CVS to close 900 locations, create new store formats, after strategic review of its retail business

As part of the company’s strategic review of its retail business, CVS Health will be closing locations and creating new store formats to drive higher engagement with consumers.

As part of the new formats, three distinct models will serve as community health destinations:

-Sites dedicated to offering primary care services;

-An enhanced version of HealthHUB locations with products and services designed for everyday health and wellness needs; and

-Traditional CVS Pharmacy stores that provide prescription services and health, wellness, personal care and other convenient retail offerings.

The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years.

The company states that they are committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy. These changes will begin in the spring of 2022.

“Our retail stores are fundamental to our strategy and who we are as a company,” said Karen S. Lynch, President and CEO of CVS Health. “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.”