Posted on 06/15/2015 7:28:34 AM PDT by markomalley
CVS Health Corp. will acquire, rebrand and operate the pharmacies and clinics inside all of the nation's Target stores in a landmark deal worth $1.9 billion, the two retailers announced in a news release Monday morning.
That will give CVS (NYSE: CVS) 1,660 new locations in 47 states, operating a store-within-a-store inside Target's upscale discount stores. Those stores will be rebranded CVS/pharmacy. Target's 80 in-store clinics will be rebranded MinuteClinic, and CVS reports it will add 20 more of those in other Target (NYSE: TGT) stores in three years or so.
“This strategic relationship with Target supports the highly complementary customer base, brand and culture we share,” said Larry Merlo, CVS Health president and CEO.
The two companies also announced future joint development opportunities, including selecting locations "best-suited for new small-format Target stores with a CVS/pharmacy inside." That could possibly realign current CVS locations. Target is opening one of its small-format stores in Rossyln, where CVS stores operate nearby. The CVS-Target deal is expected to close by the end of 2015.
Well that stinks. Target has decent prices...CVS are the highest around.
CVS has been a steady climber for quite a long time. Their decision to prohibit tobacco sales may have cost them some, but 1600+ new locations won’t hurt it any.
Wonder if RiteAid will follow suit with someone else?
Ideal marriage of two liberal PC companies.
CVS has the cheapest liquor prices.
I avoid CVS whenever possible. Their “sale” prices apply only if you have a tracking card — and they have your home phone number and address — and their receipts are longer than pinocchi-o-bama’s nose!
I hear CVS Baltimore is having a fire sale.
Ha! They “were” having a fire sale.
Depends on the state. They don’t sell liquor where I live.
My comment was about Rx prices. BTW: Walmart Pharmacy wins on price. I am helping a family out and had to pay for Rx with cash. And CVS was 4 times more expensive than WalMart. And 3 times more expensive than target.
CVS screws up the phone reordering of perscriptions all the time, then my insurance wants me to mail order all my meds...
Well, there you go...two companies with atheistic totalitarian ideals joining forces.
Speaking of mail order meds, I’d be wary because of our climate...it’s going to run between 112 and 116 degrees here in the desert all week - which I’d call a drug killer.
Wasn’t it CVS that was a big 0bolaCare proponent/partner?
Yes - but items are all ash is
Is that like jumbo shrimp?
5.56mm
I had really liked Target pharmacy. Oh well.
I suppose it was a good business decision on Target’s part. My Target stock is up >1% today, unlike the rest of the market, and they recently increased their dividend by 7.7%.
that is why i go to the local CVS to get my meds, don’t trust the mail order pharm.
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