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.

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.

The move is intended to conserve capital apparently, and will result in a savings of $500 million.