Walgreens closed its store at 11500 W. Broad St., which had operated for more than a decade. (Jack Jacobs photo)
A pharmacy chain has retreated from a major intersection in Short Pump after nearly 12 years.
Walgreens closed its location at 11500 W. Broad St. last week, according to a company spokeswoman.
The company said the underperforming Short Pump store was closed in response to pressures stemming from regulations and drug reimbursement costs, and comes as part of a plan announced in October to shut down 1,200 stores over three years.
“Our retail pharmacy business is central to our go-forward business strategy. However, increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs,” Walgreens said in a prepared statement. “It is never an easy decision to close a store. We know that our stores are important to the communities that we serve, and therefore do everything possible to improve the store performance.”
The 12,000-square-foot retail building opened on West Broad Street at Pouncey Tract Road in June 2013. The storefront and its 1.6-acre parcel are owned by the pharmacy chain, online land records show.
The company said prescriptions on file at the Short Pump location were moved to the Walgreens about 3 miles south, at 10720 Ridgefield Parkway. The chain has nearly 30 stores in the Richmond area, according to its website.
The shuttering of the Short Pump store came as the publicly traded pharmacy chain was in discussions to be taken private by Sycamore Partners. The retailer announced it had finalized a deal with the private equity firm Thursday.
Walgreens isn’t the only pharmacy chain to trim its local store count recently. Rite Aid closed a store at the corner of Hull Street and Cowardin Avenue in June.
Walgreens closed its store at 11500 W. Broad St., which had operated for more than a decade. (Jack Jacobs photo)
A pharmacy chain has retreated from a major intersection in Short Pump after nearly 12 years.
Walgreens closed its location at 11500 W. Broad St. last week, according to a company spokeswoman.
The company said the underperforming Short Pump store was closed in response to pressures stemming from regulations and drug reimbursement costs, and comes as part of a plan announced in October to shut down 1,200 stores over three years.
“Our retail pharmacy business is central to our go-forward business strategy. However, increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs,” Walgreens said in a prepared statement. “It is never an easy decision to close a store. We know that our stores are important to the communities that we serve, and therefore do everything possible to improve the store performance.”
The 12,000-square-foot retail building opened on West Broad Street at Pouncey Tract Road in June 2013. The storefront and its 1.6-acre parcel are owned by the pharmacy chain, online land records show.
The company said prescriptions on file at the Short Pump location were moved to the Walgreens about 3 miles south, at 10720 Ridgefield Parkway. The chain has nearly 30 stores in the Richmond area, according to its website.
The shuttering of the Short Pump store came as the publicly traded pharmacy chain was in discussions to be taken private by Sycamore Partners. The retailer announced it had finalized a deal with the private equity firm Thursday.
Walgreens isn’t the only pharmacy chain to trim its local store count recently. Rite Aid closed a store at the corner of Hull Street and Cowardin Avenue in June.
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I am really surprised by this. Thought this location would perform well based on it’s busy intersection. Wonder who will want to take on a former drugstore.
Perhaps another plasma joint like the one in Lakeside
If you can’t make it at the busiest intersection in Western Henrico County, where can you make it? I remember when they bought that property and tore down both a two-story bank and gas station/convenience store to build the drug store, paying an extraordinary amount of money. Wild they didn’t make it there.
I mean, i use the pharmacies closest to my house. Walmart has a pharmacy in it, as do most supermarkets these days. Not sure you’d want to fight traffic to pick up your meds esp when you can do that plus a bunch of other stuff at walmart, or target just past walmart
Well said.
Competition with nearby Walmart and Publix, CVS too. Difficult to access/ exit to/ from Pump Road, Lauderdale Drive and West Broad.
I did go there for all my vaccinations. Can’t imagine what business will move in! Any ideas?
It seemed to have two entrances, one from Broad. Hard to believe you could do better than that. I see a WAWA on the corner in the near future
Bet they put in a Wawa or Sheetz.
To me the site looks too small for a Wawa or Sheetz.
There was both a two story bank AND a gas station there. I assure you there’s plenty of room.
There were 3 entrances. One of of Pouncey, one off of Broad and one facing the World of Beer in the shopping plaza with the movies.
Adam: No surprise here,. It’s simply not conducive for easy in and out access, primarily due to the always heavy traffic at this location. People just don’t like the hassle. Juxtapose this to the CVS at Cox and West Broad, where you have far better ingress and egress points. That’s a 24-hour store for a reason.
Prime location for In-N-Out Burger’s first east coast store.
Looks like the Corner of Happy and Healthy has turned to empty and sad!
I thought I heard about a Krispy Kream was coming to Short Pump?