CVS Health is closing dozens of pharmacies inside of Target stores, including three in the District.
The stores are Target locations in Tenleytown, Ivy City and Sheppard Park. All will close in late February or early March. The exact addresses are 1515 New York Avenue, NE, 4500 Wisconsin Avenue, NW, and 7828 Georgia Avenue, NW.
“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right location,” CVS said in an emailed statement.
Last week, CVS announced it would close its stand-alone store in Columbia Heights next month.
The Columbia Heights store, at 3031 14th Street NW, was the victim of a wave of shoplifting rings last fall, leaving its shelves bare.
In announcing the Target store pharmacy closings, CVS’ statement made no mention of crime for the decision.
Customers with prescriptions at the affected pharmacies will have those prescriptions automatically transferred to a nearby CVS store, the company said.
CVS acquired Target’s pharmacy business for $1.9 billion in 2015, and has since been the in-store operator of its pharmacies.
CVS has been cutting costs and has warned rising expenses in its pharmacy business would weigh on profits. Last year, CVS began a restructuring plan that included eliminating 5,000 jobs.
CVS, the largest pharmacy chain in the country, is not alone in addressing rising expenses. Walgreens has targeted $1 billion in expenses to be cut this fiscal year. Rite Aid filed for Chapter 11 bankruptcy protection in October.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
