CVS To Join Ten Leading Retail Companies to Form Worldwide Retail Exchange; Web-Based B2B Marketplace With Combined Sales of $300 Billion.Business Editors WOONSOCKET, R.I.--(BUSINESS WIRE)--March 31, 2000 CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE NYSE See: New York Stock Exchange :CVS), the nation's leading retail pharmacy, today announced that it has joined 10 other major international retailers in forming a collaborative partnership to establish the WorldWide Retail Exchange. The new web-based, business-to-business exchange is expected to begin operating mid-2000. It is designed to facilitate and simplify trading between retailers and over 100,000 suppliers, partners and distributors. Along with CVS, the participants are Albertson's (US), Auchan (France), Casino (France), Kingfisher kingfisher, common name for members of the family Alcedinidae, essentially tropical and subtropical land birds, with affinities to trogons and swifts and related to the hornbill. (UK), K-Mart (US), Marks & Spencer (UK), Royal Ahold a·hold n. Hold; grip: "I knew I could make it all right if I got . . . back to the hotel and got ahold of that bottle of brandy" Jimmy Breslin. (The Netherlands), Safeway, Inc. (US), Target (US) and Tesco (UK). Together, the group operates over 30,000 stores and had 1999 combined sales of over $300 billion. Other prominent retailers are also invited to join the exchange and have expressed interest in the initiative. "WorldWide Retail Exchange will be the largest Internet exchange See IXP and NAP. company of its kind, and our participation in this venture reflects our commitment to using technology to grow our business and remain competitive as an innovative retailer," said Tom Ryan
Tom Ryan (born August 3 1986), who plays under the pseudonym Ogre 2, is a professional gamer from Pickerington, Ohio, USA. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CVS/pharmacy. The WorldWide Retail Exchange is a web-based marketplace, enabling transactions between retailers operating in the food, general merchandise and drugstore sectors. It is an open exchange and provides an information highway of publicly available item data together with private price and promotion information between multiple buyers and sellers. The exchange will also provide the means for auctioning products. Participating companies anticipate interaction on the WorldWide Retail Exchange to be more efficient due to standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. item information. The WorldWide Retail Exchange is expected to lower costs in the supply chain for all participants. Currently, CEOs of the participating companies, or their representatives, form the Executive Committee of the exchange. In the future, the WorldeWide Retail Exchange is expected to be an independently managed company. The founding members will review major technologies and invite IT companies to work with the exchange. In the first few years, investments in the collaborative partnership are expected to amount to approximately $100 million. Savings generated from WorldWide Retail Exchange are expected to rapidly exceed costs. CVS is the largest retail provider of prescription in the nation. The Company is the #1 drugstore chain in the U.S., with approximately 4,100 stores in the Northeast, Mid-Atlantic, Southeast and Mid-West regions of the country. General information about CVS, including corporate background and press releases, is available at CVS' web site at www.cvs.com. |
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