CVS will close 900 stores as it goes beyond traditional pharmacies

CVS will close 900 stores as it goes beyond traditional pharmacies


CVS will close around 300 stores annually for the next three years, the company said on Thursday, as the pharmacy chain focuses on offering more healthcare services and expanding its digital services.

The closings, which will affect about 9 percent of the company’s stores, are part of an effort to realign its retail strategy, CVS said in a statement on its website.

The company operates more than 9,900 stores in the United States, according to its website. A CVS spokesman said the company does not expect CVS pharmacies in Target stores to be affected.

“We continue to focus on the competitive advantage our presence in thousands of communities across the country adds to our rapidly growing digital presence,” said Karen S. Lynch, President and CEO of CVS Health.

CVS seeks to redesign many of its businesses. Some will offer primary care services and others will offer more comprehensive health care services than standard pharmacies, such as: B. the treatment of diabetes. The company will also have traditional CVS stores selling prescription services and health products.

“Hybrid models really caught on during the pandemic, including fast delivery services, roadside collection, and online purchase / in-store collection,” said Ted Rossman, senior analyst at Bankrate.com. “These approaches could be particularly beneficial for CVS.”

CVS announced earlier this month that approximately 70 percent of CVS Pharmacy’s customers were enrolled in its SMS program.

“We are continuing to modernize our operating systems and improve the integration of pharmacy models, simplifying consumer interaction and promoting further interaction with our customers,” said Lynch during the company’s conference call on November 3rd.



Source link

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
Rachel Meadows

Rachel Meadows

Trending topics news writer who enjoys cooking, walking her dog and travel.

Related Posts

Enter our vacation Giveaway to

Las Vegas!

Everyone wins a prize!