Rite Aid closing 11 more stores (Total 780 since Oct.) --- CVS's 3-year 900 store closure plan winding down

Gaius · 2024-08-08T11:58:03.461Z

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Fox Business

CVS cuts outlook, plans $2B cost-cutting effort

CVS said Wednesday that it's launching a multi-year productivity initiative. It also cut its outlook for the year as its health care benefits segment continues to face pressure.

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pennlive – 7 Aug 24

Rite Aid to close 11 more stores

Since October, the company has announced in bankruptcy filings the closing of 780 stores.

SixFoot · 2024-08-08T11:58:42.481Z

Nemesis · 2024-08-08T12:17:25.308Z

CVS expanded massively in previous years but now with the purchase of Aetna in 2018 are focused on health insurance and their primary PBM business rather than retail.

Several years ago they announced an ongoing reduction of their retail store footprint by closing underperforming stores. These closures are nothing new.

PBM operations is where the real money is and they work with several major health insuranxe companies to provide the infrastructure for their PBM operations.

Gaius · 2024-08-08T12:20:01.665Z

Nemesis:

These closures are nothing new.

Correct it is part of an ongoing trend.
It is clobbering not just CVS and Rite Aid but retail in general.

One store closes: “Not news. don’t post it here.”
Hundreds and hundreds of stores close over a period of years: “Not news don’t post here.”

Nemesis · 2024-08-08T12:24:33.460Z

Retail has been in decline for years for CVS, Walgreens etc. This is why they set up clinics in their stores, this is where the money is compared to selling overpriced groceries.

I use my CVS just because it is so convenient for me to pick up things like milk etc when we find ourselves out but I pay nearly double at CVS compared to Kroger or Walmart.

Gaius · 2024-08-08T12:50:22.908Z

Yes the whole neighborhood market concept is dying.
I dunno, lame it on theft

Ya wanna shop these days? Either do it online, or drive and drive and go to Walmart.

And yet only a few years so many more stores were able to stay open.
(The definition of stores closing means they were once open.)
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Meanwhile here is the broader retail picture (7% decline in 18 months.)

Hopefully you will not judge this “too long a period to count” nor “too short a period to count.” Perhaps if you considered the facts and then reached an opinion we would agree more.

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Gaius · 2024-08-08T13:10:28.315Z

Looks like this list could use some updating.
It does not include Conn’s (closing all 146 stores)
and it includes an earlier number from Big Lots (Actually closing all 300+ stores)
And of course, Rite Aid is closing 780 (incl those announced in Oct.)

Point is: What we are witnessing is not just 2-3 drug store chains.

Full List of Over 3,000 Stores Closing Their Doors in 2024

Family Dollar and Dollar Tree 620
Rue21 540
99 Cents Only Store 371
CVS 315
7-Eleven 272
Rite Aid 165
Express 105
Walgreens 77
Macy’s 51
The Body Shop 51
Soft Surroundings 43
Sleep Number 40
Burlington Stores 39
Foot Locker 36
Foxtrot and Dom’s Kitchen & Market 35
Carter’s 30
Abercrombie & Fitch 22
Sam Ash Music 18
Outdoor Voices 16
Signet Jewelers 14
Big Lots 13
Ashley 13
Dollar General 12
H & M Hennes & Mauritz AB 10
Allbirds 10
American Freight 10
Best Buy 9
Mainline Pharmacy 9
Alimentation Couche-Tard 9
Ross Stores 9
The Children’s Place 8
American Eagle 8
The Room Place 8
Genesco 8
Urban Outfitters 8
Walmart 8
Skechers 8
Forever 21 6
Williams-Sonoma 6
Anthropologie 6
Bath & Body Works 5
WHSmith 4
B2 Outlet Stores 4
Aldi 4
Casey’s 4
Dollar Tree 4
Dick’s Sporting Goods 4
Save A Lot 4

Full List of Over 3,000 Stores Closing Their Doors in 2024

Nemesis · 2024-08-08T13:19:00.407Z

It is and obviously the big boys like Walmart and online shopping are the biggest contributors.

We shop at Kroger online and either get groceries delivered or pick them up. Like many people do. For none foodstuffs its Amazon.

We hardly set foot in stores these. My daughter is over from England and wanted to go to the mall. I tried to warn her. She said its sad that each year the mall becomes less and less relevant. She also commented on the number of empty spaces and proliferation of vape /delta 8 stores .

Gaius · 2024-08-08T13:22:12.794Z

Nemesis:

and proliferation of vape /delta 8 stores

Interestingly (and yes you are correct hard hit consumers are flocking to discount stores)

Malls are in the toilet
commercial real estate is in the toilet
But the one related subsector that is doing well is “strip malls without an anchor.”

So yes, vape stores tattoo shops and such may or may not be making money, butter is plenty of money sloshing around financing attempts at opening them.

Nemesis · 2024-08-08T13:31:54.522Z

Gaius:

Nemesis:

and proliferation of vape /delta 8 stores

Interestingly (and yes you are correct hard hit consumers are flocking to discount stores)

Malls are in the toilet

commercial real estate is in the toilet

But the one related subsector that is doing well is “strip malls without an anchor.”

So yes, vape stores tattoo shops and such may or may not be making money, butter is plenty of money sloshing around financing attempts at opening them.

Yeah you mentioned strip malls previously and I was really surprised to see them doing so well. Anecdotal but many of the strip malls here in Indy look quite pathetic. Though a few are rocking it out.

Specialty is where its at right now. My mate has a lego store and that has customers coming from all over the state and out of state.

Impenitent · 2024-08-08T14:39:33.485Z

Gaius:

Nemesis:

and proliferation of vape /delta 8 stores

Interestingly (and yes you are correct hard hit consumers are flocking to discount stores)

Malls are in the toilet

commercial real estate is in the toilet

But the one related subsector that is doing well is “strip malls without an anchor.”

So yes, vape stores tattoo shops and such may or may not be making money, butter is plenty of money sloshing around financing attempts at opening them.

are you saying that investing in toilet manufactures could be lucrative?

Gaius · 2024-08-08T15:26:56.282Z

Impenitent:

Gaius:

Nemesis:

and proliferation of vape /delta 8 stores

Interestingly (and yes you are correct hard hit consumers are flocking to discount stores)

Malls are in the toilet

commercial real estate is in the toilet

But the one related subsector that is doing well is “strip malls without an anchor.”

So yes, vape stores tattoo shops and such may or may not be making money, butter is plenty of money sloshing around financing attempts at opening them.

are you saying that investing in toilet manufactures could be lucrative?

Actually, toilet sales are in the toilet too.
(Blame housing)

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So are sales at furniture stores.
(Blame the supply chain or some other non-Biden thing)

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So are sales at electronics and appliance stores (like Best Buy)
(Blame Obama, no wait blame Bush.)

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Honestly, I blame the Fed, but I don’t know with scientific certainty that I am correct to do so.
What I DO KNOW is that pretending “The economy is great! None of this is really happening,” is very very poor policy.