Walgreens is one of the most celebrated names in the retail pharmacy space, boasting innovation and convenience for its customers. However, in its latestWithout a doubt, inflation has struck Americans at all levels—from the rise in costs of groceries and food to skyrocketing housing payments and insurance rates. Consumer sentiment towards the retail space has been especially challenging, as individuals are starting to pullback on discretionary spending.
Despite these efforts, however, Walgreens discovered first-hand just how challenging it is to survive in the healthcare services space.
Indeed, labor shortages, inflationary burdens and the rising costs of healthcare are problems that all healthcare/retail institutions have faced in recent years. With economic headwinds afoot, employees are seeking higher wage pay and the competition to retain employees is stiff. Furthermore, expectations around work culture and work-life balance have also become a higher priority for many employees, often resulting in higher rates of turn-over.
Despite all of the negativity, however, Walgreens remains a staple in communities. The brand still holds immense recognition worldwide, and the company has more than 8,000 stores. Regardless of the challenges, this ode to community impact and institutional legacy is what the CEO remains optimistic about: “Informed by our strategic review, we are focused on improving our core business: retail pharmacy, which is central to the future of healthcare.