The store, scheduled to open in May, is to be called Mellow Johnny's, the Austin American-Statesman reported. The name comes from the nickname for the yellow jersey or maillot jaune worn by the winner of the previous day's stint in the Tour de France.
Armstrong hopes to turn Austin into a city like Portland, Ore., where many residents use bikes routinely for commuting and running errands. Austin already has plans for the Lance Armstrong Bikeway, which will provide a route across the city dedicated to bicycle riders.
"This city is exploding downtown. Are all these people in high rises going to drive everywhere? We have to promote commuting," Armstrong said. "This can be a hub for that."
Mellow Johnny's will also provide bike storage, showers and locker rooms for bike commuters who need a place to wash off and change before work.