There are some business models in this economy right now that are just really, really tough. Big-box retail has seen better days. I’m looking at you, Bed Bath & Beyond. Commercial real estate generally and office real estate specifically comes to mind. Another business model struggling to find its footing that’s kinda gone under the radar? Drugstores.

The retail pharmacy chain Walgreens said today it’s planning on closing 1,200 stores over the next three years, about 14% of its national footprint. That comes on the heels of Rite Aid declaring bankruptcy late last year and CVS planning to shut down a good chunk of it’s brick-and-mortar locations.

Let’s be honest. When was the last time you went into a drugstore and thought, “This place is AWESOME! I want to spend MORE time here!”

“Most of the retail pharmacy stores that I walk into seem to have been malnourished,” said George Hill, a health care equity analyst at Deutsche Bank. “Stores are a little dingy. Shelves are a little old. The stock feels old, the format feels old.”

Now, the “DMV branch where you can pick up your arthritis medication” vibe has hurt sales.

But Hill said a major reason drugstores don’t have the capital to upgrade their facilities is pharmacy benefit managers — the powerful health insurance middlemen that negotiate drug prices with pharmacies.

“Pharmacy benefit managers squeeze the retail pharmacies on the price that they pay for prescriptions. Three companies pay for almost 90% of prescriptions in the United States,” Hill said.

Earlier this year, the Federal Trade Commission sued the three big pharmacy benefit managers for anticompetitive behavior.

But retail pharmacies also have their own ambitions to blame. Walgreens and CVS spent billions expanding into the primary care business, with less than stellar results.

“I think they failed just because the consumer is not used to that being their direct care provider,” said Paige Meyer, an investment analyst with CFRA.

Walgreens has not said which stores it plans to close.

“When they do close, they’re more likely to close in Black and Latinx neighborhoods, low income neighborhoods, and neighborhoods where a larger share of the population is covered by Medicare or Medicaid,” said Dima Qato, a professor at the University of Southern California School of Pharmacy.

Qato said that can result in vulnerable patients not taking their medications on time — or at all.