CVS to shutter 5 pharmacies in New York amid closure of 271 stores nationwide

CVS is closing five stores in New York State this year as part of a sweeping plan to shut down 271 locations nationwide in 2025, marking the latest round of cuts in a years-long downsizing effort by the pharmacy giant.The affected New York stores include locations in North Tonawanda, Staten Island, Manhattan and two in Albany, according to a list compiled by Newsweek and coupon site Krazy Coupon Lady.The closures are part of a broader corporate strategy to streamline operations following the shutdown of approximately 900 CVS stores between 2022 and 2024.The five New York locations slated for closure include two stores in Albany, at 153 Central Avenue and 1026 Madison Avenue; a Manhattan location at 1241 Lexington Avenue; a store in North Tonawanda at 955 Payne Avenue; and a Staten Island location at 1654 Richmond Avenue.In the last 10 years, New York City has lost nearly half of its drugstores amid a sharp increase in incidences of shoplifting and an overall decline in quality of life.While CVS has not publicly disclosed a full list of locations or exact closure dates, a company spokesperson said the decisions were driven by multiple factors, including “population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs.”The spokesperson added that the closures are part of a larger “enterprise-wide restructuring plan” designed to simplify CVS’s business model and generate more than $500 million in annual savings.The company is also aiming to consolidate its retail footprint while investing in new models of care, such as in-store clinics and digital services.Despite the store closures, CVS said it plans to open 30 new pharmacy locations this year, many of them inside Target stores.As of the end of 2024, the company operated around 9,000 locations nationwide.CVS’s downsizing mirrors similar moves by other major pharmacy chains grappling with inflation, shrinking margins, and shifts in how Americans fil...