CVS is changing its strategy: Smaller stores, more emphasis on pharmacy services

CVS, one of the largest pharmacy chains in the US, has decided to change its strategy and focus on shrinking its stores. The move is part of a broader turnaround plan for the company, which is in a period of transformation. It will open about a dozen new stores this year that will be half the size of its traditional stores and focus only on pharmacy products, eliminating the traditional store front that typically offers candy, gift cards and other consumer goods.

Focus on pharmacies instead of retail

The reduction in store size is just one of the steps CVS$CVS is taking to adapt to current industry changes. In addition to new smaller stores, the company plans to close more than 1,000 locations and lay off thousands of employees. The move is a response to the challenges facing drugstore chains like CVS, which have experienced intense competition from giants like Amazon, Target and Walmart in recent years, while also dealing with rising crime rates that have negatively impacted their…