CVS closing 900 locations, adding ‘new store formats’

Business

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 is planning to close a total of 900 stores over the next three years, the company announced Thursday.

The first 300 stores will begin closing in spring 2022.

CVS said it has been “evaluating changes in population, consumer buying patterns and future health needs” to make sure it has its locations in the right places.

Employees at the closing stores will get opportunities to relocate or work in another capacity with CVS, the company said.

Part of the company’s strategy also includes creating “new store formats,” which means the remaining stores will be adjusted into three types: sites that are dedicated to offering primary care services, an enhanced version of HealthHUB locations, and the traditional CVS Pharmacy store.

Walgreens also has announced multiple store closures, with at least five in San Francisco. However, the company said it’s due to concerns over “ongoing organized retail crime” in the city.

San Francisco leaders quickly refuted that claim, believing that the local closures were related to Walgreens’ broader plan to close about 200 locations nationwide.

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