Pharmacies should, in theory, be a reliable business. Seven in 10 Americans take some sort of prescription medication, creating a huge stream of potential revenue: Pharmaceutical expenditures in the US hit $722.5 billion in 2023. What's more, many pharmacies serve as a convenient destination for all sorts of essentials, from aspirin to mascara. They are, in a sense, one of the last places where Americans go to shop in person on a regular basis. Despite these advantages, even pharmacy megachains are struggling to survive in the current environment. Last week, Walgreens announced it would be closing 1,200 stores over the next three years, saying that some 25% of its outlets weren't profitable. Its rival CVS, which has shuttered hundreds of stores over the past few years, announced this month that it planned to shed nearly 3,000 jobs to cut costs. Rite Aid, meanwhile, closed a slew of stores after filing for Chapter 11 bankruptcy protection in late 2023. Even in pharmacies that remain open, there's often next to nothing inside the store. Read more about the end of convenience on BI: https://lnkd.in/eXAu98rt #pharmacies #walgreens #cvs #riteaid #retail
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