Retailers, consumers and prices
Drugstores duke it out for first place
Statisticians in the drugstore industry (if they are out there), must be scratching their heads.
CVS opened its 7,000th store on Sunday. It was a pretty big deal, with the drugstore company’s president, Larry Merlo, even heading to Little Canada, Minnesota, for Thursday’s grand opening celebration.
So, CVS now has 7,000 stores in 41 states and the District of Columbia, and calls its CVS/pharmacy chain “America’s largest retail pharmacy.”
But take a look at rival Walgreen.
Walgreen, or Walgreens, as the stores are called, has been around more than 60 years longer than CVS. It has the lead, at least when it comes to stores and states covered.
Walgreen has been paring back its rapid store openings. Even so, its 7,000th store actually opened the first week in September and it has stores in every U.S state. Update: Walgreen’s current store count is 7,036.
Let’s take a look at revenue. CVS has the overall lead, if you include its big pharmacy benefits management business. If you focus on the stores, Walgreen holds the top spot. Barely. According to IBISWorld, Walgreen has 27 percent of industry revenue, while CVS holds 26 percent.
Still, CVS won the party game. Walgreen’s 7,000th store celebration won’t take place until Oct. 1.