CVS closing 270 stores, opening smaller locations instead

CVS plans to close 270 stores this year, shifting focus to high-demand areas. This follows 900 closures from 2022 to 2024, leaving 9,144 pharmacies in the U.S. The company will open smaller stores with fewer products in busier locations. CVS will also cut about 2,900 corporate jobs as part of a $2 billion cost-cutting initiative. The job losses will not affect front-line positions in stores or pharmacies. The company aims to improve efficiency amid changing shopping trends. Additionally, CVS is addressing customer dissatisfaction with locked cabinets used to prevent theft. Executives acknowledge the negative feedback and are developing a new tool to enhance customer experience.