Two Ways To Play: Walgreen Wants Its Name in Lights
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At a time when many retailers are closing stores and trimming the fat, one brave soul is remaking itself as a tourist destination. According to Reuters, Walgreen (WAG) has opened its doors in Times Square.
The drugstore chain's newest location will be tucked away behind flashing lights and imposing billboards at 1 Times Square - site of the descending ball on New Year's Eve.
CEO Greg Wasson thinks it's an incredible branding opportunity and believes it will help the company reach billions of people.
Since opening last week, Wasson says approximately 75% of the shoppers have been tourists. Walgreen has actually scaled back on total expansion plans, but will still open hundreds of stores over the next 3 years.
Walgreen shares fell 0.70% to $22.85 today.
From the Bull Pen: In today's great unwind, Walgreen managed to close just $0.16 lower - a healthy sign considering the rest of the equity market. Those bullish can set a sell stop below $22.
From the Bear Cave: We're over 100 points lower in the S&P in just two sessions. Risks to the upside are currently greater, so bears can consider reloading on downside positions after such a countertrend rally has passed.
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