(WHDH) — CVS Health announced Thursday that they plan to close 900 locations over the next three years.
The company says they have 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.
In light of their findings, they plan to reduce store density in certain locations and close about 300 stores a year for the next three years starting in the spring of 2022.
CVS added that they are committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy.
“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.”
In addition to these closures, CVS Health is also creating new store formats to drive higher engagement with customers.
These formats 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 trail offerings.
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