Chris Churchill, of the Times Union newspaper in Albany, NY, has a good look into the expansion plans of drug stores like Walgreens, CVS, and Rite-Aid in the New York region: Sick economy, healthy business. Despite the downturn in the economy, drug stores have not completely cut out their expansion plans and are still opening new locations at a solid rate.
And despite the recession, the proliferation continues. Other retailers, shaken by falling sales, are limiting expansions — but nearly every planning board agenda, it seems, contains a drugstore proposal.
The retail economy is ill. But drugstores seem healthy.
“We’re not immune from what’s going on in the economy, but we’re better insulated,” said Michael DeAngelis, spokesman for Rhode Island-based CVS Caremark Corp. “People are still getting their prescriptions filled. They’re still getting sick.”
I think there are a lot of people in the industry, myself included, who spend a lot of time looking at the big picture – national plans and trends of retailers – that we overlook the unique impact that every retailer has on the different locales that they serve. I like articles like this that examine the localized plans of retailers.
Also to note and put out there as a disclaimer, that Chris reached out to me for my thoughts on these retailers expansion plans. I am quoted about midway down the first page of the article. Thanks to him for allowing me to share some of my thoughts with him.