Business Services Industry
City drugstores' big headache: an aggressively expanding CVS. (CVS Corp)
Crain's New York Business, November, 1997 by Walsh, Mark
Out-of-towner plans 40 stores by 2000 Competition among New York's drugstores is about to intensify. CVS Corp., the nation's largest drugstore chain, is planning a major expansion that will give them more than 40 stores in Manhattan by the year 2000. "We're very confident about what we're doing in Manhattan and we're going full steam ahead," says Thomas Corkery, CVS's area vice president.
CVS' push effectively establishes a three-way race between the Woonsocket, R.I.-based chain and rivals Duane Reade and Rite Aid Corp. for dominance of the city's $2.1 billion drugstore market. Independent corner drugstores are likely to feel the most pain with the arrival of yet another large-format drugstore chain. Of the three market leaders, homegrown Duane Reade stands to...
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