The Brief CVS Pharmacy is closing 270 more stores this year. The closures are not due to industry pressures but are based on factors like population shifts and consumer needs.
Despite closures, the company says 85% of Americans will still live within 10 miles of a CVS Pharmacy.CVS is also opening new locations, including 30 stores in 2025, to better serve high-demand areas.
CVS Pharmacy is continuing its nationwide store realignment, announcing plans to close an additional 270 locations this year.
A CVS pharmacy in Pinole, California, US, on Tuesday, July 18, 2023. Photographer: David Paul Morris/Bloomberg via Getty Images
Why is CVS closing over 200 stores?
What we know:
The closures come as part of a strategy first announced in November 2021, in which CVS aimed to reduce store density and better position its pharmacies to meet consumer needs.
READ MORE: Here are the stores that are closing in 2025
Between 2022 and 2024, the company closed 900 locations and opened 100 new stores.
What theyre saying:
A CVS spokesperson said the decisions are based on several factors, including population shifts, consumer buying patterns, store and pharmacy density, and community health needs. The company emphasized that the closures are a long-planned strategic move, not a reaction to industry pressures.
“Even after the realignment work, 85% of people in the U.S. will still live within 10 miles of a CVS Pharmacy,” the spokesperson said.
CVS cites crime as main reason for store closures in DC
For the first time, CVS admits that crime is behind store closures in D.C.
CVS is the largest retail pharmacy chain in the country with over 9,000 locations.
CVS stores opening in Target
Another 30 new locations, including those inside Target stores, are set to open in 2025.
What we dont know:
The pharmacy giant has not announced specific store locations that will be closing. However, they plan to target areas with overlapping locations or low foot traffic.
The Source: The information in this report comes from CVS Pharmacy.
BusinessConsumerEconomyConsumer
