Walgreens and CVS Announce Major Pharmacy Changes—Here’s How They’ll Affect You

Images: Shutterstock; Design: Best Life

Walgreens and CVS may be the two largest pharmacy chains in the U.S., but this doesn’t mean they’ve been immune to the retail apocalypse that’s been hitting brick-and-mortar stores since the pandemic. Retail theft, online shopping, and steep competition from discount sellers have all played a part.

Since the spring of 2022, CVS has shuttered a whopping 900 locations, and in January, the company announced that it would also be scaling back its pharmacy footprint in Target stores. This past October , Walgreens shared that it would be closing 1,200 of its 8,600 U.S. locations, 500 of which are set to cease operations this year. However, this week, both pharmacies made major additional announcements that could affect how you shop and retrieve your prescriptions.

RELATED: Big Lots Is Opening Remodeled Stores Next Month—Here’s Where .

A private equity firm is buying Walgreens.

After nearly 100 years as a publicly traded company, Walgreens Boots Alliance announced this week that it was being sold to private equity firm Sycamore Partners in a $10 billion deal.

The move is an attempt to improve the pharmacy chain’s financial position, which has weakened considerably over the past decade due to “lower prescription reimbursements and heightened retail competition,” notes Healthcare Dive .

To this point, Walgreens’ first-quarter results released in January showed a $245 million operating loss, compared to $39 million the year prior. And The New York Times points out that Walgreens’ share price dropped 50 percent in the last year.

“While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,” said Walgreens CEO Tim Wentworth in a statement . “Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds.”

But what does all this mean for customers? That remains to be totally seen, though going private means the company can make decisions without worrying about public markets.

It doesn’t seem that the acquisition will change Walgreens’ plans to close locations. And as the Times notes, Sycamore “could sell off parts of Walgreens or work with partners as part of the acquisition.”

RELATED: Target in Hot Water as Sales Slump and Boycott Starts—What You Need to Know .

CVS is opening pharmacy-only stores.

CVS Health is responding to financial difficulties with a plan to open smaller, pharmacy-only stores. According to the Wall Street Journal , the roughly 5,000-square-foot locations (about half the size of a typical CVS) will have traditional pharmacy counters and “health-related products such as over-the-counter cough and pain medications or first-aid care.” All other items, including groceries, beauty supplies, and greeting cards, will be absent.

CVS likely made this decision because last year, 80 percent of sales came from the pharmacy department, the WSJ notes.

To start, CVS will open 12 of these smaller pharmacies over the next year. Though they have not released location specifics, CVS spokesperson Amy Thibault told the WSJ , “This work is really focused on introducing or adding pharmacy access in communities that are lacking.”

The newspaper gives the example that CVS would likely open such a store in a neighborhood where residents are already getting their household items at Walmart or a dollar store but may not have somewhere to fill prescriptions and receive vaccinations.

Big Lots Is Opening Remodeled Stores Next Month—Here’s Where

Shutterstock

If you’re confused about what’s going on with Big Lots , you’re definitely not alone. The discount retailer has been yo-yo-ing back and forth for several years about its closure plans. But here’s the latest: After being “saved” by liquidation firm Gordon Brothers Retail Partners in January, the plans suggested that between 500 and 600 of Big Lots’ remaining 870 locations would close. As for the remaining stores, they’re reportedly being remodeled, and these improved outposts will reopen in four waves, the first of which is set for April.

RELATED: Fake JOANN “Going Out of Business” Sales Are Spreading—Don’t Fall for Them .

It’s been a long road for Big Lots.

Big Lots first began closing stores in 2022 , but things really took a turn for the worst this past September when they filed for bankruptcy. There was a brief glimmer of hope when Nexus Capital entered the picture to buy the company, but that deal quickly fell through.

Then, just before the end of 2024, Gordon Brothers Retail Partners came in with another offer to buy Big Lots, and this one stuck. The deal stipulated that Gordon Brothers would sell off hundreds of store leases and transfer the remaining Big Lots locations and company assets to Variety Wholesalers, Inc.

Many Big Lots locations are still closing.

At the end of January , Gordon Brothers released its Phase I list of 496 Big Lots locations set to close, with the majority in Texas (72), New York (49), and Florida (44). “The new-to-market stores are primarily located in shopping centers across 47 states and range in size from 18,963 to 54,933 square feet,” Gordon Brothers wrote on their website at the time.

A week later, the list expanded by 150 additional locations in Phase 2 of the plan. As Best Life reported , we counted 544 total locations set to close, though other reports vary.

Stores on the chopping block have already commenced going-out-of-business sales. A banner on Big Lots’ website reads, “All Stores Closing! Final Days! Save Now 50%-80-% Off Entire Store.” A previous restructuring website has been taken down.

RELATED: Bed Bath & Beyond’s Big Comeback Is Approaching—Here’s What to Know .

Remaining Big Lots stores are being remodeled and reopened in four phases.

As for the lucky Big Lots stores that aren’t closing, Variety Wholesalers confirmed to Fast Company that they will reopen some of the roughly 200 stores that they acquired. This will happen in four phases between April and June.

Variety’s vice president of sales and marketing, Jeff King , told Fast Company that nine southern locations are currently being remodeled. They will have soft openings on April 10 with “new categories of merchandise.” The locations are:

• Mount Sterling, Kentucky
• Metairie, Louisiana
• Tupelo, Mississippi
• Pearl, Mississippi
• Asheboro, North Carolina
• Clarksville, Tennessee
• Gallatin , Tennessee
• Dickson, Tennessee
• Roanoke, Virginia