Walgreens plans to shutter its store on Colfax Avenue and Sheridan Boulevard on Nov. 12.
It’s the latest in a string of closures that have hounded the Colfax corridor in recent years, including Capitol Hill’s Natural Grocers, which shut down over a rise in crime.
“It is never an easy decision to close a store,” a spokesperson for Walgreens wrote in a statement. “We know that our stores are important to the communities that we serve, and therefore do everything possible to improve the store performance.”
BusinessDen first reported the West Colfax closure.
Walgreens store performance has been lagging nationwide.
In June, CEO Tim Wentworth told analysts that 25 percent of the company’s stores were underperforming and that a significant number of those would be shut down, CNN reported.
“Our retail pharmacy business is central to our go-forward business strategy,” the Walgreens spokesperson said in the statement. “However, increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs.”
“When closures are necessary, like this one in Denver, we will work in partnership with community stakeholders to minimize customer disruptions,” the spokesperson wrote. “We intend to redeploy the majority of our team members from those stores that we close.”
Will other Denver Walgreens close?
The company has dozens of stores in the metro area, though it’s unclear whether any others are likely to be closed.
When Denverite asked of any plans for more closures, the spokesperson wrote back: “No further announcements at this time!”
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