PROVIDENCE – CVS Health Corp. is looking to shrink the size of some of its new stores.
The pharmacy chain plans to open 12 or more locations nationwide over the next year that will be less than half the size of their current retail sites, CVS spokesperson Amy Thibault said Monday. The locations of the new pharmacy-only locations were not disclosed.
“The new pharmacies will be introduced in select neighborhoods to help bridge gaps in care and make it easier for patients to access medications, immunizations, and other pharmacist-provided health care services,” Thibault said. “By taking a customized approach to our footprint that is focused on the specific needs of the communities we serve, we’re continuing to strategically realign our pharmacy footprint to better support patient and ensure the right geographic coverage”
Each location will average less than 5,000 square feet, Thibault said, and will feature a full-service pharmacy with limited over-the-counter products available for purchase and will be designed to meet the community’s specific pharmacy needs.
The typical new freestanding store is as large as 14,600 square feet, according to the new-store criteria listed on CVS Health's website.
CVS still plans to open traditional pharmacy locations with full front-end retail space, Thibault said. The company has opened 100 stores between 2022 and 2024 and has plans to add nearly 30 locations, including those inside Target stores, in 2025. That's in addition to the small-format pharmacies, she said.
On Feb. 12, CVS reported earnings of $1.64 billion, or $1.30 per share for the quarter ended Dec. 31. A year earlier the company earned $2.05 billion, or $1.58 per share.
CVS Health runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm.
On Feb 4, CVS filed a Worker Adjustment and Retraining Notification notice with R.I. Department of Labor and Training announcing they were shedding 38 jobs. Of the 38 employees, 23 work at CVS corporate headquarters in Woonsocket and the remaining 15 work remotely but report to someone who is based in Rhode Island.
The layoffs will take place on June 7, with one remote employee set to be terminated on March 29.
This brings the number of workers with Rhode Island ties affected by CVS’ layoff plans to 1,466, including 188 Rhode Island residents.
(Updated with additional information throughout.)
