CVS opens first pharmacy inside Target

The first CVS Pharmacy (NYSE:CVS) locations in Target (NYSE:TGT) stores are now open in the Charlotte, North Carolina market. It marks the beginning of the conversion of all Target pharmacies per a deal inked in June.

The pharmacies, located in Hickory, Monroe, Morrisville, Raleigh, Matthews and Wesley Chapel, are now operated as a store-within-a-store format and are branded CVS Pharmacy.

It's the first step in rebranding all 1,672 Target pharmacies, a process that will take six to eight months. Shoppers will then have access to all CVS pharmacy programs including prescriptions, a pharmacy advisor for those with chronic conditions, and CVS' digital tools including the mobile app.

Going forward, new Target stores will include a CVS Pharmacy and Target clinic locations will be rebranded as CVS MinuteClinic over the next six to eight months.

CVS acquired Target's in-store pharmacies for $1.9 billion in June. The acquisition expands CVS Health's pharmacy footprint by approximately 20 percent and its clinic footprint by about 8 percent.

And it leaves Target free to focus on new merchandising programs, expanding its small store base, and increasing the selection of healthy items at the grocery and checkout.

"Target is committed to offering solutions for our guests as they prioritize making smarter choices for the overall health and well-being of themselves and their families," said Target CEO Brian Cornell. "As the number of stores opening rebranded pharmacies and clinics grows, more and more guests will have access to CVS Health's leading pharmacy care and clinical programs during their Target shopping experience. At the same time, our signature category of Wellness continues to gain strength as we shift resources to delivering products and experiences that help guests eat well, be active, and find natural and clean label options."

For more:
-See this this press release from CVS Health and Target

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