Add CVS Health to the growing list of retailers closing some of their stores.
The pharmacy giant revealed it plans to shutter 46 locations in the U.S., saying many of them were “underperforming.”
The move is part of a broader plan to cut back on the number of retail products CVS stores sell and instead, add in-store health care services like hundreds of SmileDirect shops for customers looking to straighten their teeth.
The closures also add to a growing trend of brick-and-mortar stores disappearing as more customers move their shopping online.
Here’s everything you need to know:
List of closings: CVS closing 46 stores: See the list of struggling locations that are going away
Other stores: CVS, Payless and Victoria’s Secret are just some of the brands closing stores in 2019
Which stores are closing?
CVS Health said 46 stores are part of the closures, including a location in Springfield, Missouri, once dubbed the largest CVS in the world. The pharmacy giant released a full list of all 46 stores they plan to close.
Will it be tougher to find a local CVS?
The number of stores closing represents less than 1% of the roughly 9,600 CVS stores nationwide. And while some areas appear to be losing several CVS stores, consumers shouldn’t fear finding a CVS nearby. For example, Chicago is losing four CVS locations, but a store locator on the CVS website shows 70 locations in the city. In El Paso, Texas, one CVS has closed but the city boasts 13 CVS stores, according to the locator.
What happens to customers and employees of those stores?
According to NBC 5 Chicago, CVS said all customers of closed locations were transferred to the next-closest store. Business Insider reports CVS is working to place affected employees at other nearby locations.
Why does this keep happening?
Although CVS remains profitable, other businesses have not been so lucky. In February, Payless ShoeSource said it’s closing all its U.S. stores as it goes through bankruptcy.
A forecast from CoreSight Research found the trend of brick-and-mortar stores closing won’t slow down in 2019. The research firm cites the growth in online shopping, interest rates and a rise in bankruptcies. As of February, CoreSight said the number of bankruptcy filings during the first six weeks of 2019 already reached one-third of 2018’s total.
No light: Are more store closings coming? Firm forecasts ‘No light at the end of the tunnel’
Follow Brett Molina on Twitter: @brettmolina23.