Pharmacy provider CVS Health says it will close 900 of its stores in the next three years.
CVS said Thursday it would begin closing stores, with an estimated average of 300 stores closing per year. It will also refocus its attention on stores specializing in health services over retail, as well as its digital growth.
“The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business,” CVS said in a press release.
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CVS said it intends to categorize its stores into one of three types: those offering primary care services, HealthHUB locations offering everyday health, and traditional pharmacies offering wellness needs.
“Our retail stores are fundamental to our strategy and who we are as a company,” said CVS President and CEO Karen S. Lynch in a statement. “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.”
The closings, which will begin next spring, account for approximately 9% of CVS’s 9,900+ locations in the United States.
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CVS and competitor Walgreens made headlines when the Centers for Disease Control and Prevention announced the pharmacies were responsible for the majority of wasted COVID-19 vaccines in May 2021. The two companies together reportedly accounted for nearly 128,500 of the 182,874 wasted shots, according to the CDC.
Walgreens has also indicated its intent to downsize, announcing last month it would close a handful of stores in San Francisco due to rampant theft. The company previously closed 10 of its San Francisco stores before March of this year.
