Kroger and Walgreens Form Group Purchasing Organization as Companies Expand Collaboration with New Joint Venture

Date : 12/11/2019 @ 1:00PM
Source : PR Newswire (US)
Stock : Kroger Co (KR)
Quote : 28.15  0.07 (0.25%) @ 12:59AM
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Kroger and Walgreens Form Group Purchasing Organization as Companies Expand Collaboration with New Joint Venture

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CINCINNATI and DEERFIELD, Ill., Dec. 11, 2019 /PRNewswire/ -- Building on a unique collaboration that first brought together The Kroger Co.'s (NYSE: KR) food and grocery experience with Walgreens' expertise in health and beauty, the companies have formed a new group purchasing organization (GPO) aimed at delivering purchasing efficiencies, lower costs and combined resources to help drive further innovation. The new joint venture will be called Retail Procurement Alliance. 

Kroger and Walgreens Form Group Purchasing Organization as Companies Expand Collaboration with New Joint Venture.

"This collaboration is an extension of the strategic collaboration announced last year to create value for customers and shareholders of both companies," said Gary Millerchip, Kroger's Chief Financial Officer. "Kroger and Walgreens share a commitment to finding value and efficiency improvements by increasing innovation and competition through sourcing. This concept brings together the best of two great organizations to reinvent critical components of our sourcing practices."

"Through this unique joint venture, Walgreens and Kroger have the opportunity to use our collective resources to create efficiencies across our supply chains," said Alex Gourlay, co-chief operating officer, Walgreens Boots Alliance. "This collaboration will also enhance our ability to drive innovation for customers, including both of our private-label brands, to further meet their evolving needs for value and convenience."

Kroger and Walgreens initially announced an exploratory pilot in October 2018 to develop a one-stop shopping experience, which launched in December 2018 as the Kroger Express concept in 13 Walgreens stores in Northern Kentucky. In August 2019, Walgreens and Kroger announced an expansion of the pilot at 35 Walgreens locations in Knoxville, Tennessee and introduced a curated assortment of Walgreens health and beauty products at 17 Kroger stores in the same area. For photography of the pilots, visit here.

About The Kroger Co.
At The Kroger Co. (NYSE: KR), we are Fresh for Everyone and dedicated to our Purpose: To Feed the Human Spirit®. We are, across our family of companies, nearly half a million associates who serve over 11 million customers daily through a seamless shopping experience under a variety of banner names. We are committed to creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.

About Walgreens
Walgreens (walgreens.com), one of the nation's largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. Walgreens is proud to be a neighborhood health, beauty and retail destination supporting communities across the country, and was named to FORTUNE* magazine's 2019 Companies that Change the World list. Approximately 8 million customers interact with Walgreens in stores and online each day. As of August 31, 2019, Walgreens operates 9,277 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, along with its omnichannel business, Walgreens.com. Walgreens also provides specialty pharmacy and mail services and convenient access to in-store clinics and other health care services throughout the United States, most of which are operated by our health care strategic partners.
 
*© 2019, Fortune Media IP Limited. Used under license.

 

The Kroger Co. Logo (PRNewsFoto/The Kroger Co.) (PRNewsFoto/The Kroger Co.)

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SOURCE The Kroger Co.

Copyright 2019 PR Newswire

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