Nov 18, 2021 - Health

CVS Health to close around 900 stores over next 3 years

A CVS Pharmacy in San Francisco.

A CVS Pharmacy in San Francisco. Photo: David Paul Morris/Bloomberg via Getty Images

CVS Health said Thursday it will close roughly 900 stores over the next three years to reduce store density in certain locations around the United States.

Why it matters: It's a major revision of the company's retail model that comes in response to changes in population and consumer buying patterns. CVS Health said it currently has more than 9,900 pharmacy locations around the U.S.

What they're saying: The company said the closures were part of "its strategy of making health care more affordable, accessible and convenient for consumers."

  • "Our retail stores are fundamental to our strategy and who we are as a company," said CVS Health CEO Karen Lynch said 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 closures are set to begin in the spring of 2022.

The big picture: CVS Health also announced three new, standardized store formats, including its traditional pharmacy stores

  • One model will focus on offering primary care services, while another will be health hub locations "for everyday health and wellness needs."

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