MIAMI-The largest Hispanic-owned drugstore chain in the U.S. just got larger. Navarro Discount Pharmacy signed two new store leases, one in Homestead and one in Pembroke Pines. That brings the chain up to 28 stores, with three new stores under construction that are set to open in the next three to nine months.
Paul DiBrito, Navarro’s director of Real Estate and Construction, says the drugstore chain plans to add as many as 21 new store locations in Miami-Dade, Broward and Palm Beach counties over the next three years. Each new store will add between 50 and 70 jobs. The company will also remodel up to five existing stores each year.
“Of course, our main strategy is to continue to fill in the Miami-Dade area but we are venturing out to Broward and Palm Beach Counties,” DiBrito tells GlobeSt.com. “We also believe that we can serve the needs of the Hispanic consumer base in Orlando and Tampa.”
The Homestead store offers about 11,440 square feet and targets a Hispanic demographic that includes Mexicans. DiBrito says the trade area population in the shopping center is perfect in comparison to Navarro’s current store demographic customer target. The one-mile radius has a high Hispanic concentration with numbers that meets the chain’s goals.
The Pembroke Pines store in Westfork Plaza offers about 16,000 square feet with demographics that include Puerto Rican and Venezuelan Hispanics. “The Westfork Plaza location is a great location for Navarro,” DiBrito says. “Our research indicates that the co-tenancy in the shopping center is doing extremely well. The landlord is in negations with other retailers that will bring additional traffic to the location.”
Navarro is on an expansion roll this year. In February, the chain signed a lease for a new 14,000 square foot store location at 13250 Biscayne Blvd. in North Miami. There’s a good reason why Navarro is moving so quickly. Beyond the sheer demand for its products and services, DiBrito sees the market shifting.
“I would have to say that we are seeing the tail end of the tenant’s market,” DiBrito says. “There are still a handful of deals out there but for the most part we are starting to see it trend the other way.”
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