The CVS pharmacy chain has announced that they will stop selling tobacco products in their stores by year's end, saying that selling tobacco is contrary to their mission of keeping customers healthy. Is this a smart business move? The chain estimates that they will be giving up $1.5 billion in sales.
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From what I understand they estimate that they'll lose around $2 billion a year in sales, but since they supposedly take in over $100 billion a year they can take the hit.
I read somewhere that it also has something to do with Caremark or some sort of parent company that they'll stand to gain a lot more than they'll lose.
I heard on the radio this morning that customers are now petitioning CVS to remove diet sodas, fattening snack foods, and other "unhealthy" items from their stores. They may have meant well, but they may have opened Pandora's Box with this decision
Oh yes. And Michael Bloomberg is doubtlessly doing cartwheels.
If they take everything "unhealthy" out of their stores, there will be a lot of empty shelves...haha
It'll be interesting to see if the other drug store chains (Walgreens, Rite Aid, etc.) eventually follow in their footsteps.