CVS looks to close nearly 900 stores in next three years

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WOONSOCKET, R.I. (WTAJ) — CVS, one of the nation’s largest drugstore chains, announced steps to make health care more affordable, accessible and convenient for consumers, but includes closing 900 locations in the next three years.

CVS Health said in a release that they’ve been evaluating populations, shopping patterns, and future health needs to try and meet those needs with the right kinds of stores in the right locations. As part of this initiative, CVS Health will reduce store numbers in certain areas and will be closing approximately 300 stores a year for the next three years. That currently totals just over 3% of their nearly 10,000 locations.

These changes will begin in the spring of 2022, the company said in their release.

As part of their new strategy, CVS Health states that part of their strategy will create new store formats to drive higher engagement with consumers, such as:

  • Sites dedicated to offering primary care services;
  • An enhanced version of HealthHUB locations with products and services designed for everyday health and wellness needs; and
  • Traditional CVS Pharmacy stores that provide prescription services and health, wellness, personal care and other convenient retail offerings.

“Our retail stores are fundamental to our strategy and who we are as a company,” said Karen S. Lynch, President and CEO of CVS Health. “We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence.”

CVS Health touts 300,000 employees including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners across the country.

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