Navarro Discount Pharmacies, Inc., frequently referred to as Navarro is a pharmacy chain, photo service, and

pharmacy benefit manager In the United States, a pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs for commercial health plans, self-insured employer plans, Medicare Part D plans, the Federal Employees Health Benefits Progra ...

in the United States. The company was acquired by

CVS Health CVS Health Corporation (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance prov ...

in September, 2014 and is operated as a separate brand and business of CVS, headquartered in

Miami, Florida Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...

. The company mainly operates in

Miami-Dade Miami-Dade County is a county located in the southeastern part of the U.S. state of Florida. The county had a population of 2,701,767 as of the 2020 census, making it the most populous county in Florida and the seventh-most populous county in ...

and Broward Counties and currently has 28 stores. Navarro Discount Pharmacies has a 17% market share in South Florida, ahead of

Walgreens Walgreen Company, d/b/a Walgreens, is an American company that operates the second-largest pharmacy store chain in the United States behind CVS Health. It specializes in filling prescriptions, health and wellness products, health information, a ...

and

CVS/pharmacy CVS Pharmacy, Inc. is an American retail corporation. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island. It was also known as, and originally named, the Consumer Value Store and was founded in Lowell, Massachusetts, in ...

. The company has more than 2,000 employees and annual sales of more than $350 million. Navarro leads the industry in terms of sales per store, sales per square foot, and prescriptions filled per store.

History

Company history

In 1940, José Navarro, Sr. founded Navarro Discount Pharmacies in

Havana Havana (; Spanish: ''La Habana'' ) is the capital and largest city of Cuba. The heart of the La Habana Province, Havana is the country's main port and commercial center.

Cuba Cuba ( , ), officially the Republic of Cuba ( es, República de Cuba, links=no ), is an island country comprising the island of Cuba, as well as Isla de la Juventud and several minor archipelagos. Cuba is located where the northern Caribbea ...

. The first store was located on Monte Street and had a large client base including the employees of the Power Company of Cuba. Years later, with the success of the first store, Navarro opened a second store. After the political change in Cuba in 1961, the government confiscated the Navarro stores, forcing the family to flee to the United States. Upon arriving in Miami, José Navarro, Sr. cashed an

insurance policy In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known a ...

and used the $4000 to open a pharmacy on S.W. 8th Street and 15th Avenue across from the Tower Movie Theatre. They later moved to 13th Avenue in what would become the heart of Miami's

Little Havana Little Havana ( es, Pequeña Habana) is a neighborhood of Miami, Florida, United States. Home to many Cuban exiles, as well as many immigrants from Central and South America, Little Havana is named after Havana, the capital and largest city i ...

2007 expansion and Acquisition by CVS

In 2007, the founding Navarro family ceded control of the company to investment firm MBF Healthcare Partners. In mid-2007 Navarro entered into an agreement to combine its operations with Sedano's Pharmacy. The two formed 31 stores, and operate under the Navarro brand name. As of 2010 there are a total of 28 stores. In 2014, the company was acquired by

CVS Pharmacy CVS Pharmacy, Inc. is an American retail corporation. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island. It was also known as, and originally named, the Consumer Value Store and was founded in Lowell, Massachusetts, in ...

. CVS said it would keep the Navarro's name and operate the business separately.

References

External links

{{CVS Health Companies based in Miami Pharmacies of the United States Retail companies established in 1940 1940 establishments in Cuba CVS Health Health care companies based in Florida 2014 mergers and acquisitions