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  • yank_myhogoff yank_myhogoff Aug 12, 2007 12:19 AM Flag

    Maria Bartiromo Interviews Jeffrey Rein


    Welcome to MSNBC and reporter Maria Bartiromo's interview with Walgreens CEO, Jeffrey Rein.

    "Good evening, Mr. Rein. Walgreens stock has held up rather well during the last few difficult days for the Dow. Do you have any idea why?" (MB)

    "We are opening new stores." (JR)

    "Well, that certainly has been the case for several years. But what underlying fundamentals do you think savvy investors are focusing on to select Walgreens as an investment?" (MB)

    "We are opening many new stores." (JR)

    "Mr. Rein, with technology playing such a role in both retailing and supply chain management, can you tell us how technology is helping to shape Walgreen's future?" (MB)

    "We are opening new stores and all of them have electricity and intranet links." (JR)

    "So, you are using new telecommunications technology to sharpen your retailing skills?" (MB)

    "No. We just open new stores and they have all this expensive stuff that plugs in." (JR)

    "Walgreens is a well established icon on the Dow and has a proud history of growth and share price appreciation, except for the last five to seven years, where it really has been asleep at the wheel. What is new, that will change the curve?" (MB)

    "Well, we plan to open more stores." (JR)

    "But that sounds like the same strategy that Walgreens has employed for over 15 years." (MB)

    "No. It's a completely new strategy." (JR)

    "Okay, I'll bite, so what is new about Walgreen's strategy?" (MB)

    "Well, you are getting a little aggressive in your questioning, now aren't you, girlie?" (JR)

    "I'm just looking for some answers for serious investors. What is new about opening new stores?" (MB)

    "Well, if you insist, Walgreens used to open new stores based on careful real estate analysis, traffic count and a competitive target matrix that helped us pinpoint opportunity zones for store expansion. This became the driver for opening so many new stores." (JR)

    "Sounds exciting, So what is new or different in the process that guides the future you wish investors to buy into?" (MB)

    "Well, the big change is that we threw all that old textbook analytical claptrap away, and embarked on a bold new strategy. (JR)

    "Sounds even more exciting. Can you tell us more about it?" (MB)

    "Sure. Now we just open new stores. It doesn't matter where they are. They could be a block away from an existing store but, when you want to be the next Seven/Eleven of convenience retailing, you can never have too many stores." (JR)

    "Mr.Rein that sounds like unsound logic to me." (MB)

    "Well, Maria, I grant you your opinion because you do have a fine pair of gazongas, despite your inability to comprehend our brilliant new store opening program." (JR)

    "That was a crude and unnecessary remark, Mr. Rein. Who taught you such manners?" (MB)

    "Why, Maria, I thought you knew; it was bananarug. I paid him $800K in my last IPO ("D" is for "DummyPharmaDunces") and he tutored me in this whole new skills set as part of his consulting project." (JR)

    "Well, Mr. Rein, this interview is headed to a screeching halt based on your misoginistic and prehistoric views towards women. Do you have any final statement?" (MB)

    "Yes, Maria, I do." (JR)

    "So spit it out, already. What is happening in WAG's future that people shoud know about?" (MB)

    "We are opening new stores." (JR)

    "There you have it, investors. Walgreens is opening some new stores, willy nilly." (MB)

    ... commercial break...

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