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Nice post. I dont have any quantitative comments, I think you covered it pretty well, noting the bad cash situation. I will add some qualitative thoughts

Good:
The use of vitamins and various supplements is definitely growing. Additionally, GNC has the rep of providing quality products, in an area loaded with rip-offs

Bad:
They provide at a premium price. I use a few myself and can find them MUCH cheaper (i.e. 2-3x) at drug store chains who are getting in on this lucrative action.

I suspect that their main competition in future will come from large drug chains like Longs or Walgreens and places like Walmart who dont seem to miss these sort of trends in high markup items, which supplements typically are.

cheers,

jgc
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