And the often cramped and disorganized stores offend the boutique sensibilities of New Yorkers. What a poor experience. Yet over the past decade, Duane Reade has completed a voracious expansion campaign and achieved a ubiquity once limited to cabs and pigeons. The company understands two important things: New Yorkers are uniquely harried shoppers, and the whole ball game comes down to real estate.
F ounded in by the brothers Abraham, Eli, and Jack Cohen, Duane Reade started as a three-store health-and-beauty chain that took the name of the two streets that bounded its lower-Broadway warehouse. The company grew in fits and starts over the next three decades. A Rome-born, Manhattan—raised year-old with a swoosh of gray hair and the air of someone used to getting his way, Cuti gave the chain an ambitious new energy.
Since Cuti took over, Duane Reade has grown from 59 to stores, the most of any drugstore chain in the city. An estranged union of Duane Reade employees runs DwayneGreed. In one dispute, Cuti refused to compromise on a huge store-top billboard that irritated neighbors in Rockaway, and even sued an artist who took out a negative ad in the local paper.
The central conundrum of New York retail is that you pay gobs of money for space but you can mark up a bottle of soda only so much. To compete against 5,store giants in an unsentimental real-estate market where the highest bidder, not the local kid, gets the lease, Cuti has to be smart enough to pick the right locations but flexible enough to use whatever spaces he can get.
Satisfying the first part of that formula is easy in theory. Generally, a store needs 25, people who will use it as their primary source of pharmacy and beauty products, Cuti says. When the company considers a location, the marketing department sets up electronic beams or hand counters to tally the number of people who pass by at various times and in different weather conditions.
Finding affordable spaces in these prime areas requires Cuti to be a bit more creative. While most pharmacy chains run in fear from multi-floor, non-box layouts, he embraces them. Duane reade is owned by Walgreens. They are free and can have you good deals. Walgreens Boots Alliance is a vast, global health and wellness enterprise, committed to being a force for good around the world.
Our Retail Pharmacy International division has pharmacy-led health and beauty retail businesses in eight countries, each focused on helping people look and feel their best. Together they will own half or more of the drugstore market share in the 14 largest major U.
CVS, meanwhile, has 7, stores. In Manhattan alone, Duane Reade, owned by Walgreens since , is the dominant force with 91 stores. Send stories you think should be included to tips curbed. New Yorkers are used to grieving the loss of mom-and-pop shops and neighborhood staples, but chain stores?
Not so much. Though Duane Reade has been owned by Walgreens since and by other large corporations before that , its history is deeply embedded in NYC. The company, which began with just three stores, was founded in and was named after the streets that bounded its lower Manhattan warehouse: Duane and Reade.
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