The shrinking footprint of the major drug store chains is having a major impact on both shoppers and the real estate market.
With Walgreens, Rite Aid and CVS all closing stores in urban, suburban and rural areas alike, consumers are put in a difficult situation. A recent report from Health Affairs found that more than 29% of the nearly 89,000 retail pharmacies in the U.S. that operated between 2010 and 2020 had closed by 2021.
This issue is of a concern to many people on different sides of the market universe. Unsurprisingly, the mavens of commercial real estate treat it with utmost attention, as we heard at a recent ICSC trade show in New York. They argue that the closures happen for a variety of reasons, but there’s one common thread to it: the operational problems were often neglected until they grew to the extent of being insurmountable, at a point when it was easier to close stores and write off the losses than to make a comprehensive retail store performance analysis and therefore, an effective effort to remedy the problem.
This problem as it is described by the industry experts, is not unique to just drug stores, and the key to avoid getting into the trap is to be proactive and conduct the ongoing store operations efficiency analysis, using the traffic fluctuations metrics as a guide.
Ticon, a data analytics and location intelligence company, is a renown expert in traffic fluctuation analysis. It recently added the operational efficiency analysis for retail performance management. Ticon’s new product is available with nationwide coverage and high granularity, at Ticon’s industry-leading accuracy and precision.
All this vitally important information is just a click away, at our website. You’ll find that working with Ticon is like having a full department of traffic engineers and data analysts working for you – only without the cost the big companies have to pay for this luxury.
Call us today and schedule a private chat to learn about your operational challenges – before they occurred.
