Pharmacy chain Walgreens allocates in-store space for party goods, broadens product range
Walgreens Expands Party Supply Offerings
In a move to cater to customers' celebratory needs, Walgreens is increasing its selection of party supplies and decorations. According to Marty Esarte, group vice president and general merchandise manager of confections, celebrations, and seasonal at Walgreens, the expansion is aimed at helping customers celebrate any season, occasion, or everyday moment.
The expanded assortment includes a wide range of items such as helium balloons, cake toppers, party plates, napkins, banners, foil backdrops, and decorative centerpieces. The new items start at $1.99, making them affordable for various budgets.
Walgreens is not alone in this endeavour. Michaels, another retailer known for its craft supplies, has also expanded its assortment of balloons and other party supplies, as well as its in-store events for kids and adults, including private gatherings, birthday parties, and crafting activities.
Interestingly, Party City, a major player in the party goods market, has faced some challenges. Last December, Party City filed for Chapter 11 bankruptcy for a second time. In January 2023, the company filed for Chapter 11 bankruptcy for the first time. As a result, Party City closed nearly 700 of its locations.
In a separate development, Party City's intellectual property and wholesale operations were acquired by an affiliate of Ad Populum for $20 million, but the specifics of this acquisition are not yet clear.
Meanwhile, Walgreens' subsidiaries, including Shields Health Solutions, CareCentrix, VillageMD, The Boots Group, and others, now run as stand-alone companies following its recent privatisation. Sycamore Partners led the $10 billion deal that took Walgreens private in 2021.
With the potential closure of Party City stores, Walgreens may gain share in the party goods market. However, it remains to be seen how the market will unfold in the coming months. For more detailed information on Party City's recent developments or bankruptcy filings, it is recommended to check news related to these topics.
