FINANCE

Massachusetts attorney general settles with CVS on prescription drug pricing

BY CSA STAFF

Boston Massachusetts Attorney General Martha Coakley said Monday that the state has reached an agreement with CVS Pharmacy in which the pharmacy chain will repay the state and public entities $2.65 million for alleged prescription drug overcharges.

According to Coakley, $1.3 million will go to about 200 cities and towns, as well as other public entities, that allegedly had been overcharged since 2002 for prescriptions covered under the workers compensation insurance system.

A CVS Caremark Corp. spokesman said the company has not admitted liability or wrongdoing, but agreed to settle the matter to avoid the expense of a further investigation.

The remaining $1.35 million from the settlement will go to the state’s general fund.

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New energy in electronics

BY CSA STAFF

Several initiatives in the electronics area announced last week should help Target narrow the competitive gap while improving customer satisfaction and minimizing returns. The company created a free service called 1-877-myTGTtech to assist customers with questions and provide technical support. A new Target Mobile offering takes advantage of a relationship with RadioShack to create in-store mobile centers that will be in 850 stores by year-end and chain-wide by 2011. The third initiative involves a trade-in offering whereby customers can return used equipment and devices and receive credits toward future purchases. The trade-in program launched in Northern California on Aug. 24, will rollout to additional stores in September and will be available in approximately 850 stores by the end of the year. Customers bring their items to the Target Mobile counter for appraisal, which can range from a few dollars up to more than $200. At the beginning of the year Target began offering a nationwide TV delivery and installation service.

Tech services and product installation go a long way toward addressing the issue of customer satisfaction and minimizing returns which directly correlate to the increasing sophistication and complexity associated with purchasing and installing a television.Frankly, the upgrades to Target’s electronics offerings and services are overdue. The company had slipped in recent years, especially relative to a company like Best Buy, but even compared with Walmart where considerable emphasis had been placed on upgrading the branded product offering and an improved customer experience.

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Former Sears exec named EVP A&P

BY CSA STAFF

MONTVALE, N.J. A&P has announced the appointment of Tom O’Boyle to the new position of EVP, effective immediately. In this role, Tom will be responsible for leading the merchandising, marketing, supply and logistics departments to develop a cohesive synergy between these critical functions, reporting to president and CEO Sam Martin.

Martin said, “Tom is an expert merchant with a proven track record of aligning merchandising offers with exciting marketing programs to meet customers’ needs. His appointment completes my dynamic executive management team which will lead our Company’s turnaround initiative.”

Prior to joining the A&P, O’Boyle was prresident and SVP food and drug for Sears. Before that, he was SVP merchandising and marketing for Albertson’s.

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