How Walgreens is run
In August 2024 Walgreens' US pharmacy business ran 8,560 stores and health care locations in all 50 states, Washington, D.C., Puerto Rico and the US Virgin Islands. Its last annual report describes no franchised US stores. (Walgreens Boots Alliance annual report, fiscal 2024)
Who owns Walgreens
Walgreens has been privately owned since August 2025, when Sycamore Partners completed its purchase of Walgreens Boots Alliance. Stefano Pessina and his family reinvested their whole stake, and Walgreens now runs as a standalone company. (Sycamore Partners announcement, August 2025)
Franchises like Walgreens
If you want to own a pharmacy business, these franchise brands sell the closest thing to Walgreens, largest first.
| Brand | Cost to open | Fee | Royalty | Locations | Sales a location |
|---|---|---|---|---|---|
| Good Neighbor PharmacyFee $0 · Royalty $599 per month | $44K–$556K | $0 | $599 per month | 2,204−71 in 3 yrs | – |
| GNCFee $20K · Royalty 6% · Sales $484K a location | $188K–$530K | $20K | 6% | 1,960−340 in 3 yrs | $484K |
| The Vitamin ShoppeFee $40K · Royalty 5% | $493K–$945K | $40K | 5% | 681−63 in 3 yrs | – |
| The Medicine ShoppeFee $0 · Royalty 3% or qualifying $599 monthly option | $521K–$914K | $0 | 3% or qualifying $599 monthly option | 244−53 in 3 yrs | – |
| Medicap PharmacyFee $0 · Royalty 3% or qualifying $599 monthly option | $521K–$914K | $0 | 3% or qualifying $599 monthly option | 83+16 in 3 yrs | – |
| PharmaconicFee $30K · Royalty 3% | $322K–$435K | $30K | 3% | 3+1 in 3 yrs | – |
Locations are US locations, franchised and company-owned, at the end of the latest year filed. Sales are yearly, before costs, where the brand publishes them.
Good Neighbor Pharmacy is the largest, with 2,204 US locations. Medicap Pharmacy added the most locations, +16 over 3 years. Of the brands that publish sales, GNC reports the most per location, $484K a year. The typical retail franchise starts at $198K to open; see where the money goes.