MIAMI-Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the US, inked a new lease deal on a 14,000-square-foot store at 13250 Biscayne Blvd. in North Miami. When the store opens this summer, it will be Navarro’s 29th location and first new store opening since 2007.
“Expanding into North Miami is part of our three-year growth plan which includes adding new store locations and remodeling existing locations,” says Steve Kaczynski, CEO, Navarro Discount Pharmacy. “Being in North Miami will allow us to reach out to introduce our successful community pharmacy and discount model to additional ethnic groups and expand our loyal customer base.”
According to Paul J. DiBrito, Navarro’s Director of Real Estate and Construction, the growth plan includes adding as many as 20 new store locations in Miami-Dade, Broward and Palm Beach Counties over the next three years, as well as remodeling up to five existing store locations annually. Three existing stores, including Hialeah Gardens, were already remodeled in the last 12 months.
“Navarro has felt the impact of continued intense competition from national retailers such as Walgreens, CVS Pharmacy, Wal-Mart and others,” Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com. “That said, they are in the midst of a rebranding campaign and their current expansion makes sense given the supply of available space in the market. They are viewed positively in the capital markets as they very seldom close any stores and their locations draw a significant amount of shoppers.”
New store and existing store renovations include new merchandise layout, new colors, enhanced signage and improved services for customers such as a Pediatric pharmacy for busy parents, free compounding pharmacy services, a free Diabetes Club for adults and children with diabetes and free prescription delivery for all customers. Other parts of Navarro’s overall growth plan include identifying new wholesale partnerships and business development opportunities as well as adding E-Commerce capabilities to their web site for the growing Hispanic population that lives outside of south Florida.
Headquartered in Miami, Navarro Discount Pharmacy was founded in Havana, Cuba in 1940 and opened its first store in the US in 1961. Navarro currently runs 28 stores and approximately 1,500 employees in Miami. The stores cater to the Hispanic market and is the largest Hispanic drug store in the US.
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