Walgreens has revealed the specific locations of 26 stores that will close. This announcement follows statements from company executives indicating that up to 25% more stores might shut down as part of broader retail cutbacks.
Walgreens plans to close several of its approximately 8,600 stores across the United States to revitalize its faltering business.
Walgreens Strategic Review
In a discussion with analysts, Walgreens CEO Tim Wentworth outlined major changes coming to the company. He indicated that about 25% of Walgreens stores are not profitable and are expected to close as part of a strategic review aimed at revitalizing the business.
Wentworth noted that the traditional pharmacy model is struggling in the current tough market, pointing out the need for a new strategy to stay competitive, as reported by Franchise Herald.
Wentworth discussed upcoming store closures, stating they would primarily affect unprofitable locations, those situated too close to other Walgreens stores, or those facing significant theft issues.
While details remain sparse, Wentworth shared during an analyst call that these closures would span the next three years. He also suggested that additional closures could follow if the company's financial performance does not improve.
In a recent Wall Street Journal interview, Wentworth reassured that most employees from the affected stores would be offered positions at other locations, underscoring the company's commitment to its staff amid these changes.
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Community Members' Reactions to Walgreens Closures
Community members have been actively discussing the potential closure of up to 25% of Walgreens stores in the U.S. on social media platforms like Reddit.
One commenter noted the high density of Walgreens stores in urban areas, questioning the necessity of having a drugstore on nearly every block. Another attributed the closures partly to competition from online retailers like Amazon, which offer the same products with the convenience of home delivery, often at lower prices.
Further comments suggested that Walgreens' strategy of opening numerous stores might have been initially intended to increase real estate values or to eliminate competition by saturating the market.
However, the COVID-19 pandemic and the rise of e-commerce have significantly impacted this strategy, leading to financial difficulties for the company.
Some community members expressed nostalgia and regret over the closures, while others critiqued Walgreens for not adapting to the evolving retail landscape more effectively.
26 Locations Affected by Walgreens Closures
According to The U.S. Sun, Walgreens has announced a series of store closures across the United States, affecting permanent and temporary operations.
The company has permanently closed pharmacies at several locations for various operational reasons.
Permanently Closed Locations:
606 Walnut St, Des Moines, IA
124 E Main St, Newark, DE
3301 Lancaster Pike, Wilmington, DE
4201 Concord Pike, Wilmington, DE
32979 Coastal Hwy, Bethany Beach, DE
842 E Main St, Danville, IL
210 E Barnett Rd, Medford, OR
1900 Maryland Ave, Wilmington, DE
5602 Pacific Ave, Tacoma, WA
1805 N Brady St, Davenport, IA
4220 Missouri Flat Rd, Placerville, CA
840 El Camino Ave, Sacramento, CA
1400 N Grand Blvd, St. Louis, MO
14048 Woodward Ave, Highland Park, MI
25 Peachtree St, Atlanta, GA
4121 Hoover Ave, Dayton, OH
6199 Sunrise Blvd, Citrus Heights, CA
78 Main St, Westfield, MA
918 Riverview Dr, Kalamazoo, MI
Temporarily Closed Pharmacies:
1st St, Tulsa, OK
Baseline Rd, Little Rock, AR
6000 S Pennsylvania Ave, Oklahoma City, OK
7601 Cantrell Rd, Little Rock, AR
2727 NE Hwy 20, Bend, OR
3601 16th St, Moline, IL
These closures are part of Walgreens' ongoing efforts to optimize its store network amid changing market dynamics and consumer preferences.
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