In an effort to remain competitive, both CVS and Walgreens have been pivoting toward healthcare services. CVS has plans to convert over 1,000 stores into HealthHubs, which offer services such as mental health screenings, yoga classes, and primary care. This shift is designed to meet the growing demand for healthcare while also helping the company diversify its revenue streams.
Walgreens has similarly invested in healthcare, acquiring a $5.2 billion stake in VillageMD, a primary care network. However, this investment has yet to yield significant profits for Walgreens, and the company is now closing some VillageMD locations to cut losses.
The Future of Retail Pharmacies
The closures by CVS, Walgreens, and Rite Aid signal a broader transformation within the retail pharmacy industry. As consumers shift toward online shopping and healthcare services evolve, traditional drugstores must adapt to survive. While these closures may help companies improve their bottom lines, they could also affect access to healthcare for vulnerable populations.
As one analyst said, “We are at a point where the current pharmacy model is not sustainable”. For many communities, the loss of a local pharmacy means fewer places to pick up prescriptions and fewer options for everyday essentials and healthcare services.
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