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Walgreens to shutter up to 25% of retail stores nationwide

July 1, 2024
Healthcare Finance News
Summary
Walgreens plans to close up to 25% of its underperforming retail stores as the current pharmacy model becomes unsustainable, according to CEO Tim Wentworth. With the shift in customer demographics and preferences, only 75% of U.S. stores contribute to segment Adjusted Operating Income (AOI), necessitating store closures over the next three years. Walgreens also faces reimbursement pressure from pharmacy-benefit managers and lower script market growth compared to pre-pandemic levels. To cut costs, Walgreens will reduce its stake in VillageMD and close unprofitable clinics, aiming to better align with long-term profitability strategies.
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