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Nearly 10% of New York City’s drugstores have closed this year — a dramatic drop following a decade of retreats that has slashed their number by 40% as shoplifting continues to run rampant, according an explosive study.

The number of Walgreens, Duane Reade, CVS and Rite Aid stores across the city shrunk to 395 locations in 2024. That’s versus 435 last year, and down sharply from a peak of 656 in 2014, according to The Center for an Urban Futures annual report titled State of the Chains.”

Walgreens Boots Alliance, which owns Duane Reade, was the worst hit. The Big Apple’s largest chain closed 22 stores leaving it with 189 locations in the city, according to the report.

CVS, meanwhile, shuttered 10 stores leaving 160 locations. Rite Aid, which filed for bankruptcy protection last year, closed eight stores this year and now operates just 46 in the city.

Among the casualties were two massive Duane Reade locations this spring — one at 4 Times Square and the other at the corner of Broadway and West 50th Street. That’s after the 16,200-square-foot Walgreens flagship store at One Times Square shuttered in 2022 after weathering the depths of the pandemic.

Also in 2022, a Rite Aid at Eighth Avenue and West 50th Street shuttered. It’s now being redeveloped as a smaller-format Whole Foods store.

Experts blame not only crime but also drugstores’ stepped-up security measures — most notably locking merchandise behind plexiglass, forcing customers to call and wait for store clerks for everything from shampoo to painkillers.

To avoid hassles, shoppers are skipping drugstores altogether and buying more essentials online.

There is no doubt that locking up products, moving to automated check out and having fewer people working in these stores has contributed to fewer people going into their stores,” Jonathan Bowles, executive director of The Center for an Urban Future, told The Post.

More New Yorkers can purchase this merchandise online, but when they do go to these stores there are fewer people working there and stuff is locked up.

More closures are likely. CVS, with 9,000 stores nationwide, announced in 2021 that it would shutter 900 stores over several years. 

“Decisions are NOT based on shoplifting or crime alone,’ a CVS spokeswoman told The Post when asked about the recent shutterings.

“Many factors are considered when closing a store, including population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs,” the spokeswoman added.

A spokesperson for Rite Aid said, “Like many in the industry, we are seeing a higher level of brazen shoplifting and organized retail crime. We are taking an active role in helping law enforcement in their pursuit of shoplifters, as well as continuing our efforts to educate community leaders on the impact of retail theft and advocate for solutions.”

Indeed, the drugstore exodus is wreaking havoc on Big Apple streets, according to Bowles.

There have been graffiti on the empty store buildings or homeless people who have decided to sleep [by the entrance] because there is not an active store there, so its not a healthy thing for our retail landscape,” Bowles said.

Walgreens Boots Alliance said in October it’s planning to shutter 500 stores in 2025 and 1,200 altogether over the next three years.

The Chicago-based pharmacy chain, which has around 8,700 locations nationwide, said that one in four of its stores are unprofitable and that its is looking to improve our customers in-store experience.

A Walgreens rep told The Post that the closings are driven by increased regulatory and reimbursement pressures that are weighing on our ability to cover the costs associated with rent, staffing, and supply needs. 

The company has not directly tied its store closings to crime, but executives have said on earnings calls that “shrink” — which means theft in corporate speak — “represents a serious systemic issue across the retail industry.”

Big Apple drugstores have been particularly hard hit by a crime wave that accelerated with the start of the pandemic in 2020.

Shuttered drugstores account for an outsize share of the vacancy rate in New York City because demand is low for the larger spaces they typically occupy, Bowles added.  By one measure, empty drugstore space totals one million square feet, according to a New York Times report in August.

A few years ago, I thought we were too heavy with drugstores on almost every block, said Tom Harris, president of the Times Square Alliance, a nonprofit that promotes development in the district. But whenever a pendulum swings too far in one direction it goes back.

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Crypto isn’t crashing the American dream; it’s renovating it

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Crypto isn’t crashing the American dream; it’s renovating it

Crypto isn’t crashing the American dream; it’s renovating it

The US housing regulator’s decision to recognize crypto assets in mortgage applications marks a historic shift from exclusion to integration, opening new pathways to homeownership.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

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For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

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US and EU agree trade deal, says Donald Trump

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US and EU agree trade deal, says Donald Trump

The United States and European Union have agreed a trade deal, says Donald Trump.

The announcement was made as the US president met European Commission chief Ursula von der Leyen at one of his golf resorts in Scotland.

Speaking after talks in Turnberry, Mr Trump said the EU deal was the “biggest deal ever made” and it will be “great for cars”.

The US will impose 15% tariffs on EU goods into America, after Mr Trump had threatened a 30% levy.

He said there will be an EU investment of $600bn in the US, the bloc will buy $750bn in US energy and will also purchase US military equipment.

Mr Trump had earlier said the main sticking point was “fairness”, citing barriers to US exports of cars and agriculture.

He went into the talks demanding fairer trade with the 27-member EU and threatening steep tariffs to achieve that, while insisting the US will not go below 15% import taxes.

More from World

For months, Mr Trump has threatened most of the world with large tariffs in the hope of shrinking major US trade deficits with many key trading partners, including the EU.

Ms von der Leyen said the agreement would include 15% tariffs across the board, saying it would help rebalance trade between the two large trading partners.

In case there was no deal and the US had imposed 30% tariffs from 1 August, the EU has prepared counter-tariffs on €93bn (£81bn) of US goods.

Ahead of their meeting on Sunday, Ms von der Leyen described Mr Trump as a “tough negotiator and dealmaker”.

Follow the World
Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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