Not so long ago, the first question people asked about their local drugstores was whether they were open 24/7. Amid a wave of at least 2,000 nationwide drugstore chain store closures in recent years, many consumers now wonder whether there's a nearby pharmacy that can fill their prescriptions. As the big chains shutter their underperforming outlets, independent pharmacists are ready to fill the resulting medical and business void--if they can overcome the same challenges driving out bigger rivals.
Though many flagging drugstores saw something of a bounce-back during the pandemic thanks to the widespread adoption of anti-COVID-19 measures and broad demand for vaccinations, they're still reckoning with the obstacles that have marked the sector's preceding decade. Challenges include steady declines in the sales of non-prescription items (also called "front-end products"), from candy bars to over-the-counter medications, which were previously lucrative business drivers. The dividend-focused priorities of stores' corporate management, meanwhile, meant that franchises unable to contribute to ever-rising profit demands often saw budgets and staffs cut--or were closed outright.
And those were the relatively easy problems.
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