I work in corporate in RI. Don't know how long it will take to execute, but CVS wants to shed the retail side. No more selling shampoo, greeting cards and deodorant. The money is in health care delivery and insurance, and that is where they are headed. The retail foundation that this company was built on will eventually cease to exist.
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Come on AMAZON, and the D. O. J......let's see what kind of a dent you can make in old CVS!
Do we really need to be selling Chef Boyardee cans and 80 different kinds of chips?
Most of our stock is owned by institutions (pension funds, index funds, etc.) - you or me selling will not make any meaningful dent in the price.
I say anyone who has stocks needs to sell it off now, drive their stocks down, then let’s see if Aetna wants to merge...
How can someone in the corporate office make a statement like this and it's not been public knowledge, aren't you worried about losing your job, this is something you can get fired over, so what you're saying is it really true, getting rid of the front end? I agree with the person that made the comment about pharmacies hours have been cut, the majority of the stores, the front end carries the pharmacy.
If the front store isn't very important and doesn't provide the income, why is it then, the pharmacy has shortened hours in a lot of stores especially on weekends, very short hours and some close altogether on big holidays. This is the most disgusting and upsetting thing corporate can do. CEO's are only trying to make more money than God and could care less about the people they run over. If I didn't have a work ethic, I would just go in and do nothing. Most employees are at that point. I refuse to let this company destroy my integrity. I will treat my customers with respect until the day they close the doors or let me go.
I don't understand how Larry got this position but it is sickening what he is doing to this company.
Well.. they certainly do not have the talent at corporate that understands retail. Certainly Larry is clueless on retail operations Helena and her bait and switch extra care program is losing steam..seasonal is a joke and the green label nasty looking crap is a huge failure.
Might as well get rid of it. Turn the frontstore into a failing health club.
Retail is definitely not the same and the direction is clear. They will most likely only keep a handful of locations. Sad!
Retail will always exist at CVS but it will be smaller and will change.
I would imagine the endgame is to eventually sell off the stores and lease the space for Pharmacy,clinics etc they want to keep.Pretty much like we are doing inside the Target stores.The big question will be who do they sell to.
We wouldn’t be convenient then.I understand the front store is 20% of revenue but with out the front store why come unless we are your preferred rx. They will never get rid of front store all together. But I can see downsizing it.
I said that to a friend just yesterday. Definitely seems like that's the direction. Probably take some time, but I am not surprised at all. It makes sense.