UPDATE 1-Walgreen treasurer to oversee new store formats

* Spina now vp retail integration, new format development

* Revamping stores to appeal to cash-strapped customers

SAN FRANCISCO, July 10 (Reuters) - Walgreen Co, (WAG.N) the largest U.S. drugstore chain by revenue, said it promoted John Spina, its treasurer, to corporate vice president of retail integration and new format development.

The retailer, which said on Friday the promotion was effective July 1, said Spina will be responsible for "bringing a more focused approach to how Walgreens integrates new businesses."

He will also work to develop new store formats and increase performance of the drug store chain's existing stores.

Walgreen has been changing the look and feel of its stores to appeal to cash-strapped consumers. It is reducing the number of different items it sells, allowing hurried customers to make quicker decisions and freeing up space for other products.

Walgreen has also made acquisitions in recent years as the drugstore industry comes under pressure from Wal-Mart Stores Inc's (WMT.N) late-2006 introduction of $4 monthly prescriptions on many generic drugs. In March, Walgreen said it would buy some assets of Drug Fair, a small chain based in New Jersey that filed for bankruptcy protection.

The retailer also said it promoted Wade Miquelon to executive vice president and chief financial officer. He was previously senior vice president and chief financial officer. (Reporting by Nicole Maestri; Editing by Tim Dobbyn)