WOONSOCKET, R.I.--(BUSINESS WIRE)--April 26, 2000--Two more major
retailers today announced they have joined the WorldWide Retail
Exchange, the web-based, business-to-business marketplace
recently founded by 14 international retailers, including CVS
(NYSE:CVS).
The new participants are Jusco Co., Ltd./Aeon Group, with 5,900
superstores, supermarkets, convenience stores, specialty chains
and other related businesses in Japan, the U.S. and other overseas
markets and 1999 sales of $22.8 billion ($1=(Y)110.73); and Best
Buy Co., Inc. the number one consumer electronics specialty retailer
in the U.S. with over 350 stores in 39 states and 1999 sales of
$12.5 billion. The two retailers will become founding members
as well, participating in the initial 60% of the founding capital
of the Exchange.
Their participation brings the number of founding members of
the WorldWide Retail Exchange to 16. In alphabetical order:
Albertson's (USA), Auchan (France), Best Buy (USA), Casino (France),
CVS (USA), Delhaize (Belgium), J.C. Penney (USA), Jusco (Japan),
Kingfisher (UK), Kmart (USA), Marks Spencer (UK), Royal Ahold
(The Netherlands), Safeway, Inc. (USA), Target (USA), Tesco (UK)
and Walgreens (USA). Jointly, the Exchange operates 42,000 stores
with 1999 combined sales approaching $400 billion.
"We are delighted to welcome two retailers of the caliber of
Jusco and Best Buy to the WorldWide Retail Exchange," said a spokesman
for Exchange. "A strong Exchange is in the interests of all members.
We believe it will soon become the standard for e-commerce transactions
with costs for all parties, including suppliers, decreasing dramatically."
The 16 member companies will be able to conduct a full range
of food, non-food, textile and drugstore e-commerce transactions
with individual vendors, independent of one another. It is anticipated
that other retailers will join the Exchange in the near future.
Each retailer will use the Exchange to build infrastructure and
procure merchandise, supplies, equipment and other business-related
goods and services from participating suppliers. CVS/pharmacy
is the nation's largest retail provider of prescriptions. The
Company is the number one drugstore chain in the U.S. with approximately
4,100 stores in the Northeast, Mid-Atlantic, Southeast and Midwest
regions of the country. General information about CVS, including
corporate background and press releases, is available at CVS's
web site at www.cvs.com.
CONTACT:
CVS Todd Andrews,
401/770-5717
Director of Corporate Communications
07:32 EDT APRIL 26, 2000
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