Pharmaca’s business has been on enough of an upward trajectory, that the chain is now ramping up store growth. The company will have opened five stores by the end of its fiscal year ending in June, which brings its total to 30. Another three to five are planned for next fiscal year. That’s up from opening one store a year annually for the past few years.
The company has “the financial resources to open up new stores and demographics and retail sites that are available in the marketplace today,” chief executive officer Mark Panzer said of what’s driving the accelerated growth, adding that healthy sales and EBITDA have helped.
Pharmaca, founded in 2000 and headquartered in Boulder, Colo., offers customers a full-service pharmacy and stocks store shelves with beauty products, vitamins and supplements and alternative remedies.
“We’re the Whole Foods of the chain beauty and drug store industry,” Panzer said. “We truly are an integrated model.”
Pharmaca, which has estimated sales of $135 million, has plans to open a store in Los Altos, Calif. by early May and another Colorado outpost in the fall.
The chain could support as many as 60 stores total by year-end 2018, Panzer said.
The stores currently operating are located in Washington, Oregon, California and Colorado. The company expects to enter the Midwest in the next 18 months and could eventually expand to the East Coast in the next 24 months, Panzer said.
New York and Florida are among the top 10 states for Pharmaca’s online business, which Panzer said isn’t so much the result of direct marketing in those areas as it is the chain’s inventory of specialized brands such as Dr. Hauschka and higher-end cosmetics lines that include Jane Iredale.
Pharmaca to-date has raised about $32.7 million in private equity and venture capital across three rounds between 2008 and 2009. Its largest round was $20 million raised from Physic Ventures and Highland Capital Partners in 2008.