'Long Way' for Pep Boys

NEW YORK CITY-With just 18 months on the job, Pep Boys’chairman and CEO Larry Stevenson says during GoldmanSachs Twelfth Annual Global Retail Conference thecompany has “a long way to go.”

Stevenson points out that Philadelphia-based Pep Boysis actually two businesses under one roof–retail andservices–and both need a lot of work. “The businessunder performed for a number of years,” he said,adding that the retail business is improving slowly,but the service business’ recent results weredisappointing. “It’s been two steps forward and onestep back,” he noted.

Specifically, Pep Boys’ retail turnaround is focusedon providing a new range of merchandise andrefurbishing the store portfolio, according toStevenson. The typical Pep Boys supercenter boasts18,200 sf of retail and service space–nearly twicethe amount of its competitors.