Walgreens plans to close a “significant portion” of stores in the upcoming years as it attempts to deal with weak consumer spending.
The announcement comes weeks after the second largest drugstore in the US announced price cuts to more than 1,300 of their products.
Tim Wentworth, CEO of Walgreens Boots Alliance, spoke with the Wall Street Journal about the company’s latest struggles.
“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” he said.
Following in the steps of other retailers, the company announced reduced prices for 1,300 of their health and wellness, personal care, and seasonal products.
“Our customers have become increasingly selective and price sensitive in their purchases,” Wentworth said.
Wentworth didn’t reveal a specific number of stores the company planned to close, only that the company planned to close a “meaningful percent” of the 8,600 stores located in the US.
For employees who are affected by store closures, Wentworth said the company hopes to reassign them so the reduction in stores doesn’t result in a major loss of jobs.
I go to Walgreens all the time. I really hope the one by me isn’t impacted by this!
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