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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
WASHINGTON — A little over a week after the Senate Finance Committee passed a health care reform bill without a public insurance plan, that option appears to be back on the table. “At the end of the day we will have a public option,” House Speaker Nancy Pelosi told reporters in response to questions about
NEW YORK — Duane Reade Inc. has staked its claim to the luxury beauty market. The drug chain’s just-opened 24-hour store in Manhattan’s Herald Square features its new Look Boutique with prestige brands in high-end displays. Fragrance testers, a premium skin care section, exclusive brands and a “brow bar” offering eyebrow shaping are among the
CHICAGO — Walgreen Co. has become an oasis in the “food desert” here. The chain has bulked up its food offerings in two Chicago stores to meet the needs of residents underserved by grocers, and it plans to do the same in nine other outlets in the city, mostly on the south side. If the
MISSISSAUGA, Ontario — As drug chains across North America continue to evolve, many are exploring new ways to expand their business going forward. At the Katz Group’s Rexall chain, that has meant putting a greater emphasis on health care and delivering cost-effective solutions for businesses. “We have always been a health care provider first,” says
