There are hundreds of drugstore body lotions out there, but for dry skin, I'd recommend AmLaction Moisturizing Body Lotion. I first read about it in a site specifically for sufferers of the skin condition "keratosis pilaris", which is characterized by little red bumps on the skin of the upper arm, and sometimes the back of the thighs. Supposedly it is little plugs of keratin which the skin produces, that do not properly come off. Hence, the cure is for something (the lotion) to help ensure the skin is exfoliated and the plug removed.
AmLactin says it is a "clinically proven formula - Alpha Hydroxy Therapy" and that it "Moisturizes and Exfoliates Rough, Dry Skin." The lotion does its work of softening the plugs for easier removal the next time you buff your skin (the exfoliation part), but it's not 100% successful as a cure for KP as the redness and the rough skin remain. Not a surprise really, since as of this date, if you do a search of the medical websites, you'll find there is no definitive cure for this condition. The lotion is runny, however it absorbs well and there's no greasy feel after.
It's as a dry skin reliever that it comes into its own, however. My mom has really dry skin on her legs (you can see that it's dry because of the tracery on her skin, and the papery sound it makes when you rub it), and smoothing this on has made her skin less dry (no more papery sound, and the lines get a bit evened out) and more supple looking. It leaves a sheen on the skin, making it look glowy.
The bottle (225g or 7.9oz) says that it's fragrance free but it does have a strong medicinal smell, which wears away after a few hours.
Five thumbs up for AmLactin Moisturizing Body Lotion!