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Walgreens Boots Alliance (WBA), a global leader in retail pharmacy, has announced the closure of 300 Boots stores in the UK and a further 150 Walgreens branches in the US, according to BBC and Financial Times reports.
Speaking in a conference call to announce its financial results for the third quarter of fiscal 2023, the retail group reportedly claimed the move would allow it to “concentrate its team members where they are needed and focus investment more acutely in individual stores”.
“Similar to other retailers, we’ve been impacted by the rapid softening of the macro environment and a more cautious and value-driven consumer”, Walgreens chief executive Rosalind Brewer is quoted as saying.
Cost-conscious buying behaviour had apparently driven more customers to shop online and choose own-brand labels.
The streamlined Boots chain in the UK will reportedly benefit from a programme of refurbishments over the coming year.
Source: Financial Times / BBC
