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CVS to Close 300 Stores Per Year for Three Years

Retailer adopts strategy to create new formats, reduce density

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As part of a strategic review of its retail business, CVS Health (Woonsocket, R.I.) will create new store formats: stores dedicated to offering primary care services; enhanced versions of its HealthHub locations focused on health and wellness; and traditional CVS Pharmacy stores, according to a press release.

The retailer will also reduce store density in some locations, closing about 300 stores per year for the next three years, beginning in spring of 2022.

“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.”

Jennifer Acevedo is the editor-in-chief and associate publisher of VMSD magazine.

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