America's Corner Store
Walgreen's Prescription for Success
1. Auflage April 2004
272 Seiten, Hardcover
Wiley & Sons Ltd
Praise for America's Corner Store
"Who would have thought the story of a drugstore chain could
encompass so much vital and fascinating American history? With
superb storytelling skills, John Bacon gives us a vivid and
insightful chronicle of matters both large and small, from the
birth of the milkshake to the rise of America's consumer culture.
America's Corner Store is a genuine treat."
-James Tobin
the National Book Critics' Circle--Award winner, and author of To
Conquer the Air: The Wright Brothers and the Great Race for
Flight
"Run the business with your head. Lead the family with your heart.
Walgreens' history is filled with good values, strong principles,
and immense courage. A family business classic."
-Howard "Howdy" S. Holmes
President and CEO, "Jiffy" Mixes
"John Bacon has crafted a thorough, insightful, readable, and
fascinating account of the development of Walgreens: one of the
world's most compelling examples of the creation of shareholder
value in conjunction with good corporate governance... all in a
company run in a highly unique fashion as a 'family' business. As
the store that everyone knows, Walgreens has become the envy of
corporate America and the darling of shareholders, consistently
producing investor returns that place it at the very top among its
peers. This book will be required reading in my private equity
class at Michigan Business School."
-Professor David Brophy
Director, Center for Venture Capital and Private Equity Finance,
University of Michigan Business School
Acknowledgments xiii
1 From Humble Beginnings 1
The Apple and the Tree 1
Sweet Home Chicago 7
The State of the Profession 14
Walgreen Does Chicago 22
To Live and Almost Die in Cuba 25
Walgreen Returns 27
The Most Important Merger 30
Diving In--Together 37
2 The Start of Something Special: 1910-1929 43
On His Own 43
The Secrets of the Second Store 44
I Scream, You Scream 47
The Hot Lunch Program 48
Cultivating Leaders 50
Growing Like Topsy 52
The Pepper Pod 55
Steppin' Out 59
Chicago in the Roaring Twenties 61
On the Lighter Side 65
Fundamental Values 69
Putting Out Fires 71
The Walgreen Creed 74
The Knight Report 75
"Absolute Dominance" 82
If They Can Make It Here 83
Read All about It 86
Chain Fight 88
The Good Life 92
3 Nothing to Fear: 1929-1945 95
Facing Fear Itself 95
Better Days Are Coming 96
Helping the Mom-and-Pop Shops 101
Walgreens' Own: From Coffee to Corn Remover 105
Getting the Word Out 109
Damn the Depression, Full Speed Ahead! 111
Finding Time for Fun 117
The Son Also Rises 119
The Accidental Benefactor 122
Charles's Demise 126
Defusing a Palace Coup 129
There's a War On 134
Where Everyone Meets 137
4 The Postwar Era: 1945-1970 139
The Power Era 139
Mergers and Acquisitions 141
All Power to the Pharmacist 144
Partners in Health 145
Battling the Bargain Stores 149
The Self-Service Revolution 151
The Shopping Center Is Born 159
The Four-Way Test 161
Chuck's Legacy 163
5 Reinventing the Corporation: 1970-1990 167
State of the Company 168
Looking for a Few Good Men 171
Walgreen's Wingman 174
The Turn-Around Team 177
Killing Off Their Little Darlings 182
The Systems behind the Smiles 187
Walgreens Goes High-Tech 189
Vindication 191
6 Poised to Pounce: 1990-Future 193
"This Is Dan Jorndt, How May I Help You?" 193
Plain and Proud of It: The Anti-Enron 197
Getting the Right People Ready 207
A Good Corner Is a Good Corner 211
Passing the Torch 215
Hello, My Name Is Dave 217
Constant Competition 220
Walgreens' Advantages 223
The Future Is Now 224
Appendix A
Walgreens Financial Facts 227
Appendix B
Historic Highlights 229
Notes 233
Index 249
