Pharmacies Shut Their Doors: What's Happening?

You know those neighborhood drug stores you've always gone to? Well, many are shutting down, and it's not just one or two. Walgreens is planning to close 1,200 stores. CVS is not far behind, closing a total of 1,144 stores between 2018 and 2023. Even Rite Aid is struggling, announcing the closure of up to 500 stores. So, what gives? One big reason is that these stores expanded too quickly in the past. They thought having more locations would bring in more customers. However, things have changed. People's shopping habits are different now. They buy more stuff online, and when they do go to stores, they often choose big places like Walmart or Costco.Another problem is that drug stores make a lot of money from filling prescriptions. But recently, the companies that handle prescription drug payments have been lowering what they pay pharmacies. This means pharmacies are making less money, even when they're filling lots of prescriptions. It's like getting paid less for the same work. Stealing is also a problem. Many drug stores have had to deal with more theft since the pandemic started. Some stores have even had to lock up items or close altogether because of it. But stealing isn't the only issue. Some of these stores tried to grow by adding doctors' offices, but that didn't work out. All these problems are making it hard for these drug stores to stay open. The CEO of Walgreens even said that the current way drug stores work isn't sustainable. It's not just the stores that suffer when they close. People, especially older ones or those with low incomes, might have to travel farther to get their medicine.