Important Takeaways:
- Walgreens Is Closing Thousands of Stores by 2027
- Shoppers, it may be time to find a new pharmacy. Walgreens is closing up to a quarter of its 8,600 stores within the United States.
- Walgreens CEO Tim Wentworth recently explained to the Wall Street Journal on June 27 that the closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft.
- It also follows a declining trend of picking up prescriptions in person, with many people opting to fill their scripts online. “The current pharmacy model is not sustainable,” Wentworth told investors, according to CNN’s reporting. Stores like CVS (which plans to close pharmacies in select Targets) and Rite Aid have similarly experienced declining profits because of lower reimbursement rates for prescription drugs.
- “Our customers have become increasingly selective and price sensitive in their purchases,” Wentworth told the Associated Press
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