The Sun: Cosway to have 1,000 pharmacies by 2016
KUALA LUMPUR (Jan 19, 2012): Cosway (M) Sdn Bhd plans to have 1,000 “free-concept” pharmacy stores across the country in the next five years.
Other than selling Cosway products, a free-concept outlet also offers pharmaceutical products and services.
Cosway Corp Ltd chairman and CEO Al Chuah said it will convert 500 of its existing 800 Cosway stores to these free-concept stores as well as open 500 new such stores, which will cost RM500,000 each including inventory and renovations.
This year alone, it will spend RM10 million to put up 200 new pharmacies through both the conversion of existing stores and setting up new ones.
“Under the free-store concept, we pay the rental, utilities and also supply products on consignment. Pharmacists or members who operate these stores not only enjoy profits from store sales but also profit from their network sales,” Chuah told reporters at the opening of its first free-concept pharmacy in Malaysia here today.
Cosway also plans to expand globally in the first quarter, to new markets such as China, Russia, Mexico and Colombia.