Recent developments concerning Walgreens andCVS point tochanges in their stores and company interactions. These range fromalterations in store layout and product offerings to new rulesconcerning prescriptions. Both of these tenants are huge players inthe net lease market and these shifts could change the wayinvestors view them.
CVS to Expand Grocery Aisles
CVS plans to expand grocery aisles in 3,000 of their stores during 2010.They will be doubled in size, giving the company more exposure tothe trillion dollar U.S. food market. Many see this as continuationof “channel blurring”, a trend which has been embraced by manyretailers. As reported by the Patriot Ledger “Just as supermarketshave expanded pharmacy and health and beauty sections in the pastdecade, drugstores are retaliating by putting food products in theforefront.” Cleary CVS is jumping in head first by modifying 43% oftheir 7,000 nationwide stores.
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Jonathan Hipp
Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.
