Why closed Walgreens locations can't host new businesses
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Why closed Walgreens locations can't host new businesses
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Recent reporting from the Milwaukee Journal Sentinel looked into Walgreens leases throughout the city.
The reporting found that leases contain terms that restrict pharmacies and other businesses from moving into the stores – even if it has closed. And those leases can last for decades – so long as the company continues to pay rent.
One of the closed down Walgreens locations on North King Drive and West Hadley Street has a lease that was signed in 2009 that lasts until 2084 – preventing new business from moving in. WUWM’s Race & Ethnicity Reporter Teran Powell is joined by Chad Venne, a real estate expert, to learn more about these types of leases and their provisions.
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