According to Placer.ai’s 2021 Pharmacy Review, Walgreens and CVS are still seeing increased visits when compared to pre-pandemic times, fueled by COVID-19 and consumers seeking vaccinations.
In December of 2021, CVS had 32.5% more visits when compared to 2019, while Walgreens had 27.8%. Monthly visits for both retailers peaked during the summer in July and August. In August of last year, visits increased 43.4% for CVS, and 47.7% for Walgreens.
In the report, Shira Petrack wrote “Visit data from recent months confirms that CVS and Walgreens are still very much riding the wave. Neither brand suffered any noticeable dip in visits from the Delta or Omicron surges, and both finished the year far ahead of their 2019 visit numbers.”
Both chains have seen an increase in cross-shopping as well. The share of CVS customers who also visit Walgreens grew from 26.5% in Q1 2021 to 34.0% in Q4 2021, while the share of Walgreens customers who also visit CVS grew from 24.2% in Q1 to 31.7% in Q4.
“Customers are more likely to be loyal to their healthcare provider than to their local pharmacy,” said Petrack. “So, the transition to healthcare provision may well cut down on cross-shopping – while opening up robust, long-term revenue streams that can cement the current pandemic visit boom.”