Panmure Gordon's chief economist Simon French says this is a review of Boots' property portfolio "in terms of footfall and the costliest of the estate in terms of business rates".
He tells the Today programme: "The owner, Walgreens Boots Alliance, its share price is down about 40% over the course of the last six months and therefore, under pressure for cost-cutting, they have already announced potentially $1bn of cost cutting - this is the programme that will contribute to the bottom line."
It reports that more than 200 outlets are under review for possible closure during the next two years. It quotes sources close to the company saying that decisions have yet to be made about the stores under scrutiny, but acknowledging that a significant number were likely to be shut.
That comes after Walgreens Boots Alliance said in April it would take "decisive steps" to reduce costs as part of a company-wide "significant restructuring".
Boots customers 'baffled' by plastic prescription bags
"Livid" and "baffled" customers have been complaining to Boots after receiving their prescriptions in plastic bags rather than paper ones.
One was so incensed she took her bag back to the store with "shame on you!" and "paper, not plastic!" written in capitals in black marker pen.
Boots said it was using plastic bags because some prescriptions are now assembled at a central location, rather than in local pharmacies.