Concept

Duane Reade

Résumé
Duane Reade Inc. (dweɪn_ˈriːd ) is a chain of pharmacy and convenience stores owned by Walgreens Boots Alliance. Its stores are primarily in New York (metropolitan New York City, Nassau, Suffolk, Westchester, Rockland, and Fairfield Counties) and in New Jersey. They are known for high-volume, small store layouts in densely populated Manhattan locations. In 2012, the company headquarters was moved to 40 Wall Street in Lower Manhattan, the location of its newest flagship store. Founded in 1960, the chain was started with three stores by Abraham, Eli, and Jack Cohen, with a warehouse located between Duane Street and Reade Street on Broadway in Lower Manhattan. Duane Reade takes its name from the company's first successful full-service drugstore, which opened in 1960 on Broadway between Duane and Reade Streets in TriBeCa just north of the Financial District. The streets themselves were named after early American politicians James Duane (1733-1797) and Joseph Reade (1694-1771). The Cohen family sold Duane Reade to Bain Capital in 1992 for a reported $239 million. Bain Capital in 1997 then sold majority ownership of the chain to Donaldson, Lufkin & Jenrette. Duane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the New York Stock Exchange under the ticker symbol DRD. On August 2, 2004, the company announced it was acquired by Oak Hill Capital Partners and was again a private company. Gary Charboneau, the company's senior vice-president of sales and marketing since 1993, explained his store layout strategy in New York magazine in 2005. He designed each store using four sections: one for beauty and cosmetic products, another that serves as a pharmacy, a third section for seasonal products such as cards and candy, and a fourth for household and grocery items. Cosmetic items were placed near store entrances, pharmacy sections were moved to the rear of stores since—according to Charboneau—"people don’t browse for prescriptions", and the other two sections occupied the remaining space.
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