The Globe and Mail reports in its Friday edition that former Shoppers
Drug Mart chief executive officer Jurgen Schreiber is taking over
the top job at rival Rexall.
The Globe's Marina Strauss writes that Mr. Schreiber will become
CEO of the newly renamed Rexall
Health in August.
The appointment by parent
company Katz Group of Edmonton
comes as competition heats
up in the drugstore segment after
the takeover of Shoppers by Loblaw last
year. At the same time, drugstores
are feeling a pinch as provinces
cut funding for generic
medications.
Mr. Schreiber faces not only
Shoppers but an array of other
large chains, including Loblaw
and discounters Wal-Mart Canada
and Costco Canada, that
are all focusing more on health
and drugstore items. They are catering
to an aging, health-conscious
population, raising the stakes
for all the retail players.
The tightening market has
prompted industry observers
to predict that Mr. Schreiber
could eventually steer Rexall into
being acquired by a bigger global
company to give it more purchasing
power with suppliers and
other economies of scale.
Mr. Schreiber had previously
led A.S. Watson Group, a European
chain of health and beauty
stores.
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