Despite the rise of online shopping, where almost anything can be delivered to your door in hours, many of us still go in person to do at least some of our chores.
One such effort is a visit to the pharmacy, whether that's because a signature or ID is required to pick up a prescription or simply because you like doing it.
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If you're lucky to be close enough to one of the more than 1,000 Target (TGT) -) locations that include a CVS pharmacy located inside, and you happen to enjoy shopping, then you're really in business.
In 2015 Target and CVS (CVS) -) agreed to a venture under which CVS would operate a majority of the retailer's in-store pharmacies. The deal, valued at around $1.9 billion at the time, enabled CVS to take over business in some 1,800 locations. (Target currently has just under 2,000 U.S. locations.)
The agreement largely was a delight for customers. It suddenly became easy to fill a prescription while picking up birthday-party supplies, a Starbucks mocha frappuccino, dog food, trail mix, a new book, office furniture, and maybe even a new sundress.
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This was the kind of one-stop shopping that was supposed to take over the world. Gone were the days of circling multiple strip malls for a parking space and having to queue up just to pick up a staple.
Target, which offers groceries in many locations, was now also a pharmacy, and life was suddenly a lot simpler.
Change coming to some CVS Target locations
In late 2021, however, CVS said it would be shuttering hundreds of locations across the country as less profitable stores cut into its outlook.
"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," the company said at the time.
"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."
As of September 2023, CVS said it would close a total of 900 stores by 2024.
CVS closures aim to boost profit, efficiency
The most recent Target decision likely results from the ongoing closure efforts, which are intended to shore up profit and efficiency.
Still, the closures represent a small fraction of the pharmacies that will continue to operate within Target, and all employees affected by the closure are expected to transfer to locations that will remain open.
CVS is far from the only drugstore shoring up profits and locations following the pandemic.
In June 2023, Walgreens (WBA) -) said it would close as many as 450 locations across the U.S. and U.K. to streamline and simplify its business.
RiteAid (RAD) -) filed for Chapter 11 bankruptcy in October 2023.
