
Dayton, Ohio – Walgreens has expressed intentions to close a large number of its stores in the United States, including possible closures in Ohio, therefore fundamentally changing the retail landscape. The statement fits into a larger plan to close stores failing financial forecasts.
Three Walgreens stores in Ohio —one in West Dayton, another in Columbus in April 2024, and another in downtown Cincinnati —have already closed in October 2023. Along with rivals like CVS and Rite Aid reducing their store counts in reaction to diminishing revenues, these closures follow a bigger trend influencing the pharmacy retail sector.
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Last week Walgreens said that by 2027 it intends to close around 2,150 stores all across. A Yahoo analysis indicates that this choice would impact up to 25% of its more than 8,600 stores. The company’s approach centers on terminating activities at sites that don’t fit its long-term plans. A recent update from a corporate official said that closures could affect any store “not contributing to the long-term strategy,” thereby affecting possibly a large number of their outlets.
This tsunami of closures fits the financial constraints felt throughout the sector. The financial differences among Walgreens’ outlets are highlighted by a CNN investigation noting that 75% of its stores create 100% of the company’s operating income.
Walgreens runs about 140 locations in Ohio right now and 8,700 stores all around the country. Many see the closures as a means of strengthening the surviving network and consolidating it, therefore increasing general profitability and efficiency.
Tim Wentworth, CEO of Walgreens, expressed in a June 27 statement that while the exact number of store closures has not been finalized, the goal is to facilitate a “business turnaround for the Walgreens that our customers and patients need.” This strategy aims to enhance the company’s presence in the retail pharmacy market by focusing resources on more profitable locations.
Customers might find less Walgreens locations in their areas as the retail pharmacy sector evolves, therefore changing the way and where they get their drugs and other health-related products.