AXIOS August 2, 2024
Drug stores’ woes are working in favor of Amazon. CEO Andy Jassy on Thursday said that anti-theft measures in brick and mortar chains are helping to drive more customers to shop online and use Amazon’s pharmacy business.
Why it matters: Walgreens, CVS and Rite Aid are among big pharmacy chains that have been struggling to keep up with the changing economics of their industry and shifts in consumer behavior.
- Over the past few years, all three brands have closed hundreds of locations each, with Rite Aid also filing for bankruptcy last year.
Driving the news: Following the release of its earnings report on Thursday afternoon, Jassy told investors on a call that walking into pharmacies in cities now...
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