Would you rather have a Walgreens or a Duane Reade on every block? Word is that the former is buying the latter for around $1.075 billion. While there aren't too many details yet (a press conference is being held today), the Duane Reade name will remain in place—so when the switch officially happens around August, you won't feel a thing.
According to Marketwatch, the acquisition gives Walgreens a leadership position, but Duane Reade will continue its brand identity "while accelerating Walgreens Customer Centric Retailing initiative in urban markets." There are 257 Duane Reades in NYC, and there are 70 Walgreens; a decision will be made on how to "harmonize" the brands over time.
The new corporate overlord, Walgreens President and CEO Greg Wasson, says, "Duane Reade is a compelling strategic acquisition that will immediately provide Walgreens with a leading position in the largest drugstore market in the U.S." It just all sounds so, evil.
