CVS confirms two more locations will shut down for good in same city after chain closes 900 stores in less than 5 years
After hundreds of store closures over the last five years, CVS has announced at least two more.
In the upcoming days, the closures will require customers to change their prescription drug sources.
Both of the CVS locations in Hartford, Connecticut, will close.the second at 777 Main Street and the first at 690 Wethersfield Avenue, although not on the same day, according to Patch.
The latter will close on March 11 and the former on February 21.
Prescriptions filled at each location will be immediately transferred to one of Hartford’s three other CVS outlets.
Note that from February 21, the prescriptions at Wethersfield Avenue will be transferred to the store at 910 Maple Avenue.
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After March 11, however, the Main Street location’s prescriptions will be transferred to the CVS at 150 Washington Street.
A CVS representative also informed the outlet that clients are free to choose the remaining CVS in the area that best suits their needs and that the new sites are not final.
“Patients can always choose to fill their prescriptions at any CVS Pharmacy, or the pharmacy of their choice if another is more convenient,” they stated.
The representative further stated that all staff members at the two closing locations would be given the opportunity to work for the company in other capacities.
There seems to be a number of reasons for the CVS shutdowns.
“Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions,” a spokesman said.
“Other factors include local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.”
Additionally, the two Hartford locations are the only CVS locations in Connecticut that are scheduled to close “at this time.”
MASS SHUTTERINGS
There are still about 170 in the state, 40 of which are spread throughout Hartford County.
In any case, the closures continue to be a component of CVS’ three-year plan to eliminate 900 stores across the country.
CVS closes 900 stores
The three-year plan for CVS Health to eliminate 900 stores is coming to an end.
According to CEO Karen Lynch, it has closed 851 so far, according to an August 2024 Associated Press story.
The closures will result in a retail presence that guarantees it has the “right kinds of stores in the right locations for consumers and for the business,” according to the company’s November 2021 announcement, as reported by CNN.
Nearly 10% of CVS’s operations have been shut down as a result of changing “consumer buying patterns.”
The closures are a part of a larger shift in the company’s almost 10,000 stores’ strategy.
A “enhanced version” of CVS’s HealthHub layout and more health services, including primary care, have replaced some of the locations.
“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,” Lynch stated in 2021.
According to CNN, the corporation lost almost $1 billion in the fourth quarter of 2021 as a result of the shutdowns.
The goal of having “the right kinds of stores in the right locations for consumers and for the business” was first stated in November 2021.
About 10% of CVS’s retail footprint, which includes more than 9,000 locations, is represented by the closure amount.
According to The Associated Press, CEO Karen Lynch stated in a statement released in August 2024 that at least 851 have already been closed as part of the strategy.
JOBS IN JEOPARDY
Alongside the closure plan, CVS announced in October that it would eliminate about 2,900 jobs as part of a $2 billion cost-cutting initiative.
In an interview with CBS affiliate WPRI-TV, CVS spokesperson Mike DeAngelis attributed the widespread layoffs to shifting consumer expectations, habits, and other issues.
The store wants to increase operational efficiency and substantially cut costs.
Tilak Mandadi, the chief digital, data, analytics, and technology officer of CVS, told the Wall Street Journal this summer that although the company has experienced financial difficulties recently, it plans to achieve major advancements, particularly in the area of technology, in 2025 and beyond.
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Walgreens and other rivals have also been closing over 1,200 locations, and as of the end of 2024, they were even in talks to be acquired.
Notably, Rite Aid liquidated at least 117 sites in one state this past September and declared bankruptcy in October 2023.