Kinney Drugs Bolsters Regional Presence with Acquisition of Four Independent Pharmacies
Regional power-player Kinney Drugs closed on an acquisition of four independent pharmacies in central New York and Vermont. Two of the acquired pharmacies were converted and remerchandised and will operate under the Kinney Drugs name, while the other two pharmacies were closed and their prescription files and inventory transferred to neighboring Kinney locations.
Kinney now has a total of 94 locations primarily in upstate New York and Vermont. Data from Chain Store Guide’s2012 Drug Industry Market Share Reportproves Kinney has impressive figures in some key markets. In the core-based statistical area (CBSA) of BURLINGTON-SOUTH BURLINGTON, VT which generates over $155 million annually of prescription drug sales, Kinney holds the #1 market share position. Its 7 area stores generated a 30% market share in fiscal 2011, topping the likes of Walgreens, CVS, and Rite Aid – all which operate at least one store in the market.
Another key market for Kinney is Syracuse, NY where it has 22 pharmacies, the most of any CBSA the company operates in. Facing tough competition from Rite Aid as well as highly-respected Wegmans, Kinney held strong at the #2 position.
SYRACUSE, NY CBSA*
*Source: Chain Store Guide’s 2012 Drug Industry Market Share Report
For similar market share data, store count, sales, and historical research on over 940 CBSA’s, please contact Chain Store Guide.