Walgreen isn’t as popular in California as it is in other states. They had been trying to buy their way in with massive expansion. I am sure they are hurt by shoplifting rings but it’s probably also just that they can’t compete - perhaps in part because of theft but not entirely. They are probably realizing they overexpanded and can’t capture enough share. They should have just raised prices 20% in San Fran to cover cost of pilferage but that makes them even less competitive in a tight market.
Bad for people with prescriptions