U.S. Hardlines Retail: UBS Evidence Lab inside: AAP/AZO/ORLY/GPC – What‘s Happening in the Aftermarket (in Slides)?

研报英文原文证据摘录

U.S. Hardlines Retail: UBS Evidence Lab inside: AAP/AZO/ORLY/GPC – What‘s Happening in the Aftermarket (in Slides)?

Powered by Lab Global14 JulyResearch2026ab Evidence UBS YES

U.S. Hardlines Retail Equities

AmericasUBS Evidence Lab inside: AAP/AZO/ORLY/GPC –

What's Happening in the Aftermarket (in Slides)? Retailers, Broadline

Michael Lasser

Analyst

michael.lasser@ubs.com

The competitive dynamics within the auto parts aftermarket retail sector are +1-212-713 2440

changing.

Mark Carden

For an industry that tends to have such steady supply demand characteristics, there's Analyst

certainly been a lot to study and debate on the auto part retail sector. mark.carden@ubs.com

+1-212-713 3218

The net takeaway from our assessment of the dynamics is that the leading players Mathew Rothway

remain well positioned to capitalize on the steady underlying demand and to take Analyst

further market share. Thus, we remain constructive on the shares of O'Reilly and mathew.rothway@ubs.com

AutoZone. +1-212-713 5000

Dan Silverstein

AnalystA few points that stand out from our analysis: First, the degree of competitive store

daniel.silverstein@ubs.com

overlap between AAP / AZO / ORLY / GPC remains high with no player having less than

+1-212-713 2459

50% of its locations within a 10 minute drive or less than its competitors. This is an

outcome of steady store growth over the last several decades. Sachin Verma

Associate Analyst

This condition is likely to mean that large scale tie ups between the leading players sachin.verma@ubs.com

are unlikely (link). The overlap would attract significant regulatory scrutiny and +1-212-713 3492

make removing redundant costs be prohibitively expensive. Joshua Bluestine

Besides, the economics of organic share gains for the leading players are