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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.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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