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Telegraph
19 hours ago
- Business
- Telegraph
Five essential things to know before you board an Azamara cruise ship
If ever there was a truly boutique cruise line, it is Azamara Cruises, whose four virtual carbon-copy ships exude country house bonhomie – thanks to their compact size and sprinkling of classically elegant touches. Bridging the gap between the most luxurious six-star lines and the market's premium players, Azamara styles itself as premium-plus, by corralling drinks and gratuities into fares. Consequently, the line includes more items than mainstream outfits, but fewer than the more all-inclusive upscale brands. Yet, beneath its classical façade is the innovative spirit of an adventurer, which has pioneered some key trends that have taken root in the cruising world. Having been founded in 2007 as the niche cruise brand of the Royal Caribbean group, Azamara Cruises turned its attention to capitalising on the countries it visits in the most imaginative of ways – a concept it has continued to build on since being sold to private equity group Sycamore Partners in 2021. After coining the term 'destination immersion' in 2010, which the line has since trademarked, Azamara looked at how it could enable guests to scratch beneath the surface and enjoy a deeper flavour of the places it visits. One of the biggest moves, that has now spread across the cruise industry, were longer stays by its ships which, instead of sailing off in the usual early evening, would stay late into the night or until the following morning – giving passengers more time ashore. Another signature event the line pioneered were AzAmazing Evenings, offered as complimentary on every sailing and involving immersive cultural experiences that showcased destinations. These bespoke spectacles ranged from operatic performances and medieval festivals to carnival celebrations and orchestral recitals. 1. Where does Azamara Cruises sail? As Azamara's fleet has grown, so has the scope of its sailings. The line covers all the world's continents, including Antarctica – though as its ships hold more than 500 guests, they are not permitted to stop there. What marks out Azamara Cruises is its regular evening departures at 8 pm or later. Marketed as 'Extended Destination Days', these give guests 10 or more hours in port, enabling them to spend more time ashore after other cruise lines and day-trippers have departed. The same goes for overnight stops, which are included on most voyages. The Mediterranean and Caribbean feature strongly in Azamara itineraries, and the cruise company has been among the first to announce winter voyages in the former. Azamara also offers several sailings to Australasia, Japan and Alaska, where the line's 'Cruisetours' combine stays in the Alaskan wilderness with voyages. There's an extensive programme of add-on stays to complement voyages in regions including Europe, Africa and Asia, too. Another signature is its destination-rich or 'intensive' sailings to the likes of Italy, Spain and Greece that include overnights in key ports and delve more deeply into the region as its ships can access smaller ports. Azamara makes a point of tying in voyages with key festivals or events – whether it's St Patrick's Day in Ireland, Seville's Feria de Abril festival, or the Monaco Grand Prix, while theming some sailings around wine and culture. 2. Who does Azamara Cruises appeal to? Azamara sailings generally attract slightly older – the average age is 55 and upwards –well-travelled and active couples, who have a keen interest in the countries they are visiting. They prefer the intimacy of small-ship cruises, and as Azamara offers several longer voyages, guests are generally retired. Most tend to hail from the US, UK and Australia in that order. This isn't a cruise line for young families, as there are no children's activities or facilities onboard. However, the more personal atmosphere of Azamara's ships and collective activities – such as White Night party evenings and AzAmazing experiences– lend a chummy club-like feel that also appeals to solo travellers or friends travelling together. 3. Azamara Cruises' fleet Azamara's four fleet members are virtually identical, and there's a reason for that. Known as R-class ships, they were originally built for a Florida-based cruise company called Renaissance Cruises between 1999 and 2001. However, the line went bankrupt in September 2001 – amid the economic downturn brought on by the 9/11 attacks – and its ships were sold. The distinctive onboard design and styling runs like a common thread between them. Think of an archetypal country house hotel, with traditional touches that blend with more modern frills added in subsequent upgrades. Dark wood panelling complemented with classic brass fittings is a common theme, along with each ship's central staircase, bordered by wrought iron balustrades, that sweeps regally into the reception area. The ambience is intimate, without being stuffy or formal, and there are no set dress codes. The compact size of these ships means they are quick and easy to get around without the endless long corridors of floating mega-resorts. There is just one main swimming pool, on the central deck, but this generally stays remarkably uncrowded. The Living Room, one of the main lounges at the front of the ships, is light and sophisticated with velvet sofas and birdcage swing chairs. Elsewhere, The Drawing Room, with its fireplace and grand piano, is more stately. A newer addition is the hip Atlas Bar on Azamara Onward, where baristas serve up artisanal cocktails. For what are relatively compact ships, there is a good choice of dining spots with the main restaurant and buffet, plus The Patio offering al fresco dining. But the most memorable venues are the Prime C steakhouse and Aqualina Italian restaurants that occupy an enviable position at the back of the ship, with far-reaching views. These two venues have a $49.95 per person cover charge, although guests staying in suites enjoy complimentary access. While these ships don't show their age, one giveaway is the relatively small size of cabins and their en-suites, but beyond this, guests will find everything they need on these ships: think a cabaret lounge, decent-size gym, spa and wellness terrace with thalassotherapy pool. Journey Azamara Journey (702 passengers) Sails to: Mediterranean, Europe, Africa, Canary Islands, Eastern Seaboard, Caribbean, South America, Panama Canal, Antarctica Onward Azamara Onward (684) Sails to: Mediterranean, Europe, Caribbean, Pacific, Central America, Australasia, Asia, Africa, Canary Islands Pursuit Azamara Pursuit (702) Sails to: Mediterranean, Africa, Japan, Asia, Australasia, Pacific Coast, Alaska Quest Azamara Quest (702) Sails to: Mediterranean, Europe, Eastern Seaboard, Caribbean, South America, Antarctica, Panama Canal, South Pacific 4. Loyalty scheme Azamara's Circle Loyalty Programme has five tiers: Adventurer, Explorer, Discoverer, Discoverer Plus and Discoverer Platinum. Points are accrued for each night you sail and can be converted into perks. 5. Accessibility onboard Azamara caters for guests with disabilities or special needs who need to fill out the Special Accommodations Form on its website at least 40 days before US sailings or 80 days before all others. There are wheelchair accessible staterooms, activities and services and portable hearing room kits. Service dogs are allowed, and Braille is used in areas wherever possible.
Yahoo
5 days ago
- Business
- Yahoo
Walgreens Boots Alliance (WBA) Announces Definitive Agreement to be Acquired by Sycamore Partners
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) is one of the 13 Most Undervalued Retail Stocks to Buy Right Now. Walgreens Boots Alliance, Inc. (NASDAQ:WBA) announced a definitive agreement to be acquired by Sycamore Partners in March in a transaction valued at up to $23.7 billion. The transaction is expected to position the company for long-term success and maximize shareholder value. A pharmacist discussing the health benefits of a prescription medication with a customer. Sycamore's expertise in retail and consumer investments is also anticipated to position Walgreens Boots Alliance, Inc. (NASDAQ:WBA) to further enhance customer experience and become the leading choice for retail, pharmacy, and health services. Shareholders would have the opportunity to support the transaction at the upcoming Special Meeting of Shareholders on July 11, 2025. Walgreens Boots Alliance, Inc. (NASDAQ:WBA) is an American multinational company providing retail, pharmacy, and healthcare services. The company has approximately 12,500 locations across the US, Europe, and Latin America. Its brand portfolio includes well-known brands such as Walgreens, Boots, Duane Reade, and Benavides. While we acknowledge the potential of WBA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
30-05-2025
- Business
- Fast Company
Walgreens buyout could change the future of pharmacy care
Pharmacies are more than just stores. They're vital links between people and their healthcare. One of us, Patrick, witnessed this firsthand in 2003 while working as a pharmacy technician at Walgreens in a midsize West Texas town. Each day involved handling hundreds of prescriptions as they moved through the system—meticulously counting pills, deciphering doctors' handwriting, and sorting out confusing insurance issues. The experience revealed that how pharmacies are owned and managed is as much a public health issue as it is a financial one. Fast-forward to today, and Walgreens—one of the world's largest pharmacy chains, which filled nearly 800 million U.S. prescriptions in 2024 —is at a turning point. In March, the company announced it would be acquired by private equity firm Sycamore Partners for $10 billion, just 10% of its peak market value. That deal takes the storied pharmacy chain off the public market for the first time in nearly 100 years. We're professors who study the intersection of medicine and business, and we think this deal offers a window into the future of pharmacy care. It matters not just to pharmacists but also to the tens of millions of Americans who rely on outlets like Walgreens to meet their everyday health needs. The rise and struggles of Walgreens A lot has changed in the pharmacy industry since 1901, when Charles R. Walgreen Sr. purchased the Chicago drugstore where he served as a pharmacist. The company went public in 1927, expanded rapidly throughout the 20th century and grew to 8,000 stores by 2013. By 2014, a merger with the European pharmacy chain Alliance Boots made Walgreens one of the largest pharmacy chains in the world. More recently, however, the picture for the pharmacy industry hasn't been so rosy. Labor costs have risen. Front-end retail sales (things like snacks, greeting cards, and cosmetics) have fallen. And financial pressures from pharmacy benefit managers —those third-party groups that manage the cost of prescription drug benefits on the behalf of insurers—have grown. All of these things have significantly constrained revenues across the industry, leading stores to shutter. Some estimates suggest that as many as one-third of U.S. retail pharmacies have closed since 2010. Against that backdrop, Sycamore Partners' March acquisition of Walgreens raises big questions. What does Sycamore see in this investment, and what might their strategies imply about the future of American pharmacy care? Framing the private equity bet Private equity firms typically buy companies, streamline their operations, and seek to sell them for a profit within five to seven years of the acquisition. This growing movement of private equity into the global economy is by no means limited to healthcare. In 2020, private equity firms employed 11.7 million U.S. workers, or about 7% of the country's total workforce. The total assets under management by such investors have grown by over 11% annually over the past two decades, a trend that's expected to continue. In looking at Walgreens, Sycamore, like many of these businesses, likely sees an opportunity to buy low, cut costs and improve profitability. One survey of private equity investors found that the most common self-reported sources of value creation in these deals for companies of Sycamore's size were changing the product and marketing it more robustly to drive demand, changing incentives for those within the business, and facilitating a high-value exit. While private owners may have more patience than public markets, critics argue that private equity firms tend to have a short-term focus, looking for quick, predictable services of margin improvement—like, for example, cutting jobs. There's some evidence in favor of that claim. One study found that employment often drops in the years following a private equity buyout. And if the focus shifts to repaying debt or prepping for resale, long-term projects, such as investing in future innovation, can get deprioritized. The history of privatized public companies offers a mix of successes and failures. Dell Technologies and hotel chain Hilton are two prominent examples of companies that went private, restructured successfully, and came back stronger. In those cases, going private helped management focus without the constant pressure of quarterly earnings reports. On the other hand, companies such as Toys R Us, which was taken private in 2005 and filed for bankruptcy in 2018, show how high debt and missed innovation can lead to collapse. What's next for Walgreens If part of the returns will be driven by 'buying low' (the easiest indicator of potential future success to measure as of today) Sycamore started well: Its purchase price represents a mere 8% premium over the market trading value on the day of the announcement, significantly less than the 46% seen across industries in 2023. That said, Sycamore financed 83.4% of the purchase with debt, a number on the high end for these kinds of transactions. Healthcare groups have pointed to this number while raising concerns that innovation-focused investments may take a back seat to debt obligations. As the dust settles on the purchase, Sycamore has indicated an interest in splitting Walgreens into three business units: one focused on U.S. pharmacies, one on U.K. pharmacies, and one on U.S. primary healthcare through its VillageMD subsidiary. That's not unusual: Sycamore has used a similar approach before with its investment in the office supply retailer Staples, a strategy that has garnered strong financial returns but been called into question for its long-term sustainability. Given the significant financial challenges VillageMD has faced since its acquisition by Walgreens, this represents an opportunity to separately evaluate and optimize its performance. Meanwhile, Sycamore's historic focus on retail and customer-focused businesses might help it modernize the in-store experience or optimize staffing. For more than a century, Walgreens has survived and adapted to sweeping changes in retail. Now, it's entering a new chapter—one that could reshape not just its own future but the role of pharmacies in American life. Will Sycamore help Walgreens thrive, using its resources to strengthen services and deliver more value to customers? Or will pressure to generate quick returns create problems? Either way, the answer matters—not just for investors but for anyone who's ever relied on their neighborhood pharmacy to stay healthy.
Entrepreneur
12-05-2025
- Business
- Entrepreneur
More Robots Will Fill Pharmacy Prescriptions at Walgreens
A robot, not a human pharmacist, may be filling your prescription at Walgreens. And there's about to be a lot more of them. Walgreens told CNBC on Sunday that it wants to have more of its pharmacies send prescriptions to one of its 11 micro-fulfillment centers, or hubs that use robotic technology to fill patient prescriptions. The goal is to have the facilities handle prescriptions for 5,000 pharmacies before the year ends, up from 4,800 stores in February and 4,300 stores in October 2023. As of February, the centers took care of 40% of prescriptions for supported pharmacies, amounting to 16 million orders filled each month. Related: Walgreens Boots Alliance Gets Bill for $2.7 Billion From the IRS After Tax Audit The move to expand automation arrives as Walgreens readies itself to go private in a $10 billion deal. The drugstore chain announced in March that it had agreed to be acquired by private equity firm Sycamore Partners, with the deal expected to close in the fourth quarter of the year. How does a micro-fulfillment center work? When a Walgreens pharmacy supported by a center receives a prescription order, the system decides if it should be filled by pharmacists at that location or sent to the center. The decision often comes down to timeliness: Centers usually handle refills that don't require immediate pickup. The facilities then use robots, conveyor belts, and scanners to fill prescriptions accurately. While pharmacists fill prescriptions by hand at stores, robots dispense prescriptions down a carefully managed assembly line at centers. There is still some human involvement at the facilities, though. A team of pharmacists and pharmacy technicians works behind the scenes at the centers to ensure that the right pills reach the correct bottles. Related: This Walgreens Product Is Flying Off Shelves, Thanks to TikTok: 'We Sold Through Nearly All of the Product' Robotic centers drive cost savings for Walgreens The micro-fulfillment facilities have had a noticeable impact on Walgreens since the first one opened in early 2021. Kayla Heffington, Walgreens' pharmacy vice president, told CNBC that the centers have helped Walgreens save $500 million to date and allowed its pharmacists to spend more time with patients. She said that the centers allowed Walgreens to improve prescription volume by 126% year-over-year, while simultaneously bringing down costs by close to 13%. Walgreens is now filling more than 170 million prescriptions per year, with the goal of raising that total to 180 million or higher with the help of the centers, she stated. Rick Gates, Walgreens' chief pharmacy officer, added that the centers give Walgreens "a lot more flexibility to bring down costs." "Right now, they're the backbone to really help us offset some of the workload in our stores," Gates told CNBC. He noted that the facilities give Walgreens an advantage over independent pharmacies and other rivals that lack robotic prescription fulfillment. Related: 'Changes Are Imminent': Walgreens to Shutter a 'Significant' Number of Stores Amazon Pharmacy has its own automated pharmacy fulfillment centers that aim to bring medications to customers in two days or less on average. Companies like Walmart, Kroger, and Albertsons each have micro-fulfillment centers that process items like groceries, but none have publicly disclosed prescription fulfillment centers. CVS has also implemented automation in its supply chain, though not publicly for its pharmacies. At CVS's Lumberton, New Jersey, distribution center, 152 robots work together to process 1.9 million products per week. Walgreens was the second biggest pharmacy in the U.S. by prescription drugs market share in 2024, right after CVS.
Business of Fashion
21-04-2025
- Business
- Business of Fashion
Boots Workers Worry About Sycamore Cost Cuts
'We've had several rounds of cost-cutting and it could happen again,' says a Boots worker. Fears are running high as the Nottinghamshire-based chemist prepares to change hands – perhaps twice in quick succession. The US private equity firm Sycamore Partners is close to finalising a $10 billion (£7.8 billion) deal to take over the listed US owner of Boots, Walgreens Boots Alliance. Experts say Sycamore is then likely to sell off assets, having previously employed this tactic with varying degrees of success at office supplies group Staples and the former owner of the footwear brand Kurt Geiger, Jones Group. It could look at picking off some aspects of Boots – such as stores, property or brands – but is more likely to sell on the entire business. Boots – which operates more than 1,800 stores and employs about 51,000 people – including about 6,000 at its headquarters in Beeston, three miles south-west of Nottingham – has already been unsuccessfully put on the block by Walgreens at least twice in recent years, with a valuation of as much as £5 billion. The company has changed hands several times in the past 20 years. After a merger with Alliance Unichem in 2006, the combined firm was taken over by private equity firm KKR in 2007, before Walgreens first took a 45 percent stake in 2012 and then completed a takeover at the end of 2014. But there are concerns now that this latest change of ownership could see the chain of stores, many of which already need more investment in equipment, staff and maintenance, take another hit. Nowhere is that more keenly felt than in Nottingham, where Boots is the city's biggest private-sector employer and has been a key to its identity since founder John Boot opened a small herbalist store on Goose Gate in 1849. The group has been based at its 112-hectare headquarters site in Beeston since 1927. 'There won't be any regret we are no longer part of Walgreens,' one Boots worker said. 'We have always been seen as a small part of that group. Before that Boots was Boots.' However, he adds: 'The fear is more stores close or there is yet another round of reducing staff in stores.' 'Private equity are in it to make money as quickly as they can and are not really bothered about the consequences,' said another. The high street is very uncertain at the moment. Who will be looking to buy into a retailer with such a huge presence? Boots Worker, Beeston On Beeston high street, several locals say they used to work for Boots or have friends and family who still do. Jessica Stanley, 38, is suspicious of private equity firms 'because they are thinking about shareholder profits and not value of the business to the community. I guess I would be concerned there's a risk the company might be gutted.' Michelle Aduhene, 50, compares any potential change to the closure of bicycle maker Raleigh's Nottingham factory two decades ago. 'They built the university [on the old factory site] and that brought students, but does it bring money? It's worrying.' She points to the hit local businesses that also benefit from Boots' employees' trade could face. However, several staff tell the Observer they would be quite relaxed about a new regime as they have already survived a lot of cost-cutting and restructuring under its various owners, including Walgreens. 'It all happens so far up the line it won't affect us,' says one. The vast Boots campus still hints at a huge empire – but much of it is now rented out to other companies, some buildings lie empty and about 17 hectares have been sold off to builder Keepmoat for redevelopment into housing. Occupants are continuing to move out. Alliance Healthcare, the owner of Boots's former wholesale arm, announced plans to close its warehouse in Beeston next year, shortly after Fareva – the French owner of Boots's former manufacturing arm, which makes products for its No7, Soltan and Liz Earle ranges – exited late last year. There are rumours that more of the site could be sold for redevelopment, with Boots apparently assessing its vacant properties, although the company does not confirm this. Some locals feared a big swathe of student housing could be built, but local property experts say it would be tough to sell off large expanses of the site because of its complex nature. It has several stunning listed buildings – including the art-deco former factory, which is now MediCity, a hub for biotechnology, health and beauty startups which has a number of spaces vacant – and modernist glass monolith D10, which until recently housed Fareva. With Boots' manufacturing and wholesale businesses already hived off, there are few divisions left that can be easily sold. However, the own-label beauty brands, including Liz Earle and No7, became a separate company about 10 years ago and could potentially be attractive to an international beauty specialist, according to industry experts. The No7 brand is now sold in the US via Walgreens and other retailers, but is also seen as key to Boots's appeal in Britain. Boots has been offering services such as obesity clinics and vaccinations, so there are new areas for potential growth Store closures then would be an obvious way to go – as evidenced by the complete exit of rival chemist chain Lloyds from the high street after it was bought by private equity. Boots has already closed more than 300 outlets in recent years but it still has a very high number of stores. Any new owner is likely to look closely at the chain's property footprint, given the rising costs of high street retail, the shift of trade to online, and competition from discounters such as Savers, Lidl and Home Bargains. Over a quarter (27 percent) of Boots staff surveyed in a poll by campaign group Organise said they feared their job would be less secure and more than a third (36 percent) said they felt conditions could get worse in the event of a takeover. As one worker puts it: 'Because the high street is a very uncertain place at the moment, who is going to be looking to buy into a retailer with such a huge high street presence?' A listing on the stock exchange is seen as unlikely, given the current volatile situation on public markets and scepticism about growth in consumer companies, so a private sale is seen as more likely. 'Boots has improved dramatically in recent years,' says one source who knows the business well, pointing to the chain's greater focus on beauty counters and use of technology to grab a share of the online market. 'But Boots is very hard to grow as it has got such big market share in most of the markets it is in, and is incessantly under attack from emerging market players. As its market share is so high there is almost only one way to go. 'Someone could run it for cash and slowly underinvest in stores but it has been through that already.' In recent years, the brand has ridden a strong beauty market, reporting a 1.6 percent rise in sales in the three months to the end of February. Underlying sales at its pharmacies and its retail business, excluding the impact of currency and store closures, both rose about 5 percent, while sales soared 20 percent. But staff say that government contracts for pharmacy services make it difficult to cover costs, and Boots has already reduced pharmacy trading hours in many stores, so counters can be closed even when the rest of the store is open. Workers also point to poor maintenance in some stores and fewer staff, meaning tills are unattended or increasingly automated, which they say is not good for older shoppers. Previously interested parties include India's Reliance Industries and restructuring expert Apollo Global Management. CVC, Bain Capital and Asda owner TDR Capital also looked at the group but balked at the then mooted price of at least £5 billion. Stefano Pessina, the entrepreneur behind all the deals at Boots since it merged with his Alliance Unichem business in 2006, is likely to be kingmaker. Those who know him suggest he could keep a stake in Boots and may want to be involved in its future – if he sees a way to make money from it. Not everyone is so sceptical. Another source who knows Boots well argues: 'There is as much a case for investment as there is for stopping it. It could go more digital.' With an ageing UK population and the Labour government's increased focus on primary healthcare, where Boots has been increasingly offering services such as obesity clinics and vaccinations, there are new areas for potential growth. 'Boots is thriving, not just surviving, and if it was able to use more of its cash, who knows? There is a change in emphasis in the UK and, on a 10-year view, there is a big opportunity,' says the source.
