Table of Contents
In South Florida, CVS/pharmacy is providing a localized shopping experience with CVS/pharmacy y más, a new store concept catering to Hispanic customers.
The CVS/pharmacy y más stores — of which there are now 12 — feature bilingual signage and staff and more than 1,500 Latino products, including more competitive pricing on hundreds of products as well as more value- and family-sized items.
Hispanic brands carried at the stores include Café la Llave, Agustin Reyes, Fabuloso, Suavitel, Creolina and Formula 88. The stores also offer appliances popular with Hispanic consumers, such as coffee and espresso makers, pressure cookers, rice cookers and arepa makers. Cafecito, a type of espresso, is served at CVS/pharmacy y más stores’ pharmacies daily.
There’s also a digital services center with an authorized dealer and payment center for metroPCS, bill payments (utilities, phone and cable) and international money transfer services.
CVS/pharmacy noted that last year’s acquisition of Navarro Discount Pharmacy, a Hispanic-owned chain in South Florida, helped pave the way for CVS/pharmacy y más stores, and the retailer’s influence is reflected in the new concept. For example, CVS/pharmacy y más features a staffed Navarro Fragrance Counter, which features a large assortment of designer fragrances priced lower than department stores.
Later this summer, the CVS/pharmacy y más stores also will have an OTC Health Solutions Counter, which will provide customers with a dedicated space for picking up over-the-counter products covered by their health insurance plans.
When the CVS/pharmacy y más launch was announced in late May, CVS indicated that in the future the concept could be rolled out in other markets with a high concentration of Hispanic shoppers.
“With the Hispanic population of 57 million expected to double by 2050, brands and retailers recognize that this growth can positively impact their bottom lines. Knowing how these consumers shop and make purchase decisions is important for capturing market share,” stated Colin Stewart, senior vice president, at Acosta Sales & Marketing, a sales and marketing agency focusing on the consumer packaged goods sector.
Last week, Acosta released its “The Why? Behind The Buy” study of U.S. Hispanic grocery shoppers, done in partnership with Univision Communications Inc., a leading media company serving the Hispanic market. A key finding: Hispanic customers spend an average of $361 a month on groceries, compared with $331 spent by the total U.S. shopper population.
“The Hispanic consumer expects to be earning more and is spending more, as evidenced by the fact that their monthly grocery spend is at the highest point in three years,” commented Liz Sanderson, vice president of strategy and insights at Univision.
