ROCHESTER, N.Y. — Monro Inc. is looking to modernize its retail stores over the coming few years for a more consistent appearance and layout regardless of brand heritage and structural differences.
The initiative, called "Monro Forward," will encompass measures to update how the company communicates with customers by simplifying and updating materials such as service estimates, invoices and inspection forms, Monro CEO Brett Ponton told the financial community in a recent third-quarter conference call.
Mr. Ponton did not disclose the scale of investment Monro is budgeting for the initiative, which seeks to provide a "consistent best-in-class" experience for customers at the company's 1,100-plus retail stores, which do business under 10 different brand names, reflecting the company's growth-by-acquisition strategy of the past decade.
Monro is segmenting its stores by format and size to determine the investment and timeline required for this "light" store refresh. Details should be forthcoming with the release of the fourth-quarter/year-end financial results in May.
The company will start with a pilot program in three markets and then roll it out across the rest of the stores over several years.
At the same time, Monro is reviewing its tire portfolio, looking to optimize its product mix in order to align each store's inventory more closely with its local demographics and vehicle population, Mr. Ponton said.
On a broader basis, Mr. Ponton said Monro's tire assortment review identified several gaps on its tire portfolio, particularly in the mid- to higher price points.