Closing
-
Related:
https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451
Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.
The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.
Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."
"We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.
In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.
Bidenomics, FTW!
Related:
https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451
Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.
The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.
Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."
"We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.
In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.
Bidenomics, FTW!
Unsustainable business model.
I'm surprised it took this long. They've saturated the area with stores - there's one on every corner (I can think of six within a ten minute drive of my house) and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.
Recent example..Mr wtg had knee replacement surgery and I was looking for some Mederma scar gel. Checked four stores.
Target - $16.89
Walmart - $18.12
Mariano's (local Kroger grocery located next door to Walgreens) - $21.99
Walgreens - $24.99Found this to be the case all during COVID when I was looking for OTC meds, etc.
-
Related:
https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451
Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.
The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.
Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."
"We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.
In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.
Bidenomics, FTW!
Unsustainable business model.
I'm surprised it took this long. They've saturated the area with stores - there's one on every corner (I can think of six within a ten minute drive of my house) and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.
Recent example..Mr wtg had knee replacement surgery and I was looking for some Mederma scar gel. Checked four stores.
Target - $16.89
Walmart - $18.12
Mariano's (local Kroger grocery located next door to Walgreens) - $21.99
Walgreens - $24.99Found this to be the case all during COVID when I was looking for OTC meds, etc.
@wtg said in Closing:
and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.
Yeah good points. It's like they cut costs by having minimal staff (it always seems like there's one employee there) and all the products cost much more than competition, I had the same experience as you when I was trying to find a shoe insert... $15 most places, $24 at Walgreens. It is a tough business model... then again, they often have medical/care related goods that you can't find in most big box stores. I'm hoping the one near me doesn't close.
-
I can't remember the last time I went in any of these stores. We get prescriptions from Stop & Shop who are way better than either CVS or Walgreens. There's a small local privately owned corner shop I use if we want something from around the corner.
-
I use Walgreens only for photos, and boy that would be a shame if that service ends. Photos prints are quality, cheap, and the app is very easy to use.
-
CVS is in worse shape than Walgreen's...
Is it really? I knew Walgreens was going to close a bunch of stores. I hadn’t heard about CVS.
Talking about breaking it up...
-
They were really focused on inter-divisional synergies when I talked to them a year ago. It’s a way for them to justify all the M&A by showing the whole is greater than the sum of its parts.
We brought them an idea of using the retail pharmacy to boost their speciality pharmacy business. Basically use info from the retail side to find people with AATD, each of which could potentially bring 150k annually in top line revenue for CVS specialty.
In the end their lawyers killed the idea because the in-home test we were proposing had big pharma branding.
-
Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic. Now in Minnesota, I'm just glad I found a gas station (Speedway) that I guess is a 7-11 partner since they have slurpees.
Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic.
In Taiwan, there are so so many also. More than 5000 in a country that is not too much bigger than Vermont. But 7-11 Taiwan has the best steamed buns (and tea eggs)!
(Japan has over 21,000 7-11's)
-
Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic.
In Taiwan, there are so so many also. More than 5000 in a country that is not too much bigger than Vermont. But 7-11 Taiwan has the best steamed buns (and tea eggs)!
(Japan has over 21,000 7-11's)
-
@taiwan_girl said in Closing:
(Japan has over 21,000 7-11's)
In Japan's 7-11s they have fish ball skewers dunked in curry.
@taiwan_girl said in Closing:
(Japan has over 21,000 7-11's)
In Japan's 7-11s they have fish ball skewers dunked in curry.
I will have to try them. LOL. Going to Japan in a couple of months.
