Major Drugstore Chains Announce Extensive Store Closures
Walgreens, CVS, and Rite Aid to shut down thousands of locations due to financial struggles and evolving consumer habits.
Overview
- Walgreens plans to close around 2,150 stores, representing 25% of its U.S. locations.
- Rite Aid will reduce its footprint from 2,000 to 1,300 stores following bankruptcy proceedings.
- CVS has already closed hundreds of stores and plans to shutter more.
- Factors include corporate mismanagement, inflation, and competition from online retailers.
- Retail crime and changes in pharmacy benefit management also contribute to declining profitability.