The move is intended to conserve capital apparently, and will result in a savings of $500 million.
The company plans to grow store expansion by 6 percent in 2010 and 5 percent in 2011, down from a long-term growth target of 8 percent. That translates into 425 stores in 2010 and 365 in 2011.
In its 2008 fiscal year ending Aug. 31, the company's expansion plans have resulted in 9 percent more stores; Walgreens said new store openings already in the works will result in 8 percent growth in fiscal 2009, or 495 stores.
Monday, July 14, 2008
Walgreen slowing growth
Walgreen has opened more than 1100 new stores in the past three years, and plans to have 7000 by 2010, but intends to slow down a bit for the next few years.