Premium beauty is part of CVS' plan to expand health and beauty sales.
Beauty is an attractive category for retailers because its margin is 1.7 times higher than other categories, according to a recent investors presentation by CVS. Which is why the pharmacy chain is looking to expand its portion of sales dedicated to health and beauty from about 65% today to 80% in the coming years.
CVS estimates that it currently has an 11.7% marketshare of the health and beauty market. This segment is projected to grow twice as fast as general merchandise and edibles over the next three years, according to the presentation.
How is CVS going to expand and elevate its beauty offerings in-store? According to the presentation, the retailer will:
- Install prominent beauty endcaps
- Install displays focused on healthy and advanced skin care
- Offer off-shelf trend programs
- Introduce premium beauty brands
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