The hits keep coming for the beleagured pharmacy chain.
After announcing its plan to close hundreds of stores as it desperately tries to shrink costs, Walgreens is providing increasingly specific guidance on which stores are going to get the axe.
More specifically, we now know that Walgreens will be closing the following three stores:
- 950 South Quebec Street, Denver, CO (closing on September 8th)
- 6200 East Colfax Avenue, Denver, CO (closing on September 10th)
- 585 Washington Street, Dorchester, Boston, MA (closing on September 10th)
These are of course part of the aforementioned program, which Walgreens has euphemistcally named the “footprint optimization program.”
National impacts, local losses
Gone are the days of a retail pharmacy on seemingly every corner.
The industry has gone through a big wave of consolidation – case in point, Walgreens now owns Rite Aid, which used to be the #3 player.
And with consolidation has come the need to right-size retail footprints – if you own a Rite Aid and a Walgreens across the street from each other…may be better to just have one of those two open, you know?
And of course this is all happening against the backdrop of e-commerce continuing to eat into retail margins and market share.
But of course, the real impact here is human – jobs are lost, stores are closed.
And really, that’s the saddest part of this whole story.
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