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CASE STUDY: CVS

Provided real estate focused location strategy by analyzing top labor markets with plug-and-play opportunities with strong presence of unique skills for the company’s prescription processing facility

Key Information

CVS

Chandler, Arizona

Topline

  • $20M in cost savings
  • Up to 600 jobs

Business Lines & Services

Opportunity


  • Locate top labor markets for new customer care and prescription processing center
  • Evaluate talent-rich markets with access to high-skilled labor
  • Explore potential plug-and-play options to maximize value and reduce construction costs while ensuring speed-to-market delivery

Solution & Outcome


  • CVS, headquartered in Woonsocket, Rhode Island, needed to identify a new prescription processing center that could be delivered quickly as part of its corporate real estate and labor strategy.
  • A longtime partner of more than 12 years, CVS turned to CBRE Labor Analytics to conduct a nationwide search for talent-rich markets offering the best access to candidates with experience as pharmacists, pharmacy technicians and customer service representatives.
  • Labor Analytics executed a comprehensive site selection strategy to pinpoint five labor markets in Arizona, Florida, New Mexico, North Carolina and Ohio that addressed CVS’s needs for high-skilled labor and speed-to-market delivery.
  • Using a profile tailored to CVS, Labor Analytics identified Phoenix, AZ as the top location with the largest supply of pharmacists and pharmacy technicians as well as existing, move-in ready sites.
  • After reviewing CBRE’s plug-and-play recommendations in the Phoenix area, CVS selected a 120,000 sq. ft. service center in Chandler, becoming one of the few health care companies to move into the area’s established tech hub.
  • The CBRE team arranged a buyout of the building’s existing tenant and negotiated a long-term lease on behalf of CVS that resulted in over $20 million in cost savings.
  • The Chandler facility has the potential to accommodate up to 600 jobs, achieving CVS’s goals for scalability and long-term growth.

For More Information

$name
Chris Hook
Executive Vice President
Advisory & Transaction Services, Labor Analytics
+1 602 7355562
+1 602 3003430