CVS to Close “Select” Pharmacies Inside Target Stores
CVS Health has announced it will be closing “select” pharmacies located inside Target stores early in 2024. The closures are expected to happen between February and April, with employees at those locations being offered comparable roles within the company.
While the exact number of locations involved has not been confirmed, The Wall Street Journal reports that the plan includes “dozens” of pharmacies. CVS has not provided a list of closing locations but has stated that any prescriptions will be transferred to a nearby CVS Pharmacy to ensure patients have uninterrupted access to pharmacy care.
Amy Thibault, lead director of communications for CVS, stated that the closures are part of a plan to “realign our national retail footprint and reduce store and pharmacy density.” This decision comes after CVS evaluated changes in population, buying patterns, and future health needs in an attempt to match the right pharmacy format with the right patient locations.
This move by CVS is not unique, as other pharmacy chains have also announced closures. Rite Aid revealed last year that more than 150 locations would be closing, and Walgreens announced plans to close 150 stores in the U.S. and another 300 in the U.K. In 2021, CVS announced its own plan to close 900 stores over three years for similar reasons.
CVS Health acquired Target’s pharmacy and clinic businesses in 2015 for roughly $1.9 billion, bringing 1,672 pharmacies under their ownership.
As of 2023, it is expected that these changes in pharmacy operations will continue to shape the retail landscape. Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.