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PEOPLES TARGETS EXPANSION TO 100 STORES IN FLORIDA

Executive Summary

PEOPLES TARGETS EXPANSION TO 100 STORES IN FLORIDA, according to a May 15 press release announcing the consolidation of Shoppers Drug Mart's U.S. business into Peoples. Shoppers Drug Mart currently operates 31 stores in Florida. Both Peoples and Shoppers Drug Mart are subsidiaries of Canadian conglomerate Imasco Ltd. "This represents a logical step for Shoppers Drug Mart," Shoppers Drug Mart President and CEO David Bloom stated. "The retail drug industry in Florida offers enormous possibilities for growth and expansion and the Peoples chain is well poised and positioned with its expertise in centralized geographic distribution to take the greatest advantage of these opportunities." Including the Shoppers Drug Mart outlets, approximately 800 drug stores will now carry the Peoples logo in the Midwest, mid-Atlantic and Southeast. The announcement marks the second move by Imasco to build on its acquisition of Peoples in 1983. Last November, Peoples announced the purchase of the 134-store Rea & Derrick chain from American Stores for $90 mil. The release notes that Peoples "will be able to use the Florida stores as a base for further expansion, while Shoppers Drug Mart will concentrate on the vigorous growth that has made it the largest retail drug store system in Canada." Shoppers Drug Mart operates over 400 stores in Canada.

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