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Monday, January 30, 2023

US Chain CVS Will Soon Close 900 Drugstores

CVS, one of the country’s major drugstore companies, plans to eliminate 900 locations over the next three years.

This accounts for approximately a tenth of the company’s stores.

The company’s surviving locations, which sell a variety of consumer products and snacks, will be expanded to include additional in-person health services.

Throughout the epidemic, Americans have gotten used to getting advice, testing, and immunizations from their neighborhood pharmacy.

CVS, along with other drugstore chains, has been a key player in the rollout of Covid-19 vaccinations in the United States.

Since acquiring health insurer Aetna in 2018, CVS Health Corp, which has over 9,900 facilities across the United States, has been intending to expand its services.

The company said that it will begin closing stores in the spring of 2022, shuttering 300 locations per year over the next three years, though it has not yet revealed which locations would be shuttered.

CVS aims to expand its health hubs, which include treatments for common health issues as well as chronic care, at its remaining locations.

The long-term aim for CVS, according to the company, is to grow care delivery while decreasing its brick-and-mortar retail operation.

Karen Lynch, the business’s CEO, stated, “Our retail outlets are crucial to our strategy and who we are as a company.”

“We’re continuing to focus on the competitive edge afforded by our presence in hundreds of towns around the country, which complements our quickly growing digital presence.”

CVS is the largest drugstore chain in the United States, surpassing Walgreens Boots Alliance.

The move makes sense, according to GlobalData managing director Neil Saunders, since “CVS has ignored shops for far too long and has pushed some of them into the downward spiral of irrelevance.”

Walgreens has also switched its focus recently, investing $5.2 billion (£3.9 billion) in healthcare provider VillageMD and $330 million in health services company CareCentrix.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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