Many people appreciate the convenience of picking up prescriptions and grocery shopping at stores like Target with an integrated CVS Pharmacy. This partnership between Target and CVS Health Corp., which was acquired in 2015, has made it easier for shoppers to accomplish both tasks simultaneously. However, this luxury may soon be unavailable for some customers as the partnership is set to expire.
In February, CVS Pharmacy will begin shutting down dozens of its pharmacies located inside Target stores. This is part of a plan to realign their national retail footprint and reduce store and pharmacy density based on changes in population, consumer buying patterns, and future health needs. The closures are expected to continue through April, with CVS currently operating 1,800 pharmacies inside Target stores across the country.
Thibault stated that CVS will not be sharing a list of the locations that are closing at this time. If your prescriptions are being filled at one of the impacted locations, rest assured that all medications will be transferred to another nearby CVS Pharmacy store “to ensure patients have uninterrupted access to pharmacy care.” As for the employees affected by these closures, CVS Health will offer them “comparable roles within the company.”
If you’ve been keeping up with retail pharmacy news, this major reduction may not come as a complete shock to you. In late 2021, CVS Health declared that they would close 300 stores per year through 2024 as part of their new “retail footprint strategy.” This reduction is affecting various locations across the country, including Florida, Missouri, Virginia, Washington D.C., and Iowa. Additionally, distribution centers are being re-evaluated.
It’s not just CVS that’s feeling the pressure; other retail pharmacies like Rite Aid have also been closing stores. In October 2021, Rite Aid filed for bankruptcy and has since continued to shut down locations. Even Walgreens is in the midst of its own closures, having announced in June 2023 that it would be closing 450 locations.
