America's Corner Store: Walgreen's Prescription for Success [Hardcover]

John U. Bacon (Author)

Book Description

ISBN-10: 0471426172 | ISBN-13: 978-0471426172 | Publication Date: May 3, 2004 | Edition: 1

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

Editorial Reviews

From Publishers Weekly

Since Charles Walgreen, the son of Swedish immigrants, opened his first store in 1901 on Chicago’s South Side, the pharmacy that still bears his name has grown to more than 4,000 outlets in 44 states, employing 150,000...it’s still and growing. A truly family endeavor (wife Myrtle cooked the lunch counter’s hot meals in their cramped apartment for years and Chuck, Jr. delivered them), Walgreen’s pursued success with an "almost religious devotion to substance over style." In an era rife with corporate scandal and mismanagement, the company continues to please its investors and employees alike, and reportedly raked in $33 billion in 2002. For this reason alone, journalist Bacon’s expansive, annotated commercial for the mom and pop pharmacy turned mega-chain will interest entrepreneurs. Equally noteworthy, though, is book’s account of the arc of 20th century business itself and of how the Walgreens family steered—and expanded—their company through two world wars, one depression and myriad other economic obstacles.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From the Inside Flap

America’s Corner Store is the fascinating story of Walgreens, the most successful drugstore chain in the United States. From its founding as a family-run store in Chicago in 1901, Walgreens has grown into one of the largest food and drug retailers in the world. With more than 3,600 stores nationwide and the 6,000th scheduled to open by 2010, Walgreens has managed to survive and even thrive when other, better-known competitors, have not–earning regular spots on Fortune magazine’s lists of most admired and best performing companies.

The story of Walgreens’ remarkable rise to the top is one of grit and gumption, talent and tenacity, and an unfailing commitment to old-fashioned down-home values. Written in an engaging and highly readable style, this book offers both a colorful slice of Americana and a compelling corporate profile, expertly interweaving personal anecdotes with historic and economic insights.

In addition to such popular creations as the milkshake, Walgreens pioneered an impressive list of cutting-edge innovations including self-service shopping, economical store brands, the drive-through pharmacy, one-hour photo developing, and computerized prescription services.

But according to author John Bacon, it was Walgreens’ dogged adherence to fundamental values that helped the company survive depressions, recessions, boom times, and wars, while countless competitors have closed their doors. Walgreens’ success is based on a commitment to bedrock business principles and sound decision-making, such as:

• Putting the pharmacy first, long before it became a big profit center
• Hiring employees based on their character, not resumes
• Recognizing performance by promoting from within
• Treating employees like family
• Making customers feel like welcome guests

Business readers and consumers alike will enjoy learning how superb management, modern merchandising, innovative store design, fair pricing, outstanding customer service, and an exceedingly high-quality pharmacy have fueled Walgreens’ astounding growth and continued success.

See all Editorial Reviews

Product Details

• Hardcover: 255 pages
• Publisher: Wiley; 1 edition (May 3, 2004)
• Language: English
• ISBN-10: 0471426172
• ISBN-13: 978-0471426172
• Product Dimensions: 9.4 x 5.9 x 1 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #506,197 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

5.0 out of 5 stars Great book on a surprisingly abosrbing subject!, June 1, 2004

By 

D. Green (New Haven, CT United States) - See all my reviews
(REAL NAME)   

This review is from: America's Corner Store: Walgreen's Prescription for Success (Hardcover)

John Bacon's AMERICA'S CORNER STORE is a world-class story about a world-class business and the businessmen and women behind it. It is one of those histories that goes well beyond the subject at hand to paint a picture across a huge canvas of American history and does so with great attention to detail and the ability to bring its characters and settings to life. It reminded me in some ways of SEABISCUIT---both are stories about subjects that wouldn't normally grab my attention. But because of the writer's skill, this book is also a must-read---if for nothing more than the wonderfull little facts you learn along the way: that the milk shake was invented at Walgreen's; that the Walgreen chain understood that excellent customer service begins with excellent employee-relations decades BEFORE the age of CRM! Bacon is the author of a terrific history of University of Michigan hockey program, BLUE ICE, and this is a great follow up to that book. Read them and see if you don't agree!

5.0 out of 5 stars really good, April 12, 2009

By 

Timothy Fletcher - See all my reviews
(REAL NAME)   

This review is from: America's Corner Store: Walgreen's Prescription for Success (Hardcover)

I got what I expected. Shipping was super fast which is really appreciated. Book was in new condition as described.

4.0 out of 5 stars Interesting bit of history..., January 6, 2009

By 

Wife, Mother, Daughter, Friend "read the day ... (New England) - See all my reviews

Amazon Verified Purchase

This review is from: America's Corner Store: Walgreen's Prescription for Success (Hardcover)

I already knew that I liked and respected Walgreens business plan and practices but in reading this book I find that the entire foundation of the drug store is impressive and the characters involved in its conception are intriguing. I recommend this book as a great bit of non-fiction and an impressive model for future businesses.