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CVS Health, the nationwide pharmacy chain with multiple locations in Riverside and San Bernardino Counties, will close 900 stores during the next three years.
The closures, expected to start next spring, will give the company time to account for population shifts, changes in consumer buying and what kind of health services people are likely to want, according to a statement released by the company.
About nine percent of the chain’s stores will be shuttered at a rate of 300 per year. Three store models will be developed, each of which will be designed to serve as a community health destination.
Although the company is not getting out of retail entirely, it’s clearly de-emphasizing that part of its operation and placing a greater emphasis on healthcare. One new store model will offer primary care and another will carry products and services that provide daly healthcare needs.
The third model will be the traditional CVS Pharmacy store. Exact store closures were not disclosed.
“Our retail stores are fundamental to our strategy and who we are as a company,” said Karen S. Lynch, president and chief executive officer of CVS Health, in the statement. “We remain focused on the competitive advantage provided by our presence in thousands of communities across the country.”
CVS Health is based in Woonsocket, R.I. CVS Pharmacy, its retail division, has nearly 10,000 locations in the United States, according to the company’s website.
