CVS is set to close hundreds of stores across the country as part of a retail overhaul. The drugstore chain had announced a policy in 2021 to close 300 stores each year, with a total of 900 stores expected to shutter by 2024. The decision comes as retailers adjust to changing consumer behavior driven by online shopping, as well as concerns about rampant shoplifting affecting sales in physical stores. CVS cited factors like “local market dynamics, population shifts, and a community’s store density” when deciding which stores to close. The company plans to turn more stores into healthcare destinations and expand its HealthHub business.
