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Target unveils more incentives for holiday shoppers

BY Gina Acosta

MINNEAPOLIS — Target is offering last-minute deals and convenient Christmas Eve Order Pickup to help consumers wrap up their holiday shopping.

Starting Dec. 17, Target shoppers can save on the most popular gifts and stocking stuffers in the last eight shopping days before Christmas. Additionally, shoppers can place online orders for same-day Order Pickup until 6 p.m. local time on Christmas Eve, and pick them up until the store closes. And, to cater to guests with last minute needs, the majority of Target stores are open until 10 or 11 p.m. on Dec. 24.

“Target wants to make it easy for our guests to finish their lists so they can focus on enjoying the holiday. With our newest offers, guests will save on the most popular gifts throughout our assortment. They’ll also enjoy the ease of shopping and picking up online orders whenever it’s convenient, including Christmas Eve,” said Mark Tritton, executive vice president and chief merchandising officer, Target.

Beginning Dec. 18, Target will introduce a variety of new offers on popular last-minute items across its merchandise assortment. The deals are valid through Dec. 24.

Shoppers can save even more on the most popular gifts with surprise daily deals from Dec. 17 through Dec. 23. Each day, Target will unveil a new deal good only for that day on products most likely to top wish lists and fill stockings, such as 50% off kids’ sleepwear, 25% off candy and 25% off fragrances and beauty gift sets. Shoppers can visit Target.com’s weekly deals page on a daily basis for updates on each offer.

Target makes it easy and convenient for consumers to shop during this busy time of year with flexible options for purchasing in stores and online. Guests can place online orders by 4 p.m. EST on Dec. 21 and select free "Holiday Shipping" to receive eligible items by Dec. 25. Nearly all stores will be open until 10 p.m. or 11 p.m. local time on Dec. 24, and online orders placed for same-day free Order Pickup by 6 p.m. local time on that day can be picked up until the store closes. Shoppers can visit Target.com to find their store’s hours for Dec. 24.

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CVS to save $3B over five-year period with streamlining initiative

BY Brian Berk

NEW YORK — CVS Health will embark on a three-step streamlining initiative with a goal of saving approximately $3 billion from 2017-2021. Two-thirds of the savings will be seen in CVS’s retail/long-term care segment, with the remaining one-third of savings seen in the pharmacy benefits manager category.

These changes will include the company closing 70 stores in 2017, but Dave Denton, CVS EVP and CFO, stated during Thursday’s CVS Analyst Day here that the Woonsocket, R.I.-based retailer will “continue to provide convenient local access to the millions of patients we serve on a daily basis.”

The store closings should provide a $265 million benefit to CVS, mostly in 2017, and will help CVS deliver higher returns for shareholders over the long-term,” Denton added.

The second step of this process is enhancing efficiency of corporate shared service, which involves consolidating similar activities across business units. CVS has already begun this process, with Denton announcing early promising results, including 15% to 20% reductions in labor costs for relocated activities.

The final step of the process, expected to save CVS between $700 million and $750 million per year, is to optimize the pharmacy platform. This involves seamlessly redistributing various aspects of pharmacy workload to better maximize script fulfillment capacity through use of process redesign and technology.

Denton also announced during his CVS Analyst Day speech that the company approved a dividend increase of 18 percent for 2017. Hence, CVS will pay out $2 per share in dividends, per year, next year. 

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McKesson cleared to acquire Rexall Health

BY Michael Johnsen

SAN FRANCISCO  — McKesson on Wednesday announced that it has signed a consent agreement with the Competition Bureau of Canada allowing it to proceed with the acquisition of Rexall Health (inclusive of Rexall/Pharma Plus, Medicentres Canada and Claimsecure). McKesson expects to close the transaction as expeditiously as possible subject to certain closing conditions.

“We are pleased to have received regulatory approval from the Competition Bureau of Canada,” stated Paul Julian, EVP and group president, McKesson Corporation. “Together, McKesson and Rexall Health will continue to deliver choice and access, integrated pharmacy care and industry-leading service levels.”

When conducting its review of McKesson’s acquisition of Rexall Health, the Competition Bureau of Canada identified 26 local markets where McKesson is required to divest Rexall stores to new owners.

McKesson does not anticipate any store closures as a result of these divestitures.
 

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