(15 Oct 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Atlanta – 15 October 2024
1. Various of exterior of Walgreens
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
2. SOUNDBITE (English) Neil Saunders, Managing Director of GlobalData:
"I think one of the biggest challenges is really economic pressure on the prescription business. So 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
3. Walgreens curbside pickup
4. Exterior of closed Walgreens
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
5. 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
6. Various of Store Closed’ sign on doors
ASSOCIATED PRESS
Scottsdale, Arizona – 15 October 2024
7. 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."
ASSOCIATED PRESS
Atlanta – 15 October 2024
8. Cleaning supplies aisle
9. SOUNDBITE (English) Douglas Bowman, Professor, Emory University Goizueta Business School:
"The current opinion amongst customers about, you know, the pharmaceutical drugstore sector is just one is it’s difficult to shop locked up items out of stocked items some understaffed stores. And then secondly, just the prices are high."
10. Grocery aisle
11. SOUNDBITE (English) Douglas Bowman, Professor, Emory University Goizueta Business School:
"One of the things that’s also going to be a consideration with fewer stores is are we going to get ourselves into a situation where we have, for lack of a better word, pharmacy deserts, where there’s, you know, sort of geographic regions in the US when they don’t have ready access to a local pharmacy."
11. Store aisle
STORYLINE:
Walgreens plans to close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround its struggling U.S. business.
The company said Tuesday that about 500 store closures will happen in its current fiscal year and should immediately help adjusted earnings and free cash flow.
Walgreens leaders said in late June that they were finalizing a turnaround plan for its U.S. business, and that push could result in the closing of hundreds of underperforming stores.
The company has been struggling for years with tight reimbursement for the prescriptions it sells as well as other challenges.
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