BizFeed: CVS Quit Smoking. Will it Quit Candy Next?
1. CVS to Quit Sugary Snacks Next?
The News: The New York Times did a thorough examination of CVS and the future of the pharmacy giant. After CVS voluntarily stopped the sale of tobacco products — and positioned itself as “CVS Health” — an obvious question remained: Will CVS stop selling candy and cookies too?
“At this point, there are no plans to stop selling high-fat or high-sugar snacks, still a big part of CVS stores’ sales,” the Times reported.
Why It Matters: CVS can’t have it both ways. You can’t have patients exiting the Minute Clinic only to pick up sugary sodas and a box of Oreos on the way out of the store. Helena B. Foulkes, executive vice president and leader of CVS’s retail business seems to realize as much. She told the Times: “Customers quickly made the leap. They expected more from us.”
So the company has already designated 500 stores for remodeling to emphasize healthy products. But expect any further transition to happen very slowly. CVS still has to make up the nearly $2 billion in lost revenue from stopping the sale of tobacco products. Sure, it’s made up plenty in reputation, but it has to find new revenues before making a food transformation.
2. Surprising Six-Figure Jobs
The News: Forbes has released its list of surprising jobs that pay more than $100,000 per year.
Here are a few of my favorites:
- Captains, Mates, and Pilots of Water Vessels: Top 10 percent make an average of $128,330.
- Farmers and Ranchers: Top 10 percent make an average of $121,690
- Hydrologists: Top 10 percent make an average of $117,190.
Why It Matters: Follow your passions and the money will eventually come.
3. After 30+ Years, Atlantic City Comedy Club Shuts Its Doors
The News: Open since 1983, the Comedy Stop Cafe and Cabaret in Atlantic City is closing. Located inside The Quarter at the Tropicana since its conversion in 2004, the club has played host to “Ray Romano, Drew Carey, Tim Allen, Rosie O’Donnell, Kevin James and Lewis Black, among many others,” said NJ.com.
Owner Bob Kephart blamed “numerous financial pressures that were too difficult to overcome,” according to the Press of Atlantic City. Namely the recession, Hurricane Sandy, and the “virtual collapse” of the Atlantic City market.
Why It Matters: When experts talk about Atlantic City “rightsizing itself,” they should remember that it’s not just about casino closures but about individual business closures as well.
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