Miami Seashore, Florida, Goal low cost division retailer, CVS pharmacy, female hygiene merchandise. … [+]
CVS Well being, which paid practically $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 mentioned Thursday.
CVS has greater than 9,000 complete CVS Pharmacy areas, together with practically 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 supply of medical care. The corporate within the final yr alone has spent practically $20 billion including senior major 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 mentioned executives are attempting to cut back “retailer and pharmacy density.”
“The pharmacy closures will start in February and be accomplished by the tip of April, and impacted workers will probably be supplied comparable roles inside the firm,” CVS mentioned in an announcement. “The closures are a part of our plan to realign our nationwide retail footprint and cut back retailer and pharmacy density and are based mostly on our analysis of adjustments in inhabitants, shopper shopping for patterns and future well being wants to make sure now we have the fitting pharmacy format in the fitting areas for sufferers.”
For CVS prospects impacted by the closure of a pharmacy they use inside a Goal, the corporate mentioned: “previous to the closing of any impacted location, prescriptions will probably be transferred to a close-by CVS Pharmacy to make sure sufferers have uninterrupted entry to pharmacy care.”
