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| Phar-Mor chairman looks to plan discount vitamin chain - Robert Haft planning Vitamin Superstore Barbara WhitePhar-Mor chairman Robert Haft is planning a foray into the vitamin and nutrition store industry. continued below... |
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NBTY Reports Third Quarter Results |
Haft is reportedly planning a discount vitamin chain, called Vitamin Superstore, with seven locations in the Washington, ., area.
According to some reports, the category killer-type stores will average 2,500 square feet to 3,000 square feet and will include--along with vitamins and supplements--homeopathic products, a nutritional library, natural cosmetics, an in-store nutritionist and a juice bar in some locations. Haft would not respond to calls concerning the new venture.
It's no surprise that Haft, whose father ran the . area's Dart Drug chain, would see the vitamin and nutrition industry as an attractive target for growth. Category leader General Nutrition Centers, which operates more than 3,000 company-owned and franchised locations, reported revenue increases of nearly 20 percent last year, and the chain plans to open 500 new sites a year.
"We are growing to meet the demands of the market. We plan to have 5,000 stores by 2002," said Gregory Miller, a spokesperson for General Nutrition Centers. "We're not concerned about competition in the market. We think the market will attract--and be able to bear--new players."
Indeed, the vitamin and nutritional supplement market is estimated at weighing in a hefty $ billion in annual sales. Packaged Facts estimates that the industry is growing at 14 percent a year. Said Miller: "The latest Gallup survey showed that in 1991, 33 percent of adults were taking vitamins. In 1996, that percentage was 40 percent. It keeps growing. At this point, this is a good market to be in."
Apparently, Robert Haft thinks so, too.
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