CVS to close pharmacies in dozens of Target stores

CVS Health is closing dozens of pharmacies inside of Target stores over the next few months. The pharmacy chain said the closings will begin next month and will be completed by the end of April. A CVS spokeswoman said the company is trying to reduce store and pharmacy density, and the decision is "based on our evaluation of changes in population, consumer buying patterns and future health needs".

It is unclear whether there will be any pharmacy services in the Target stores CVS is exiting. A Target spokeswoman referred questions to CVS, noting that the pharmacy chain owns and operates the pharmacies inside its stores. She said the retailer did not have anything further to add. Target sold its in store pharmacies to CVS in 2015 for $1.9 billion, one of several big moves CEO Brian Cornell made after he took control of the company the previous year.

Today, CVS has about 1,800 pharmacies inside of Target's 1,950 stores. Overall, CVS has more than 9,000 locations. Pharmacy chains have been cutting costs as they have struggled to grow profits in recent years. In 2021, CVS announced it would close 900 locations over three years. CVS said prescriptions will be transferred to a nearby CVS pharmacy before locations are closed and said affected employees will be offered comparable roles within the company..