CVS to close 300 stores a year for the next 3 years

NEW YORK - CVS Health announced Thursday it will be closing approximately 300 stores a year for the next three years.

The move is a part of CVS’ strategic review of its retail business. The pharmaceutical chain said 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," CVS Health President and CEO Lynch said in a statement. "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."

CVS Pharmacy in the Seaport District in Boston, Massachusetts. (Staff photo by Nicolaus Czarnecki/MediaNews Group/Boston Herald)

Workers affected by the closures will be offered roles in other CVS locations or different career opportunities as part of CVS’ overall workforce strategy.

Closures won’t begin until spring 2022. But stores that remain open will likely receive a facelift.

CVS said it would create new store formats aimed at driving higher engagement with consumers. The traditional CVS Pharmacy stores will continue to provide prescription services along with health, wellness, personal care and other convenient retail items.

But some sites will become dedicated to offering primary care services. Others will be an enhanced version of HealthHUB locations with products and services designed for everyday health and wellness needs.

This story was reported from Atlanta.