September 1, 2023 | Pharmacy
The pharmacy landscape in England has been witnessing significant shifts, and the recent developments with Lloydspharmacy are a testament to this change. For potential pharmacy practice buyers, this could be a golden opportunity to step in and fill the void, especially in areas affected by the disposals.
The Big Picture
Lloydspharmacy, once the second-largest multiple in England, has seen a drastic reduction in its branch numbers. In just nine months, the pharmacy giant reduced its estate by a staggering 461 branches. As of June 30, 2023, Lloydspharmacy had 512 branches in England, trailing behind Boots (1,651 branches) and Well Pharmacy (547 branches).
What Does This Mean for the Market?
The rapid decline in Lloydspharmacy’s branch numbers is bound to create a vacuum in many localities. This presents a twofold scenario:
- Disruption: Many patients who were reliant on Lloydspharmacy branches for their pharmaceutical needs will now be looking for alternatives. This could lead to a temporary disruption in the market, with patients seeking new pharmacies that can cater to their needs.
- Opportunity: For pharmacy practice buyers, this disruption is a golden opportunity. With Lloydspharmacy’s significant reduction, there’s a chance to acquire long-standing independent pharmacies in the affected areas. These pharmacies already have a loyal customer base and, with the right strategies, can attract former Lloydspharmacy customers.
Why Now is the Right Time
The closure of Lloydspharmacy branches, especially the 237 Sainsbury’s Lloydspharmacy branches, means there’s a significant number of patients looking for new pharmacies. Acquiring an independent pharmacy in these areas can provide a head start in capturing this customer base.
Moreover, with Lloydspharmacy’s spokesperson mentioning that they are “selectively selling some branches”, it’s evident that the pharmacy landscape is undergoing a transformation. The majority of these branches are being acquired by independent pharmacy owners and local businesspeople, indicating a trend towards local, independent pharmacies.
In Conclusion
The recent developments with Lloydspharmacy signal a time of change and opportunity in the pharmacy sector. For potential buyers, this could be the perfect time to invest in an independent pharmacy, especially in areas affected by Lloydspharmacy’s disposals. With the right strategies and a focus on customer service, there’s a chance to not only fill the void left by Lloydspharmacy but also to thrive and grow in the changing landscape.
September 1, 2023 | Pharmacy
