One of the most upscale Duane Reade Pharmacies, located in Trump Tower in New York City’s financial district, has announced that it will be closing its doors. The closure comes as a result of a significant increase in shoplifting incidents that have been affecting drug stores throughout the city.
The Duane Reade in Trump Tower was known for its luxurious features, such as a salon offering beauty services like mani-pedis, blowouts, and eyebrow threading. It even had a sushi bar, making it a unique and upscale pharmacy experience. However, despite these attractive offerings, Duane Reade stores have been on the decline since Walgreens acquired the iconic New York pharmacy chain in 2010. The number of stores dropped from 257 in 2010 to just 112 in 2023, and the COVID-19 pandemic further accelerated these shutdowns.
According to an unnamed employee at the Wall Street Duane Reade, the store will officially close on October 9th. The closure may be attributed not only to shoplifting but also to vandalism at the location. A spokesperson for Walgreens, the parent company of Duane Reade, stated that a variety of factors contributed to the decision to close the store. These factors include the company’s store footprint, changes in the local market dynamics, and shifts in customer buying habits.
In addition to the closure of this particular store, Walgreens has also faced financial challenges. Their recent earnings report revealed a drop in net earnings from $289 million to $118 million in the three months ended May 31 compared to the same period last year. The company’s operating loss for the third quarter was $477 million, higher than the $320 million loss in the previous year. However, sales in 2022 did increase from $32.6 million to $35.4 million.
The closure of the Duane Reade Pharmacy in Trump Tower is indicative of the broader issues facing retailers in New York City. Rising retail theft and the impact of the pandemic have forced many businesses to take measures such as locking up everyday items to protect their merchandise. While the closure of this upscale pharmacy may be a loss for customers seeking a luxurious pharmacy experience, it highlights the challenges faced by retailers in the current economic climate.
Sources:
– Walgreens spokesperson
– New York Post
