Is Walgreens Closing Store in 2023? It may dismay all the Walgreens shoppers that it is closing its doors. Walgreens announced it will close over 100 more locations by August 2024.
Yet, the drugstore already shuttered hundreds of its locations last year. The series of closures goes on and on every year.
According to reports, the company confirmed to close around 150 of its locations by 2024.
The parent company, Walgreens Boots Alliance, announced closing stores by August 2024, along with closing more than 300 Boots stores in the U.K.
Do you want to discover more about Walgreens and its closures? Then, please keep reading and stay with us till the end to learn everything you’ve ever wanted to learn about Walgreens.
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Is Walgreens Closing Stores In The U.S.?
Walgreens is not alone in closing its stores as CVS (the largest pharmacy in the U.S.) also joins it. As of March 2023, Walgreens planned to close two of its stores.
Both stores are located eight miles apart in Orlando, Florida. Moreover, the company provides customers the other stores to get shopped with.
For example – Customers who get their medications from closed S. Orange Blossom Trail. Now can get them at #5280 S. John Young Parkway.
Walgreens decided to shutter five locations in San Francisco in 2021. It also closed its stores in Illinois, Boston, New Jersey, California, and many more in the U.S.
The series of closures has been there for years and continues year after year.
After missing analyst profit expectations, the company slashed its earning forecast for the year. The news came that it increased the cost-cutting goal in the third fiscal quarter.
The company stated, “Walgreens is curtailing the business as the shares tumbled. The drugstore was hit hard by the Coronavirus pandemic… It significantly receded the sales of the Coronavirus vaccine and testing.”
Walgreens earned 4 U.S. dollars to 4.05 US dollars per share. It was higher the previous year, i.e., 4.45 US dollars, to 4.65 US dollars per share.
According to analysts, the range per share is adjusted to 4.44 US dollars for the fiscal year by the end of August.
The company’s CEO confirmed it plans to increase its cost management program.
It targets to raise its cost from 3.5 billion U.S. dollars to 4.1 billion U.S. dollars. In the fiscal third quarter, its profit dropped 59 percent to 118 million U.S. dollars, which ended May 31…
It adjusted for one-time gains and costs of 1 U.S. dollar per share. That estimated earning of 1.06 US per share. It means the company’s outcome did not fulfill the expectations.
The Illinois-based drugstore company generated 35.42 billion U.S. dollars in revenue. The result exceeded the expected revenue; analysts expected 33.79 billion U.S. dollars.
The result shocked everyone if we checked revenue this year compared to last year. At the same time, Walgreens’ shares tumbled by 7 percent.
Which Walgreens Stores Are Closing?
Listed below are the Walgreens locations that have been closed across the country.
- #1160 S Orange Blossom Trail Orlando closed on March 20, 2023.
- #190 S Orange Avenue Orlando closed on March 30, 2023
- #1310 S. Fifth St., Springfield, closed on March 29, 2023
- #611 South Grand Avenue closed on February 2017
- # Brooks Avenue closed on November 7, 2022
- #Dunkirk, New York, closed on November 11, 2022
- #800 Woodlane Rd. in Westampton, New Jersey, closed on March 2020
- #1001 Berlin Rd. in Lindenwold, New Jersey, closed in 2020
- #360 Essex St. in Hackensack, NJ, closed in 2020
- #7544 S. Stony Island Avenue, Chicago
- #934 W. Diversey Ave, Chicago
- #7652 W. Touhy Ave, Chicago
- #3798 S. Western Ave, Chicago
- #11104 S. Michigan Ave., Chicago
- #7221 Lemont Rd, Downers Grove
- #540 25th Ave., Bellwood
- #688 Amersale Drive, Naperville
Of course, it is not a complete list of closed locations of Walgreens. It might not be possible to mention all of them here. So, here you can check a few of Walgreens’ closed stores.
Hundreds of locations have been closed, and some are slated to close in the future. Let’s see where Walgreens is heading!!
Why Is Walgreens Closing Stores?
Walgreens announced to close several of its stores throughout the U.S… The major reason for closing stores in California was:
The retail drugstore chain refused to dispense abortion medication in 21 Republican-dominated states. That’s why California decided to stop all of its locations with Walgreens.
In San Francisco, Walgreens closed its stores also. The company said, “We are closing stores due to organized retail theft.” It is reported that the area was covered with robbers. Due to this, robberies increased to five times in just a few months.
At that time, it grabbed national headlines. The matter of theft has been in the spotlight for months, So the company decided to shoplift in the city.
When San Francisco’s journalists, officials, and criminal justice experts raised questions. Regarding why Walgreens is making this move. The company revealed the main reason behind the closure was:
The stores were not generating enough revenue in the city as the city became saturated for months with Walgreens outlets.
The second-largest pharmacy in the country has been a point of contention for years. Reportedly, Walgreens has been found guilty of several affairs between 2008 and 2022. These are as follows:
- Drug Fraud
- It alleged to sell expired medical products.
- Misleading investors
- False Price Advertising
- Racial Discrimination
- Denying Medication to customers based on religious grounds.
- Overcharging State Medicaid Programs
- Overcharging For Generic Drugs
- Illegal Hazardous waste and confidential record disposal
- Defrauding the federal government through overbilling
- Unlicensed pharmacists employed
- Committing Wage Theft against employees
- Dispensing Incorrect Vaccines to preschoolers
- It also alleged an irresponsible distribution of oxycodone. It substantially contributes to the U.S. opioid crisis.
Who Is Walgreens Owned By?
Walgreens operates the second-largest pharmacy stores throughout the United States. The first largest pharmacy store is CVS Health.
Walgreens is an American company founded in 1901 by Charles Rudolph Walgreens. The largest Walgreens shareholder is the Vanguard Group.
It holds around 60 million shares of the total company’s shares. It offers health and wellness products, photo services, health information, and filling prescriptions.
Now, the company is headquartered in Deerfield’s Chicago suburb Illinois.
Later, In 2014, Walgreens merged with Switzerland-based Alliance Boots. The merger is now called Walgreens Boots Alliance. Walgreens retained Deerfield headquarters and traded on the NASDAQ with the symbol WBA.
A couple of years ago, the company was taken over by a federal jury and contributed to the opioid crisis. As of December 2022, Walgreens had nearly 9000 locations nationwide. It is believed that Florida has the highest number of Walgreens stores, i.e., 814 stores.
It specializes:
- Eye care products
- Home Tests and Monitoring, including the Coronavirus tests
- Pregnancy and Fertility products are also available. Including Prenatal and postnatal supplements
- Feminine Care Products
- Deodorant and Antiperspirant
- Personal Care Products
- Ear, Nose & Throat (ENT) Care Products
- Seasonal Products
- Contact Lenses
- Gift Cards
- Candy and Snacks
- House Essentials
- Pet Supplies
- Electronics and Office Supplies
- Foot Care Products
Regarding the history of Walgreens, it is reported that the company has been in the spotlight for years due to several disputes and controversies.
Is Walgreens Bigger Than Walmart?
However, Walmart and Walgreens both resemble each other. But still, both are different. Let’s focus on the features to find out which one is bigger, so, Here is your answer… Based on the revenue, the largest corporation around the world is Walmart. Walmart is much bigger than Walgreens. Despite having a similar name, the size is still different.
As of 2022, Walmart generated a revenue of over 500 billion U.S. dollars per year. While the Walgreens Corporation generated 150 billion U.S. dollars or less per year.
However, Walgreens offers a wide range of products and services. But is not comparably higher than Walmart.
Walmart is an enormous corporation in comparison to Walgreens. Whether in terms of revenue, services, or products.
As we all know, Walgreens is a drugstore and pharmacy. It only offers health and beauty products, prescriptions, stationery, and over-the-counter medications.
While Walmart provides every type of consumer product and service all around the world, Walmart is much bigger than Walgreens in terms of size, development, products, and every aspect. Walmart is to be compared with retail giant Amazon.
In a Nutshell, Walmart is 80 percent larger than Walgreens based on revenue.
What Pharmacies Are Like Walgreens?
Based on the number of locations throughout the United States… There are several pharmacies similar to Walgreens. The top three pharmacies include CVS Pharmacy, Walgreens, and Health Mart.
These three pharmacies comprise 71.66 percent of the largest ten pharmacies nationwide.
Let’s explore the top alternate pharmacies to Walgreens.
- CVS Pharmacy has more than 9,500 locations across 52 states and territories.
- Walgreens has 8,706 locations throughout the United States.
- Health Mart expanded its business and has more than 4,500 stores throughout the United States.
- Good Neighbor Pharmacy has 2,504 locations.
- GNC has 2,330 locations.
- Rite Aid has 2,169 Pharmacy locations.
- Safe Way Pharmacies has 746 locations.
- The Vitamin Shoppe has 693 locations.
- The Medicine Shoppe Pharmacy has 334 locations.
- Albertsons Pharmacy has 316 locations.
Final Thoughts On Walgreens Closing Stores
Yes, this year has proven to be an apocalypse for the retail and drug stores such as Walgreens, Walmart, CVS, etc.
There is a slow death of brick-and-mortar drug stores in the U.S.
Walgreens declared to shut over 100 of its drugstores by August 2024 across the country.
Walgreens was not simply a drugstore. Its stores are located everywhere that open all the time. They were no less than a blessing for customers who get prescriptions with.
Moreover, some of its locations offer Starbucks coffee, snacks, fruits, and other items. But now, the business is at stake, and it announced to close its several stores.
Besides, other companies also announced closures this year. Over 850 locations are reported to be closed by the end of 2023 across the United States.
