1900 Store acquisition program.
3.5 Year completion timeline.
CHALLENGE
Walgreens acquired 1,900+ Rite Aids and needed to assess each site to determine which locations to integrate into their portfolio and which locations to sell to optimize their site footprint. They needed a partner who capable of managing remodel and renovation projects from start to finish as well as site closeouts.
SOLUTION
Sevan assessed and created conditions assessment reports and 360 virtual tours for each site. Walgreens converted 1,170 locations and closed out the remaining 730. Sevan managed exterior/interior rebranding and remodeling projects to align with brand standards. Sevan also managed the store closing project by selling unnecessary equipment, removing signage and subletting the spaces where appropriate.
RESULTS
Sevan completed the entire 1,900 store program in just 3.5 years. During that time, Sevan provided Walgreens with a standardized asset conditions assessment report, giving them a map to better understand the conditions of future sites and what projects would need to be done to convert those new sites into Walgreens stores.
