- By the end of 2024, CVS Pharmacy will have closed 900 store locations as it pivots to a new “retail footprint strategy.”
- The company announced plans in 2021 to shutter hundreds of its stores over a three-year period in order to reduce store count density in some areas and adjust to the online market by converting its stores into health care destinations that offer shots and testing.
- Meanwhile, pharmacy chains, including CVS, Walgreens, and Rite Aid, are battling rampant retail theft at some store locations, likely contributing to closures.
- According to CapitalOne Research, retailers lost approximately $86.6 billion to theft in 2022 and are projected to lose over $115 billion by 2025.
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