NOTTINGHAM, MD—CVS Health on Thursday announced that the retail pharmacy chain will close around 300 stores over the next three years.
The company says it 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.
“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.”
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.
The company has not yet announced which stores will be closing.