Skip to content

This Major Chain Just Announced it is Closing 900 Stores

The CVS chain is shutting due to changing consumer behavior and digital demand.
FACT CHECKED BY Emilia Paluszek

During the coronavirus pandemic, drugstores have proven more essential than ever, offering vaccines tests and other remedies. Soon, there will be less of one chain, at least when it comes to a brick and mortar presence: CVS will close 900 stores. "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." Read on to see how this might affect a location near you—and to ensure your health and the health of others, don't miss these Sure Signs You've Already Had COVID.

1

The Company Will Close 300 Stores in Each of the Next 3 Years

cvs pharmacy
Shutterstock

"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 is 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," said a statement. "Our retail stores are fundamental to our strategy and who we are as a company," said Lynch. "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."

RELATED: Secrets to "Reverse Aging," Say Experts

2

There Will Be "New Store Formats"

Female pharmacist with protective mask on her face working at pharmacy.
Shutterstock

"As part of the company's strategic review of its retail business, CVS Health will also create new store formats to drive higher engagement with consumers," said the statement. "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."

RELATED: Losing This Kind of Fat is Most Important, Say Studies

3

CVS is a Go-To Place for Vaccines

Nurse with face mask sitting at home with senior woman and injecting covid 19 vaccine.
Shutterstock

"CVS sales got a lift as consumers came to stores for Covid-19 tests and vaccines. The company said it administered 8.5 million tests and 11.6 million shots during the three-month period. That's a slight drop from the previous quarter, when it gave 17 million vaccines — but its testing increased from more than 6 million," reports CNBC. "Drugstore rival Walgreens Boots Alliance also benefited from Covid-19 vaccines, particularly as many employers mandated the shots. The company said in mid-October that it administered 13.5 million in its most recent quarter, which was nearly double what it had expected."

RELATED: Over 60? Don't Say These Things to Your Doctor

4

The Pandemic Has Helped and Hurt CVS Health's Business

Woman home isolation quarantine wearing face mask
Shutterstock

"CVS' pharmacy volumes have also normalized compared with a year ago, as people go to the doctor's office more regularly and get new prescriptions. Total pharmacy claims processed increased 5.3% on a 30-day equivalent basis during the quarter versus the year-ago period, when Covid vaccines were excluded. That rose to nearly 7% when including vaccines," reported CNBC. "On the other hand, the company's health-care benefits business Aetna saw higher-than-expected costs for Covid-19 treatment and testing — especially as the delta variant of the coronavirus increased cases."

RELATED: "Health Cures" That are a Waste of Money

5

How to Stay Safe Out There

Shutterstock

Follow the public health fundamentals and help end this pandemic, no matter where you live—get vaccinated ASAP; if you live in an area with low vaccination rates, wear an N95 face mask, don't travel, social distance, avoid large crowds, don't go indoors with people you're not sheltering with (especially in bars), practice good hand hygiene, and to protect your life and the lives of others, don't visit any of these 35 Places You're Most Likely to Catch COVID.

Alek Korab
Alek Korab is a Co-Founder and Managing Editor of the ETNT Health channel on Eat This, Not That! Read more
Filed Under