Tough times are going to continue for retailers this year, the president of Walgreen Co. said at the drugstore chain’s annual meeting Wednesday.
“Consumer spending is going to be a challenge throughout 2009 and could get even tighter,” Greg Wasson said after the meeting in Chicago.
To adjust to the new consumer mind-set, Walgreens is moving 29 corporate vice presidents into the field instead of stationing them at its Deerfield headquarters.
The shift is intended to allow Walgreens to adapt more quickly to local consumer trends, said Mark Wagoner, executive vice president of store operations.
Walgreens plans $1 billion in capital savings and $1 billion in cost savings by 2011.
Cost-saving program: Separately, Walgreens is rolling out a program it says will save employers and health insurers money, while giving discounts to employees at its brand-name drugstores.
Under the “Complete Care and Well-Being” program, employees would be able to get checkups, preventive care and other services, such as dentistry and optometry.
