CVS 2004 Annual Report Download - page 4

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Another CVS opens its doors.
In 2004, 225 new or relocated CVS stores opened for business. From
Southern California and Las Vegas to Minneapolis/St. Paul and
Chicago, we focused our expansion efforts on some of the fastest-
growing markets in the country. Meanwhile, we replaced Eckerd signs
with CVS/pharmacy signs throughout Florida, Texas, and elsewhere in
the Sunbelt as we integrated one of the most strategically significant
acquisitions in CVS history. New or acquired, we’ve worked hard to
make all our stores “CVS easy.” We start with a focus on convenient
locations. Thanks to a disciplined real estate screening process, half the
population in our markets lives within two miles of a CVS. In the
Eckerd markets, we acquired many choice properties that were already
in the right areas and on the right corners.
Customers prefer freestanding stores, so we’ve increased their number
to 55 percent of our total. That figure is even higher among the
Eckerd stores. Nearly 60 percent of our locations now offer either
24- or extended-hour service, and four in 10 have drive-thrus. Inside,
customers will appreciate the carpeted floors, wide aisles, bright
lighting, and low shelf heights that allow for easy access to every
product. We’ve already converted more than 300 former Eckerd stores
to this layout and expect to finish remodeling the rest of the acquired
stores by July 2005. We’re not slowing our pace of store openings
either. We expect to open 275 to 300 new or relocated stores in
2005—adding approximately 125 net new stores—to finish the year
with approximately 5,500.
7:00am
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