The CVS pharmacy chain has announced that it is closing 900 stores by the end of 2024, citing shoplifiting as a major issue.
This news comes at the same time that Target has announced the closure of nine stores for similar reasons.
The Daily Mail reports:
CVS says it will close NINE HUNDRED stores by the end of 2024 – 10% of all its shops – as it moves to online strategy amid rampant increase in shoplifting
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.
Once again, criminals are making life worse for other people.
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
Also CVS / 900 locations closing. These thieves and politicians who allow them to exist are ruining your communities.
Stop voting for people weak on crime enforcement. #target #CVS https://t.co/MKfBeSfnWt https://t.co/Tkiz9f1vpA
— Frank Castiglione (@CastiglioneFrnk) September 26, 2023
Some American cities are going to become retail deserts eventually, and it’s all because of weak leaders who won’t prosecute crime.
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