A lesson well learned and never forgotten by Walgreens, “In a series of jobs with Chicago's leading pharmacists - Samuel Rosenfeld, Max Grieben, William G. Valentine and, most importantly, Isaac W. Blood - Walgreen grew increasingly knowledgeable - and increasingly dissatisfied - with what he saw as old-fashioned, complacent methods of running a drugstore.” (Walgreens Co.) Once just a neighborhood drugstore in 1901 measuring approximately 50 feet by 20 feet, Walgreen Co. is now the most respected American corporation and looked upon as a measuring point for all other pharmacies. Charles R. Walgreen, Sr. the person behind the birth of Walgreens. “Walgreen was born near Galesburg, Illinois, before his family relocated to Dixon, Illinois - a town 60 miles north of his birthplace - when his father, a farmer turned businessman, saw the great commercial potential of the Rock River Valley.” (Walgreens Co.)
Walgreens specialize in prescription and non-prescription drugs, and general merchandise. General merchandise includes beauty care, personal care, household items, candy, photofinishing, greeting cards, seasonal items, and convenience food. The company provides its services through drugstore counters, as well as through the mail, by telephone, and on the Internet. As of October 24, 2007, Walgreen operated 6,014 stores in 48 states and Puerto Rico. “From the 1940s to today, the story of Walgreens is the story of a company that has never rested on its laurels, finding ever-new ways to satisfy its customers and stay ahead of the curve in operating its business.” (Walgreens Co.)
One of the biggest issues Walgreens is currently facing is the rise in direct and indirect competition. CVS / Caremark is one of the most direct competition Walgreen is facing within areas concerning store scaling, negotiating power, and reduced reimbursement rates. Adding to the pressure, CVS is opening in-store clinics to treat patients for minor...