Walgreen Co. (NYSE:WAG), formerly the No. 1 drugstore chain in terms of
store count, is now No. 2 to CVS Caremark Corp. (NYSE:CVS). CVS passed
Walgreen this January when it closed on its acquisition of Longs Drug
Stores, which has 526 stores.
That made the count nearly 7,000 stores for CVS, as opposed to about 6,600 for Walgreen, which (notwithstanding a failed attempt to wrest Longs from CVS) is more focused on profits than rapid growth these days.
But that's not to say that national drugstore consolidation is complete, or that Walgreen won't add stores when the chance arises -- as it just did in the bankruptcy of New Jersey's Drug Fair Group Inc.
The Deal Pipeline reported Tuesday morning that affiliate Walgreen Eastern Co., stalking-horse bidder in the bankruptcy, is buying 32 Drug Fair stores for $54 million. -
Kenneth Klee
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