Just a short time ago, Vagenas and the Pharmapacks team were buyers in what has become for them the familiar market of commercial real estate. In order to accommo- date the inventory that went hand- in-hand with the $32 million in revenue Pharmapacks saw in 2014, a 32, 000 square feet warehouse was a necessity, not a luxury. It was moving day again. By this summer’s end, Vagenas and his team will store their wares in and ship them from yet another location: a new 142, 000 square feet location (that’s roughly the same square footage of the base of the Egyptian Pyramid of Djoser) and their project- ed revenue could exceed the $1 million per 1,000 square foot ratio seen in 2014. Now that Pharmapacks is Amazon’s largest retailer in the U.S. for health and beauty products, revenue projections continued growth year over year, which is worlds away from the company that eight short years ago was hemorrhaging money during what Vagenas calls, “the trials and tribulations.”
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AUGUST 2018 • SPOTLIGHT ON BUSINESS MAGAZINE
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