Why CVS, Rite Aid, and Walgreens Pharmacy Are Closing Stores Across the U.S.
If you’ve noticed a lot of “closed” signs on your local Walgreens, CVS, or Rite Aid lately, you’re not alone. Over the past few years, these big chains have been shutting down stores left and right. Recently, Walgreens announced they would close 1,200 stores over the...
Why neighborhood pharmacies are closing in droves
CVS, Rite Aid, and Walgreens closures across the U.S. in recent years haven’t surprised industry experts, who anticipate more shutdowns as the industry adjusts and rightsizes itself. “We have been watching this car crash in slow motion for years,” George Hill, managing director and senior equity research analyst at Deutsche Bank, told FOX Business. CVS in 2021 announced plans to close 900 locations over three years, citing factors such as population shifts, consumer buying patterns, store density in communities, access to pharmacy services and future health needs. Two years later, Rite Aid filed for bankruptcy and quickly initiated a store optimization plan that...