Company Name: Walgreen Co.
Founder: Charles R. Walgreen, Sr.
Industry: Pharmacy, Retail
One of the leading pharmacy chains started out as a drug store run by Charles R. Walgreen, Sr. The enterprise expanded into five outlets by 1915 and Walgreen augmented his business with various improvements including luncheon service and soda fountains. He also started to make his own drug products. This gave him an edge as he was then able to sell his merchandise at lower prices. He also formed his own ice cream manufacturing facilities to meet the demands for the dessert during that time. Fast foward, in 1934, the company had expanded so much that it had 600 stores operating in 33 states.
The 1000th Walgreens store opened on September 6, 1984.
In 2003, the company bought 16 stores of Hi-School Pharmacy and changed them to Walgreens. Three years later, the company acquired the Happy Harry’s chain in Delaware, Maryland, New Jersey, and Maryland.
The company separates itself from its rivals Rite Aid and CVS/pharmacy in that it, with a relatively few notable exceptions, largely expands by opening new outlets that cater to new markets instead of by acquisitions.
The company used to own Sanborns, the biggest pharmacy chain in Mexico, but in 1985, it sold it to Grupo Carso.
Currently, the company is one of the leading pharmacy chains, with operations in 49 states in the US. It made 47.41 billion in revenue in 2007.
· Jeffrey A. Rein - Chairman and CEO
· George J. Riedl – EVP Marketing
· Gregory D. Wasson – President and COO