CVS to close 900 stores: Drugstore chain's store closings represent 10% of locations

[RandySF]

CVS plans to close about 900 stores over the next three years, reflecting nearly 1 in 10 of its locations, as the drugstore chain continues its pivot away from retail and toward health care services.

The company announced Thursday that it would shutter 300 stores per year for the next three years.

"The company is committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy," CVS said in a statement.

The closures will begin in spring 2022.

A list of locations poised to close was not immediately available.

CVS spokesperson T.J. Crawford said the company would decide which locations to close based on "a number of factors," including "local market dynamics, population shifts and store density" as well as "ensuring Aetna and Caremark coverage and the needs of underserved communities."





https://www.usatoday.com/story/money/2021/11/18/cvs-store-closings-cvs-pharmacy/8664870002/

[KY_EnviroGuy]

1. Too much competition, I would bet.

Walgreens, Rite Aid, and the few mom-and-pop stores left, but mainly Walmart, Kroger, Target, Meijer and a host of others to compete with. Don't quite know how they're keeping their doors open.

I visited many a small country town on my field service jobs where CVS or Rite Aid was the only drug store within 20 to 30 miles and it's likely some of those will close (mainly due to Walmart's proliferation).

KY

[SleeplessinSoCal]

2. I got super pressed to sign up for Extra Care when there cooling my heals..

...after our booster shots. Now I understand why the manager did that. He wants the store to stay open. So do we.

[True Blue American]

3. They just built a lovely new one here.

They are closing old, building new!

[JI7]

4. They have many stores very close to each other . And Doesn't Target use CVS for their pharmacy ?

[Sympthsical]

5. They do

We have a CVS in the shopping center down the street, and I think it may be one to close. Every time I go in, it feels like I'm the only person there. Went to get a booster and flu two weeks ago, and no one was in line for anything before or behind me. And this was like 5:30p on a weekday, so you'd figure there'd at least be an after work crowd.

2 miles down the road is a Target with a CVS pharmacy inside.

They're too smooshed together. And no one's grocery shopping at a CVS. Mine has a Safeway and Costco literally right next to it. Same shopping plaza.