Walgreen is closing 76 unprofitable stores, many of which it has determined are too close to other Walgreens stores. Retailers often grab prime locations as they move into a region despite knowing not all of them are sustainable, says Greg Maloney, chief of Jones Lang LaSalle's Americas retail group. "They think, 'If we open in those locations, yes, the long-term strategy may result in cannibalization, but look at the brand visibility we'll get!' " Maloney says.
Published in Brief: