Walgreens tops the list of retailers expected to shutter stores in 2018 with 600 slated to go out of business. The record-high rate of store closures that rocked the retail industry 2017 is expected to spill into 2018; there are more than 3,600 closures already on tap, according to an analysis by Business Insider.
Walgreens will close mostly Rite Aid locations, beginning this spring as it starts integrating stores purchased from the rival into its own fleet of some 8,100 locations.
The closures will take place over an 18-month period. The effort will cost $450 million, but the resulting cost savings will yield $300 million annually by the end of fiscal 2020, Walgreens Alliance Boots CFO George Fairweather said.
Starbucks announced in July that it will close its close to 400 Teavana stores by this year — the majority by spring. The closures include Georgia locations at North Point Mall in Alpharetta and the Mall of Georgia in Buford.
While some companies’ closures will take effect immediately, others could last several months or years before completion. The lists of stores to be closed for most retailers have not yet been released.
Read more at Business Insider.