Walgreens is shifting its retail strategy from traditional convenience stores with pharmacies to smaller facilities that focus on delivering wider access to healthcare services along with prescription drugs.
"Our footprint is bigger than it needs to be. Today, we're focused on smaller stores and providing better access to healthcare," Chris Noble, Walgreen's divisional VP of real estate, told attendees at GlobeSt's Net Lease Spring conference last week.
During a panel discussion on corporate tenant perspectives, Noble said the average size of Walgreens outlets, now about 13,500 SF in its 8,500 existing US outlets, will be reduced to a "mid-sized" footprint of between 5K and 10k square feet in new stores.
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