(15 Oct 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Atlanta – 15 October 2024
1. Exterior of closed Walgreens
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
++PARTIALLY COVERED BY SHOT 1 and 3++
2. SOUNDBITE (English) Neil Saunders, Managing Director of GlobalData:
"unfortunately, drugstores have increasingly become destinations for nothing because a lot of the things that we used to use them for convenience, top up purchases for general merchandise, a few beauty things here and there, for prescriptions. You can now do those things online or at many other retailers like dollar stores, which have expanded into the territory of drugstores."
ASSOCIATED PRESS
Atlanta – 15 October 2024
3. Store Closed’ sign on door
4. Exterior of Walgreens
5. grocery aisle
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
++PARTIALLY COVERED BY SHOTS 4,5, AND 7++
6. SOUNDBITE (English) Neil Saunders, Managing Director of GlobalData:
I think one of the biggest challenges is really economic pressure on the prescription business. I think reimbursements have really gone down and it’s much more difficult to make money from that segment. But then on top of that, you have a host of other things, including the retail side of the business, where for many years sales have been in decline and margins have been under pressure. So the business of running an actual drug store has become much more difficult financially."
ASSOCIATED PRESS
Atlanta – 15 October 2024
7. Walgreens curbside pickup
8. Exterior of Walgreens
9. ‘Store Closed’ sign
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
++FULLY COVERED BY SHOTS 7 THROUGH 9++
10. SOUNDBITE (English) Neil Saunders, Managing Director of GlobalData:
"I think there is a place for drugstores, especially on the prescription side, especially on the health services side. People need those services. They need those products. And they will probably use drugstores to make them work. But drugstores have really got to think about how they differentiate and how they drive people in ."
STORYLINE:
Walgreens is planning to close around 1,200 locations, as the drugstore chain and its rivals struggle to define their role for U.S. shoppers who no longer look to them first for convenience.
Drugstores that once snapped up prime retail spots across the country are in retreat.
They’ve been battered by shrinking prescription reimbursement, persistent theft, rising costs and consumers who have strayed to online retailers or competitors with better prices.
Walgreens’ announcement Tuesday comes as rival CVS Health wraps up a three-year plan to close 900 stores and Rite Aid emerges from bankruptcy, whittled down to about 1,300 locations.
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