Walgreens, Duane Reade to sublease 16 stores

Pharmacy convenience stores closed 70 outposts in 2020

New York /
Mar.March 19, 2021 12:25 PM
A Walgreens and Duane Reade location at 322 8th Ave (Google Maps)

A Walgreens and Duane Reade location at 322 8th Ave (Google Maps)

Walgreens and Duane Reade, once fixtures of many New York City streets, are packing up even more of their stores.

The pharmacy convenience stores are subleasing at least 16 of their Manhattan locations, according to public listings by JLL. The chains, both subsidiaries of Walgreens Boots Alliance, are looking to shed more than 156,000 square feet of space, the listings show.

The locations include: 322 Eighth Avenue, 254 Park Avenue South, 769 Broadway, 55 East 55th Street, 611 Sixth Avenue, 71 West 23rd Street, 131 Eighth Avenue, 33 Seventh Ave, 1550 Third Avenue, 525 Seventh Avenue, 245 First Avenue, 196 Third Avenue, 1467 First Avenue, 22 West 48th Street, 2025 Broadway and 415 Broadway.

Representatives for Walgreens and JLL declined to comment.

In Walgreens Boots Alliance’s first quarter earnings call, Global CFO James Kehoe said the company had “closed 232 of the 250 Walgreens stores targeted for closure.”

Duane Reade is one of the chains that closed the most retail locations across the city last year, shuttering 70 stores. In total, 1,057 chain stores — nearly one out of every seven that were open the prior year — closed their doors to the public in 2020.

Retail subleasing is slowly becoming more prominent as tenants attempt to exit locations and close stores. Earlier this week, The Real Deal reported that MAC Cosmetics is subleasing four of its locations.





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