Building Industry Magazine - November 2011 - (Page 32)

ConceptToCompletion CVS/Longs Kapolei Distribution Center Completed in August, the new distribution center for CVS/Longs is located in Kapolei Business Park. Brief Background CVS Caremark Corp. announced on Aug 12, 2008 its acquisition of Longs Drug Stores Corp. for a total purchase price of nearly $3 billion. The purchase included Longs’ 521 (at the time) retail drugstores in California, Hawaii, Nevada and Arizona as well as its Rx America subsidiary, which offers prescription benefits management services to over 8 million members and prescription drug plan benefits to approximately 450,000 Medicare beneficiaries. When the acquisition was announced, CVS stated, “The transaction … offers CVS Caremark immediate market leadership in the highly attractive Hawaiian market, where it currently does not have a presence, as well as high-quality locations in Nevada and Arizona.” Tom Ryan, chairman, president and CEO of CVS Caremark, commented, “This transaction provides tremendous benefits to CVS Caremark by accelerating our expansion in very attractive drugstore markets and strengthening our geographic reach. In fact, Longs has a significant presence in 10 non-CVS markets that are among the top 100 drugstore markets in the country. More than 490 of the stores 32 | BUILDING INDUSTRY | OCTOBER 2011 we are acquiring are located in the Central and Northern California and Hawaiian markets, where Longs is a leading player. Longs’ store network in these regions is excellent and is one that would take a decade or more for us to replicate through organic growth.” Currently, CVS operates 49 CVS/ Longs Drugs stores and pharmacies in Hawaii, which underscores the need for a new distribution warehouse, and more than 2,800 CVS Caremark employees live and work in Hawaii. Its corporate headquarters is located in Rhode Island.

Table of Contents for the Digital Edition of Building Industry Magazine - November 2011

Cover
Contents
Datebook
Kapolei Low-Income Housing Poised to Start
Construction Starts for Habitat Project
Kahi Mohala Renovation Blessed
AIA Hosts Sixth Canstruction Competition
Best Practices
East Oahu Residential Project Breaks Ground
Contracts Awarded
Maui FEATURE
Concept to Completion: CVS/Longs Kapolei Distribution Center
Construction Equipment - FEATURE
Inside the BIA FEATURE
Continued Success for PBTE
Spotlight on Success: CACTF, Kahuku Training Area
Low Bids
Steel FEATURE
News MakerS
New Products

Building Industry Magazine - November 2011