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Another Walgreens Gone, How Many To Go?


by on Aug 31st, 2010

Photo by BrooklynQ

Looks like our prediction about Walgreens and Duane Reade closings around Southern Brooklyn is coming true even faster than we thought it would. A Kings Highway Duane Reade store closed just two weeks ago, and a reader then told us that the Duane Reade location on Avenue J and East 16th Street also closed.

Now word is coming in from tipster extraordinaire BrooklynQ that the Walgreens at 1721 Avenue U (between East 17th Street and East 18th Street) is closed for business.

The closing shows that the chain is not at all timid in shuttering newly-constructed facilities. This particular location was previously the last bastion of our beloved local chain Morris Discount, which Walgreens purchased in June 2008. Since it took up the property, it seems work on it has been never-ending, with a storefront expansion a year ago, and finally a reconstructed facade just finished within the last few months.

And now… it’s closed. For good. A whole lot of work for nothing, and a storefront not so easily adjusted for non-Walgreens uses. What will happen to the newly-completed Bragg Street Walgreens, which sits in spitting distance from the high-traffic Duane Reade Nostrand Avenue location? We don’t know, but if they shut it down it means an entire new construction goes to waste…

But back to 1721 Avenue U – be advised that pharmacy records have been transferred to the Duane Reade at 1417 Avenue U.

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  • Eddie Nahoy

    emailed … nberke [at] sheepsheadbites [dot] com…
    Am not sure if I am allowed to place this comment… But here is MY opinion. ONLY my opinion.
    Walgreen pharmacy is a private company. They may open and close locations to make increase profits. Welcome to CORPORATE AMERICA.

    Also, some store under-perform.
    The evaluate the (revenue – expense = profit ) rent, labor and other expenses and profits left.

    If walgreen tell you that they will not close store, they may not be saying the truth.
    After all, they are for-profit.

    In America Land of the free and no “monopoly”
    The major pharmacies are Walgreen and CVS ( Rite Aid is having problems ) Am not sure if I am allowed to talk about them here, but look at the financial of the company.

    For example, look at oil companies (When Exxon and Mobile merged, many exxon station got sold to GULF) ( but Exxon/Mobile is the SUPPLIER of the gas. Sometimes, you but gas from ABC station, but the gas in the tanks are from Mobile/Exxon

    In the 1920, Rockefeller had Standard Oil
    President Theodor Roosevelt made them split up to Exxon and Mobile
    President Bush (Oil Man) allowed Exxon and Mobile to merge again

    Welcome to America.

    SORRY for saying the truth…

  • Eddie Green

    The more recent locations walgreens will try to open is with parking lots.
    For example, Coney Island Ave across from the police station and the used to be diner by ave u and ford street or knapp street ( not very sure )
    But, look at the GAME that they are playing on Walgreen investors.

    For example, Coney Island Ave Walgreen signed a 40 year lease.
    The land was worth $2.5 MIL.
    But, now with the Walgreen lease (Walgreen is a AAA credit company that has an history of paying rent)… They are trying to sell the SAME land for $14 Mil.
    but, are asking $9MIl and they may get something close to that number.

    I guarantee you, if you investigate the companies.
    Many times, people who decide where to open the next store get “UNDER THE TABLE $$$) to select that particular location.

    Its a win – win – loss concept
    The Land Lord wins. (The land price increases as s/he FLIPS the lease to sell the land)

    The person who works for Walgreen to vote yes and brokers win. They all make the $$$

    Guess who lost?

    Just to let you know, the corner of Kings Highway and Coney Island Ave Where you see TD BAnk, used to be walgreens and to the Annie store is one owner.’He wants $40Mil for the buildings…

  • Jamesforsyth

    Walgreens is not a private company. It is public. Their NYSE symbol is WAG.

  • Eddie Green

    yes walgreen is a PUBLIC company. U r correct. What i mean by private.. that is FOR PROFIT… CVS is also public Exxon, mobile, rite aid… lol….
    jamesforsyth.. thank you for correcting my english.

    Anyone who doesnt know that Walgreens is publicly traded is VERY LOST.
    I 99% of people know that.. But, thank you.

  • http://www.flickr.com/photos/lisanne001 Lisanne!

    What a waste. And how stupid.

  • Eddie Green

    We see a similar situation on Brighton Beach Ave and Coney Island Ave intersection.
    TWO CHASE BANKS. One used to be Washington mutual.

    If I was in charge, I would NOT have two banks on the same corner.
    Unless, i got some stimulus money form Obama
    Dont spend my money to pay rent
    make a statement to other competitors that i control the block…

    If you know SLEEPIES, the mattress store…
    They have THREE locations around 4th Ave and 86th street
    Why??
    800 MATTRESS has a store on 86th street between 4th and 5th ave
    And sleepies hopes that customers going to 800 mattress store will buy from sleepies.

    Or maybe Sleepies offered to buy out 800 mattress and things didn’t work out and sleepies opened 3-4 stores around 800 mattress to show them who is boss

  • http://twitter.com/nicktherat nick the rat

    this is going to create a bunch of new jobs ad save our economy! thank you corporate america! (PS, we are fucked :) unemployment rate is ~20% now)

  • Eddie Green

    Was asked about Sleepys.
    Here r the locations SURROUNDING the 800 mattress store.

    800 Mattress Store 86th street Between 4th Ave and 5th ave

    Sleepys 1 8500 4th ave ( 4th ave between 86th and 85th street )
    Sleepys 2 8615 4th ave ( 4th ave between 86th and 87th street )
    Sleepys 3 478 86th street ( 86 street between 4th and 5th ave)

  • Eddie Green

    Corporate America is interesting!!!

    CEO and top executive get $MILLIONS.(BIG MONEY)

    The “little” workers in the same company get $SURVIVAL$$$ (LITTLE MONEY)

    But, when it is time to CUT cost in the company,
    Instead of cutting back on executives, they cut back on the LITTLE guys…

    if companies start trimming from the TOP to the bottom and NOT the bottom to the top, the entire country would change.

    Welcome to the world of the rich get richer…

  • Stan LS

    Who cares? If the shareholders have an issue with the compensation structure – they’ll dump the stock, and if they don’t – what do you care? It’s their money.

  • MP

    I think there are more than enough Pharmacies in the area.
    It is not as though they are putting out mom & pop shops.
    Maybe by consolidating it will keep the prices down, however unlikely that is.
    These places are generally overpriced rip offs.

  • http://www.njluxurymotors.com Arthur Borko
  • Eddie Green

    lol. the major share holders are MUTUAL funds, pension funds, retirement and etc… You only have $100 to invest. They invest BILLION$$$…

    • Stan LS

      What’s the difference? If the mutual/pension/retirement fund has an issue with how they company they are invested in spends its money – they will deal with it. Why do you care? It’s not your money.

  • bigmike

    The Walgreens , DuaneReede and Rite aid stores are all from the same company. Its just cutting out duplicate stores for the time when they will all be one brand , which is probably comming. Same customers as 3 stores in one location. Workers very busy, profits up, rent and other expenses down. Thats what its all about.

  • kon

    Agreed. However, it was nicely renovated. The old Morris Discount that was there was a dump. I wouldn’t mind a new super market in the area. Like the keyfood that used to stand across the street.

  • Eddie Green

    that may depends on how much rent the landlord wants.
    Sometimes, you get a 10 year lease.
    And when the lease expires, your landlord may increase as s/he wants.

    Depends the rent and square footage of the place

  • Eddie Green

    With Obama president. I dont think walgreen, cvs and rite aid will become one.
    If they do, its 100% monopoly.
    since they are HUGE, they have HUGE buying power.
    For example, the prices walgreen pays to buy products for 1000s of stores. is DIFFERENT than any mom-pops pharmacy that they pay to buy for ONE store.

    The huge pharmacies get the buying power and prices, the moms and pops will NEVER have ( unless regulators step in )

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