CVS Health Corporation announced on Thursday that it plans to close around 900 stores across the United States over the coming three years, in response to the increasingly online nature of its trade.
"The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years," a press release on the pharmacy chain's website stated.
CVS will maintain a commitment to its physical stores, however, which offer services such as flu vaccinations and diagnostic tests. CEO Karen S. Lynch stated that "our retail stores are fundamental to our strategy and who we are as a company ... We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence."