Why are people leaving California

[D2Cat]

Picture taken this week in San Francisco at 0600.

 

[faster horses]

That's part of the reason.

 

[Hippie Rancher]

walgreens on every freaking corner?

 

[TennesseeTuxedo]

walgreens on every freaking corner?

Nope, they are closing them all over in the state.

 

[greybeard]

All over the country and the world, with the recent store theft in S.F. being only part of the reason.
In 2019, WalgreensBoots filed with the SEC that within the next 24 months, they would be closing 200 stores in the UK and an additional 200 store closures n the USA.
(Boots is the name Walgreens operates under in the UK, EU and elsewhere in the world)

These actions have initially focused on the Company's Retail Pharmacy USA division, the Company's retail business in the UK and the Company's global functions. Divisional optimization within each of the Company's segments includes activities such as optimization of stores. The Company previously announced plans to close approximately 200 stores in the United Kingdom on its earnings call for the fiscal quarter ended May 31, 2019. Following a review of the real estate footprint in the United States, which review was also announced on the Company's earnings call for the fiscal quarter ended May 31, 2019, the Company also plans to close approximately 200 locations in the United States..

Here's what the company has been saying to shareholders:

On October 24, 2017, the Company's Board of Directors approved a plan to implement a program (the "Store Optimization Program") to optimize store locations through the planned closure of approximately 600 stores and related assets within the Company's Retail Pharmacy USA segment upon completion of the acquisition of certain stores and related assets from Rite Aid. The Company continues to expect to close approximately 750 stores and related assets, of which substantially all have been closed as part of this program. The actions under the Store Optimization Program commenced in March 2018 and are substantially completed with remaining activities expected to complete by end of fiscal 2020. The Store Optimization Program is expected to result in cost savings of approximately $350 million per year to be fully delivered by the end of fiscal 2020.

As of last Oct, Walgreens has closed 23 out of over 700 stores in California. "Walgreens, which now has 53 San Francisco locations (some of which are pharmacy only) compared with 22 for rival CVS, had already closed 17 San Francisco locations over the past five years. San Francisco Mayor London Breed is among those who said Walgreens may have oversaturated the local market."

 

[Dave]

People have been leaving California for years. Check out the population growth in Western Washington and Oregon, the Bitteroot valley Montana, and Boise Idaho over the last 30-40 years. There are some real great areas in California. But they aren't the big urban areas. And the trouble even in those more rural areas is they have a government elected by the urban areas. And laws passed by that government.

 

[CowboyRam]

I have an uncle who lives in Casper Wyoming and he has known several that people move from California. They would stay on a average for about three years and then moved back. Maybe they could not handle our Wyoming wind. I grew up in Craig Colorado and we knew a couple that move from California, they stayed in Craig for about three years before moving back. They had moved to get away from all of the regulations, but the thing the didn't like about Craig was it didn't have enough regulations. Will that trend continue, I don't know.