News » Pharmacy Owners' News » Boots to close 300 stores
June 29th 2023
Boots will close 300 stores in the UK and a further 150 Walgreens branches in the US over the next year, financial analysts were told this week by parent company Walgreens Boots Alliance.
The company said it was seeking to “optimise” locations. James Kehoe, executive vice-president and global finance chief, told the Financial Times that the pharmacy group had slashed its earnings forecast for the year amid weakening demand for Covid-related products and said consumers were more “cautious and value-driven”.
In the UK, the main closures over the next year will be stores that are close to each other. Exact locations have not yet been announced.
Community Pharmacy England chief executive Janet Morrison said: “It is no surprise to hear that another multiple is looking at consolidations: this trend is reflective of the very difficult current trading conditions within community pharmacy. While consolidations can make a difference across large networks, smaller and medium-sized businesses are having to look at other options in the struggle to make ends meet.”
