CVS Health is planning to close some pharmacies inside Target.
CVS will be closing some pharmacies between February and April this year, a company spokesperson told The Wall Street Journal. The reason for the closure is to cut back its retail footprint “based on our evaluation of changes in population, consumer buying patterns and future health needs,” she said.
CVS currently operates around 1,800 pharmacies inside Target, according to CNN. CVS has about 9,000 pharmacy locations, The Wall Street Journal reported.
The company has been operating pharmacies since 2015 when CVS bought the business from Target for about $1.9 billion, the newspaper reported.
Pharmacy chains have been struggling to increase profits in the last few years due to low foot traffic and drug costs, according to The Wall Street Journal. Rite Aid last year filed for bankruptcy as Walgreens and CVS are looking to cut costs.
CVS said it would close about 900 stores or 10% of its locations in the United States between 2022 and 2024, the newspaper reported. 2023 ended with about 600 location closures.
Before the pharmacies are closed, the prescriptions will be transferred to another CVS Pharmacy in the area, CNN reported.
A list of affected locations of CVS pharmacies inside Target that will be closing has not been released, according to USA Today.
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