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Over the next three years, CVS Health will be closing about 300 stores A YEAR as they plan to adjust to new store formats and customer needs.
CVS announced on Thursday that over the next three years, they will be shutting down 300 stores a year. CVS has been said to be evaluating population changes and certain customer buying patterns. The company wants to ensure that it has the "right kinds of stores in the right locations". They did not announce when the shutdowns will begin.
GlobalData Managing Director Neil Saunders thinks that CVS has neglected some of its retail business. He said:
“Too many stores are stuck in the past with bad lighting, depressing interiors, messy merchandising, and a weak assortment of products,”
He would continue by saying:
“They are not destinations or places where people go out of anything other than necessity.”
According to CVS Health - its stores will be grouped in a new way. Stores will be grouped into three models. What those three models are... it was not mentioned.
But - your local CVS may be disappearing sooner than later.