Walgreen Co., the drug store company that wants to open 25 to 30 stores in Hawai'i, said it wants to cut $1 billion of costs by its fiscal year in 2011 and that it will slow store growth.

The company did not say whether the slower store growth would pertain to Hawai'i. It entered the local market in November 2007 with a store in Honolulu and is in the process of building sites in Kane'ohe and Kalihi.

Walgreens said going slower on store openings nationally would allow it more time to develop its management ranks and free up funds to invest in its core business.