Boots is set to close 300 of its shops across the United Kingdom within the next 12 months.
This decision comes as Boots’ parent company, Walgreens Boots Alliance, reported strong retail sales and overall growth.
While the specific stores affected have not been disclosed, the company has stated it will consolidate branches located in close proximity to each other.
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Once the closures are complete, there will be 1,900 Boots branches remaining in the UK.
Fortunately, it appears job losses will be minimal, as staff members from the closing stores will be offered employment opportunities at nearby Boots locations.
The majority of the stores being closed are situated within a three-mile radius of each other.
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Walgreen Boots Alliance recently announced Boots experienced a notable growth of 13.4 percent in the third quarter of the financial year, compared to the previous year.
The company also saw a consistent increase in market share over the past nine three-month periods. Overall sales in Boots UK grew by 10.2 percent.
The rise in online sales surpassed the growth in physical store footfall, indicating a shift towards online shopping rather than traditional brick-and-mortar stores.
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Boots.com witnessed a significant increase of 25 percent in sales compared to the previous year, constituting 14 percent of the total retail sales.
Concurrently, footfall increased by seven percent from the third quarter of the previous year to the current year.
However, despite the positive sales figures, Walgreens Boots Alliance adjusted its yearly earnings forecast downward.
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The company cited customer caution in spending and a preference for value-driven purchases due to high inflation.
Just over a year ago, Walgreens Boots Alliance abandoned its plans to sell the UK chain of pharmacies, indicating a renewed commitment to the Boots brand.
In May of this year, Michael Snape, the chief financial officer of Boots, resigned after serving in that role for nearly five years.
