Walgreens still plans 4 area stores

Pharmacy giant Walgreens announced earlier this year it intends to slow the pace of new store growth over the next three years, but that hasn't stopped the Deerfield, Ill.-based business from expanding in the Charleston area.

The nation's largest drugstore, with $53.8 billion in sales in fiscal 2007 and more than 7,000 locations, plans to build four new stores in Charleston and Berkeley counties over the next few years.

One area poised for massive growth in Berkeley County just west of Goose Creek will see a Walgreens added to a new shopping center called The Market at Carnes Crossroads.

The free-standing, 15,000-square-foot drugstore will be at Second Avenue and U.S. Highway 17A near a new 49,000-square-foot Harris Teeter supermarket and 6,220-square-foot National Bank of South Carolina, said Alex Kelly, vice president of Lincoln Harris development company in Charlotte.

"We are working with multiple other tenants," he said.

Construction is scheduled to begin early next year, he said.

Other similar-size Walgreens are planned in Mount Pleasant at Egypt and Long Point roads, and in Charleston at Main Road and U.S. Highway 17 and Ashley River and Savage roads, according to Walgreens' Charleston district administrator, Donna Byrd.

Walgreens announced in July that it will open 495 new stores in fiscal 2009, which began Sept. 1, 425 in fiscal 2010 and 365 in fiscal 2011.

The company originally had planned a long-term store-growth rate of 8 percent, but the new goals are 5 percent by 2011. The reduced rate of expansion, which will lower its capital expenditures by about $500 million over the next three years, allows the company to invest in its core strategies and improve shareholder value, according a company press release.

As of Oct. 31, the company operated in 7,035 locations in the U.S., Puerto Rico and Guam, an increase of 600 more drugstores than a year ago.

While many other businesses reported depressed sales in October, Walgreens' sales increased to $5.2 billion, or 6.8 percent over the same month a year ago.

Asian invasion?

A startup Asian restaurant chain that already has commitments for 260 stores in nine states plans to open at least five in the Charleston area over the next 12 months, according to Joe Arancio, vice president of U.S. development for Teriyaki Experience.

"We are looking for an area developer for the state right now," he said. "Once we bring in an area developer, they will bring in the franchisees."

Stores will average 1,200 to 1,600 square feet, employ four to eight people and generally be located in downtowns, malls, airports and regional shopping centers. The franchise fee is $25,000, and owners can expect to invest another $231,000 to $329,000 to build and operate the store, Arancio said.

The Toronto-based restaurant chain sells itself as different from the competition by entertaining customers as it prepares healthy meals.

"We cook fresh in front of the customer and cook in water, not oil," Arancio said. "We are a health-conscious business."

The company plans to open 25 restaurants across the state.

It already has 125 locations in Canada, Europe, Central America, South Africa, the Middle East and the Caribbean.

Reach Warren Wise at 937-5524 or wwise@postand courier.com.