Surprise! We’re Losing More Retailers! What About Grand Rapids?

This seems to be the modern-day story of our lives -- another retailer closing their stores. This time it is Advance Auto Parts.

Advance Auto Parts issued a statement that they would be closing at least 500 corporate stores by the middle of next year, 2025, in addition to 200 independently owned stores, according to an article on msn.com. That is a whopping total of 700 closings!

     👇 BELOW: FIND OTHER STORES THAT HAVE CLOSED!👇

One of our New York radio stations, WYRK, said Advance Auto Parts reported that they lost 100 million dollars. Between people leasing cars more and online shopping options, it has been harder for brick-and-mortar stores.

Isn't that the truth. Brick and mortar stores have been finding it a tough go of late, and for the big guys who seem to have built a store or restaurant on every corner, it has been time to shed some of those locations.

The MSN.com article stated that higher labor costs, as they began a new pay plan for key employees, didn't help the bottom line even as they reduced their advertising plans.

Advance Auto Parts also serves over 1200 Carquest Auto Parts stores, so these closings may possibly affect them too.

Advance customers are both professional mechanics and do-it-yourselfers, and they have a big footprint across North America, the United States, Canada, in addition to Puerto Rico and the U.S. Virgin Islands.

Shane O'Kelly, president and chief executive officer said:

“We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value."

That's all well and good, but let's get down to how all of this affects us in Michigan.

There are about 140 Advance Auto Parts stores in Michigan including three in Grand Rapids, but of course, they are still tight lipped about which of the stores will be closing. I'm sure we'll know soon enough.