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MEMPHIS — Fred’s Inc. earlier this month hired Michael Bloom, a former executive at CVS Caremark Corp. and Family Dollar Stores Inc., as its president and chief operating officer.
Fred’s Inc. earlier this month hired Michael Bloom, a former executive at CVS Caremark Corp. and Family Dollar Stores Inc., as its president and chief operating officer.
Bloom’s background — more than 30 years of experience in small-box general merchandising, supply chain management and store operations — is expected to help Fred’s execute a major revision of its retail strategy, with a new focus on its pharmacy business.
"Mike Bloom is a proven leader in our industry, with a track record for delivering strong results," said Jerry Shore, Fred’s chief executive officer. "He brings to the Fred’s team expertise in both discount and chain drug retailing that touches on all key areas of our business. His extensive knowledge and experience in merchandising, operations and supply chain strategies will provide leadership to improve processes and drive customer traffic in our stores. Mike will have responsibility for major operational areas, including general merchandising, marketing, store operations and supply chain management."
Shore, a 14-year veteran at Fred’s, was named CEO in late October, about two months after the company announced it would close 60 underperforming stores and accelerate its pharmacy acquisitions as it shifts to a "convenient pharmacy-centric model."
Fred’s operates 661 general merchandise stores, including 19 franchised stores, mostly in small to midsize communities in the Southeast.
The stores carry brand name, private label and off-brand items, including food, health and beauty aids, housewares, and cleaning supplies.
Bloom joined Family Dollar in 2011 as president and COO. While there, he helped expand the retailer’s offerings in food and health and beauty aids to try to entice customers to do more of their weekly shopping at Family Dollar.
Bloom began his 20-year career with CVS in store operations, subsequently taking jobs with the company as a category manager, vice president of consumer health care and senior vice president of merchandising.
While at CVS he was credited with burnishing the drug store operator’s private label offerings and undertaking initiatives that helped it enhance its front-end operations and increase front-end sales.
Earlier, Bloom spent a decade as a manager and executive at Virginia-based People’s Drug Stores and at the Florida division of Toronto-based Shopper’s Drug Mart.
Bloom began his retail career in 1979 at Woolco.
