CVS closes 900 locations and adds “new store formats”

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A sign on the side of the CVS Pharmacy on May 15, 2020 in Carver, Massachusetts. (Photo by Maddie Meyer / Getty Images)

SAN FRANCISCO (KRON) – CVS plans to close a total of 900 stores over the next three years, the company said on Thursday. CVS said it had “assessed changes in population, consumer buying habits and future health needs” to ensure it had its locations in the right places.

According to CVS, part of the company’s strategy is to create “new store formats”. The remaining stores are to be adapted into three types of sites, which will be dedicated to providing primary care services, an enhanced version of the HealthHUB locations, alongside the traditional CVS Pharmacy store.

Employees of stores that are closing will have the option to relocate or work in another capacity with CVS, the company said. The first 300 stores will begin to close in spring 2022.

Incidentally, Walgreens also announced several store closings, including at least five in San Francisco. However, the company said this was due to concerns about “Ongoing organized crime in the retail sector” in the city. San Francisco rulers quickly refuted this claim, believing that the local closures were linked to Walgreens’ larger plan to shut down approximately 200 sites nationwide.



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