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WOONSOCKET, R.I. — CVS Caremark Corp. has agreed to buy Hispanic-owned Navarro Discount Pharmacy.
CVS Caremark Corp. has agreed to buy Hispanic-owned Navarro Discount Pharmacy.
CVS will acquire Navarro’s 33 drug stores in South Florida and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. Terms were not disclosed.
"The acquisition of Navarro will strengthen CVS/pharmacy’s position in the Hispanic marketplace, the fastest-growing demographic in the U.S., and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family," Helena Foulkes, president of CVS/pharmacy, said this month.
Juan Ortiz, chief executive officer of Navarro, said: "Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention. The combination of our stores will continue our tradition of excellent pharmacy care and high-quality products."
Navarro, with annual sales of more than $340 million, caters to Hispanic and other ethnic marketplaces with products and services ranging from wireless phones to designer fragrances and a large assortment of over-the-counter drugs and vitamins.
The chain of late has gone through a strategic planning process. "We have focused on improving efficiencies, strengthening our core business, analyzing retail store locations by product assortment, reviewing pricing and enhancing customer service," Ortiz noted this year.
He added that the company has introduced various new services and products. "Navarro Express Online order/store pickup provides added convenience to customers," Ortiz said. "The EZ Meds pharmacy program helps customers to improve medication adherence and accuracy for their overall wellness by prepackaging customers’ meds and providing easy instructions.
"Our specialty pharmacy, Navarro Health Services, was also introduced, adding offerings such as hard-to-find chemotherapy and HIV/AIDS medications."
Another innovation that has proved highly popular has been the introduction of a Mobile Health and Wellness RV as a way to better promote healthy living in the community. The new mobile RV offers free health examinations, including glucose and blood pressure checks, by pharmacists as well as workshops and vaccinations.
In addition, Navarro offers the thriving Vida Mia (My Life) private label, believed to be the nation’s first brand targeting Hispanics across all product categories. The brand marked its two-year anniversary in March and has sold more than 7 million product units, encompassing about 1,000 SKUs, since its launch.
Navarro also operates a robust e-commerce business.
Plans call for CVS to retain the Navarro banner.
