Drug Stores
Capital Expenditures (000 omitted)
Rank Company 2008
1 Walgreens $1,900,000
2 CVS 1,300,000
3 Rite Aid 185,000
Total $3,385,000
Source: Company reports/Chain Store Age research
2009
$1,800,000
1,600,000
100,000
$3,500,000
Drug Stores
New Square Footage
Rank Company 2008
1 Walgreens 8,642,000
2 CVS 4,596,500
3 Rite Aid 1,112,500
4 Duane Reade 101,460
Total 14,452,460
Source: Company reports/Chain Store Age research
2009
7,830,000
4,350,000
625,000
68,000
12,873,000
Walgreens is on track to open 540 stores this year.
DRUG STORES
In the drug store category, leaders Walgreens and CVS
held strong, with Walgreens opening 540 stores in 2009
versus 596 in 2008, and CVS at 300 this year versus 317
last year. Walgreens and CVS also maintained aggressive
capital commitments to growth. Capital expenditures in
2009 were projected to be $1.8 billion at Walgreens,
down from $1.9 billion in 2008, and $1.6 billion at CVS,
up from $1.3 billion.
Drug Stores
New Stores Opened
Rank Company 2008
1 Walgreens 596
2 CVS 317
3 Rite Aid 92
4 Duane Reade 15
Total 1,020
Source: Company reports/Chain Store Age research
2009
540
300
50
10
900
According to CoStar Group, a commercial real estate
company, drug stores have not only managed to continue to resonate with U.S. consumers during the recession, but commercial property investors have showed
continued interest in the retail property type, as well.
Also of note, the company said in an October report
that the investment sales market for drug store properties has kept up much better than the retail investment
sales market has as a whole during this recession. And
the expansion opportunities for drug stores remain significant, given the aging of the population and the
increased emphasis on health care.
GROCERY
Similar to the drug segment, capital investments in
the grocery sector remained fairly consistent, and
