How many CVS stores closing in 2023 in your nearest place? Since the pandemic began, store closings have become increasingly common. Even large retail chains had to close a number of their locations across the country. Although some layoffs have been significantly more severe than others, this has continued throughout the previous three years. Consumer Value Stores (CVS), one of the largest drugstore companies in the U.S., has also begun closing stores in 2022. CVS has experienced both temporary and permanent drugstore closures. Additionally, more places are shutting their doors.
As of December 26, 2022, there were 9,669 CVS Pharmacy stores throughout the United States. California is the U.S. state with the most CVS Pharmacy stores. 1150 CVS stores, or nearly 12% of all CVS Pharmacy stores in the U.S., are located in California.
CVS announced plans in 2021 to close many stores nationwide every year.CVS stated that it plans to close 300 stores in 2022 as part of a three-year plan to close 900 stores. We’ll review the CVS store closures in depth in this article.
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Reason for CVS closures
Currently, American pharmacies are focusing on developing medical technology. Before the COVID epidemic occurred, a report claimed that the pharmaceutical sector was going through a digital transition. Ever since it has increased rapidly.
Patients now have even more reasons to adopt digital health solutions due to the global pandemic. The major pharmacies have been growing their online presence. They are trying to adjust to customers’ changing preferences and behaviors.
Most recently, in September 2022, CVS acquired the well-known home healthcare company “Signify Health.” This was done to expand the availability of its medicine delivery services. The company’s relationship with customers at home will improve due to this acquisition. It also enables healthcare professionals to focus on meeting patient demands. The goal of CVS is to improve the clinical experience. President and CEO of CVS Health, Karen S. Lynch, highlighted each point in a statement.
The business has been broadly analyzing population changes, consumer buying trends, and future healthcare requirements. These are carried out to ensure it has the right stores in the correct areas for customers and businesses.
The business also announced that it would increase the presence of its MinuteClinics-owned retail clinics. It also tries to create both physical and virtual locations. To make healthcare more cheap, transparent and convenient, CVS is making these efforts.
Many of CVS’s retail outlets will effectively be “remade” to be more clearly healthcare-focused. These portals will have brand-new, typical retail formats. One model will concentrate on
Providing primary care services while keeping specific traditional pharmacy locations. Another concept will be an “improved version of HealthHUB locations” focusing on daily health and wellness requirements.
The closures will not affect the CVS pharmacies inside Target stores. The business estimates that the impairment charges associated with the store closures will total between $1 billion and $1.2 billion.
The business also has plans to stop any staffing shortages. According to CVS, it intends to give affected staff new roles inside the company.
According to Karen Lynch, president, and chief executive officer of CVS Health, “We continue to focus on the competitive edge offered by our presence in thousands of communities around the country.” These benefits will enhance our quickly growing online presence.
How many CVS stores are closing in the USA?
Based on the number of sites, CVS Pharmacy, Walgreens, and Health Mart will be the top three pharmacies in the United States in 2022. With 9,669 outlets spread over 52 states and territories, CVS Pharmacy has the most among the three.
In June 2022, CVS started closing stores. Through the fall, the firm kept closing outlets in different states. This includes, among other places, Pennsylvania, North Carolina, Maryland, and California.
According to a report by the Dayton Daily News on August 31, CVS is closing many locations. According to the newspaper, the well-known pharmacy chain will permanently close four of its outlets in the greater Dayton, Ohio, area.
The closures will impact stores in the following places: Fairborn, Moraine, Brookville, and New Lebanon. According to the Dayton Daily News, they will close on a series of dates between September 21 and October 5, 2022.
In 2022, Ohio was severely impacted by CVS closures. Kettering’s most prominent suburb in the city had a closed store. This was according to a February report in the Dayton Daily News. And a few months later, a Harrison Township CVS, as well as another one in Kettering, also closed their doors. According to the report, the firm has permanently closed a CVS location in Hamilton.
Also, as a part of its worldwide goal to reduce the number of stores it maintains, CVS has closed one location in New Jersey. The closed business was the only one in the town of Metuchen.
However, the CVS closures don’t simply affect Ohio. The drugstore business has recently shuttered locations around the country, including in the states of Pennsylvania, North Carolina, Maryland, California, Florida, Texas, and Georgia. When considering the firm’s intentions, that is hardly surprising.
Just recently, another CVS location was put up for closure. According to local NBC affiliate news Channel 13, the company plans to close its Central Avenue facility in Albany, New York. The news source claims that on January 12, this CVS location will permanently close its doors. Best Life has contacted CVS regarding the Albany closure but has yet to receive a response.
Central Avenue Pharmacy told News Channel 13 that it will accept clients from the soon-to-be-closed CVS store. One of the many American pharmacies planning closures is CVS. According to a December 2 article in the Selma Times-Journal, the Swift Drug Company in Selma, Alabama, will be the initial store to close. The pharmacy has reportedly served Selma residents for 106 years. But on December 23, the pharmacy will permanently close this store.
According to a business representative, Amy Thibault, “all medications are being smoothly moved to nearby CVS Pharmacy stores, assuring uninterrupted patient service.” “We can handle every one of our coworkers who will be affected by these decisions.” It is to be noted that the affected staff are all given similar positions at other local locations.
The Sunshine and Glenstone CVS stores are closing!
It was reported by CVS Pharmacy that it is South Glenstone Avenue location in Springfield would soon close.
Springfield customers and Glenstone have a 59-year relationship. It was constructed in December 1961 and was previously known as the Kats City Drug Store. Kivett, Myers & McCallum, a prominent architectural firm, created its design. Innovative building materials and distinctive geological connections have established themselves as iconic parts of Springfield’s heritage.
The largest pharmacy for the corporation was to be built at the southwest corner of Portland Street and Glenstone Avenue in Springfield, Missouri. Kivett, Myers, and McCallum were tasked with designing it. The location was chosen because it is close to the Glenstone and Sunshine junctions and the expanding southwest area of Springfield.
The superstore covered 74,500 square feet of space after 124 days of construction. The building was used by Katz Drug up until 1971. It was then merged with Skaggs Drug Company and changed its name to Skaggs Thrifty City.
Jewel Companies, the parent company of Osco Drug, bought Skaggs in 1984. Osco Drug ran a store here until 2007 when CVS Corporation bought it. Until 2019, when it was announced.
The store would close on April 1 of that year. CVS operated a pharmacy here. Market Street Liquidation and Pallet Sales announced their purchase of the structure on July 17, 2022.
Conclusion
According to experts, a lot of factors are causing pharmacies to close. Additionally, pharmacies focus on enhancing their digital services during intense competition. That competition is also continuing to put pressure on prescription profit margins.
People seek more personalized, complete, and technologically advanced healthcare experiences. And CVS Health is on hand to help. They estimate spending upwards of $3 billion on extending and improving their digital footprint in 2022 alone. CVS is also testing a new system that lets customers alert pharmacies when they plan to pick up their medications.
Speaking on behalf of the National Association of Chain Drug Stores, Kathleen Bashur said, “This isn’t easy to paint with a wide brush by mentioning one factor.” It’s crucial to remember that retail firms of all shapes and sizes across all sectors constantly adapt to evolving consumer expectations!
