CVS Health To Close Pharmacies Inside ‘Select’ Target Stores

CVS Well being, which paid almost $2 billion to purchase the pharmacy and clinic enterprise of retail large Goal eight years in the past, is shuttering “choose CVS Pharmacy in Goal areas in early 2024,” the pharmacy large stated Thursday.

CVS has greater than 9,000 complete CVS Pharmacy areas, together with almost 1,800 of these inside Goal shops however wouldn’t disclose precisely what number of pharmacies contained in the low cost retailer would shut. The closure of CVS pharmacies inside Targets was first reported by the Wall Street Journal.

CVS has been extra centered increasing deeper into the availability of medical care. The corporate within the final 12 months alone has spent almost $20 billion including senior main care facilities by way of its $10.6 billion acquisition of Oak Avenue Well being and $8 billion on a homecare firm, Signify Well being.

In closing the pharmacies inside sure Targets, CVS stated executives try to scale back “retailer and pharmacy density.”

“The pharmacy closures will start in February and be accomplished by the top of April, and impacted workers shall be supplied comparable roles inside the firm,” CVS stated in a press release. “The closures are a part of our plan to realign our nationwide retail footprint and cut back retailer and pharmacy density and are primarily based on our analysis of modifications in inhabitants, shopper shopping for patterns and future well being wants to make sure we’ve got the precise pharmacy format in the precise areas for sufferers.”

For CVS prospects impacted by the closure of a pharmacy they use inside a Goal, the corporate stated: “previous to the closing of any impacted location, prescriptions shall be transferred to a close-by CVS Pharmacy to make sure sufferers have uninterrupted entry to pharmacy care.”