CVS said it will open a drugstore with dozens and more than a dozen people with only pharmacies as it is in a hurry to stay competitive against rivals such as Target, Amazon, Walgreens and Rite Aid.
Small stores, on average under 5,000 square feet, have full-service pharmacies with limited over-the-counter products for purchase.
“New pharmacies will be introduced in certain neighborhoods to help bridge care gaps and make patients more accessible to drugs, vaccinations and other health care services offered by pharmacists,” a CVS spokesperson said.
The move is part of a larger cost-cutting effort implemented by CVS last year. It will close more than 1,000 stores and fire around 3,000 employees.
There are currently over 9,000 CVS pharmacy locations, including those found at Target and Schuncks grocery stores. According to the CVS website. “We aim to change our health through local care,” citing on their website that around 85% of Americans live within five miles of the CVS pharmacy.
“By taking a customized approach to a footprint focused on the specific needs of the communities we serve, we continue to strategically reorganize our pharmacy footprint to better support our patients and ensure appropriate geographic coverage,” a CVS spokesman said.
CVS is not the only company to undergo extensive changes as Walgreens was sold to a private equity company in a $24 billion deal with Sycamore Partners last week due to a financial struggle. moreover, Rite Aid ended its bankruptcy just a little last year After successful financial restructuring.
CVS' pharmacy-only stores will open nationwide in 2025 at Select Communities.
