Bike Gallery owner sells six Portland stores to Trek Bicycle Corp
The owner of six Bike Gallery retail stores in the Portland area has decided to sell the business to Trek Bicycle Corp.
Mike Olson bought the Bicycle gallery chain from founder and owner Jay Graves in 2012. Olson broke the news in an email to employees on Monday. A source shared the email with BikePortland. Below is an excerpt:
“I wasn’t looking to sell the stores, I think it’s the best time of my life in the bike business… I’m excited to see what Trek can do with the business we’ve built over the past 18 years. last years. Although I know this is the right decision. It’s done with mixed emotions… I know that this team, combined with tips, a forward-thinking plan and vast resources will be even better able to accomplish our mission of making people’s lives better with bikes… Let the new adventures begin.
According to Olson, all current Bike Gallery employees will be offered jobs at the new brand stores.
In addition to the six Bike Gallery stores, Olson also has a chain of six stores (five in San Diego, one in New Mexico) under the Trek bicycle supermarket banner and Nytro, a store dedicated to triathlon in San Diego. All will be sold to Trek as part of this deal. Olson bought Trek Stores in 2003 and became the nation’s premier Trek bicycle dealer.
The move comes at a time of upheaval in bicycle retailing. A major cycling boom from the Covid-19 pandemic and federal stimulus grants gave independent bicycle dealers the opportunity to pay off their debts and reassess their business plans. Bike Gallery received $ 714,738 from the Paycheck Protection Program.
The bicycle boom has also infused the biggest players with heaps of money from sales and investors. Trek is the biggest player in the retail market and is spending quite a bit lately. In December Trek made headlines for buying another large independent chain store in Texas.
It remains to be seen what these changes will mean for Bike Gallery customers. Bike Gallery has always been a major Trek dealer, so expect even more bikes and products from Trek and Trek-owned brands like Electra and Bontrager.
In the employee announcement yesterday, Olson said, “Times are changing and we must change with them. I think Trek has a great model to adapt to our changing times. They have a plan to get more people to ride bikes, create a great place for people to work, and make the world a better place. ”
– Jonathan Maus: (503) 706-8804, @jonathan_maus on Twitter and [email protected]
– Get our titles delivered to your inbox.
– Support this independent community media with a one-off contribution or a monthly subscription.