Good Lifestyle

A news from store closures It is not exactly surprising these days, especially with regard to pharmacies. Big names like Rite ,, CVS , and Walgreens have all actively closed locations in recent years, citing underperformance, increase in spending and theft. In fact, around 7,000 pharmacies in the United States Closed since 2019 , Researcher at the University of Pittsburgh Lucas Berenbrok Tell AP . This number seems amazing, but Berenbrok also told the point of sale that this estimate was in fact "conservative". Adding fuel to fire, Walgreens closes more pharmacies in the coming years.

In relation: These are all the Walmart locations closing in 2024 .

During June 27 , CEO of Walgreens Tim Wentworth To investors told that the chain would close a "important part" of sub-performant stores over the next three years. The Washington Post have reported that Walgreens are currently operating approximately 8,600 stores .

Wentworth did not share additional details on stores that would close or when the closures would start, but he told CNBC that "seventy-five percent of our stores led 100% of Our profitability Today."

"What this means are the others we are looking at, we will finalize a number that we will close," added Wentworth.

In a declaration at Better life A Walgreens spokesperson reiterated Wentworth's comments from the Profit Call and underlined the percentage of sub-performative stores. AE0FCC31AE342FD3A1346EBB1F342FCB

"About 25% of Walgreens stores do not contribute to our long-term strategy," said the spokesperson. "We are finalizing an optimization program which, in our view, will include the closure of a large part of these locations over the next three years. We also take a series of shares and make investments to improve customer experience and patient."

The spokesman noted that there was no official list of closing stores for the moment.

In relation: Buyers abandon Costco for Sam's Club - This is why .

Wentworth has not developed the exact reasoning behind the closures, but mentioned that the ordinance market has still not caught up before the Cavid-19 pandemic.

"These opposite winds affected our performance and weigh our ability to serve patients in a profitable manner," he told Investors yesterday. "We are at a point where the current pharmacy model is not durable, and the challenges of our operating environment require the market differently."

In addition to that, inflation is always disturbing buyers.

Addressing CNBC, Wentworth also said that the company "supposed ... in the second period that the consumer would become a little stronger", but "this is not the case".

"The consumer is absolutely amazed by the absolute prices of things, and the fact that some of them do not swell do not really change their resistance to current prices," added the CEO. "So we had to become very lively, especially in discretionary things."

By aggravating things, CNBC indicated that Walgreens' shares fell 20% after the company published its profits yesterday. And while the company reported an increase of 2.6% In the third quarter sales, the "worst than expected for the American consumer" also obliges the retail chain to reduce their prospects of profit adjusted in full year.

In addition to closing stores, the company introduces other economy initiatives. This includes the launch of a retail pharmacy action plan in the United States to improve patient and customer experience and simplify their health care portfolio in the United States.