Walgreens is dramatically shrinking its retail footprint and revamping its front-of-store product mix in a bid to fend off competition from online and other rivals who've upended the pharmacy business. The moves announced on Tuesday reflect big chain pharmacies' challenge to revive their core businesses amid sluggish demand, workforce crunches and shrinking prescription payments. And it's not just Walgreens. After years of industry growth, CVS is eyeing a breakup of its massive business, and Rite Aid recently emerged from bankruptcy after shedding many of its locations. Walgreens CEO Tim Wentworth said on Tuesday the company is focused on simplifying and focusing the business, and sees both its stores and its digital channels as central to its strategy.
