CVS will close 900 stores by the end of 2024 – 10% of all its shops – as it moves to online strategy amid increase in shoplifting

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via MSN:

CVS is set to close hundreds of stores across the country as it undergoes a complete retail overhaul – as more outlets move towards online sellers amid rampant increases in crime. The major drugstore chain 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. In the announcement, which has hit headlines again recently amid rampant shoplifting at the chain, bosses they said that they were undergoing a new ‘retail footprint strategy.’

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.

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