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Pharmacy and retail giant CVS has announced plans to close roughly 10% of its stores. CNBC reports that 900 stores will be shuttered nationwide over the next three years, beginning in the spring of 2022. CVS did not indicate which of their stores are on the chopping block.

The reason given for the shift in the CVS business model was to adjust to the current retail climate. More and more business is being done online, especially in the wake of the pandemic, so the new model will focus on digital growth and onsite healthcare services like flu shots and diagnostics.

In addition to their pharmacy/retail locations, CVS will become a bigger part of the picture over the coming years with their health insurance provider Aetna, which was acquired in 2018. In this writer's humble opinion, it sounds like Aetna customers will be directed to their stores and locations and additionally their prescription benefit management arm of their business, Caremark.

CVS is also shaking up its management and the executive vice president of CVS Retail/Pharmacy, Neela Montgomery, will be leaving at the end of the year.

You can read the full press release from CVS here. 

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