November 18, 2021, 11:10am
The drug store chain said it will close 300 stores a year over the next three years in order to reduce its density.
In the next three years, nearly one in 10 existing stores will close. [+] Olson/Getty Images
The images are from the same company.
The plan will result in almost 10% of existing stores closing.
New store formats will provide greater customer engagement, like enhancing its HealthHUB locations, which offer in-store medical screenings.
The price for the stock of the company was up more than 1% on Thursday.
"Our retail stores are fundamental to our strategy and who we are as a company," Karen Lynch said in a statement.
The key background.
About 300,000 people are employed by the largest drug store chain in the U.S., with nearly 10,000 stores. The number of stores has almost doubled in the past few years. The company has expanded its scope beyond drug stores, such as its acquisition of health insurance giant Aetna. The market cap of the company is more than $123 billion.
Surprising fact.
Walgreens will overtake CVS as the biggest drug store chain in terms of number of retail locations if 900 locations are closed. According to its website, Walgreens has 9,021 stores in the U.S.
The court made it 100% clear.
