Walgreens unveiled a rebranding strategy Monday aimed at attracting a younger customer demographic to remain competitive in the retail pharmacy sphere, reports CNBC.
The rebranding comes several months after Walgreens inked a $4.38 billion deal to acquire Rite Aid and just days after CVS Health solidified a plan to acquire Aetna for $69 billion. Walgreens, which is closing about 600 stores over an 18-month period beginning next year, hopes the repositioning strategy will help the company lure in new customers and continue to grow amid an increasingly competitive retail pharmacy environment.
As part of the rebranding, Walgreens introduced a new tagline to accompany its logo: "Trusted Since 1901." The retailer is also revamping its makeup aisles to attract young female shoppers, adding new items and packaging for its private brand food products, and test-piloting urgent care centers at stores in four states through a partnership with MedExpress.
"In the areas that we are curating, we are trying to understand what consumers value," Adam Holyk, chief marketing officer for Walgreens, told CNBC. "It is all part of our brand transformation ... looking at the needs of our core customers, and we will continue to innovate."