The country’s second-largest pharmacy chain announced it would close its store at 88 Spear Street, a block from major office buildings such as One Market Plaza and the former PG&E headquarters, the San Francisco Chronicle reported.
Walgreens’ decision comes on the heels of it announcing that another store, located at 141 Kearny Street, would be closing its doors.
“As we continue to execute our strategy to expand Walgreens role as a leader in the delivery of healthcare, we are focused on creating the right network of stores in the right locations to best meet the needs of the communities we serve,” Walgreens spokesperson Fraser Engerman said. “There are a number of factors that we take into consideration when opening and closing locations, including dynamics of the local market and changing buying habits of our customers.”
In 2019, the company announced plans to close about 200 stores nationwide in an effort to cut annual costs by $1.5 billion.
Walgreens blamed an increase in shoplifting for some of its store closures, specifically in San Francisco, where it said retail theft was five times the chain average in 2021. According to the store, security costs for those stores was 46 times the chain average.
Property thefts made national headlines in November, when officials had to restrict access to Union Square during a weekend of smash-and-grab robberies. Thieves hit everything from high-end fashion brands such as Louis Vuitton to cannabis dispensaries.
The five other San Francisco Walgreens stores that are closing are located at 2550 Ocean Avenue, 4645 Mission Street, 745 Clement Street, 300 Gough Street and 3400 Cesar Chavez Street.
Other retailers are cutting back their physical presence in San Francisco. Abercrombie & Fitch announced last month that it will close its Westfield Mall store at 865 Market Street.
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[SFC] — Victoria Pruitt