These 3 Pharmacy Chains Are Closing Stores in 2023 (Is Yours One of Them?)

Several pharmaceutical chains have announced plans to close stores, forcing some customers to find new places to fill prescriptions.

Is your favorite store among them?

Check out some of the national chains being impacted. You might soon need to find a new place to try to save on medications and reduce your money stress.

Walgreens recently announced that it plans to close a “significant” number of its 8,600 locations in the U.S. While no exact number was given, the announcement cited that around 25% of the chain's stores are considered unprofitable, potentially putting 2,150 locations on the chopping block.

Walgreens blames several factors for these mass closures, including inflation, theft from shoplifting, competition, and poor growth strategies.

This news follows Walgreens' announcement last year that it planned to close 150 stores sometime in 2024. 

Rite Aid also announced store closures in June as it restructures under Chapter 11 bankruptcy.

The company filed for bankruptcy in October 2023 to close underperforming stores and pay off debt. In April, it announced that it would close 154 underperforming locations and added 53 more to the list.

Most recently, Rite Aid announced that 27 locations in Michigan and Ohio would be added to the list of store closures due to its bankruptcy proceedings. 

CVS previously announced plans to close around 300 stores a year beginning in 2022 and ending in 2024. Thus far, the retailer appears to be proceeding with this plan.

The company cited store density as one reason for the closures, including plans to reduce the number of stores in some areas.

CVS also said it might create new store formats in some places. These stores would offer primary care or serve as a HealthHUB location, offering products and services for day-to-day health and wellness needs.

Some people get their prescriptions at the grocery store. When these grocers close locations, pharmacy services go with them.

For example, Walmart and Kroger have both announced store closures. If your favorite grocery store is closing, you might need to find another place to fill your prescriptions.

Even if your local pharmacy isn't closing, it might become less convenient to shop there. For example, Walmart has shortened its pharmacy hours due to staffing struggles at its locations. Walmart pharmacies are now closing at 7 p.m. instead of 9 p.m.

Walgreens, CVS, and Rite Aid locations have also announced they will be open for a shorter period than in the past. So double-check with your local store, as your pickup time might be impacted.

And it’s not just national chains that are feeling the pinch. According to the National Community Pharmacists Association, independent and local pharmacies are also experiencing staffing issues.

It can be challenging to find a new pharmacy if yours is closing, but there are other options that can help.

For example, a great Costco hack is to use the pharmacy at the retailer’s warehouse locations. You can take advantage of the retailer's pharmacy services even if you don’t have a Costco membership.

There are also several online options for getting your medications. Even if your local pharmacy is disappearing, you should still be able to fill the prescriptions you need.