As the business to ever create a web-based pharmacy, CVS has brought a brand new taste into the pharmaceutical sector. At present, Client Value Shop is #53 of fortune 500 corporations. The corporation operates mainly from prescription drugs sales which accounts for 70% of its complete revenues. CVS is actually just about the most pervasive drugstore chains in america; it operates approximately 4,a hundred facilities, putting it facet by facet with three of its major rivals, Eckerd, Ceremony Support and Walgreens. In the Consumer Price Store lies PharmaCare, a subsidiary that is certainly considered key towards the company’s expansion and profit margin because of diverse managerial tactics it provides for the corporation.

Company Overview

In the beginning, the first retail store opened its doors in 1963 selling health and beauty aids. By the end of that same year, the chain grew to 17 stores averaging $3.3 million per year. Since then, the chain has been growing at a rather outstanding rate. Today CVS is successfully operating in well over 32 states and it is still expanding. During most in the 1990s, CVS has separated itself as among the most well managed chains in the national drug keep industry, reaching the 4000 mark and still is growing. The company

Key Competitors

CVS faces challenges from a few important rivals. Specifically, Walgreens which holds 38% of market share is expanding at a rate of more than 400 new stores per year. Secondly, Eckerd presently the sixth largest U.S. market at 33% of market share is venturing the Phoenix market which offers long term growth. Finally, Ceremony Support Corp with 30% of market share is planning to add around 300 private label SKUs including household chemicals, school supply and garden items just to name a few.

Major Trends in Industry

As a way of reevaluating marketing strategies, CVS is closing some of their stores. Approximately 230 has been shut down so far because it is determined that disassociating from other chain of stores and malls to individual locations will be much more profitable as that not only target tourists, but also regular residents. According the 2004 agenda, CVS plans to start opening stores in Minneapolis, the 10th largest drugstore market in the US, and high traffic areas such as Chicago, Florida, Las Vegas, Phoenix and Texas for expansion.

Marketing

CVS marketing strategies revolve mainly around expansion. As the nations leading pharmacy with stores in more than 32 states, CVS is gradually expanding its chain of stores in Florida. Currently, it has opened two stores in Central Florida, nine in the Tampa Bay area and eight in South Florida. In addition, CVS has several stores under construction including two more in Central Florida, five in Tampa Bay and seven in South Florida. According towards the Senior Legal Counsel, Michael B. Nulman, entry into the Florida market has been profitable beyond normal expectations because not only has customer acceptance with the Florida stores been incredible, but sales figures in these new areas have been better than many previous locations.

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