That is what is happening right now. CVS and Walgreens expanded so much in the past 15 years that there is no where left to open new pharmacies, therefore no more jobs. Pharmacies are more likely to close than stay open these days. Look what happened in just a few years to Rite Aid, Target, Kmart, Stater Bros, Duane Reade, Omnicare, PillPack, Whole Foods, Aetna, and countless independents to name a few. Pharmacies are moving away from 24 hour stores, reducing weekend hours and overlap.
Reimbursements are lower each year which is why there have been no raises and more layoffs. Look at how much the stock price has plumetted for CVS and Walgreens. They peaked 3 years ago and are worth less than half now. The trend is still going down. Walgreens just announced that they will save billions in operating costs, guess how they'll do that? Pharmacists have been way overpaid for two decades and now they are coming back to reality.
The only way for pharmacist salaries to go up is if more pharmacies keep opening, reimbursements keep going up, company stocks keep going up, front store sales keep going up, and of course if there was a shortage of PharmDs to fill the positions. None of these things are happening and will not happen anytime in the foreseeable future. This is just like what happened to Radio Shack, Circuit City and Sears.
Good luck y'all.