The latest announcement that Walgreens Boots Alliance would close about 1,200 stores, largely cashflow negative and underperforming, over the next three years, with 500 to be shuttered in 2025, has continued investors' punishment. Stock prices at $10.45 at Monday's close were less than half of where they started the year. Market worry is broader than just Walgreens.

But problems are widespread among the large drug store industry. CVS has lost 28% of its value since January 1 and is laying off 3,000 people. In September, the privately held Rite-Aid emerged from bankruptcy after cutting $2 billion from debt.

That is for investors in certain areas of retail. For the CRE industry, the equally large question has been what will happen to the leased real estate.