Drug Store Chains Grow Sales
Walgreen Co. and CVS Corporation report sales increases for May. Sales in comparable Walgreen stores (those open at least a year) rose 11.4 percent, while CVS same store sales for the four weeks ended May 25, rose 9.3 percent over the prior year.
Comparable Walgreen pharmacy sales rose 16 percent, which accounted for 61.5 percent of total sales in the month. CVS same store sales increased 11.8 percent, while front-end same store sales increased 4.6 percent.
Walgreens opened 38 stores during May, including four relocations, and closed two stores. As of May 31 the company operated 3,766 drugstores in 43 states and Puerto Rico, versus 3,424 a year ago. As of May 25, CVS operated 3,995 retail and specialty pharmacy stores in 32 states and the District of Columbia.
Moderator Comment: Are independent pharmacists a dying breed? How can an independent compete against the drug, supermarket and mass chain pharmacies in its market?
Seems as though every time we turn around another town
drug store is closing while at a corner lot or strip mall a major chain is setting
up shop. [George
Anderson – Moderator]