CVS Pharmacy will have closed 900 stores by the end of 2024 as a result of crime.
The company’s strategy was revealed in 2021, when it claimed it would close 300 stores each year in high-crime areas.
If 900 locations close, CVS would have shut down 10% of its stores.
CVS looked at “local market dynamics, population shifts, and a community’s store density” as reasons for considering store closure, according to The Daily Mail.
Since the COVID-19 pandemic, shoppers have opted for online purchases rather than in-store.
“Our retail stores are fundamental to our strategy and who we are as a company,” said CVS CEO Karen Lynch. “We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence.”
“Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions,” a spokesman said.
CVS has also suffered losses from customers fulfilling prescriptions online, curbside pickup, and telehealth options.
Reporting from Not the Bee:
While this plan was released in 2021, crime has continued to increase, with several high-profile looting cases happening this week. Apparently, if you don't lock up criminals they'll just keep on committing crimes.
