The grim reaper — or the economy, in this instance — is claiming more jobs and brick and mortar locations.
Walgreens just announced that they will close 1,200 locations due to inflation, rising operating costs and deflating revenue.
That is 1 out of every 7 of their locations in America. That is rather shocking.
Walgreens stock is also down 70 percent in the past year. They have been struggling lately, having to close multiple locations for the same reasons. Now, they have to tighten the belt even more and close 1,200 more locations.
They still have a large footprint in the drug store space, as both CVS and Rite Aid have also had to shutter locations recently.
Neil Sanders, retail analyst and managing director at GlobalData Retail, told CNN that: “Walgreens spent years building its business through acquisitions and neglected the fundamentals of its stores and its retail operations. That has pushed a lot of outlets into a position where they are losing sales and are not generating a return.”
What is happening is that people are now able to get their prescription drugs through the mail through outlets like Amazon, where they not only get dropped off at their door, but for a cheaper price.
The prescription drug industry as a whole in America generates over $600 billion per year. That is now getting split up between way more fish in the pond.
It used to just be a local drug store could take care of you. Then, it boomed into the large retail brick and mortar stores. Now, online companies, and large corporations like Walmart are grabbing their fair share of the pot and stores like Walgreens are taking the hit.
23 Country Stars With Their Own Bars + Restaurants
Of all of the side hustles country artists could partake in, opening a bar or restaurant is the most fitting — and very common. After all, many of these stars got their start on a barstool, tip jar nearby, playing their music for anyone who would listen.
These places feel like home for many of these singers. Over the years, several artists have gotten into the bar or restaurant game, and for a select few, brands have turned into franchises with several locations and/or concepts — we’re looking at you, Jimmy Buffett!
Let’s take a look at the country star food and entertainment venues that have opened over the years.
Gallery Credit: Jess
In Memoriam: Country Stars Who Died in 2024
Take a moment to remember the country artists, songwriters and industry members who died in 2024.
Gallery Credit: Carena Liptak
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