Walgreens intends to “step completely out of the drug store channel as it exists today” and create something unique though its Well Experience strategy, Greg Wasson, the company’s CEO told the company’s annual shareholder’s meeting yesterday. He said the company’s initiatives regarding pharmacy, retailing and international alliance with Boots, which operates in Europe, would leave its current drug chain rivals battling each other, in essence.
On the retail front, the company intends to capitalize on the blurring of trade channels, and Walgreens is counting on its Well Experience store concept to make operations attractive to a wider range of consumers. An extreme version of the Well Experience store is available in the company’s Wall Street location in Manhattan and five other flagship units including Walgreen’s newest store in Chicagoland’s Bucktown-Wicker Park community.
The flagship stores include expanded food, beauty and personal care departments. The company intends to use elements tried and tested at flagship locations to better position the range of its stores as more competitive convenience shopping locations going forward.