Company Snapshot: Pep Boys
The Pep Boys – Manny, Moe & Jack
3111 West Allegheny Avenue
Philadelphia, Pennsylvania 19132
Total Annual Sales:
$2,066,600,000 (Feb. 2014) from $2,090,730,000 (Feb. 2013)
John Sweetwood- CEO (interim)
Thus far 2014 has been a rough year for The Pep Boys – Manny, Moe & Jack. In February, the company announced its annual financials and total sales were down. Though annual sales figures slumped ever so lightly as noted above, this occurred in a market often thought to be recession proof, seemingly as the recession had left the automotive aftermarket. Competitors AutoZone, Advance Auto Parts and O’Reilly Discount Auto Stores have all been expanding, and rather aggressively at that.
Noting the space for senior executives featured above, the company is now being run by a director as CEO, on an interim basis. In September, CEO and President, Michael Odell ‘suddenly’ resigned. This in a year after the company began rolling out its new customer friendly prototype which received extremely favorable notices in the press.
The new store design featured a clean, picture-window, laden waiting room, which allows customers to comfortably watch, as their vehicles are being repaired. The room offers a giant screen TV, comfortable seating and gourmet coffees. All this in a market where most competitors don’t offer repair services. The sales floor has been organized to encourage browsing and offers ancillary products including low-priced movies on DVD. Yet the company obviously continues to struggle, despite the rollout of a pleasing new store design, which many saw as leaving competitors in the dust.