$CVS has said it will close 900 stores by the end of 2024, 10% of all its shops, as it moves to online strategy amid rampant increase in shoplifting

CVS, one of the largest drugstore chains in the United States, is embarking on a comprehensive retail overhaul that includes the closure of hundreds of stores across the country. This strategic transformation comes as retailers adapt to changing consumer behaviors in the wake of the COVID-19 pandemic, which has accelerated the shift toward online shopping and coincided with a surge in retail crime.

The company initiated this policy in 2021, with plans to close 300 stores annually, resulting in a total of 900 store closures by 2024. CVS has framed this move as part of its new "retail footprint strategy," which involves a careful evaluation of various factors, including "local market dynamics, population shifts, and a community's store density," to determine which stores to shutter.

The retail landscape in the post-pandemic era has witnessed a significant increase in online shopping, with consumers favoring the convenience and safety of digital commerce. Simultaneously, brick-and-mortar retailers have grappled with escalating incidents of shoplifting, impacting in-store sales.

CVS's decision to optimize its store footprint reflects a broader trend in the retail industry, where companies are reevaluating their physical presence in response to evolving consumer preferences and the challenges posed by crime. As CVS undertakes this substantial transformation, it exemplifies the adaptability and strategic planning required to thrive in a rapidly changing retail landscape.