Nothing Ailing Big Three Drug Store Chains
Walgreen’s, CVS and Rite Aid have all reported posting solid same-store sales increases for July despite a general slow down in consumer spending at retail.
CVS has reported that stores open for at least a year saw a sales increase of 9% over July 2001. Comparable store sales for Rite Aid were up 7.4% versus a year ago. Last week, Walgreen reported an 11% improvement in same-store revenues compared to a year earlier.
Moderator’s Comment: Have in-store pharmacies become
a necessity for retail stores looking to attract a broad consumer base of shoppers?
We used to hear that grocery stores were recession-proof
because everyone had to eat. With baby boomers getting on in age, soon we’ll
be able to say pharmacies are recession-proof. Everyone will need to receive
their daily medications. [George
Anderson – Moderator]