Walgreens Rolling Out New Format


Discount drugstore chain Walgreens is rolling out a new “customer centric retailing” or CCR format to 400 stores this fall and by the end of 2010 some 5,000 to 5,500 of the chain’s 7,361 stores across the country will be retrofitted.
Gregory D. Wasson, Walgreens president and CEO, announced the move in a conference call, after a recent 35-store test pilot proved successful. Essentially the CCR format offers a more open and less cluttered stocking arrangement with better site lines for locating products. He also noted the test stores “are performing ahead of plan on all metrics.”
Meanwhile, the company is on a roll. Sales have skyrocketed, to a record $16.2 billion in the last quarter, up 8.1% from the same period last year. Comp store sales rose a healthy 2.7%. This comes after net earnings for the first nine months of Walgreens’ fiscal 2009 were down 8.4%, to $1.57 billion.
>>Ben Johnson l 6.22.09________________

Chik-Fil-A Buys Steak Site for $1.2 Million


Move over steak, here comes chicken. The cows must be smiling right about now.
Chik-Fil-A has purchased the former Steak & Ale restaurant at 920 S.W. 74th St. in Oklahoma City for $1.23 million. This marks the 10th local store location for the Atlanta-based purveyor of all things chicken. The 1.5-acre site will see the 7,000-square-foot home of the Steak & Ale demolished.Retail brokers Louis Almaraz and Michael Almaraz of Grubb & Ellis|Levy Beffort represented the seller. Morris Investments and CB Richard Ellis represented the buyer.
 >> Ben Johnson | 6.04.09