Walgreen Co. — the drugstore chain with 6,500-plus doors — will again pull back the reins on new store openings.
The company said Monday it will further reduce its organic (or nonacquisition-related) store openings to between 4 and 4.5 percent in 2010 and between 2.5 and 3 percent in 2011. The planned slowdown comes on the heels of an announcement last July to reduce organic store openings to 5 percent by 2011. The company said the lowered target rate will reduce capital expenditures through 2011 by an additional $500 million, on top of the $500 million in capital expenditure savings announced in July.
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