PRICELINE is set to undergo a rebrand next month to reflect its strategy combining beauty with health expertise and value.
"We are recognised for having a very wide range with great value and being a real destination for beauty," Richard Pearson, Retail Director at Wesfarmers Health told Pharmacy Daily yesterday.
"We have beauty advisors who are highly trained and skilled in every store, so that customers can get a much higher level of service.
"But obviously, where we differentiate in the beauty market is our pharmacists, who are able to develop a really strong relationship with their patients and give advice and bring their expertise to bear.
"It's a real refresh and rejuvenation for the brand."
Pearson also discussed Priceline's plans to double the size of the business within the next five years, most of which will come from existing outlets, although there are plans to accelerate the number of pharmacies within the network.
In addition, there is potential for Priceline to rejuvenate its mix of brands and services to bring the new brand to life, as well as inject extra innovation to the business.
"We also see a huge opportunity for incremental growth in terms of e-commerce. We know it's a huge part of the beauty and health market, and we underperform in that sector at the moment," Pearson admitted, adding that there are plans to create even stronger bonds with its Sister Club membership of nine million members through targeted marketing.
"All those pieces form what we hope is a really compelling growth plan," he said.
Looking at the overall pharmacy landscape, Pearson described it as "a highly competitive market" and predicted further consolidation.
"The number of pure independents in the market will diminish rapidly over the next few years, as people look to consolidate and gain the efficiencies of scale and the buying power of being part of either a really big branded group or a smaller group.
"We've seen that happen at pace already," he explained, noting the recent changes in pharmacy through 60-day dispensing and scope-of-practice.
"In any era of change, it gives opportunities for people who are able to latch on quickly...to do a great job of translating [them to] customers and achieve growth on the back of that." JHM
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