According to this report, Walgreens said on Tuesday it would shut 1,200 stores over the next three years as new CEO Tim Wentworth plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates. The company also narrowly beat Wall Street’s lowered estimates for fourth-quarter adjusted profit, and forecast fiscal-year earnings that were mostly in line with expectations. Its shares jumped 5.4% to $9.50 in premarket trading.
Pharmacy chains are facing multiple challenges as consumers avoid high-priced grocery items and pressures mount on payments they receive from drug middlemen for filling prescriptions.
People's shopping habits changed with the Covid lockdown bullshit, causing more and more chain stores out of business...
Apparently nobody in any corporate structure any more remembers what happened to W.T.Grant. Grants kept opening up store after store, actually killing the smaller Grant stores by opening up Grant City stores everywhere. For example, Trenton NJ had 4 stores within 4 miles of each other. York PA had 4 Grant stores. They eventually killed themselves by putting up a HQ in Times Square and corporate bigwigs buying up land and selling it to the company to put up even more stores.
ReplyDeleteThe same is happening to Rite-Aid. We had a thriving Rite-Aid store in my town and they put up a bigger one 1 mile away. They closed the one in my town.
You have a gas station on a corner that has a booming business and you put up another one across the street, you now have to split the customers. You put up another gas station at the intersection, you now have 3 abandoned gas stations.