Exhibit 10.21

AMENDMENT NO. 1
TO
RIGHTS AGREEMENT

        AMENDMENT NO. 1 (this "Amendment"), dated as of December 19, 2003, to
the Rights Agreement (the "Rights Agreement"), dated as of September 12, 2002 by
and between Duane Reade Inc., a Delaware corporation (the "Company"), and
EquiServe Trust Company, N.A., a National Banking Association, as Rights Agent
(the "Rights Agent").

W I T N E S S E T H

        WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and
the Rights Agent desire to amend the Rights Agreement as set forth herein to
correct a typographical error;

        NOW, THEREFORE, the Rights Agreement is amended as follows:

        1.     Clause (i) of Section 7.1 hereby is amended and restated in its
entirety as follows to correct a typographical error:

        "(i) the close of business on September 30, 2012 (the "FINAL EXPIRATION
DATE"),"

        2.     This Amendment shall be deemed effective as of the date first set
forth above. Except as amended hereby, the Rights Agreement shall remain in full
force and effect and shall be otherwise unaffected hereby.

        3.     This Amendment shall be deemed to be a contract made under the
laws of the State of Delaware and for all purposes shall be governed by and
construed in accordance with the laws of such state applicable to contracts to
be made and performed entirely within such state. This Amendment may be executed
in any number of counterparts, each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute
one and the same instrument.

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

    DUANE READE INC.
 
 
By:
/s/ Michelle Bergman

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    Name:  Michelle Bergman     Title:  Vice President and General Counsel
 
 
EQUISERVE TRUST COMPANY, N.A.
 
 
By:
/s/ Carol Mulvey-Eori

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    Name:  Carol Mulvey-Eori     Title:  Managing Director

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