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Walgreens To Shut Down Hundreds Of US Locations

Through a filing with the Securities and Exchange Commission, Walgreens has said it plans on closing 200 stores across the US.

200 Walgreens locations in the US will be closing just months after the company announced to investors that it would be shutting down 200 boots locations in the UK during a call. “As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise,” a Walgreens spokesperson released in a statement. Walgreens currently has more than 9500 stores in the US, so it’s unlikely that these closures will have a massive impact on the company’s business. The closures are only expected to affect about 3% of the company’s American footprint, according to CNBC. The company has declined to offer details on which stores will be closed.

Analysts have been worried about the state of pharmacies in the US for a while now. In many parts of the country, you can find a CVS or Walgreens on any given block. While pharmacies haven’t faced the exact same challenges as other retail businesses, more consumers are shopping for non-prescription drugs, supplements, and other products online. While most retailers have faced something of an apocalypse scenario, pharmacies seem to have largely been spared as foot traffic is still adequate. This could change soon, however, as convenience store items and prescription drugs also move further into the online space.

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