CVS to close 6 San Francisco pharmacies in January
San Francisco is among the big cities that have been targeted by a recent wave of retail crime
Neiman Marcus CEO reacts to surge in retail crime in major cities
Geoffroy van Raemdonck joins 'Maria Bartiromo's Wall Street' with reaction and analysis.
CVS Health will close six of its San Francisco pharmacy locations in January as the retailer shifts to digital services to better adapt to customer needs.
CVS Health will close six of its San Francisco pharmacy locations in January as the retailer shifts to digital services to better adapt to customer needs. (Google Maps / Google Maps)
"We’ve made the difficult business decision to close six CVS Pharmacy locations in San Francisco in January 2022," a CVS spokesperson told FOX Business on Tuesday. "All prescriptions will be transferred to nearby CVS Pharmacy locations, many of which are a half-mile or less from the closing location, to ensure that patients continue to have uninterrupted access to service. All employees are being offered comparable roles at these other CVS locations."
CVS HEALTH TO CLOSE HUNDREDS OF DRUGSTORES
The company announced in November that it would close a total of 900 locations over three years, with the first 300 slated to close in spring 2022. Despite the closures, CVS Health CEO Karen Lynch has emphasized that its retail stores are still "fundamental" to its strategy
Below are the impacted locations, their closure dates and where prescriptions will be transferred to:
- 581 Market St. closing Jan. 7, transferring to 601 Mission St.
- 2025 Van Ness Ave. closing Jan. 8, transferring to 2675 Geary Blvd.
- 731 Market St. closing Jan. 15, transferring to 789 Mission St.
- 351 California St. closing Jan. 15, transferring to 601 Mission St.
- 500 Pine St. closing Jan. 21, transferring to 601 Mission St.
- 400 Sutter St. closing Jan. 22, transferring to 1059 Hyde St.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVS | CVS HEALTH CORP. | 56.83 | +1.01 | +1.82% |
CVS said that maintaining access to pharmacy services in underserved communities, local market dynamics, population shifts, a community's store density and ensuring other stores are available to meet the needs of the community were all important factors in determining the store closures.
"While we understand the disappointment of our closing stores’ customers and patients, we’ll continue to provide the San Francisco community with outstanding service at our 15 remaining locations in the city," CVS added. "We also offer prescription home delivery service through CVS.com and the CVS Pharmacy app to provide additional convenient access to medications."
CLICK HERE TO READ MORE ON FOX BUSINESS
The closures come as San Francisco and other big cities have recently been hit by a wave of retail crime.
CVS was one of several retailers targeted by a Northern California crime ring that stole 15,000 items worth $200,000, according to an investigation by the California Highway Patrol and the San Francisco Police Department's Retail Theft Unit earlier this month. Additional targets included Victoria’s Secret, GAP, Target, Nordstrom and Walgreens.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VSCO | VICTORIA'S SECRET & CO. | 36.05 | -0.20 | -0.55% |
| GPS | NO DATA AVAILABLE | - | - | - |
| TGT | TARGET CORP. | 121.76 | -34.24 | -21.95% |
| JWN | NORDSTROM INC. | 22.25 | -0.41 | -1.81% |
| WBA | WALGREENS BOOTS ALLIANCE INC. | 8.24 | -0.05 | -0.60% |
Nearly two dozen retail executives, including CVS Pharmacy President Neela Montgomery, have signed a letter from the Retail Industry Leaders Association calling on Congress to address the "growing impact of organized retail crime on retail employees and communities" in America. Other signatories include executives from Best Buy, Foot Locker, DICK’S Sporting Goods, Levi Strauss, Home Depot, Kroger, Dollar General and Rite Aid.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBY | BEST BUY CO. INC. | 86.74 | -0.24 | -0.28% |
| FL | FOOT LOCKER INC. | 22.44 | -0.27 | -1.18% |
| DKS | DICK'S SPORTING GOODS INC. | 194.09 | -5.48 | -2.75% |
| LEVI | LEVI STRAUSS & CO. | 15.80 | -0.19 | -1.19% |
| HD | THE HOME DEPOT INC. | 400.00 | -6.74 | -1.66% |
| KR | THE KROGER CO. | 57.60 | -0.48 | -0.83% |
| DG | DOLLAR GENERAL CORP. | 73.23 | -3.28 | -4.29% |
| RAD | NO DATA AVAILABLE | - | - | - |
The letter urges lawmakers to adopt the Integrity, Notification and Fairness in Online Retail Marketplaces (INFORM) for Consumers Act, which makes it harder for stolen merchandise to be sold online by thieves or scammers who engage in organized retail crime, such as smash-and-grab robberies.