Navarro is the go-to-store for Hispanics. It’s sort of like a Walgreens but with a Latin flare, a place where you can find Cafe La Llave, Latin MIX CD’s and even domino tables for your backyard.
It’s the place your abuelita sends you to go pick up her medicine and the place where you’re most likely to find those very precious items that remind you of home.
With approximately 54 million Latinos living in the United Sates in 2013, Latinos are considered the fastest growing demographic in the country. With this being said, it’s no wonder that the CVS Caremark brand would want to a take a bite of the Hispanic market’s pie and buy out the country’s largest Hispanic-owned drugstore chain.
The Miami Herald reported that the plan to buy Navarro was revealed on July 7th by a New York Exchange-traded company based in Woonsocket, Rhode Island at the time the stock market closed on Monday evening.
“The acquisition of Navarro will strengthen CVS/pharmacy’s position in the marketplace,” said Helena Foulkes, the president of CVS/pharmacy in a statement. “We are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family.”
By keeping the product mix and services, like those offered to patients with more complex or chronic health conditions, CVS Caremark is not only retaining the core audience of the Navarro brand but also learning the tactics and characteristics of this demographic, in order to better attune their own marketing strategies towards Hispanics.
According to the Miami Herald, the trend towards consolidation is quite common in the retail drug sector and not at all surprising. Yet, only time will tell what impact this will have on the Hispanic community.
What’s your view? Comment below and let us know what’s your opinion?