Moneymoneyrcwrt

Thu Aug 8, 2019, 02:02 PM

Walgreens Is Closing 200 Stores and Cvs Is Slowing Openings.

Walgreens Is Closing 200 Stores and Cvs Is Slowing Openings. the Drugstore Industry’s Transformation Is Getting Serious.

By LISA SCHENCKER and LAUREN ZUMBACH
CHICAGO TRIBUNE |
AUG 07, 2019 | 5:15 PM

Changing consumer habits have emptied malls, sent department stores into bankruptcy and transformed grocery stores.

Now it’s the drugstore’s turn.

On Tuesday, Walgreens disclosed it will close 200 U.S. stores. On Wednesday, CVS Health said it will slow the pace at which it opens new locations.

For pharmacies, which also facepressures related to reimbursements for medication, getting customers to come in once a month for a prescription refill, or for an occasional gallon of milk or bottle of shampoo isn’t enough. Walgreens and CVS are both trying to give customers more reasons to visit their stores by offering more health services and better merchandise.

“One of the reasons why they’re closing stores right now is to better position themselves for the future,” said Brian Owens, a senior vice president of retail insight at consulting firm Kantar.

more...

https://www.orlandosentinel.com/business/ct-biz-walgreens-industry-changes-retail-pharmacy-20190808-xu4bv6bzhzazjkm5doyvm5pyhu-story.html

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Response to RCW2014 (Original post)

Thu Aug 8, 2019, 02:17 PM

1. coincidently, some of their older stores are worth more as real estate

there are 2 walgreens in the French quarter and one not far away, so closing 1 might make sense.

of course, those are the stores used by tourists and residents who do not have cars for cigarettes, liquor, and convenience store items.

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Response to rampartb (Reply #1)

Thu Aug 8, 2019, 03:34 PM

4. We have 2 in town both miles apart so I think they are safe. I worry about my Rite-Aid however as

they are hardly ever busy, which is why I get my prescriptions filled there. Never have to wait in line.

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Response to RCW2014 (Reply #4)

Thu Aug 8, 2019, 05:15 PM

8. walgreens is a blue cross "preferred pharmacy," an important consideration

as is cvs. rite aid I don't think so, but I can't think of any left in orleans parish.

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Response to RCW2014 (Original post)

Thu Aug 8, 2019, 02:35 PM

2. Oversaturation results in consolidation....Econ 101

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Response to RCW2014 (Original post)

Thu Aug 8, 2019, 03:06 PM

3. Online shopping, which younger buyers love, will have that effect..................econ 101

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Response to RCW2014 (Original post)

Thu Aug 8, 2019, 03:43 PM

5. $15 minimum wages cost jobs - Econ 101

and/or the entire business.

Not every entry level job is worth $30,000 a year.


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Response to Bob the Bilderberger (Reply #5)

Thu Aug 8, 2019, 03:47 PM

6. Other than locales where is it law, I'm not aware that Walgreens is offering a start wage of $15hr.

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Response to RCW2014 (Original post)

Thu Aug 8, 2019, 04:26 PM

7. So we are going back to 90's era drugstore locations?

Instead of 4 drugstores within a couple miles there will be one or two? Hopefully we can all keep over-medicating to take our minds off of how lucky we are to be in such a free country.

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