CVS Health announced on Nov. 19 that it plans to close 300 stores each year over the next three years as part of a review of its retail business.
Closures will begin in the spring, and by spring 2025, 900 of its more than 9,900 retail stores in the country will be shuttered.
While Chief Executive Officer Karen Lynch said physical stores are “fundamental” to the pharmacy strategy and the retailer’s identity “as a company” CVS said it’s been evaluating changes in population, consumer buying patterns and future health needs “to ensure it has the right kinds of stores in the right locations for consumers and for the business,” which led to the planned change.
In response to an inquiry on New Jersey closures, CVS spokesman Tara Burke told NJBIZ that changes to the store footprint “won’t start until the end of Q1 2022” and that the company “will provide more details, including specific locations, when available.”
According to the CVS website, New Jersey is home to 340 of the company’s retail locations. Roughly 1 in every 29 CVS stores is in New Jersey, representing approximately 3% of the store’s fleet.
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