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Online Competition

Business
Walgreens To Close 1,200 Stores Walgreens To Close 1,200 Stores
Walgreens To Close 1,200 Stores Walgreens plans to close about 1,200 stores over three years amid a decline in prescription drug payments and a rise in online competition. About 500 closures will come in 2025, the company announced in a statement released Tuesday morning, Oct. 15. Specific sites for store closures were not announced. Walgreens said its operating loss in fiscal 2024 was $14.1 billion, an increase of 104.5 percent compared to the year-ago period. Retail sales decreased 3.5 percent compared with the year-ago quarter, "reflecting a challenging retail environment and continued channel shift," Walgreens s…

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by Joe Lombardi
Business
Route 1 Lowe's Store To Close Amid Restructuring Route 1 Lowe's Store To Close Amid Restructuring
Route 1 Lowe's Store To Close Amid Restructuring An area Lowe’s location will be shutting down as the company announced that it will be shuttering the doors of 51 stores in the United States and Canada. On Monday, Lowe’s announced that it would be closing dozens of underperforming stores as part of a “strategic reassessment,” including the location on Route 1 (Boston Post Road) in Orange. The company has cited difficulties in dealing with online competition as a reason for refocusing their retail plan. "The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business," said CEO Marvin Ellis…

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by Zak Failla