CVS will shut about 300 shops a yr within the subsequent three years, the company said on Thursday, because the pharmacy chain focuses on providing extra well being care companies and increasing its digital companies.
The closures, which is able to have an effect on about 9 % of the corporate’s shops, are a part of an effort to realign its retail technique, CVS stated in assertion on its web site.
The corporate operates greater than 9,900 shops in america, in accordance with its web site. A CVS spokesman stated the corporate didn’t anticipate CVS pharmacies in Goal shops to be affected.
“We stay targeted on the aggressive benefit offered by our presence in hundreds of communities throughout the nation, which enhances our quickly increasing digital presence,” stated Karen S. Lynch, the president and chief government of CVS Well being.
CVS is aiming to remake lots of its shops. Some will provide main care companies, and others will provide broader well being care companies than normal pharmacies, resembling therapy for diabetes. The corporate can even preserve conventional CVS shops, which give prescription companies and well being merchandise.
“Hybrid fashions actually took off throughout the pandemic, together with fast supply companies, curbside pickup and purchase on-line/decide up in-store,” stated Ted Rossman, a senior analyst at Bankrate.com. “These approaches might be significantly advantageous for CVS.”
CVS stated earlier this month that about 70 % of CVS Pharmacy prospects have been enrolled in its textual content messaging program.
“We proceed to modernize our working methods and improve the mixing of pharmacy fashions, simplifying shopper interactions and driving additional engagement with our prospects,” Ms. Lynch stated throughout the company’s earnings conference call on Nov. 3.