Retail News Breaks
CVS sponsors retail innovation challenge focused on seniors
November 14th, 2013
WOONSOCKET, R.I. – CVS Caremark Corp. is sponsoring the 2nd Annual Wake Forest Retail Innovation Challenge, whose theme this year is "Enhancing Seniors' Lives."
Larry Merlo, president and chief executive officer of CVS Caremark, is delivering the keynote address at the event, held at the Wake Forest University School of Business in Winston-Salem, N.C., on Nov. 14 and 15.
CVS noted that with 10,000 Americans turning age 65 every day — an age demographic that takes two to three times more prescriptions, on average, than those who are younger — the company is well-positioned as a pharmacy innovator to deliver solutions to better serve the aging population and spur new ideas in the retail space to improve their lives.
"We are pleased to once again sponsor the Wake Forest Retail Innovation Challenge and participate in this event's spirit of collaboration to help develop new ideas to enhance the lives of our older customers," Merlo said in a statement. "Innovation is one of CVS Caremark's core values and it informs everything we do at our 7,600 CVS/pharmacy stores, more than 700 MinuteClinic medical clinics, and through our industry-leading pharmacy benefits management business to help people on their path to better health."
The 2013 Retail Innovation Challenge is hosted by the Wake Forest University Center for Retail Innovation. Twenty-one student teams will each have two minutes to pitch their best retail idea to enhance the lives of seniors. The best five innovation ideas will deliver a formal 30-minute presentation and the top three ideas will win cash prizes.
Rob Price, senior vice president and chief marketing officer of CVS/pharmacy, will serve as one of the judges for the Innovation Challenge and moderate a discussion panel, titled "Graymerica: Bracing for the Silver Tsunami," during the Wake Forest event.
"As our population ages, retailers must deliver breakthroughs for older Americans," stated Price. "CVS Caremark's sponsorship of the Wake Forest Retail Innovation Challenge is a unique opportunity to engage with some of the nation's best young minds on this journey."
Roger Beahm, professor of marketing and executive director of the Wake Forest University School of Business Center for Retail Innovation, commented, "Collaborating with executives from our sponsor companies such as CVS Caremark and experts on aging gives the student teams a wonderful opportunity for hands-on experience in business planning and expressing the kinds of innovative ideas that will make a difference in the future of retail."
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