CVS To Close Select In-Store Target Pharmacies in 2024

CVS Health has recently announced its intention to close down several select pharmacies located within Target stores. The process of shutting down these outlets is set to kick off in February and wrap up by April this year.

While CVS Health hasn’t revealed the exact number of in-store pharmacies that will cease operation, the scope of the plan reportedly includes dozens of locations. To minimize disruption to customers, CVS has confirmed that all prescriptions will be efficiently transferred to nearby CVS Pharmacy outlets. This approach will ensure that patients continue to have seamless access to pharmacy care.

The closure plan is part of CVS’s strategic efforts to realign its national retail footprint and decrease the density of stores and pharmacies. The decision follows an in-depth analysis of population trends, consumer purchasing habits, and projected health needs. CVS aims to match each neighborhood with an appropriate pharmacy format to best serve the needs of its local patients.

CVS is not the first pharmacy business to take such a step. Previously, Rite Aid announced the closure of more than 150 stores in October last year. Additionally, in June 2023, Walgreens shared plans to shut down 150 U.S. stores and another 300 outlets in the U.K.

Furthermore, CVS itself announced in 2021 plans to shut down around 900 stores over a span of three years. The company cited the same reasons — shifts in population, changes in purchasing habits, and anticipated healthcare needs — for this decision.

CVS Health acquired Target’s pharmacy and clinic businesses back in 2015, in a deal worth approximately $1.9 billion. While the recent announcement might seem surprising to some, it is part of a broader reshaping of the retail pharmacy landscape as businesses adapt to changing consumer needs and market dynamics.

Employees from the closing locations will not be left in the dust. CVS has assured that they will be offered comparable roles within the company, ensuring a fair transition for the staff affected by these organizational changes.