Due to an increase in shoplifting, CVS Pharmacy announced it would shut down about 900 stores across the country by the end of 2024.
The drugstore chain is preparing to redesign its stores and switch to an online-based business model.
According to Daily Mail, CVS will” come to the end of a policy launched in 2021 that will see 300 stores closed annually, meaning 900 will have shuttered by 2024.”
Another tale about Soros DAs’ refusal to prosecute fundamental crimes, which only encourages lawlessness, leading to the closure of retail stores as a result of shoplifting. http :// // t. co / Yl0bvHsZhK
— September 27, 2023, Jeff Clark(@ JeffClarkUS )
The COVID-19 scamdemic made online shopping a more alluring business model for retailers in addition to prevalent retail theft.
According to Daily Mail:
With COVID boosting the appeal of online shopping, CVS and another US retailers are still adjusting to post-pandemic footfall.
In the wake of the pandemic, more people are turning to online shopping, and shoplifting is at an all-time high, which is having an impact on store sales.
Nearby market dynamics, population shifts, and a community’s store density, according to CVS, are some of the factors it considered when choosing which stores to shutter.
Maintaining access to pharmacy services in the communities we serve is a key consideration when deciding whether to close stores, according to the spokesman.
Local market dynamics, population changes, a community’s store density, and making sure there are various geographic access points to meet the needs of the community are additional factors.
More customers are filling prescriptions online, picking up personal care items from roadside pickup, and scheduling telehealth appointments with doctors.
By 2027, the outlet known as CVS will shut down an additional 600 stores, or roughly 10 % of all stores.
Due to theft, CVS is closing 10 % of its locations!
As a retailer in New York City, I’ll tell you that it’s no people who steal bread out of hunger. These are arranged, well-coordinated criminals who are wreaking havoc.
Helping internet companies harms financial establishments. t.co / hi2YiMpniB
— September 26, 2023, John Catsimatidis Jr.(@ johncatsjr )
Following Walgreens’ closure of 150 locations nationwide and Target’s closing of nine locations in significant U.S. cities, the announcement was made.
Due to online customers, CVS Stores are planning to close 900 locations.
Additionally, Walgreens intends to close 150 locations.
— Judy(@ judytgolf ) 26 September 2023
According to USA Today:
Walgreens, a pharmacy chain, intends to shut down 150 of its locations in the US and 300 more in Britain.
According to Walgreens Boots Alliance senior vice president and global chief financial officer James Kehoe, this continues continued cost-saving initiatives at the company, including the termination of more than 500 commercial personnel positions.
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The company did not immediately respond to a request for comment from USA TODAY and has no specified which locations will be shut down. The closings are anticipated to take place in May 2024, before the financial year of Walgreens ends.
Target shuts down 9 locations in Portland, Seattle, New York, and San Francisco, citing theft and employee safety. Co-Nlu5LEx90r
— September 27, 2023, The Post Millennial (@ TPostMillennial )
Writes The Post Millennial:
Target stated in the press release that” theft and organized retail crime are endangering the safety of our team and visitors and contributing to unsustainable business performance ,” so it is impossible to keep running these stores.
Before making this decision, the company added,” We invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business.”
However, despite our best efforts, we still face significant obstacles to running these stores properly and effectively.
The business intends to close its locations in the Harlem neighborhood of New York City, two stores in Seattle’s Ballard neighborhood and University District, three in San Francisco-Oaka, and three more in Portland, Oregon. On October 21, the stores are expected to close.
CVS Pharmacy announced it will close approximately 900 stores nationwide by the end of 2024 due to increases in shoplifting.
The drugstore chain is planning a retail overhaul and transition to a more online-based business strategy.
CVS is “coming to the end of a policy launched in 2021 which will see 300 stores closed each year – meaning 900 will have shuttered by 2024,” Daily Mail reports.
Another day, another story about the closure of retail stores due to shoplifting caused by Soros DAs not wanting to prosecute basic crimes, which just promotes lawlessness.https://t.co/Yl0bvHsZhK
— Jeff Clark (@JeffClarkUS) September 27, 2023
In addition to rampant retail theft, the COVID-19 scamdemic made online shopping a more attractive business model for retailers.
Daily Mail reports:
CVS and other retailers across the US continue to adjust to post-pandemic footfall, with COVID helping turbocharge the popularity of online shopping.
More shoppers are turning to buying online in the wake of the pandemic, as well as rocketing levels of shoplifting affecting sales in stores.
CVS claims that ‘local market dynamics, population shifts, and a community’s store density’ are some of the aspects it has looked into when deciding which stores to shutter.
A spokesman said: ‘Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions.
‘Other factors include local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.’
More customers are getting prescriptions filled online, retrieving personal care items through curbside pickup and visiting with doctors through telehealth.
The outlet noted CVS will close an additional 600 stores by 2027, approximately 10% of all shops.
CVS is closing 10% of its stores because of theft!
I’ll tell you as a retailer in NYC–it’s not people stealing bread because they’re hungry. These are coordinated and organized criminals wreaking havoc.
Helps internet companies hurts retail businesses. https://t.co/hi2YiMpniB
— John Catsimatidis Jr (@johncatsjr) September 26, 2023
The announcement follows Walgreens closing 150 stores across the United States and Target closing nine stores in major U.S. cities.
CVS Stores are planning to close 900 locations due to on-line shoppers.
Walgreens also plans to shut 150 stores.
— Judy (@judytgolf) September 26, 2023
Per USA Today:
Pharmacy chain Walgreens plans to close 150 of its locations in the U.S. and 300 more in the United Kingdom.
This continues ongoing cost-saving initiatives at the company, including more than 500 corporate personnel jobs being cut, Walgreens Boots Alliance executive vice president and global chief financial officer James Kehoe said during the company’s third quarter earnings call Tuesday.
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The company has not announced which locations will be closed and did not immediately respond to a request for comment from USA TODAY. The closings are expected to occur before the end of Walgreens’ 2024 fiscal year in May 2024.
Target closes 9 stores in Portland, Seattle, New York and San Francisco citing theft, staff safetyhttps://t.co/Nlu5LEx90r
— The Post Millennial (@TPostMillennial) September 27, 2023
The Post Millennial writes:
Target said in the release, “We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance.”
The company added, “Before making this decision, we invested heavily in strategies to prevent and stop theft and organized retail crime in our stores, such as adding more security team members, using third-party guard services, and implementing theft-deterrent tools across our business.”
“Despite our efforts, unfortunately, we continue to face fundamental challenges to operating these stores safely and successfully.”
The company is planning to close its location in New York City’s Harlem neighborhood, two stores in Seattle in the Ballard neighborhood and University District, three stores in the San Francisco-Oakland area, and three more in Portland, Oregon. The stores are scheduled to close on Oct. 21.
