Walgreen to Expand in Southland, Elsewhere

Walgreen Co., the largest U.S. drugstore chain, will open more new stores than it planned for this year and could expand abroad in two to three years, executives said. Walgreen, which has expanded by building stores while its competitors have grown through acquisitions, plans to have 200 stores by 2004 in Southern California, where it has six now. The company will slightly exceed its target of 450 new stores this year, not including closings and relocations. Walgreen has been researching international expansion for about three years, said Chairman and Chief Executive Daniel Jorndt at the company’s annual shareholder meeting in Chicago. Jorndt declined to say where the first international store might be located, citing competitive reasons. Deerfield, Ill.-based Walgreen plans to more than double its number of stores to about 6,000 by 2010. It now has about 2,911 locations. Walgreen shares rose 63 cents to close at $30.25 on the New York Stock Exchange.