The Shift Toward Online ShoppingFinancial Struggles and CompetitionThe Role of Pharmacy Benefit Managers (PBMs)Pharmacy Deserts and Community ImpactThe Move Toward Healthcare ServicesThe Future of Retail PharmaciesA Changing Landscape
The COVID-19 pandemic has fundamentally changed the way people shop. More consumers are opting for online purchases, curbside pickup, or delivery services such as Instacart. In response to this shift, CVS announced plans to close 900 stores by the end of 2024.1 The company began this process in 2022, closing approximately 300 stores each year. This decision reflects CVS’s strategy to focus more on digital services while reducing its physical footprint.
With 10,000 retail locations before the closures, CVS still maintains a large presence in many communities. However, the company plans to modernize many of its remaining stores, transforming them into HealthHubs, which offer a wider range of health services beyond the traditional pharmacy.
Financial Struggles and Competition
Financial pressures are a major reason for store closures across the pharmacy industry. Walgreens, for example, announced that around 25% of its U.S. stores are not profitable.2 The company, which operates roughly 8,600 locations, has been struggling with theft, competition, and failed growth strategies. Walgreens recently stated that they plan to close a “significant” number of stores as part of an effort to cut costs and improve profitability.
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