February 3, 2016
The growing footprint of CVS Health took a giant step forward this week, as the first of its pharmacies within a Target store began opening. CVS’s biggest expansion in years comes as a result of its $1.9-billion acquisition of more than 1,600 Target pharmacies, which closed in December.
A handful of locations in North Carolina began a six- to eight-month conversion process this week, transforming into branded CVS/Pharmacy and MinuteClinic’s. Eventually, CVS’s expanded 20-percent reach will include more than 9,000 locations, pushing it past Walgreens as the nation’s largest pharmaceutical company.
CVS is also gaining a foothold in major markets such as Seattle, Denver, and Portland. The retailer, which has massive clout with drugmakers, plans to build its pharmacy business, which accounts for 70% of sales.