Navarro Discount Pharmacies
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| Type | Private |
|---|---|
| Founded | Havana, Cuba (1940) |
| Founder(s) | José Navarro, Sr |
| Headquarters | Medley, Florida |
| Number of locations | 28 Stores (2008) |
| Area served | South Florida |
| Key people | Steve Kaczynski CEO |
| Products | Retail - Pharmacy - Photo |
| Revenue |  $350 million |
| Owner(s) | MBF Healthcare Partners, L.P. |
| Employees | 1,500(2009) |
| Divisions | Pharmacy Department |
| Website | www.navarro.com |
Navarro Discount Pharmacies, Inc., frequently referred to as Navarro is the largest Hispanic-owned pharmacy chain, photo service, and pharmacy benefit manager in the United States[citation needed]. The company is headquartered in Miami, Florida. The company mainly operates in Miami-Dade and Broward Counties and currently has 28 stores. Navarro Discount Pharmacies has a 17% market share in South Florida, ahead of its larger rivals Walgreens and CVS/pharmacy.[1] 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.[citation needed]
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History
Company history
In 1940 José Navarro, Sr. founded Navarro Discount Pharmacies in Havana, Cuba. 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.[citation needed]
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 and used the $4000 to open a pharmacy on S.W. 8th Street and 13th Avenue, in what would become the heart of Miami’s Little Havana.
2007 expansion
While the founding Navarro family still holds 40% of the drugstore chain, the family ceded control of the company to investment firm MBF Healthcare Partners in 2007. 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..[citation needed][2] As a result, Navarro is currently the 18th largest Hispanic-owned company in the United States and the sixth largest in Florida.[3]
References
- ^ "Navarro Discount Pharmacies Company Description". Hoover's, Inc. Retrieved 2008-07-08.
- ^ "Navarro, Sedano to Combine Pharmacies". Nielsen Business Media, Inc. 2007-10-11. Retrieved 2008-07-08.
- ^ Top 20 Hispanic-owned Companies in Florida - Hispanicbusiness.com, 7 October 2008