Get ready for it. Coming soon to a store near you.
11 replies (most recent on top)
CVS is done for. They are reactive not proactive. They are not innovative enough to compete with Amazon. CVS implements old school methods such as cutting payroll to save on costs. The stores are a mess and employee morale is low. Health hub stores are a flop. Lots of fancy products to sell that look nice on the floor but are not covered through most insurances. Minute clinics don’t provide enough services to compete with other walk ins. They missed the boat on that too. Amazon will offer competitive pricing on prescriptions without the need for insurance mailed at no cost for prime members. Amazon will own CVS in about 10 years, mark my words.
Cvs is one of the biggest cash on hands company in the world!! Amazon is not a big threat to cvs. Walgreens rite aid maybe
Not the OP, but here's my take. CVS is really scared of Amazon and the threat they pose. Publicly cvs has said their not afraid of Amazon, but you and I both know they HAVE to say that, or investors will run for the hills. Just look at Aetna. CVS bought Aetna because of Amazon. And it's also why there building Health Hubs. Every move cvs has made over the last 3+ years has been to stave off Amazon's entry into the RX market. And yes closing 200+ stores would be a big deal. It would show that cvs is bloated, and needs to trim some fat in order to better compete with Amazon. Not to mention the Aetna debt is ki----g cvs right now. CVS bit off more than they could chew when they bought Aetna. And frankly it's clear cvs didn't think they were capable of taking on Amazon by themselves without Aetna.
Plus when CVS looks to cut costs, instead of looking for ways to streamline processes, to save time and money, they instead go right to payroll and cut more hours from the stores.
ok random guy-- why would this make sense in any world?
how would closing stores make the company stronger-- any business unit that is making money will continue to make money-- no business dumps cash positive assets.
stores will close as the communities change, but massive is not true. unless you consider 100- 200 out of 10,000 MASSIVE.
By any chance this wouldn’t have anything to do with Amazon’s recent announcement about opening up brick and mortar pharmacies? If so, not surprised that this is how corporate responds. Instead of beefing up stores to compete with Amazon, they close stores to cut costs and save money to prop up the stock price and make themselves look good in the eyes of Wall Street.
@2lfz+1b15e91F Any idea when this will go down?
It’s true. All I can say.
@1nmu+1b15e91F This is CVS we’re talking about. I don’t put it past them to do something stupid. After all there’s a lot corporate does that doesn’t make sense.
Well, CVS has always done a great job of wasting money!
I don’t see how this could be true. They are realigning the entire company literally next week- if this was true, it wouldn’t make any sense to create new districts/regions and then close a ton of stores.
Spill the beans, what do you know and when might it happen?