1900 Store acquisition program.
3.5 Year completion timeline.
Walgreens acquired over 1,900 Rite Aid locations and needed to assess each site to determine which locations would be integrated into their site portfolio and which locations would be sold to optimize their site footprint. Walgreens needed a partner who could manage remodel and renovation projects from start to finish and who understood how to manage site closeouts.
Sevan assessed each site and created conditions assessment reports and 360 virtual tours to document everything. Walgreens decided to convert 1,170 Rite-Aid locations into Walgreens stores and the remaining 730 Rite-Aid locations were closed out. Sevan’s project management team worked with Walgreens to convert each site by managing exterior and interior rebranding and remodeling projects to align with their brand standards. Sevan managed the store closing project by selling unnecessary equipment, removing signage and subletting the spaces where appropriate.
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.