CVS Pharmacy announced it will close approximately 900 stores nationwide by the end of 2024 due to increases in shoplifting.

The drugstore chain is planning a retail overhaul and transition to a more online-based business strategy.

CVS is “coming to the end of a policy launched in 2021 which will see 300 stores closed each year – meaning 900 will have shuttered by 2024,” Daily Mail reports.

In addition to rampant retail theft, the COVID-19 scamdemic made online shopping a more attractive business model for retailers.

Daily Mail reports:

CVS and other retailers across the US continue to adjust to post-pandemic footfall, with COVID helping turbocharge the popularity of online shopping.

More shoppers are turning to buying online in the wake of the pandemic, as well as rocketing levels of shoplifting affecting sales in stores.

CVS claims that ‘local market dynamics, population shifts, and a community’s store density’ are some of the aspects it has looked into when deciding which stores to shutter.

A spokesman said: ‘Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions.

‘Other factors include local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.’

More customers are getting prescriptions filled online, retrieving personal care items through curbside pickup and visiting with doctors through telehealth.

The outlet noted CVS will close an additional 600 stores by 2027, approximately 10% of all shops.

The announcement follows Walgreens closing 150 stores across the United States and Target closing nine stores in major U.S. cities.

Per USA Today:

Pharmacy chain Walgreens plans to close 150 of its locations in the U.S. and 300 more in the United Kingdom.

This continues ongoing cost-saving initiatives at the company, including more than 500 corporate personnel jobs being cut, Walgreens Boots Alliance executive vice president and global chief financial officer James Kehoe said during the company’s third quarter earnings call Tuesday.


The company has not announced which locations will be closed and did not immediately respond to a request for comment from USA TODAY. The closings are expected to occur before the end of Walgreens’ 2024 fiscal year in May 2024.

The Post Millennial writes:

Target said in the release, “We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance.”

The company added, “Before making this decision, we invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business.”

“Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully.”

The company is planning to close its location in New York City’s Harlem neighborhood, two stores in Seattle in the Ballard neighborhood and University District, three stores in the San Francisco-Oakland area, and three more in Portland, Oregon. The stores are scheduled to close on Oct. 21.

Join The Conversation. Leave a Comment.

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.