Biden’s Economy: Walgreens Announces Major Store Closures

President Biden’s economy has claimed another major victim: Walgreens. The retail pharmacy giant, which has been a staple in American communities for 123 years, is planning significant closures across its 8,600 stores nationwide. Walgreens Boots Alliance CEO Tim Wentworth revealed that the company is evaluating approximately one-quarter of its locations and could close a “meaningful percent” of them.

“Retail pharmacy is central to our future and to our overall customer and patient experience. It enables many other things, but it has to change,” Wentworth stated, indicating a necessary shift in strategy amid current economic challenges.

Key Points

• Wentworth highlighted a surge in thefts from Walgreens stores, urging cities to invest in public safety to ensure the safety of customers and employees.

• The broader retail industry is struggling with inflation-weary consumers and a wave of bankruptcies, with nearly 3,200 brick-and-mortar stores announcing closures in 2024 alone, according to CBS News.

The situation for Walgreens mirrors a troubling trend for many American businesses. In mid-May, Newsweek reported that nearly 20,000 businesses warned they might not survive if President Joe Biden is re-elected. A survey from RedBalloon and PublicSquare revealed that nearly half of the 80,000 small businesses surveyed were uncertain about their survival prospects under another four years of Biden’s administration.

“It’s been a difficult three years for America’s small businesses,” said Michael Seifert, CEO of PublicSquare. “While many inside the Beltway may feel like things are good, that isn’t translating to Main Street America the frontlines of our small business economy.”

Closures

• Dollar Tree announced in March that it would close approximately 1,000 stores, including 600 Family Dollar stores in the first half of 2024 and 370 Family Dollar and 30 Dollar Tree stores over the next few years.

• Restaurant Brands International Inc., which owns Burger King, revealed plans to close 300 to 400 U.S. Burger Kings by the end of 2023.

These closures reflect a broader economic malaise impacting not just major chains but also small businesses across the country. The rising costs of goods, coupled with rampant inflation, have strained both consumers and businesses, leading to tough decisions and economic instability.

Walgreens’ decision to shutter a significant number of stores underscores the urgent need for a shift in economic policy. Ensuring the stability and growth of American businesses should be a priority, as the current trajectory under the Biden administration raises serious concerns about the future of the retail sector and the broader economy.

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