CVS Health will close dozens of pharmacies inside Target stores at a time when pharmacy chains struggle to grow profits, reports The Wall Street Journal.
CVS will close the pharmacies between February and April, according to a CVS spokesperson.
The closures are part of a larger effort to pare down CVS' retail footprint “based on our evaluation of changes in population, consumer buying patterns and future health needs,” she said.
CVS has operated pharmacies in Target since 2015 when it bought the business from the retailer for roughly $1.9 billion. It operates pharmacies in around 1,800 Target stores. In total, CVS operates approximately 9,000 pharmacy locations.
CVS said that it will have closed 900 U.S. locations between 2022 and the end of 2024; by the end of 2023, 600 stores have already closed as part of the plan. Full Story (Subscription Required)
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