CVS to buy South Florida Hispanic pharmacy chain - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

CVS to buy South Florida Hispanic pharmacy chain

Posted: Updated:
  • NationalMore>>

  • Arizona execution: Lawyer said inmate not in pain

    Arizona execution: Lawyer said inmate not in pain

    Thursday, July 24 2014 4:15 PM EDT2014-07-24 20:15:02 GMT
    A condemned murderer took nearly two hours to die and gasped for about 90 minutes during an execution in Arizona that quickly rekindled the national debate on capital punishment in the U.S.More >>
    As a condemned murderer gasped for more than 90 minutes in the death chamber, a judge convened an urgent hearing in which a state lawyer assured him that the inmate was comatose and not feeling any pain.More >>
  • Coast Guard: Wreckage of teen pilot's plane found

    Coast Guard: Wreckage of teen pilot's plane found

    Thursday, July 24 2014 4:14 PM EDT2014-07-24 20:14:30 GMT
    The family of an Indiana teenager who crashed in the Pacific Ocean during an around-the-world flight says he knew the risks and had prepared for them.More >>
    The U.S. Coast Guard says crews have found wreckage from an airplane piloted by an Indiana teenager who was killed when he crashed during an around-the-world flight.More >>
  • Shooting at hospital near Philadelphia injures 3

    Shooting at hospital near Philadelphia injures 3

    Thursday, July 24 2014 4:08 PM EDT2014-07-24 20:08:37 GMT
    Police in suburban Philadelphia are investigating a shooting at a hospital campus and say they have reports people have been injured and a suspect is in custody.More >>
    Police in suburban Philadelphia are investigating a shooting at a hospital campus that may have left as many as three people injured and say a suspect is in custody.More >>

MIAMI (AP) - CVS Caremark is set to buy a South Florida drugstore chain that has historically catered to Hispanic customers.

CVS announced the agreement to acquire Navarro Discount Pharmacy on Monday after stock markets had closed. Financial terms weren't disclosed.

Navarro is the country's largest Hispanic-owned drugstore chain. It has annual sales of more than $340 million. The 33 stores in the chain are located throughout South Florida's Miami-Dade and Broward counties. Those outlets will continue to operate under the Navarro Discount Pharmacy name.

"The Navarro brand is one of the most recognizable in the Hispanic marketplace," CVS/pharmacy spokesman Mike DeAngelis said in an email. "We expect to maintain their current product mix and will learn from our Navarro colleagues about Hispanic marketing and merchandising."

The chain has focused on Hispanic consumers with products not found in traditional drugstore chains, such as wireless phones, designer fragrances and a host of ethnic products, chief executive Juan M. Ortiz told The Miami Herald (http://goo.gl/Z2po3D) last year.

"We are a community pharmacy and, as such, we cater to the neighborhoods and businesses around our stores," Ortiz said.

The Navarro family started the business in Havana, Cuba, in 1940. It was relocated to Miami's Little Havana neighborhood in 1961 after the Castro regime confiscated their stores.

CVS Caremark is one of the nation's largest pharmacy chains with 7,600 stores.

___

Information from: The Miami Herald, http://www.herald.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow