WALNUT, Calif. (July 24, 2007) — Alloy wheel distributor Mizati Luxury Alloy Wheels Inc. plans to open its first Wheel Lots tire and wheel rent-to-own retail store July 27, in Upland, Calif., and said it hopes to open at least two more before year-end.
“Today most people want their vehicle to reflect who they are,” Mizati CEO Hazel Chu said earlier this year when the company disclosed its intention to open the Wheel Lots chain. “Custom wheels are more popular than ever, and in most cases are more expensive too…. Not everyone can pay full price for a new set of wheels and tires as frequently as they desire. Car lovers usually prefer the flexibility to switch into a new design when there´s not as much financial strain.”
The Upland store is 3,000 square feet with a store manager, an assistant manager and one shop technician. The company, which was incorporated in 2001, said it anticipates each Wheel Lots store will generate $750,000 a year in revenue.
Mizati markets and distributes three brands of luxury wheels—Mizati, Hero and ZaTi—for passenger cars, sport-utility vehicles, vans and light trucks through a network of 300 distributors and retail dealers across the U.S.
A Mizati spokeswoman said in addition to the company´s own wheel brands, which encompass 33 designs, the stores also will handle wheel lines from other marketers. She was not sure what tire brands Wheel Lots will carry.
Walnut-based Mizati, which earlier this year started trading its stock over the counter, reported sales last year of $4.16 million, a 35-percent increase over 2005. The firm moved its headquarters and primary distribution activities in March to a 16,000-sq.-ft. warehouse in Walnut.
According to an analyst's report, the company has achieved an average annual revenue growth rate of 102 percent for the past three years.
The spokeswoman said the company originally planned to open six stores in 2007 but had to scale back that target. Next year Mizati is hoping to open about 10 outlets, she added.