Retail News Breaks
Magnacca becomes president of Duane Reade
July 21st, 2010
NEW YORK – Joe Magnacca has been named 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 industry veteran with more than 20 years of experience, Magnacca joined Duane Reade in October 2008 as senior vice president and chief merchandising officer. He was subsequently promoted to executive vice president while retaining his merchandising responsibilities.
Magnacca came to Duane Reade from Canadian drug 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.
In January, Chain Drug Review selected Magnacca for its 2009 Vern Brunner Merchant of the Year Award for his pivotal role in the transformation of Duane Reade. The effort has seen the chain revitalize its store format, hatch high-end beauty and fresh food concepts, launch a premium store brand called DR Delish, bolster its pharmacy and health care services, and regroup products inside stores under color-coded banners reflecting customer needs ("How I Look," "How I Feel," "What I Need Now") — 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.
Neither Duane Reade nor Walgreens have announced any executive changes at the Manhattan-based chain since the acquisition was completed.
In giving an update on the integration process in early April, Walgreens said that Duane Reade chairman and chief executive officer John Lederer will continue to direct the company's operations and work closely with John Spina, Walgreens' vice president of retail integration and new format development, on the integration effort.
Lederer told Chain Drug Review in an interview in March that he and other Duane Reade senior managers are committed to staying the course under the chain's new owner.
And when the acquisition was announced, Walgreens said it expects to keep several members of Duane Reade's senior management team, with Lederer continuing to direct operations in New York and reporting directly to Walgreens CEO Greg Wasson.
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