By Paul Bubny | Originally Published November 18, 2021 at ConnectCRE.com
CVS Health said Thursday it would close 300 stores annually over the next three years as part of its strategic review of its retail business. The Woonsocket, RI-based retailer is also creating new store formats and making executive changes to bolster its omnichannel strategy.
“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,” CVS said in a statement. Accordingly, it’s reducing store density in certain locations.
In a bid to create higher engagement with consumers, CVS will introduce three distinct store formats:
- 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.