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CVS to Close About 900 Stores Over Three Years. Here Is Why.
CVS Health is planning to close approximately 300 stores a year for the next three years, prompting the store to lower its end-of-year guidance. The store closures are a bid by CVS to restructure the company’s brick-and-mortar retail operations to adapt to changing consumer behavior, which favors retailers with effective digital channels as well as physical presence. “Investors are reacting positively to the entire new approach that CVS is taking which is, at its core, about making health services convenient and accessible in a consumer-friendly way,” said Jennifer Foster, Chilton Trust co-chief investment officer.