Walgreens wants to be known as more than just a pharmacy. In a recent article on Forbes, CEO Gregory Wasson explained how the chain is moving beyond the traditional look of a drugstore with its Well Experience concept that emphasizes fresh food, beauty supplies and private label products.

"You're beginning to see the blurring of the retail channels in America," Wasson told more than 2,000 shareholders Wednesday afternoon at the company's annual meeting on Chicago's Navy Pier. "Frankly, that is what we are doing with our 'Well Experience' concept. We are deliberately blurring those channels."

The new Well Experience stores are still considered a pilot project, but are proving a hit with local politicians and developers who see Walgreens as revitalizing dilapidated buildings. Walgreens will need the stores to be successful to improve on last year's sales, which were down nearly 1 percent to $71.6 billion in the company's fiscal 2012, which ended Aug. 31, 2012, the article reported.

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