Rhode Island-based CVS Pharmacy is quietly making its entrance into the local market with a number of stores going up in Dorado, Bayamón and Old San Juan, which opens Feb. 15, the Daily Sun learned Tuesday.
The Old San Juan store,
which measures 12,300 square feet, will employ 40 people. The store is located
on Paseo Gilberto Concepción de Gracia, across from the docks.
Company
President Larry Merlo will be on the island prior to the opening of that store
to offer details of the drugstore chain’s plans for the island.
However, the
Daily Sun has already learned that initial plans call for opening some 25 stores
in 2010, which will generate as many as 655 jobs. At least two more CVS
pharmacies are under construction in Dorado and Bayamón.
In September, the
U.S. largest pharmacy chain posted a want ad on an online headhunting site,
seeking a general manager to oversee the local operations. The candidate was
expected to take over the position on or about Sept. 15, according to the job
listing.
While the opening of the stores would mark the entrance of the
pharmacy into the local market, CVS has had presence on the island since 2008,
when it opened a CVS Caremark location on Muñoz Rivera Ave. It also has a sales
office in San Juan.
Founded in 1963, CVS operates more than 7,000 stores
nationwide, where it fills or manages more than 1 billion prescriptions
annually.
Once it opens locally, it would be the first time CVS ventures
outside the U.S. mainland. Furthermore, its entrance into the Puerto Rico market
will represent new competition for established pharmacies, such as Walgreens and
El Amal, which dominate the local market.
Stateside, CVS competes with
Walgreens and others, such as Rite-Aid. As of Sept. 30, 2009, CVS had earned
some $72.9 billion in revenue, up 15 percent from the $63.3 billion for the same
nine-month period the year prior.
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