Walgreens and CVS drugstores are going through rounds of closures, and thousands of other independent drugstores have shuttered in recent years.
Walgreens and CVS are going through rounds of closures, and thousands of other independent drugstores have shuttered over the past five years.In response, the companies are trying out new, mini stores that focus on health and wellness.
"Everyone looks at health care and says, 'Oh yeah, it's a market that's ripe for disruption,'" said Neil Saunders, managing director of consulting and data analysis firm GlobalData. "But it isn't easy to disrupt."Walgreen's is dropping prices on more than 1,500 items, following similar cost moves by Target and Walmart.
The stores have struggled with increased competition from Amazon and lower-price options like Walmart or Dollar Tree. They're also dealing with theft, growing costs and thinner prescription reimbursement. Saunders notes these stores are less expensive to run and allow the company to serve areas without enough people to support a bigger store.
But King also said he misses being able to shop for things like toiletry items that can be found at bigger stores.
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