Walgreen vs CVS: Growth Strategies of the US' Top Drugstore Chains
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Code : COM0093
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Region : USA
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Different Routes Towards Growth The first Walgreen pharmacy store was opened in 1901, at Chicago by Charles Walgreen Sr. Between 1901 and 1930 Charles Sr. converted Walgreen into a chain of pharmacy stores located across the US. Since the beginning, Charles Sr. had given importance to the convenience of Walgreen's customers and had ensured to build his stores at such places where the customers could easily locate. He had introduced a number of innovative concepts in his store, such as the 'Two Minute Drill' - customer service and installation of soda fountains, which helped Walgreen to attract new customers. By 1929, the Walgreen pharmacy store had grown to over 525.... A Tough Race Though Walgreen and CVS have been competing with each other, they also faced competition fromother retail chain stores like Rite Aid and Wal-Mart. Rite Aid Corporation is one of US' leading drugstore chains, which has an annual revenue of $16.8 billion. It runs approximately 3,400 stores located in 28 states and the District of Columbia. Opened in 1962, Rite Aid slowly grew by both acquisitions and opening new stores in the US. By 1972, it operated more than 260 stores in 10 states, and by 1983 it reached the sales figure of $1 billion. By 1987, it had openedmore than 2,000 stores and became the country's largest chain of drug stores in terms of number of stores.During themid 1990s, it acquired a number of drugstore chains like Thrifty Pay Less Holdings, Inc., Tuscaloosa, Harco, Inc. and K&B Incorporated... |
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