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America's Corner Store: Walgreen's Prescription for Success, by John U. Bacon
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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
- Sales Rank: #1277840 in Books
- Published on: 2004-05-03
- Original language: English
- Number of items: 1
- Dimensions: 9.35" h x 1.00" w x 6.30" l, 1.00 pounds
- Binding: Hardcover
- 255 pages
- ISBN13: 9780471426172
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
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.
From the Back Cover
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
Most helpful customer reviews
5 of 5 people found the following review helpful.
A Wonderful History of a Great Business
By Marek Dvorak
The impact that a corner drug store can have on America is simply astonishing. Anyone interested in the last hundred years of American history will love the book. There are also plenty of valuable business lessons to be found within the pages. A great read, John Bacon does a great job of bringing to life one of the most storied retail enterprises in the history of business.
4 of 4 people found the following review helpful.
Great book on a surprisingly abosrbing subject!
By Corsoe
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!
0 of 0 people found the following review helpful.
Well written book
By Michigan Reviewer
My father worked for Walgreen's for 17 years, after starting and selling two of his own pharmacies. My son has Wag's stock. We frequent one of my medium sized Midwestern city's three Walgreen stores. Bacon has done a very good job with this book. He extolls the virtues that have made Walgreen's successful for over 110 years now. Some of the names mentioned I have heard from my Dad. Being raised in suburban Chicago Walgreen's stores were also quite numerous. Truth be told, my father's first pharmacy is now the site of a Wag's branch. Dad even says that he is able to live comfortably in retirement from his Wag's profit sharing. The book almost seems as if it could be pro Wag's propaganda. Seldom is heard a discouraging word, but Bacon does back up his glowing review of the firm with factual evidence. Basically nothing earth shattering or terribly high tech about the success of Wag's. Treating people well, whether those people are employees or customers, is a major tenet of the Walgreen's story. If you have a relative who worked at Wag's, or if you work there, this book is probably right up your alley. If you work retail or wish to open a retail business, this book might also be of interest to you.
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