CVS Says Goodbye to 360 Upscale Beauty Boutique
Drugstore CVS announced on Monday their plans to close all 25 of their upscale Beauty 360 stores (most of which are located in California) by as soon as May 19th.
Competing against rivals such as Sephora and Duane Reade’s Look Boutique, the drugstore has decided to focus on it’s current budget beauty offerings instead of expanding into the prestige beauty category. The company has discovered the need to focus on their loyal customers through their present retail offerings and in-house brands which provide the drugstore with higher profit margins compared to the prestige brands.
The drug store currently has stars like Salma Hayek who’s line is a featured staple among their current offerings. Let’s see how CVS fares out in this new change of events.