Why is CVS Pharmacy closing stores? List of outlets explored amid mass closures

CVS Pharmacy customers may soon see a change in how they shop for their medicines as the chain is closing several stores. The closures are a result of the chain following a new set of retail strategies and are feared to affect more than 300 stores nationwide.

Similar to other major pharmacies, CVS also seems to be facing slow business after the pandemic and is forced to make cost-cutting decisions. With over 3,500 stores nationwide, the chain has no options apart from closing the less profitable locations to optimize its retail footprint.

CVS is closing down several locations as a cost-cutting measure (Image via CVS Pharmacy)

Talking to the press about the closures, a spokesperson for the pharmacy chain commented:

“We consider many factors when making store closure decisions including maintaining access to pharmacy services, local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.”

The most recent of the closures took place in New York where the chain closed down the Albany, NY location without specifying the reasons behind the closure.

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CVS Pharmacy to shut down over 300 stores as it begins following a new retail strategy

The post-pandemic era has been tough for both people and businesses as they try to get around to the new normal. Failing business, declining customer demand, and increasing shoplifting instances have been a few of the major reasons that have caused pharmacies like Rite Aid and Walgreens to shut down several stores.

Facing similar, if not the same, problems, CVS Pharmacy is also joining other major businesses as it began closing over 300 stores. The closures that are part of the chain's new "retail footprint strategy,” began in March 2023 and are expected to be completed by next year.

At least 300 out of the 9,500 CVS stores may be up for closure by 2024 (Image via CVS Pharmacy)

A complete list of the stores that may be up for closure is not available, but here's a list of some of the locations that have been shuttered down since the beginning of 2023:

1. Euclid Ave. in Des Moines, Iowa, JU
2. South Monroe Street in Tallahassee, Florida
3. 4th and Massachusetts Ave., NW, in Washington, D.C.
4. 4531 Troost Ave. in Kansas City, Missouri
5. 132nd St. and 14th Ave. in the College Point neighborhood of Queens, New York
6. Courthouse Plaza in Fairfax City, Virginia
7. Distribution Center in the Bessemer, Alabama region
8. Albany, NY store

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Most of the employees working at the closed or closing stores may be offered opportunities to continue working at other nearby CVS Pharmacy locations. However, customers may have to make the choice to make long trips to other locations or look for alternatives in their local area.