If the person making the hiring decision also went to your school, then it sure can make a difference. When I showed up for my new rotation yesterday, my preceptor was saying I was the new "UF student". With an emphasis on the "UF". She also gets students from Nova. On her wall was her UF diploma. Their newest clinical pharmacist (hired 9 months ago) is a recent UF grad with a 1 year residency. At my last rotation, the clinical pharmacy manager also had a UF diploma on his wall. If you go to a school with lots of alumni in high places, it can only be a good thing.
For retail, they just want a warm body who passed the boards.