by Tyler Hale
A pharmaceutical retailer has selected Little Rock as its new headquarters.
During a press conference held today (Nov. 18) at the Little Rock Chamber of Commerce, company executives, along with state and Little Rock officials, announced that Express Rx is moving its corporate headquarters to Little Rock.
The new space, located at 1800 Riverfront Drive, is already operational, according to CEO Galen Perkins. Express Rx is leasing the space for its headquarters.
“At Express Rx, we are focused on providing the highest quality health care services possible,” Galen Perkins, Express Rx CEO, said in a statement. “With its convenient location, able workforce and strong community support, our Little Rock headquarters will help fuel our continued growth.”
With the new headquarters, Express Rx has promised to create 24 new high-paying jobs. Most of the jobs, according to chief financial officer John Trainor Namir, will be “upper management” positions, such as director and vice-president roles. While he says the salaries for the positions will vary, Namir expects the Little Rock payroll to be approximately $1.5-$2 million within the next 12 months.
Perkins says that the company sought out a new headquarters in order to keep pace with its expansion and secure a business-friendly environment. Express Rx operates 18 stores in total with four of its stores in Arkansas.
“It was clear we need a new corporate headquarters,” Perkins says. “We looked to pick a better spot to move [with] a friendly business environment.”
The company, which averages around $55 million in annual revenue according to Namir, is expecting to grow more in the coming year. Namir says Express Rx is targeting around 20 acquisitions.
“We really see the opportunity in the market as acquisitions at this point and really for us it’s all about helping preserve that small town community pharmacy experience and set the back end efficiency behind it that needs to take place…,” he says.
In October 2019, Express Rx announced its plans to purchase 10 Fred’s Pharmacy locations in five states – Alabama, Kentucky, Louisiana, Mississippi and Texas.Express Rx worked with MHR Fund Management LLCto acquire the pharmacies.
Perkins says that Little Rock was selected for the Express Rx headquarters due to its business-friendly stance and its proximity to the company’s customer target base. Express Rx, he says, focuses on rural areas, making Little Rock a central location for its operations.
“Of course, the economic incentives helped, but it’s a very friendly location. We primarily focus on rural and underserved areas, and Little Rock is a rural area – Arkansas is a rural state,” he says.
Perkins and Namir, along with other former pharmaceutical executives opened the first Express Rx in Miami, Okla. in 2013.