Drugstores are suffering in the post-pandemic retail arena, and are increasingly becoming 'destinations to nowhere.'

Walgreens is set to close over 1,200 stores as its parent company, Walgreens Boots Alliance, seeks to improve performance amid declining prescription reimbursements and rising retail competition. During the company's fourth-quarter earnings call,

Walgreens plans to close about 1,200 locations over the next three years as part of a cost-cutting plan, the company said Tuesday.