Walgreen Company is a renowned company in the US that works as the second-largest medical store chain in the US after CVS Health. The company specializes in filling prescriptions, wellness, and health products, photo services, and health information. As of late 2019, this company operates at 9,277 stores in fifty states, which includes the District of Columbia, the American Virgin Islands, and Puerto Rico.
In 2014, Walgreens bought 55% of Switzerland-based Alliance Boots. On December 31, 2014, under the purchase terms, both the companies combined to develop a new holding firm known as “Walgreens Boots Alliance Inc.”
Inception
Walgreens was founded in 1901 in Chicago, Illinois, the U.S., The company, has its headquarters office located in 200 Wilmot Road, Deerfield, Illinois, United States. This retail pharmacy firm was founded by Charles Rudolph Walgreen. The key members of this company are Richard Ashworth (President), James A. Skinner (Executive Chairman), and Stefano Pessina (Executive Vice Chairman & CEO). The Parent company of Walgreens is (from 2014 to present).
Walgreens started as a small-sized food front store in Chicago. It was owned by Galesburg native Charles R. Walgreen. By 1913, the company expanded to four stores on the South Side of Chicago. In 1915, it launched its fifth store in 1915. In the next year, four more stores were opened. By 1919, Walgreens opened twenty stores as a part of its supply chain.
Evolution
In 1922, Walgreens launched a malted milkshake, that led to the establishment of ice-cream manufacturing plants. In the next year, Walgreen opened forty-four stores, registering a yearly sale of $1,200,000. Walgreens expanded its reach to Minnesota, Wisconsin, and Missouri.
By 1930, the company had around four hundred stores making a yearly sale of US$4,000,000. One of the reasons for this expansion was that the company began selling prescribed alcohol, especially whiskey. By 1934, the company began serving with 600 stores in thirty states.
In 1939, due to the death of Charles Walgreen Sr., his son named Charles R. Walgreen Jr. was appointed to take over the chain till his retirement. In 1986, Walgreens acquired the MediMart chain.
In 1995, Kevin P. Walgreen became the vice-president of the company. In 2006, he got promoted to Senior Vice President of Store Operations.
On July 12, 2006, president Jeff Rein David became the CEO of Walgreens.
On October 10, 2008, Rein was replaced by Alan G. McNally as Chairman and CEO.
On February 1, 2009, Walgreens got a new CEO in the form of Gregory Wasson was named CEO.
In February 2020, Walgreens appointed Richard Ashworth as its President, who was earlier serving as the President of Operations for the company.
2006: Walgreens acquired the Happy Harry’s chain in Delaware, Maryland, Pennsylvania, and New Jersey.
On March 24, 2011, Walgreens entered into an acquisition deal with Drugstore.com worth $409 million.
On August 18, 2011, Walgreens launched its “Nice!” store brand that supplies household and food products to consumers.
On September 10, 2013, the company declared its acquisition of Kerr Drug.
Awards & Achievements
Walgreens has completed 119 years of its service in offering health information, health and wellness products, and photo services. Walgreens has been considered as the most cherished pharmacy-led health, wellness, and beauty firm whose sole objective is to champion the overall health and well-being of every community in the US.
It has a footmark of more than 9,560 retail stores spread in fifty states, including Puerto Rico, the U.S. Virgin Islands, and the District of Columbia. This retail pharmacy USA Division of Walgreens Boots Alliance, Inc. is presently ranked at the second position in the Food and Drug Industry list (2018) prepared by the Fortune’s Most Admired Companies in the world. Walgreens has been included as WBA on this list for the last twenty-five consecutive years.
Net Worth of Walgreens in 2024
Walgreens is one of the trusted medical service providers that has been operating since 1901. The company is a leader in the medical sector and has completed more than a century in operating in this field. As of April 2024, It has made a net worth of $110 billion.
The first retail store of the company was opened in Alaska. Since 2000, the company has been continuously expanding its business reach geographically. The business strategy of this company lies in mergers and acquisitions. Throughout its operation, the company has enhanced its digital presence by acquiring several other stores that include drug retailer Drugstore.com (2011), Kerr Drug (2013), and Rite Aid (2015).
Walgreens is an esteemed medical service provider company that has been consistently providing remarkable medical and wellness services throughout America. It has acquired several renowned companies that have made brought immense success and recognition to it.