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Chicago & Midwest  + Illinois  + Retail  | 

Walgreens Closing 600 Stores Following Rite Aid Deal

Deerfield, IL-based Walgreens plans to close roughly 600 stores starting next spring, as it integrates its acquisition of Rite Aid stores. The affected locations are mainly Rite Aid’s and are slated to be closed over an 18-month span.

The move is expected to cost the retailer $450 million, but the annual cost savings going forward is estimated to be in the $300 million range by 2020. The stores closing generally fall within a mile of another Walgreens or Rite Aid site.

Walgreens Boots won regulatory approval last month to buy 1,932 Rite Aid stores and other assets for $4.375 billion in a phased acquisition. Initial sales transpired in the past week, with the remaining purchases occurring by spring of 2018.

Rite Aid stores being integrated into Walgreens will be rebranded. Walgreens has roughly 8,100 locations, and eventually through the integration and closing process will have about 9,400 U.S. locations.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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