China Jo-Jo Drugstores (CJJD) to Expand Number of Retail Pharmacies to 100
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China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) announced that it plans to expand the number of its retail pharmacies to 100 over the next twelve months. These additional retail pharmacies will be located in Hangzhou, and will be a mixture of new stores and rebranded ones.
"We are excited to expand our retail pharmacy network in Hangzhou," said Mr. Liu Lei, Chairman and CEO for China Jo-Jo. "Our proven retail pharmacy model has expanded to include premium value added services such as virtual doctor clinic services, in-store prescription dispensary services and chronic disease management programs. We look forward to bringing innovative wellness options and expanded access to care to more pharmacy customers."
China Jo-Jo operated 62 retail pharmacies as of July 26, 2016. With the addition of new and rebranded pharmacies, the Company will consolidate its retail pharmacy leadership in Hangzhou, which has a trillion yuan local economy and one of the highest spending urban consumers in China.
"According to China Association of Pharmaceutical Commerce, sales in retail pharmacy grew 8.6% year-over-year to reach 332.3 billion yuan in 2015. We are capitalizing on the growth momentum of the industry to expand our sales channel and build a larger store network for our integrated online and offline pharmacy business model," added Mr. Liu.
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