Are Any CVS Pharmacy Locations in Lubbock About to Close?
CVS announced November 18th that they're closing around 900 stores in the next three years due to "consumer buying patterns."
This means nearly 10 percent of CVS' footprint is closing down. This will not only affect tons of people's jobs, but also cost the company around $1 billion dollars. While they haven't released the exact stores that will be closing, the store did say they want the "right kinds of stores in the right locations for consumers and for the business."
While all those stores are closing, others that remain open will get remodeled. During their announcement on Thursday, CVS said the stores will be put into three different groups. These are HealthHub, primary care services and the last remaining traditional stores.
The company will focus more on digital growth and turning stores into a range of health-care services, like flu shots and diagnostic tests. The stores will start closing in the beginning of Spring 2022. So, what does this mean for Lubbock?
We reached out to CVS Health Cooperate and they said:
"Changes to our store footprint won’t start until the end of Q1 2022– we’ll provide more details, including specific locations, when available."
So it seems like they're not giving out a lot of information yet. There are currently 12 different CVS locations you can go to in Lubbock right now. If about 10 percent of the company's stores are closing down, it wouldn't shock me if at least one of ours did close.
CVS did say the company would decide based on "a number of factors," which includes "local market dynamics, population shifts and store density," as well as "ensuring Aetna and Caremark coverage and the needs of underserved communities."
This comes right after Dollar General did the same thing. Walgreens also recently shifted its focus, investing in other care providers. I wonder if this will start to be a trend around stores.