Walgreens closing stores?

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Just four joys

United States

#1 Dec 23, 2012
Just heard a rumor that maybe the store I work at may close. This came from a property management employee. Also, appearently we owned our location, but now we are paying someone rent according to our operating statement. Our location is about 9 yrs old.
Just four joys

United States

#2 Dec 23, 2012
Anyone hear anything similar?
Bubba

Hollywood, FL

#3 Dec 23, 2012
How old is your store? Freestanding or is it located in a strip mall?

Since: Mar 12

Location hidden

#4 Dec 23, 2012
It could be a relocation.
LarrySellars

Scottdale, PA

#5 Dec 24, 2012
What is your RX average? We've heard rumors of underperforming stores that are established being closed
WAG this

Marion, IN

#6 Dec 24, 2012
Very rarely are stores closed. They either have to really, really underperform or most likely it's a relocation. Occasionally, it'll happen to a performing store when they can't come to an agreement with an overly greedy landlord and a relocation nearby isn't a possibility.
Gametime

Sarasota, FL

#7 Aug 29, 2013
WAG this wrote:
Very rarely are stores closed. They either have to really, really underperform or most likely it's a relocation. Occasionally, it'll happen to a performing store when they can't come to an agreement with an overly greedy landlord and a relocation nearby isn't a possibility.
What would you consider underperforming??? There is a Walgreens that annual sales are just under $2 million and I haven't a clue how they make a profit there.,, depressed area and they have two other Walgreens 1+ miles away and in another direction another 2 miles away.

Would you think that is going to be closed when there lease option ends?
thespaz

United States

#8 Aug 29, 2013
Even if Wag owns the location it pays rent to the real estate division.
WAG this

Saint Petersburg, FL

#9 Aug 31, 2013
Gametime wrote:
<quoted text>What would you consider underperforming??? There is a Walgreens that annual sales are just under $2 million and I haven't a clue how they make a profit there.,, depressed area and they have two other Walgreens 1+ miles away and in another direction another 2 miles away.

Would you think that is going to be closed when there lease option ends?
While it may seem that they couldn't possibly make a profit there, you don't know what they pay for rent (or real estate). If the area is that depressed, and they have been there a king time, they could be renting there for next to nothing. Also, the city might be subsidizing them so they they stay there. It happens often so that residents of low income areas have access to healthcare providers when others have pulled out. We have a few locations that I can think of in our market that fill less than 40 scripts daily, but they won't close them. There are no competitors nearby and they are the old strip mall type stores. Rent is low, sales are low, and they are unprofitable. However, they are bargaining chips. The city / county grant other leases / zoning for WAG because they keep these locations open to help all citizens.
thespaz

Columbia City, IN

#10 Aug 31, 2013
These low income areas is where they should of.focused on the clinics. They also should of focused on rural under served Towns.
Daniel

Vancouver, WA

#11 Mar 24, 2014
i want to buy a Walgreens with 3 years left on first 20 years lease.After that there are 6 five(5) years lease options.How do i know if this location will be closed or relocate

Since: Oct 12

Location hidden

#12 Mar 25, 2014
They reported earnings this morning and announced that 72 stores will be closing.

Since: Jan 14

Location hidden

#14 Mar 25, 2014
I think it is 76 stores being reported as closing in the second half of 2014.
http://online.wsj.com/news/articles/SB1000142...
wag

Rochester, IN

#15 Mar 25, 2014
I've been told DMs will be going to stores that dont post a profit and come up with a 1 to 3 year plan and if they dont improve, they will be closed
Altec Lansing

San Antonio, TX

#16 Mar 25, 2014
"Walgreen Co., the nation’s largest drugstore chain, said it will close 76 unprofitable stores around the country in the second half of the fiscal year.

The Deerfield, Ill., company has 8,210 stores nationwide, or 138 more than a year ago. Of those, 638 stores are in California.

In the chain’s western region, which includes a dozen states, 14 stores are set to be shuttered. But Walgreens declined to specify which stores would close, saying that it would notify affected stores in the coming months.

“We won’t be confirming those locations until we’ve notified employees at the stores first,” said spokesman Michael Polzin."
MNbum

Madison, WI

#17 Mar 25, 2014
Wags never owns their building they always lease. That way they can leave when they want to.
It's also how they have stayed profitable. I don't think I would take the chance to own one of their buildings. They don't pay their subcontractors (meaning floor cleaning companies ....) on time and they are cutting employee wages and employees.
Does that sound like a company to invest in?

Since: Jun 12

Location hidden

#18 Mar 25, 2014
DAMN IT I want to read that whole story but I'll be damned if I am going to pay to read it!!!!!!!
Mike

Griffin, GA

#19 Mar 25, 2014
Our Atlanta district has plenty of stores to pick from and we are on the low end of those that lose money . Add to the fact we are within of 2 miles of another store. You think you have plenty to worry about working for a large chain and then the next shoe drops geesh!

Since: Jun 12

Location hidden

#20 Mar 25, 2014
I did find another story about it on the Chicago Tribune's website..............

Since: Apr 13

Location hidden

#21 Mar 26, 2014
MNbum wrote:
Wags never owns their building they always lease. That way they can leave when they want to.
It's also how they have stayed profitable. I don't think I would take the chance to own one of their buildings. They don't pay their subcontractors (meaning floor cleaning companies ....) on time and they are cutting employee wages and employees.
Does that sound like a company to invest in?
Walgreens does own the majority of the first 5000 stores built. 5000-8000 are when they started leasing stores

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