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Evaluating cigarette pack purchases at drug, food, big-box, dollar, convenience and gas station retailers in the eight months after CVS dropped tobacco product, the research found an additional 1% reduction in cigarette pack sales in states where CVS/pharmacy had a 15% or greater share of the retail pharmacy market, compared with states with no CVS/pharmacy stores

For strategists, this means Western brand valuations are increasingly dependent on a Shenzhen ODM cluster they do not own or control

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In part, companies have been able to shift sales of cigarettes to less educated and poorer consumers