Industry Updates: Drug Stores and HBC Chains – April 2014
Bartell Drugs named Brent Beebe as Senior VP Merchandising.
Rite Aid announced that Dedra Castle is joining Rite Aid as Exec VP and Chief Human Resources Officer.
Rite Aid announced that retail veteran David Abelman is joining the company in the newly created position of Senior VP of Brand Development and Innovation. His appointment is effective immediately.
Walmart announced that Labeed Diab has been named Senior VP and President of Health and Wellness at Walmart, filling a position previously held by Dr. John Agwunobi, who left the company. Diab previous served as Senior VP Pharmacy Operations for Walmart’s Midwest division, and was based in Chicago.
Rite Aid has posted six straight quarterly profits. Fiscal 2014 revenue increased 0.5 percent as a result of same store sales increases, according to the company.
CVS/pharmacy and Veterans Advantage announced an exclusive new 20% discount program both in-store and online for Veterans Advantage’s VetRewards Card members.
Kinney Drugs changed its corporate name to better reflect its evolution from a drug store chain to one that “offers a diverse assortment of pharmacy-related healthcare services.” The company, after doing business for over 100 years as Kinney Drugs Inc., will now be known as Kinney ProAct HealthDirect Inc., or KPH Healthcare Services Inc. There will be no changes in the company’s ownership structure or operation.
Walgreens is expanding the distribution of its Boots’ No7 beauty brand across its New York City store base.
Mergers and Acquisitions:
Loblaw Companies Limited announced that it has completed its acquisition of Shoppers Drug Mart Corporation which is now a unique and separate operating division of Loblaw.
Rite Aid announced it has acquired Houston-based RediClinic, one of the nation’s leading operators of retail clinics.
Walgreen will close 76 underperforming stores in a cost-cutting plan that will save $40 million to $50 million annually, the company announced. The company will also open new locations in 2014, and it plans to end the year with a net increase of 55 to 75 stores.