The most significant development in chain drug retailing this year has been its willingness, finally, to begin to unleash the power of the pharmacist and the pharmacy that supports him. Walgreens’ brilliant decision to begin offering flu shots in September, while both tradition and the mass retailing community determined that October was the ideal month
Duane Reade, which will celebrate its 50th anniversary in 2010, is a fixture on the retail scene in New York City. For most of its history, the company had the chain drug sector here pretty much to itself, building its presence with a scrappy brand of retailing well suited to the special characteristics of the
MONTEREY, Calif. — CVS Caremark Corp. has completed the conversion of nearly 500 Longs Drug Stores in California, Nevada and Arizona to the CVS banner and format. CVS executives marked the occasion recently at an outlet in Monterey, Calif., showing off the changes consumers will see in the revamped store. “We’ve kept the best of
WOONSOCKET, R.I. — Despite record third quarter sales and profits, CVS Caremark Corp. forecast disappointing results for its pharmacy benefits management business next year, based on the loss of a net of $4.8 billion in contracts. The 2010 operating profit of the Caremark PBM business will drop as much as 10% to 12%, chairman, president
NEW YORK — Duane Reade Inc.’s new store in Herald Square in Manhattan has less and more. The two-story 14,000-square-foot unit has fewer SKUs than Duane Reade has traditionally offered but more variety, most notably in the prestige beauty category. “We went from having everything in the box to having a meaningful assortment,” says senior
ALEXANDRIA, Va. — The National Association of Chain Drug Stores has praised House Speaker Nancy Pelosi (D., Calif.) for supporting community pharmacy’s concerns in the health care reform bill that was expected to be passed by the House earlier this month. “Millions of Americans rely on their local pharmacy every day for prescription drugs and
WASHINGTON — A health care reform bill may not make its way out of Congress and onto President Barack Obama’s desk until early next year, lawmakers said earlier this month. “We’re not going to be bound by any timelines,” Senate Majority Leader Harry Reid said earlier this month. “We need to do the best job
ALTOONA, Pa. — Former Rite Aid Corp. executive Greg Drew has become president of the regional drug wholesaler Value Drug Co. Drew, who most recently headed Pharmacy Expertise LLC, the consulting company he founded after leaving Rite Aid earlier this year, will be responsible for Value Drug’s long-term business development as well as all operations
MILWAUKEE — Aurora Pharmacy is exiting the supermarket prescription drug business. The company this month said it has agreed to sell 30 pharmacies, mostly in-store locations, to Roundy’s Supermarkets Inc. and Walgreen Co. Terms of the deals were not disclosed. Roundy’s is buying 20 Aurora-operated pharmacies inside its Pick ’n Save and Copps stores in
NEW YORK — The nation is facing a severe shortage of seasonal flu and H1N1 vaccines, a situation that many federal and independent health officials agree was unavoidable because the global swine flu pandemic has heightened demand for all flu immunizations well beyond the production capabilities of vaccine manufacturers. But many of those officials also
ALEXANDRIA, Va. — With the deadline for the certification requirements of last year’s Consumer Products Safety Improvement Act (CPSIA) set to go into effect early next year, the National Association of Chain Drug Stores is holding a series of online educational forums to help suppliers and retailers prepare for the new regulations. Signed into law
CAMP HILL, Pa. — Rite Aid Corp. has completed a plan to refinance debt maturing in September 2010. Executives at the heavily leveraged drug chain say the transaction, which refinances first- and second-lien accounts receivable securitization facilities, eliminates refinancing and liquidity risk for the next two years. They note that as of October 23, $475
