said that when all 109 California stores are converted, it will employ about 1,850 people in the state, including staffers at the company’s newly opened 45,000-square-foot “super hub” flagship location at 1200 W. Washington Blvd. near downtown L.A.
Advance declared an increase of 1.3% in net sales during the latest quarter, up to $3.4 billion, reported the Triangle Business Journal in Raleigh, a sibling publication. The company added it plans to open as many as 150 new stores this year.
Greco was named the Triangle Business Journal's Businessperson of the Year in 2019.