CVS pharmacy chain has revealed its plans to shutter 900 stores by the end of 2024, attributing the decision to rampant theft.
This news comes after Target announced the closure of nine stores for the same reason.
CVS is closing 10% of its stores because of theft!
— John Catsimatidis Jr (@johncatsjr) September 26, 2023
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
Daily Mail reports:
CVS is set to close hundreds of stores across the country as it undergoes a complete retail overhaul – as more outlets move towards online sellers amid rampant increases in crime.
The major drugstore chain 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.
In the announcement, which has hit headlines again recently amid rampant shoplifting at the chain, bosses they said that they were undergoing a new ‘retail footprint strategy.’
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.
Criminals and the Democrats who enable them are making life hard for everyone.
Also CVS / 900 locations closing. These thieves and politicians who allow them to exist are ruining your communities.
— Frank Castiglione (@CastiglioneFrnk) September 26, 2023
Stop voting for people weak on crime enforcement. #target #CVS https://t.co/MKfBeSfnWt https://t.co/Tkiz9f1vpA
