CVS Pharmacy, the retail division of CVS Health, launched a new store brand for snacks, beverages and groceries.
The new Well Market brand features nutrition options, bold flavors, recyclable packaging and selections that meet specific dietary needs, the company said in a Thursday (May 16) press release.
Forty products were made available on store shelves and CVS.com Thursday, and more will be rolled out through the end of the year, according to the release.
“Through this repositioning and expansion of our food and beverage portfolio, we are doing more by providing new nutritious options our customers crave,” CVS Health Chief Merchandising Officer Musab Balbale said in the release. “From the easy-to-understand packaging to the delicious snacks themselves, our customers can feel great about consuming Well Market products as part of their individual wellness goals.”
In addition to the new products, the Well Market brand will eventually incorporate three other brands: Gold Emblem, Gold Emblem Abound and Big Chill, according to the release.
In flavors, the brand’s products will cater to diverse preferences and offer options ranging from “bold and spicy” to “sweet and savory,” the release said.
The product line will also include options that have no artificial preservatives, sweeteners, colors or trans fats, per the release.
In terms of specific dietary needs, the Well Market product line will offer choices that are vegan, gluten-free or keto, according to the release. At the same time, it will also offer options for consumers looking for “something more indulgent.”
The announcement comes at a time when retailers are expanding their private-label offerings in response to an evolving consumer landscape shaped by ongoing financial pressures.
As PYMNTS reported in February, Target, Macy’s and Walgreens are among the retailers that have beefed up their private-label alternatives to brand-name products.
The PYMNTS Intelligence report “Consumer Inflation Sentiment: The False Appeal of Deal-Chasing Consumers” found that 36% of grocery shoppers have shifted from their favorite brands to private-label or store brands to save money. One of the top grocery categories where consumers have started seeking cheaper alternatives is snacks.
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