years were relatively prosperous but lacked the massive expansion seen in the early part of the century. took over the chain until his retirement. After Walgreen died in 1939, his son Charles R. By 1934, Walgreens was operating 601 stores in 30 states. The stock market crash in October 1929 and subsequent Great Depression did not greatly affect the company. This expansion partly was attributed to selling prescribed alcohol, mainly whiskey, which Walgreen often stocked under the counter, as accounted in Daniel Okrent's Last Call: The Rise and Fall of Prohibition. Walgreens had also expanded by then into Minnesota, Missouri, and Wisconsin. In the mid-1920s, there were 44 stores with annual sales of $1,200,000 combined. The next year, Walgreens began opening stores away from residential areas. The milkshake was sold at $0.20 and Walgreens became the place to “hang out”. A Walgreens employee called Ivar Coulson modified the basic malted milk recipe by adding scoops of vanilla ice cream. In 1922, the company introduced a malted milkshake, which led to its establishing ice cream manufacturing plants. This prescribed alcohol was sold at inflated price, which was much higher than the pricing at the bathub or the speakeasy. Although alcohol was illegal, Walgreens sold prescription whiskey. By 1919, there were 20 stores in the chain.Īs a result of alcohol prohibition, the 1920s were a successful time for Walgreens.
It opened its fifth in 1915 and four more in 1916. By 1913, Walgreens had grown to four stores on Chicago's South Side. Walgreens began in 1901, with a small food front store on the corner of Bowen and Cottage Grove Avenues in Chicago, owned by Dixon, Illinois native Charles R. History Early "Walgreen Drugs" sign still in use in San Antonio, Texas In 1955 the apostrophe was dropped from the name on retail outlets, which began using the "Walgreens" name. It was known as Walgreen Drug Stores from 1931–48, and Walgreen's from 1948–55. The company was founded as the Walgreen Drug Co., and did business under that name from 1901–31. In 2021 the company was found by a federal jury to have "substantially contributed to" the opioid crisis. Walgreens became a subsidiary of the new company, which retained its Deerfield headquarters and trades on the Nasdaq under the symbol WBA. On December 31, 2014, Walgreens and Switzerland-based Alliance Boots merged to form a new holding company, Walgreens Boots Alliance. It was founded in Chicago in 1901, and is headquartered in the Chicago suburb of Deerfield, Illinois.
It specializes in filling prescriptions, health and wellness products, health information, and photo services. Walgreens is an American company that operates the second-largest pharmacy store chain in the United States, behind CVS Health.
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