A national pharmacy chain has closed another store in the City of Philadelphia.

Get our free mobile app

In fact, it's the seventh store in the area from this company to shut down within the past year or so.

According to a report in The Philadelphia Inquirer, Rite Aid at 23rd and Walnut in Center City closed for good just as the calendar changed from July to August.

Rite Aid, facing financial losses and a declining stock price, has shuttered seven stores in Philadelphia in the last year, most of them in Center City, in an industrywide consolidation.

Officials for the union representing store workers say expiring leases and crime also seem to be factors in Philadelphia.

Rite Aid at 23rd and Walnut Street in Philadelphia PA - Photo: Google Maps
Rite Aid at 23rd and Walnut Street in Philadelphia PA - Photo: Google Maps
loading...

Store closures are nothing new

This past spring, Forbes reported that Rite Aid planned to close 145 unprofitable stores across the country within the coming months as they struggled to compete with CVS, Walgreens, and Walmart.

Rite Aid operates about 2,400 stores in 17 states. In comparison, both CVS and Walgreens each have 9,000 stores. Meanwhile, 90-percent of the American population lives within 10 miles of a Walmart store. They have over 4,800 stores, many with a pharmacy inside.

Big Walgreens store in Philadelphia closed earlier this year

Having to find a new pharmacy in Philadelphia is nothing new for people that live in the city. In February, the three-story flagship Walgreens store at Broad and Chestnut, adjacent to City Hall, closed for good.

The now-closed Walgreens store at Broad and Chestnut in Philadelphia PA - Photo: Google Maps
The now-closed Walgreens store at Broad and Chestnut in Philadelphia PA - Photo: Google Maps
loading...

One of the factors that went into the decision to close that store was a noticeable drop in foot traffic in Center City. Thanks to the pandemic, scores of people that used to work in the city now do so from home.

Not just pharmacies

Even the most popular stores continue to reevaluate their operations and that includes Wawa, which closed a handful of stores within the city over the past several months.

18 South Jersey Bars We Used to Close That No Longer Exist

Ah, there's nothing like a local bar where everyone knew your name. Bars you'd hit with friends until the lights came on and the bartender proclaimed 'last call!' Let's look back on the ones you miss the most.

21 of the Best Places to Get a Hoagie (or Sub) in South Jersey (Besides Wawa)

From one side of South Jersey to the other, these are some of the best places to grab a hoagie... enjoy!

More From Rock 104.1