Article

2023-07-01 Economy

'Retail apocalypse' forces Walgreens to axe 150 stores by summer 2024: Chain says sales have been hit by plummeting demand for Covid vaccines and tests

[Daily Mail, where America gets its news]

Shares in the pharmaceutical chain this week fell to their lowest in 11 years

Company blamed the end of the pandemic and declining demand for Covid-19 products for the closures

It comes amidst a widespread 'retail apocalypse' hurting bricks and mortar stores

The chain will also axe 300 of its sister brand 'Boots' locations in the UK.

It has around 13,000 stores in total across the US, Europe and Latin America.

Posted by Skidmark 2023-07-01 00:00|| || Front Page|| [11141 views ] Top

#1 Outside of pharmaceuticals, OTC meds, first aid and sickroom stuff, 99% of what "drugstores" carry is stuff you can get at the dollar store or big box.

A bottle of shampoo I get for under $10 at Walmart is $26 at CVS. Seriously. I don't use cosmetics, but they are among the most stolen items from chain drug stores, so I imagine the pricing is insane, and not Crazy Eddie insane wither...

Posted by M. Murcek 2023-07-01 08:05|| 2023-07-01 08:05|| Front Page Top

#2 It would be interesting to see a plot of the closing locations on a heat map of shoplifting rates.

Store locations that were viable in 2019 should still be viable.

Posted by Super Hose 2023-07-01 09:36|| 2023-07-01 09:36|| Front Page Top

#3 Walgreen's and CVS (formerly Eckerd's) have coasted for a long time on the twin points of (1) there's a lot of people that want to get something without leaving the neighborhood, and (2) there's a lot of people that don't want to go to the giant box store, with the giant packed parking lot, and having to walk all over the world to get something. That may be finally be winding down.
Walmart and Dollar General have both been experimenting with 'market' stores, which are basically a grocery store without all the big box add ons. Generally speaking, when your grocery store starts selling clothes, the whole thing starts getting out of hand. That's refered to as 'lateral expansion', the notion that if your customer leaves without spending every dollar they have, then you've failed at marketing.

Posted by ed in texas 2023-07-01 09:40|| 2023-07-01 09:40|| Front Page Top

#4 I went to Walgreens recently to ask about passport photos. They wanted, like, $18 for two pics. After I caught my breath and politely expressed my outrage at such a cost, I checked at Wal-Mart...less than $7.50. Done deal.

So, I can't have much compassion for Walgreens, and I would bet their pharmacies were not filling prescriptions for Ivermectin, too.

Posted by DooDahMan 2023-07-01 10:34|| 2023-07-01 10:34|| Front Page Top

#5 Company blamed the end of the pandemic and declining demand for Covid-19 products for the closures

Oh FFS.

I think Super Hose got it.

Posted by swksvolFF 2023-07-01 11:58|| 2023-07-01 11:58|| Front Page Top

#6 Agree with Super Hose's #2. Bet that on a Venn Diagram "shoplifting approved™ Blue City" and "closing Walgreens" overlap almost perfectly.

Posted by magpie 2023-07-01 15:30|| 2023-07-01 15:30|| Front Page Top

#7 ^^ That goes without saying!

Posted by DooDahMan 2023-07-01 15:32|| 2023-07-01 15:32|| Front Page Top

#8 Poorly priced cosmetics deserts are upon the city dwellers.

Posted by Super Hose 2023-07-01 19:13|| 2023-07-01 19:13|| Front Page Top

#9 I'm a military retiree, with Tricare for Life (medicare, backed by Tricare). Tricare covers my prescriptions. Although my long term prescriptions are covered through Express Scripts, any short term prescriptions like antibiotics, come from Walgreens. Luckily I don't live in a downtown blue city.

Posted by Rambler in Virginia 2023-07-01 20:14|| 2023-07-01 20:14|| Front Page Top

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