Boots is expediting its store closure plans, with 300 more branches expected to shut down by the end of summer 2024. This move follows an earlier announcement in June 2023 by Walgreens Boots Alliance (WBA), the pharmacy chain's parent company, outlining plans to close a total of 650 Boots stores in the UK to achieve cost savings of approximately £618 million.
By May 31, 2024, Boots had already closed 581 stores, and the remaining closures are expected to take place in the coming months. The company has assured that these closures were part of the previously communicated plan and will not result in any additional pharmacy closures beyond the initially announced 300.
Tim Wentworth, CEO of WBA, cited a challenging operating environment, including pressure on US consumers and evolving market dynamics, as reasons for the closures. However, he emphasized the company's commitment to improving its core retail pharmacy business and identifying growth opportunities. Boots UK confirmed that it is on track to achieve its annual savings targets despite the closures.
While the closures reflect the changing landscape of retail and the impact of the pandemic on consumer behaviour, Boots aims to streamline its operations and focus on its core business to ensure long-term sustainability.
