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CVS makes ‘difficult decision’ to close another S.F. store

San Francisco Chronicle
December 6, 2023
By Aidin Vaziri

CVS Health is set to close another San Francisco store early next year, a company spokesperson said Wednesday.

Amy Thibault, a representative for the chain, stated that CVS made the “difficult decision” to shutter the 499 Haight St. location on Jan. 11. This move follows the closure of CVS pharmacies at 601 Mission St. and 1690 Folsom St. earlier this year.

Prescriptions from the closing Lower Haight store will be transferred to the CVS at 701 Van Ness Ave. and employees will be offered comparable roles within the company.

“Maintaining access to pharmacy services in the communities we serve is an important factor we consider when making store closure decisions,” Thibault said in a statement. “Other factors include local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community.”

This closure aligns with CVS Health’s 2021 announcement to shutter 900 stores nationwide, aiming to reduce its count by 9% at a rate of 300 stores per year.

As one of the nation’s largest drugstore chains, with over 9,000 locations, CVS Health also manages prescription drug plans for major clients through its pharmacy benefit management business.

During an investor briefing on Tuesday, CEO Karen Lynch projected a minimum 6% growth in earnings for the coming year, with anticipated revenue exceeding $366 billion. The company unveiled plans to streamline drug pricing, adopting a transparent model based on its acquisition costs to mitigate markups and service fees.

Following the closure of the Haight Street store, San Francisco will be left with 12 CVS locations, down from 21 two years ago.

 

Read More at the San Fransisco Chronicle.