CVS is cutting costs, Rite Aid's shelves are empty and Walgreens is closing stores as retail pharmacies across Los Angeles and the country face a challenging retail environment and pressure from insurance company intermediaries.
These are tough days for pharmacy chains. From Gardena to Venice to Koreatown, storefronts that used to be Rite Aid drugstores sit empty. On Lincoln Boulevard, the outline of the Rite Aid logo can still be seen above shuttered doors.
CVS slashed its financial outlook and embarked on a $2-billion cost-cutting plan in early August. The company has also been closing locations since 2021, when it announced a realignment plan that would close 900 stores over three years. CVS is on track to finish its store closures by the end of this year. After the closures, 85% of U.S. residents will still live within 10 miles of a CVS, said Amy Thibault, lead director of external communications for the company.
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