Drugstores tinker with new looks as their usual way of doing business faces challenges
5 months ago

Drugstores tinker with new looks as their usual way of doing business faces challenges

The Independent  

Get Nadine White's Race Report newsletter for a fresh perspective on the week's news Get our free newsletter from The Independent's Race Correspondent Get our free newsletter from The Independent's Race Correspondent SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Everyone looks at health care and says, ‘Oh yeah, it’s a market that’s ripe for disruption,’” said Neil Saunders, managing director of consulting and data analysis firm GlobalData. “But it isn’t easy to disrupt.” Walgreens CEO Tim Wentworth said recently that his company could close a “significant portion” of underperforming stores in the next few years. Walgreens spokesman Jim Cohn said shopper preferences are shifting, and the company aims “to meet them where, when and how they want to shop.” Saunders notes these stores are less expensive to run and allow the company to serve areas without enough people to support a bigger store. The selection of retail items also is smaller at some CVS Health stores that include Oak Street Health primary care clinics.

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History of this topic

Walgreens announces plans to close 1,200 stores — but the exact locations remain a mystery
2 months, 3 weeks ago

Walgreens announces plans to close 1,200 stores — but the exact locations remain a mystery

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Walgreens plans to close about …

CVS and Walgreens close stores — rethink their role in our lives
2 months, 4 weeks ago

CVS and Walgreens close stores — rethink their role in our lives

NPR  

CVS and Walgreens close stores — rethink their role in our lives CVS and Walgreens are ailing. CVS and Walgreens are closing hundreds of stores and rethinking their role in our lives. They've gobbled up mom-and-pop shops, signed long leases for prime real estate, and now Walgreens says a quarter of its stores don't make money. There have been constant …

Drugstores tinker with new looks as their usual way of doing business faces challenges
5 months ago

Drugstores tinker with new looks as their usual way of doing business faces challenges

Associated Press  

America’s drugstores are testing smaller locations and more ways to offer care as price-sensitive shoppers look elsewhere. “Everyone looks at health care and says, ‘Oh yeah, it’s a market that’s ripe for disruption,’” said Neil Saunders, managing director of consulting and data analysis firm GlobalData. “But it isn’t easy to disrupt.” Walgreens CEO Tim Wentworth said recently that his company …

Drug store chains pushed out independent pharmacies. Here’s why they’re now closing too
6 months, 1 week ago

Drug store chains pushed out independent pharmacies. Here’s why they’re now closing too

CNN  

New York CNN — Walgreens said Thursday that it plans to close a “significant” number of its roughly 8,600 stores in the United States. Walgreens said in 2019 it would close 200 stores and last year announced an additional 150 store closures. Shifting trends Drug store chains are struggling because of falling reimbursement rates for prescription drugs, according to analysts …

Walgreens to take a hard look at underperforming stores, could shutter hundreds more
6 months, 1 week ago

Walgreens to take a hard look at underperforming stores, could shutter hundreds more

Associated Press  

Walgreens is finalizing a plan to fix its U.S. business that could result in closing hundreds of additional stores over the next three years. CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company’s stores, which he said were underperforming. Wentworth said the company’s plan could include the closing of a “significant portion” …

Walmart closes all health clinics leaving potential gaps in rural medical care
8 months, 1 week ago

Walmart closes all health clinics leaving potential gaps in rural medical care

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Walgreens books hefty charge as the drugstore chain adjusts the value of struggling clinics
9 months, 1 week ago

Walgreens books hefty charge as the drugstore chain adjusts the value of struggling clinics

Associated Press  

Walgreens lost nearly $6 billion in its second quarter mainly due to a drop in value for the VillageMD clinic business it controls. But the drugstore chain said Thursday that it recorded a $5.8 billion, after-tax impairment charge for VillageMD in its most recent quarter as it adjusted the asset’s value. Walgreens executives said Thursday that VillageMD is closing around …

CVS, Walgreens are locking up more products behind plexiglass, but that won't stop pharmacy chains' broader decline.
2 years, 1 month ago

CVS, Walgreens are locking up more products behind plexiglass, but that won't stop pharmacy chains' broader decline.

Slate  

In September, on an earnings call with investors, Rite Aid’s executive vice president of retail, Andre Persaud, floated an idea to improve the chain’s performance in New York City: turn the drugstore into one giant vending machine in order to fight shoplifting. Then came post-pandemic closures this year, and CVS’ announcement that it would shutter 900 stores over the next …

Walgreens push into comprehensive care picks up momentum
2 years, 2 months ago

Walgreens push into comprehensive care picks up momentum

Associated Press  

Walgreens extended its push into more comprehensive health care with its VillageMD unit acquiring another urgent and primary care chain, Summit Health-CityMD, in a deal worth close to $9 billion. The deal to combine VillageMD and CityMD arrives just two months after CVS Health said it would pay about $8 billion to acquire Signify Health, a technology company that sends …

Walgreens tumbles on poor sales and weak outlook
5 years, 9 months ago

Walgreens tumbles on poor sales and weak outlook

CNN  

New York CNN Business — Nothing is going right for Walgreens Boots Alliance. Walgreens and its key rival CVS face a litany of challenges, including lower prices for generic drugs and a persistent decline in reimbursement rates for medications from state and federal government health care plans. He added that the company has begun to address its numerous challenges, but …

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