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America's Corner Store: Walgreen's Prescription for Success PDF

272 Pages·2004·2.585 MB·English
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Preview America's Corner Store: Walgreen's Prescription for Success

TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page i america’s corner store TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page ii TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page iii america’s corner store Walgreens’ Prescription for Success John U. Bacon John Wiley & Sons, Inc. TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page iv Copyright © 2004 by John U. Bacon. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: ISBN 0-471-42617-2 Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page v contents Preface ix Acknowledgments xiii 1 From Humble Beginnings 1 The Apple and the Tree 1 Sweet Home Chicago 7 The State of the Profession 14 Walgreen Does Chicago 22 To Live and Almost Die in Cuba 25 Walgreen Returns 27 The Most Important Merger 30 Diving In—Together 37 v TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page vi vi contents 2 The Start of Something Special: 1910–1929 43 On His Own 43 The Secrets of the Second Store 44 I Scream, You Scream 47 The Hot Lunch Program 48 Cultivating Leaders 50 Growing Like Topsy 52 The Pepper Pod 55 Steppin’ Out 59 Chicago in the Roaring Twenties 61 On the Lighter Side 65 Fundamental Values 69 Putting Out Fires 71 The Walgreen Creed 74 The Knight Report 75 “Absolute Dominance” 82 If They Can Make It Here 83 Read All about It 86 Chain Fight 88 The Good Life 92 3 Nothing to Fear: 1929–1945 95 Facing Fear Itself 95 Better Days Are Coming 96 Helping the Mom-and-Pop Shops 101 Walgreens’ Own: From Coffee to Corn Remover 105 Getting the Word Out 109 Damn the Depression, Full Speed Ahead! 111 Finding Time for Fun 117 The Son Also Rises 119 The Accidental Benefactor 122 Charles’s Demise 126 TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page vii contents vii Defusing a Palace Coup 129 There’s a War On 134 Where Everyone Meets 137 4 The Postwar Era: 1945–1970 139 The Power Era 139 Mergers and Acquisitions 141 All Power to the Pharmacist 144 Partners in Health 145 Battling the Bargain Stores 149 The Self-Service Revolution 151 The Shopping Center Is Born 159 The Four-Way Test 161 Chuck’s Legacy 163 5 Reinventing the Corporation: 1970–1990 167 State of the Company 168 Looking for a Few Good Men 171 Walgreen’s Wingman 174 The Turn-Around Team 177 Killing Off Their Little Darlings 182 The Systems behind the Smiles 187 Walgreens Goes High-Tech 189 Vindication 191 6 Poised to Pounce: 1990–Future 193 “This Is Dan Jorndt, How May I Help You?” 193 Plain and Proud of It: The Anti-Enron 197 Getting the Right People Ready 207 A Good Corner Is a Good Corner 211 Passing the Torch 215 Hello, My Name Is Dave 217 TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page viii viii contents Constant Competition 220 Walgreens’ Advantages 223 The Future Is Now 224 Appendix A Walgreens Financial Facts 227 Appendix B Historic Highlights 229 Notes 233 Index 249 TLFeBOOK 00 bacon fm 3/30/04 7:36 AM Page ix preface Late one night, Sean Smith, an eight-year-old boy living in Wilmette, Illinois, called his mom to his room to tell her he had a sore throat. “I think I need a prescription,” he informed her, then opened wide. “I don’t know, honey,” she said, gazing into his open mouth. “It depends on what kind of sore throat you have.” “What kind needs a prescription?” he asked. “Well, strep throat is one kind that needs a prescription.” “Then that’s the kind I have,” he concluded, with complete confidence in his self-diagnosis. “How do you know?” his mom asked. “Whatever kind needs a prescription,” he said, “is the kind I have.” ix TLFeBOOK

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