The year 2023 is in the books, and boy what a busy year it was. Some obvious stories that stood out included Rite Aid filing for bankruptcy, Rosalind Brewer’s departure from Walgreens Boots Alliance, retailers having to cut pharmacy operation hours due to a nationwide pharmacist shortage, CVS shuttering its clinical trial business after three years and CVS Health acquiring Oak Street Health for $10.6B
There was some beauty news as well. Revlon emerged from bankruptcy with a new board that is helmed by former Sephora and Walgreens Boots Alliance executives, and Kim Kardashian and Kylie Jenner considering buying back stake in businesses they sold to Coty.
This is just the tip of the iceberg of all the things that happened last year, and it’s hard to tell what (if anything) these developments mean for retail health, beauty and wellness at large. But this month, we take a look at some developments that are likely to affect 2024.
Our reporter asked retail executives, industry watchers and business consultants to paint a picture of what the year may look like. The conclusion? 2024 promises to be a tumultuous year. Issues such as labor challenges, store closures and economic anticipation about the R-word (recession) will create a volatile climate.
There are some potential bright spots, though. PBM reform is moving through Congress with bipartisan support, retail drug stores will continue their expansion to become healthcare destinations, and it’s looking more and more likely that the Federal Reserve may pull off the much ballyhooed economic soft landing.
“On the bright side, some analysts see economic pressures easing, and the industry is also hopeful about legislation that could bring more transparency to prescription drug pricing,” our reporter writes. So at least there’s that.