Current Events > CVS to close 900 stores.

(+) Yeah! (+)

https://www.cnn.com/2021/11/18/investing/cvs-store-closures/index.html

Wow...

"CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of "consumer buying patterns."

The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the "right kinds of stores in the right locations for consumers and for the business." A list of locations shutting down, which will happen beginning next spring, was not immediately released.

The closures are part of broader realignment of its retail strategy of its roughly 10,000 locations. That includes remodeling some stores to include more health services, such as primary care, and an "enhanced version" of its HealthHub layout.

"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," said CVS CEO Karen Lynch. She joined the company a year ago.

The closures will cost the company about $1 billion dollars in the fourth quarter of 2021. Affected employees will be offered jobs at nearby locations.
Neil Saunders, retail industry analyst and managing director of GlobalData, said in a note to investors that the closures are the result of CVS having "too many overlapping locations" and the dilapidated state of its stores that has "pushed some of them into the downward spiral of irrelevance."

"Too many stores are stuck in the past with bad lighting, depressing interiors, messy merchandising, and a weak assortment of products. They are not destinations or places where people go out of anything other than necessity," Saunders said.
CVS (CVS) shares jumped 1% early trading. The stock is up nearly 40% for the year. "

Cocytus posted...

"Too many stores are stuck in the past with bad lighting, depressing interiors, messy merchandising, and a weak assortment of products. They are not destinations or places where people go out of anything other than necessity,"

Destination CVS


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i have never been to a cvs only walgreens

CADE FOSTER posted...

i have never been to a cvs only walgreens

Around here they are almost always across the street from each other.
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Dollar general started killing the drug stores about 7 years or so ago when they started carrying more name brand items/food/smokes at a cheaper price than the drug stores.

This was the time CVS stopped selling smokes which hurt them massively. Also the reliance on having to sign up to receive the advertised pricing.

Walgreens will follow sooner rather than later.

I'm glad that I'm no longer working for them.

Women stole too much make up.

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Everything at a drug store that isnt behind the pharmacy counter you can get much cheaper at other stores (grocery stores, Walmart, etc.).

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How do you know it was the women stealing the makeup?
It could have been the men

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I wonder what effect this will have on the future of pharmacy.

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Turbam posted...

How do you know it was the women stealing the makeup?
It could have been the men

God damn. Just 2021'd the fuck out of me.

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I went to a CVS about a month ago. UPS has a deal with them to drop off packages. So that's where I picked up one for myself.

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then again, CVS stores are seemingly all over the place.

LanHikari10 posted...

I wonder what effect this will have on the future of pharmacy.

It'll move online and you'll have most of them delivered.

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I like how they state their reasoning for closing these stores down, yet people with an agenda still push the idea that theft is what's causing it. Weird.

CVS stuff is expensive

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CommonStar posted...

I like how they state their reasoning for closing these stores down, yet people with an agenda still push the idea that theft is what's causing it. Weird.

To be fair, that is CVS's agenda too

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Lost_All_Senses posted...

God damn. Just 2021'd the fuck out of me.

Watch your language young boy.

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Tbh CVS sucks if you aren't a part of their dumb membership program. But when you are you can get like 80% a regular purchase if you do shit right.

I've never had a good experience at a CVS tho. It's like you walk into the Twilight Zone.
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Jefejonny posted...

Watch your language young boy.

Young boy is my father's name. My name is baby boy. Snoop Dogg fucks my girlfriend.

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The condoms and battery story?! Noooo

SK8T3R215 posted...

It'll move online and you'll have most of them delivered.

With Trump's USPS? People are going to die.
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There needs to be an Onion article about how they're closing because Shittenhouse wasn't around to protect them

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Probably can't find enough workers.

In addition to all the theft, CVS upsells every day items too much.
As an example a box of 8 poptarts costs more than a box of 12 poptarts at Kroger.
With price gouging like that, of course there's no reason why people who are financially struggling would ever go there for anything other than pharmaceuticals they can only get there.


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perhaps they need to justify having such large stores. I guess CVS feels no one wants to go into some rinky-dink shop that just sells meds.

That's what happens when you stop selling cigs and booze at a convenience store in the age of Amazon & Walmart.

Even eBay is kinda *gestures*

Muh extra long receipts

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