Retail News Breaks
Duane Reade names president
July 22nd, 2010
NEW YORK – Joe Magnacca has been appointed president of metropolitan New York drug store chain Duane Reade.
Magnacca formerly held the title of executive vice president and chief merchandising officer.
A retail veteran with more than 20 years of experience, Magnacca joined Duane Reade in October 2008 as senior vice president and chief merchandising officer. He came to Duane Reade from Canadian chain Shoppers Drug Mart, where he had led marketing and merchandising initiatives since 2002 and most recently had served as executive vice president of merchandising and category management.
Magnacca has played a key role in the transformation of Duane Reade. The effort has seen the chain revitalize its store format, launch high-end beauty and fresh food concepts, roll out a premium store brand called DR Delish, bolster its pharmacy services, and re-energize its marketing and merchandising — all under the mantra of "New York Living Made Easy."
Duane Reade's resurgence ultimately led to its acquisition in February by national operator Walgreen Co., whose executives pointed to the New York chain's initiatives in urban retailing, marketing, customer loyalty, private label and beauty as key motivators for the nearly $1.1 billion deal. Walgreens closed the acquisition in April.
Illustrating its successful transformation, Duane Reade this past weekend opened its largest drug store to date, in Manhattan's Union Square, and has made the location its flagship store. The retailer said the nearly 14,000-square-foot store, which occupies a former Virgin Superstore site, reflects its new emphasis on health, fresh food and higher-end beauty products.
"This is all about giving the local shopper what she needs and wants," Magnacca commented about the Union Square store opening. "Our pharmacy and general merchandise items will always be an important element, but it's important that we customize our stores to best reflect the particular needs of this vibrant neighborhood."
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