Walgreens
From Wikipedia, the free encyclopedia
| Walgreen Co. | |
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| Type of Company | Public (NYSE: WAG) |
|---|---|
| Founded | 1901 |
| Headquarters | Deerfield, Illinois |
| Key people | Jeff Rein, President and CEO David Bernauer, Chairman |
| Products | Retail-Pharmacy-Photo |
| Employees | 179,000+ |
| Slogan | The Pharmacy America Trusts |
| Website | www.walgreens.com |
Walgreen Co. (NYSE: WAG), d/b/a Walgreens (without an apostrophe), is a convenience store/pharmacy chain, pharmacy benefit manager (PBM), mail service pharmacy, and specialty pharmacy which operates in the continental United States and Puerto Rico. It operates more than 5,405 retail stores. Walgreens was founded in Chicago, Illinois in 1901 and has since expanded throughout the United States. Its headquarters is located in Deerfield, Illinois, a suburb of Chicago. CVS/pharmacy, Eckerd, and Rite Aid are its main competitors.
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[edit] History
This chain started out as a drug store with owner, Charles R. Walgreen, Sr.. [1] The Walgreen family was absent from the senior management of the company for a short period following the retirement of Charles Walgreen III, however the great-grandson of Charles Walgreen, Kevin P. Walgreen, was made a vice-president in 1995 and was promoted to Senior Vice-President of Operations - Southern Division in 2006. [2]
Walgreens formerly owned Sanborns, the largest pharmacy chain in Mexico, having purchased Sanborns from Frank Sanborn in 1946 and selling it to Grupo Carso in 1985 [3].
Walgreens claims responsiblity for the popularization of the malted milkshake (or at least its version of the malted milkshake), by Ivar "Pop" Coulson in 1922 [4], although milkshakes and malted milk had been around for some time before. This development coincided with the invention of the electric blender in the same year.
[edit] Company growth
In its current business model, new Walgreens locations are most commonly set up at the corners of intersecting streets -- literally making it a "corner drug store" similar to how many independent pharmacies evolved over the years in the United States. Many Walgreens locations offer services that are convenient such as 24-Hour Store and Pharmacy locations, and drive-thru prescription service. Walgreens is testing offering freshly brewed drip coffees, slurpees, and fountain beverages at select stores in the Saint Louis and Chicago markets.
Walgreens opened its 3000th store in Chicago in 2000. Its 4000th store opened in 2003 in Van Nuys, California, and most recently Walgreens opened its 5000th store in Richmond, Virginia in October of 2005. Walgreens recently acquired the Happy Harry's chain of Delaware and Pennsylvania.
[edit] Walgreens Health Services (WHS)
Main Article: Walgreens Health Services
Walgreens Health Services [5], established in 1991, is a growing patient-care oriented business unit providing pharmacy benefit management (PBM), mail service pharmacy, home care, and specialty pharmacy services. Its primary division, Walgreens Health Initiatives (WHI), is a PBM whose client list contains over 400 health plans, employer groups, third parties, unions, government entities, and other types of organizations. WHI currently covers the prescription insurance benefits of 2.3 million individuals in a retail network of over 50,000 pharmacies.
[edit] New CEO
On July 12, 2006, David Bernauer stepped down as CEO of Walgreens and was replaced by company president, Jeff Rein. Holding degrees in accounting and pharmacy from the University of Arizona, Rein was a pharmacist, store manager, district manager, and treasurer prior to taking the role as Chief Executive Officer.
Bernauer will remain chairman of the board.
[edit] Interesting Facts
- Walgreens opens on average one store every 17 hours[1]
- The company plans to have 7000 stores by 2010[2]
- Walgreens fills over one million prescriptions every day[3]
- Walgreens is the largest private user of satellite transmission data in the world, second only to the U. S. Government[4]
- Nearly 30% of Walgreens stores are open 24-hours[5]
- Walgreens accounts for 14% of all retail prescriptions dispensed in the United States[6]
