Huge Retailer With Idaho Locations Plans Mass Closure of 1200 Stores
In 2024, pharmacies have become a place where you can pick-up a lot more than just prescription and over the counter medications. Many offer everything from grocery staples and office supplies to gift wrap and small electronics. Is that business model working everywhere?
One pharmacy chain isn’t so sure. As we’ve previously reported, Walgreens has been struggling since the demand for COVID-10 testing and vaccines dropped. The people in the corner office also think that their customers were pulling back on spending due to economic uncertainty.
READ MORE: Bankrupt Retailer Will Officially Close Its Location In Boise For Good
During the summer of 2023, they planned to stop some of the bleeding by closing at least 150 of their locations. Apparently, that didn’t produce the results they hoped it would. A year later, the pharmacy chain revealed in an earnings call that they were planning to close about 25% of their remaining United States locations, but wasn’t prepared to announce an exact number of stores at the time. They did, however, confirm to Good Housekeeping that they planned on performing the closures over the span of three years.
The pharmacy chain just released its earnings report for Fiscal 2024 and while sales were up about 6.2% from the previous year, they’re still planning to cut underperforming locations. This time the earnings report DID include the number of closures they’re aiming to make. Over the next three years, they plan to cut about 1,200 stores, including approximately 500 during the company’s 2025 fiscal year which started in September.
At this time Walgreens has NOT released which locations are closing, but we wouldn’t be surprised if Idaho lost one or more of the over 35 stores that they operate in Idaho. They have several locations that are in close proximity to another Walgreens location.
In Meridian, there’s a location on Eagle Road and one on Fairview that are about two miles from each other. In Boise, the newer store on Broadway is about 2.3 miles away from the Apple Street location near Axiom. Walgreens closed a third location in that neighborhood in February. There used to be a location on Federal Way, which was two miles from the Apple location and three from the Broadway one.
If you’re a real retail nerd, we recommend keeping an eye on this Walgreens Real Estate page. Most of the locations listed for “sublease” have appeared to close permanently. You’ll notice the Federal Way location isn't there and that’s because it appears a new tenant is getting ready to move in. Public records show that Napa Auto Parts has filed for a permit to do interior demolition and rebuild the building at 3395 S Federal Way into an auto parts store.
It's tough to predict what a vacant pharmacy may become. A location that used to be on State Street near Horseshoe Bend Road became a Dollar Tree. Idaho Fitness Factory took over a vacant Rite-Aid at Eagle and Victory. D&B Supply is expanding their Southeast Boise location into the space left vacant by the old Boise Ave Rite-Aid. So, even if we lose a Walgreens or two, don't expect those locations to stay empty long.
KEEP READING: 13 Big Brands That Are Closing Idaho Locations in 2024
Gallery Credit: Michelle Heart
Businesses the Boise Area Lost in 2024
Gallery Credit: Michelle Heart