CVS is opening smaller drugstores that only have – Business News
CVS said it will open a dozen or more drugstores that only have pharmacies as it scrambles to remain competitive against rivals like Target, Amazon, Walgreens, and Rite Aid.
The smaller stores, each location averaging less than 5,000 square feet, will feature a full service pharmacy with limited over-the-counter products for purchase.
“The new pharmacies will be introduced in select neighborhoods to help bridge gaps in care and make it easier for patients to access medications, immunizations, and other pharmacist-provided health care services,” a CVS spokesperson said.
The pharmacy-only CVS stores would average less than 5,000 square feet each. Bloomberg via Getty Images
The move is apart of a larger cost-cutting effort, which CVS enforced last year in closing over 1,000 stores and laying off almost 3,000 employees.
There are currently over 9,000 CVS pharmacy locations, including those in Target and Schuncks grocery stores, according to CVS’ website. CVS aims to transform “health through local care,” citing on their website that around 85% of Americans live within five miles of a CVS Pharmacy.
“By taking a customized approach to our footprint that is focused on the specific needs of the communities we serve, we’re continuing to strategically realign our pharmacy footprint to better support patient and ensure the right geographic coverage,” a CVS spokesperson said.
CVS has laid off several thousand workers as part of cost-cutting efforts. Getty Images
CVS is not the only company to undergo widespread changes, as just last week Walgreens was sold to a private equity firm in a $24 billion deal with Sycamore Partners due to financial struggles. Additionally, Rite Aid narrowly exited bankruptcy last year after successfully undergoing widespread financial restructuring.
CVS’ pharmacy-only stores will open nationally in “select communities” in 2025.
