Walgreens store closures: Walgreens is shutting down more than 20 stores this month. The big drugstore chain aims to increase its profits and close underperforming stores.
Walgreens has approximately 8,500 stores across the US; however, they have closed about 2,000 stores over the last 10 years.
Last October, Walgreens started a plan to close about 1200 stores across the United States over the next three years. In 2025, 500 stores will be shut down.
Many big stores have been closing locations since the COVID-19 pandemic. This is because more people started shopping online instead of going to physical stores. Another reason is that prices have increased, which makes it harder for people to spend as much as they used to.
Malls have also been losing popularity. According to research from real estate services firm Green Street Advisors, about 25% of the biggest malls in the US might close down by 2027.
Why is Walgreens Closing Locations?
According to the company’s CEO, Tim Wentworth, the ongoing closure of Walgreens stores nationwide is a part of their turnaround plan. He says that the plan will help the company make more money. It will also benefit customers in the long run.
One major reason why the big store chain is closing down is that more people are using online services like Amazon to get their medicine. This service has made it harder for Walgreens to make profit, especially as prices have been going up.
Walgreens reported a $3 billion loss in the last quarter of 2024. This is much higher than the $180 million loss they made in 2023. Wentworth said that only 6000 Walgreens stores are still making money. He also said that the company plans to focus on these stores and invest in them. This will help them serve customers better in the future.
Even though Walgreens recorded a big loss, the sales that the company made for the fourth quarter were $37.55 billion. This amount is 6% higher than what it made the year before. The $3 billion loss also includes the money set aside for legal settlements related to opioids.
Walgreens Locations Set to Close in June
In June, Walgreens will shut down stores in different states. They include:
California
- Salinas, N. Sanborn Road – June 25
Florida
- Jacksonville, Dunn Avenue – June 26
- Miami, NW 7th Avenue – June 25
Illinois
- Chicago, N. Sheffield Avenue (Northstar Health Care) – June 23
Massachusetts
- Brockton, Pleasant Street – June 23
- Fall River, S. Main Street – June 26
- Gloucester, Eastern Avenue – June 23
- Springfield, Boston Road – June 24
- Swansea, Wilbur Avenue – June 23
- Webster, Main Street – June 24
- Worcester, Grafton Street – June 25
New Jersey
- Pleasantville, N. Main Street – June 23
New York
- New York City, Lexington Avenue (Duane Reade) – June 24
- Syracuse, Genesee Street – June 26
North Carolina
- Durham, Broad Street – June 24
- Raleigh, Wake Forest Road – June 26
Ohio
- Garfield Heights, Turney Road – June 24
- Reynoldsburg, Brice Road – June 10
Washington
- Bremerton, State Highway 303 NE – June 23
West Virginia
- Clendenin, Elk River Road N. – June 25
- Follansbee, Main Street – June 11
- Mullens, Moran Avenue – June 23
- New Martinsville, 3rd Street – June 10
- Oceana, Cook Parkway – June 26
- Whitesville, Lewis Street – June 24
Stores That Have Already Been Closed in 2025
Walgreens has already closed many stores in 2025. Below is a list of locations that have been shut down:
California
- Hayward, Jackson Street – May 22
- Los Gatos, Blossom Hill Road – May 22
Colorado
- Lakewood, W. Jewell Avenue – May 22
Connecticut
- East Hartford, Silver Lane – May 20
- East Haven, Main Street – May 22
- New Britain, Stanley Street – May 19
- New Milford, Danbury Road – May 21
Florida
- Jacksonville, Soutel Drive – May 19
Georgia
- Decatur, Hairston Road – May 22
- Lawrenceville, Old Norcross Road – May 19
- Macon, Mercer University Drive – May 21
- Snellville, Hewatt Road – May 20
- Stone Mountain, Memorial Drive – May 19
Indiana
- Indianapolis, E. Thompson Road – May 20
Maryland
- Essex, Marlyn Avenue – May 20
Massachusetts
- Framingham, Waverly Street – May 19
- Lakeville, Main Street – May 21
- Peabody, Andover Street – May 20
- Salem, Boston Street – May 19
New Jersey
- Cherry Hill, Kings Highway N. – May 19
New York
- Brooklyn, 5th Avenue – May 21
- Middletown, Fitzgerald Drive – May 21
North Carolina
- Richlands, Richlands Highway – May 21
- Sanford, Spring Lane – May 20
Pennsylvania
- Norristown, DeKalb Pike – May 19
- Southampton, 2nd Street Pike – May 22
- West Chester, E. Street Road – May 22
- Wyncote, W. Cheltenham Avenue – May 15
Texas
- Dallas, Camp Wisdom Road – May 21
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Walgreens Store Closures: Word on the Street
The CEO of 9i Capital Group and host of the 9innings podcast, Kevin Thompson, stated some things in an interview with Newsweek. He said that Walgreens is just the latest company to struggle in the private equity world. He said the company’s plan is all about cutting costs, closing stores that are not doing well, and making more money for investors.
Drew Powers, the founder of Powers Financial Group, also said some things about Walgreens closing stores. He said that not long ago, it felt like there was a Walgreens on every corner. However, fewer people are visiting Walgreens because larger stores and online outlets are also offering pharmacy services.
Powers also added that Walgreens has faced problems like lower sales, stricter rules, lower payments from insurance, and higher staff costs. In the last few months of 2024, Walgreens lost $3 billion. While they can survive for a little while, the only way they see to fix things is by closing more locations.
Alex Beene, a financial literacy teacher at the University of Tennessee at Martin, also shared his opinions. Beene said that Walgreens is dealing with the same challenges as many other big stores. Prices are going up, and online stores are giving them more competition, especially with groceries and medicine. Some Walgreens stores are not making enough money, so after trying to fix things for a few years, the company has decided to close those stores.
What’s Happening Now
Thompson said that more Walgreens stores might close soon. He warned that people should get ready for fewer nearby stores, longer trips to get their medicine, and in some places, no local pharmacy at all.
Powers said Walgreens is not the only one facing problems. Many other pharmacies are struggling too. He explained that it is not just about Walgreens. Other pharmacies will probably have to make tough choices and may also close some of their stores in the future.