CVS Health will close hundreds of drugstores over the next three years, as the health care giant adjusts to changing customer needs and converts to new store formats.
The company said Thursday that it will close about 300 stores a year for the next three years as it looks to reduce store count density in some locations.
The total of around 900 amounts to nearly a tenth of the roughly 10,000 retail locations CVS Health operates.
According to a news release, CVS is creating "new store formats to drive higher engagement with consumers."
These include:
- 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 closures will begin in the spring of 2022, according to the release.
The company also sells insurance and runs prescription drug plans for big clients like insurers and employers.
