Business Wars CVS vs. Walgreens | Clinic Bait | 2
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Oct 18, 2023 The late 90s saw a fierce showdown as CVS and Walgreens vied for prime locations. With millions of aging boomers poised to boost pharmacy spending, CVS aimed to transform its stores into healthcare hubs, outpacing Walgreens. The rise of Minute Clinics revolutionized patient experiences, blending convenience with care. CVS's ambitious $21 billion deal for Caremark intensified their rivalry, even as skepticism loomed. This clash between two giants reshaped the landscape of pharmaceutical care for the future.
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Jorant's Stopwatch
- In 1988, Walgreens CEO Daniel Jorant meticulously assessed potential store locations.
- He rejected a prime spot due to a 90-second stoplight, prioritizing customer convenience.
Boomers and Drugstores
- CVS and Walgreens battled for prime locations, driven by the aging baby boomer population.
- Boomers' increased prescription drug spending fueled this competition.
Revco Transformation
- In 1997, CVS executive Jack Kramer oversaw the conversion of Revco stores.
- He reassured managers about customer concerns regarding the loss of senior discounts.
