Walgreens to shutter 1,200 locations in latest sign of ailing Harris-Biden economy

Walgreens is the latest drugstore chain to fall victim to an ailing economy.

The retail giant announced on Tuesday that it plans to close a whopping 1,200 stores as it struggles to keep up with rising thefts and costs, and a customer base that is turning to online retailers to fulfill their medical needs at lower prices. However, the closures are also prompting renewed concerns about access to healthcare and medication among underserved communities.

In the last few years, drugstores received a much-needed boost in the form of COVID and flu vaccines, and medical supplies. As the need for their services wanes, however, stores such as Walgreens, CVS, and RiteAid are forced to rethink how their business fits into an ever-changing world.

In fact, CVS recently came to the end of a plan to close 900 stores of their own, and RiteAid is down to approximately 1,300 locations after filing for bankruptcy. Leaders in the industry are trying to figure out where they can go from here, with scaled-back versions of their operations.

GlobalData managing director of consulting and data analysis Neil Saunders said ultimately, it comes down to what kind of value the business is providing.

“They’ve really got to rethink how they do business and, most importantly, what they mean and what value they bring to the customer.”

Walgreens did not give any indication of which stores they are planning on shuttering, but they will be prioritizing the elimination of poorly performing locations as well as areas where their leases are getting ready to expire.

CEO Tim Wentworth did have some good news, though, telling analysts that despite the shocking move, 6,000 of the business’s stores are still performing well and they will be investing in those stores moving forward.

“This solid base supports our conviction in a retail pharmacy-led model that is relevant to our consumers, and we intend to invest in these stores over the next several years,” he explained.

X users weighed in on the decision, with many blaming Democrats as well as President Joe Biden and Vice President Kamala Harris for the downturn:

When Democrat lawmakers allow people to steal, this is what happens.

Retailers can’t survived in this environment. pic.twitter.com/uZEsfyeeZE

— Oddball (@wokathorianism) October 16, 2024

We are living in the greatest economy, we just don’t know it according to dems

— Tapas (@Tapas1776) October 16, 2024

The reason they gave was “difficult operating environment”. What do you think that means?

— helen henning (@helenckh) October 16, 2024

Add this to the growing list of stores closing in this amazing economy.
I guess we’ve been lied to forever, store close in great economic times, open in hard ones.
I feel so embarrassed.

— Elon Made Me Join (@ElonJoin839) October 16, 2024

More store closures? But the Biden/HARRIS economy is going so well…

— Sassitude (@LoveLaughChaos) October 16, 2024

I was told the Biden/Harris economy was great tho.

— ꜰɪɴᴀʟ ᴄᴜᴛ ᴛɪʟᴇ (@TrumpsTileGuy) October 16, 2024

The economy is great!

— The Populist Mad Ox (@TheRealMadOx) October 16, 2024

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