CNN (3/10, Valinsky ) reports that CVS is set to open about a dozen smaller stores this year, each “about…half the size of its traditional layout and” that “have only a pharmacy.” The initiative is part of CVS’ broader turnaround strategy, which includes over 1,000 store closures and layoffs as the company adapts to changes in the retail pharmacy industry. A CVS spokesperson stated that the smaller stores will cater to community pharmacy needs while providing some over-the-counter products.
Forbes (3/9, Japsen ) reports the news “comes as CVS’ main rival Walgreens Boots Alliance works on a financial turnaround, closes hundreds of stores and prepares for private ownership after Walgreens last week announced a $10 billion sale to Sycamore Partners.” The push for “new sizes and formats has taken on more urgency because both companies have large amounts of debt and face escalating pressure from flat or falling sales of general merchandise in the front of their stores.”
Related Links:
— “CVS is opening smaller stores that only have pharmacies,” Jordan Valinsky, CNN, March 10, 2025