Navarro Discount Pharmacies
Encyclopedia
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. 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.
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.
, 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.
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
.
Pharmacy. The two formed 31 stores, and operate under the Navarro brand name. As of 2010 there are a total of 28 stores.. As a result, Navarro is currently the 18th largest Hispanic
-owned company in the United States and the sixth largest in Florida.
Hispanic
Hispanic is a term that originally denoted a relationship to Hispania, which is to say the Iberian Peninsula: Andorra, Gibraltar, Portugal and Spain. During the Modern Era, Hispanic sometimes takes on a more limited meaning, particularly in the United States, where the term means a person of ...
-owned pharmacy
Pharmacy
Pharmacy is the health profession that links the health sciences with the chemical sciences and it is charged with ensuring the safe and effective use of pharmaceutical drugs...
chain
Chain store
Chain stores are retail outlets that share a brand and central management, and usually have standardized business methods and practices. These characteristics also apply to chain restaurants and some service-oriented chain businesses. In retail, dining and many service categories, chain businesses...
, photo service, and pharmacy benefit manager
Pharmacy Benefit Management
In the United States, a Pharmacy Benefit Manager is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. They also are responsible for developing and maintaining the formulary, contracting with pharmacies,...
in the United States. The company is headquartered in Miami, Florida
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
. The company mainly operates in Miami-Dade
Miami-Dade County, Florida
Miami-Dade County is a county located in the southeastern part of the state of Florida. As of 2010 U.S. Census, the county had a population of 2,496,435, making it the most populous county in Florida and the eighth-most populous county in the United States...
and Broward
Broward County, Florida
-2000 Census:As of the census of 2000, there were 1,623,018 people, 654,445 households, and 411,645 families residing in the county. The population density was 1,346 people per square mile . There were 741,043 housing units at an average density of 615 per square mile...
Counties and currently has 28 stores. Navarro Discount Pharmacies has a 17% market share
Market share
Market share is the percentage of a market accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the "dollar market share" metric very useful, while 61% found "unit market share" very useful.Marketers need to be able to...
in South Florida, ahead of its larger rivals Walgreens
Walgreens
Walgreen Co. , doing business as Walgreens , is the largest drugstore chain in the United States of America. As of August 31st, the company operates 8,210 locations across all 50 states, the District of Columbia and Puerto Rico. Founded in Chicago, Illinois in 1901, and has since expanded...
and CVS/pharmacy.
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.
Company history
In 1940 José Navarro, Sr. founded Navarro Discount Pharmacies in HavanaHavana
Havana is the capital city, province, major port, and leading commercial centre of Cuba. The city proper has a population of 2.1 million inhabitants, and it spans a total of — making it the largest city in the Caribbean region, and the most populous...
, Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
. 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.
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
Insurance contract
In insurance, the insurance policy is a contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by...
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
Little Havana
Little Havana is a neighborhood of Miami, Florida, United States. Home to many Cuban immigrant residents, Little Havana is named after Havana, the capital and largest city in Cuba. The approximate boundaries are the Miami River , SW 16th Street , SR 9/West 27th Avenue and I-95...
.
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'sSedano's
Sedano's Supermarket is the largest Hispanic-owned supermarket chain in the United States. It was founded by Rene Sedano in Hialeah, Florida, a Miami suburb, in 1961. The very first Sedano's Supermarket was a store in Hialeah, Florida. Rene Sedano sold the store to Armando Guerra, Sr. because...
Pharmacy. The two formed 31 stores, and operate under the Navarro brand name. As of 2010 there are a total of 28 stores.. As a result, Navarro is currently the 18th largest Hispanic
Hispanic
Hispanic is a term that originally denoted a relationship to Hispania, which is to say the Iberian Peninsula: Andorra, Gibraltar, Portugal and Spain. During the Modern Era, Hispanic sometimes takes on a more limited meaning, particularly in the United States, where the term means a person of ...
-owned company in the United States and the sixth largest in Florida.