Retailers, consumers and prices
Check out the happy ending to the fight between CVS Caremark and Walgreen over reimbursements for drug prescriptions.
The two drugstore chains left their differences behind and announced a new “multi-year” deal, salvaging a relationship worth billions of dollars.
Earlier this month, Walgreen said it would phase out its arrangement to fill prescriptions for millions of CVS Caremark drug plan members, citing CVS’s efforts to divert customers and inadequate reimbursement rates. CVS retaliated by saying it would dump Walgreen from its network within a month.
The new deal allows Caremark members to continue to fill their prescriptions at Walgreens pharmacies.
Check out the sickly same-store sales at Walgreen.
Same-store sales of general merchandise fell 3.1 percent, with the company saying a decision to stock fewer seasonal items caused much of then drop.
Walgreen, like most retailers, had to sharply discount seasonal items in the teeth of the recession last year.