CVS

[Retail Regents]

Built as Rite Aid and then closed when they were having financial issues - hadn't been around too long as I remember.

CVS used to be down 146 in the small shopping plaza (the one that was in the news this week for a gas leak) and moved in shortly after Rite Aid closed up and has been there since.

Around the same time Rite Aid was building a store on Central Avenue and Fuller in Albany - that one never opened, and was taken over by the current tenant (Goodwill).

Can't remember exactly when this was, but probably either very late 1990's (like 1999) or early 2000's - somewhere between their acquisitions of Thrifty in 1996 and Brooks/Eckerd in 2007.

My guess would be... 2002? I know the shopping carts are from late 2001 and I believe there was a time where a few stores were sold to CVS c. 2002. Perhaps this was one of those?

[JimSawhill]

At over 60,000 square feet the former Katz Drugs was several times larger than their typical 12,000 sq. ft. It also had a distinctive zig-zag roofline. Years of neglect really show in the condition of the roof.

https://www.news-leader.com/story/news/local/ozarks/2019/03/04/cvs-store-location-glenstone-close-april-fools-day/3054796002

I wonder what will happen to that building...

[retailisking]

I'm behind the curve on this, but CVS is closing an additional 22 locations (one casualty is the Pine Tree Shopping Center location in Portland, ME which I noted under malls.)
https://www.usatoday.com/story/money/2019/11/06/cvs-store-closings-22-stores-shutter-2020/4175916002/

[TheFugitive]

CVS has announced that they are cutting 5000 jobs, mainly administrative and home office positions.  This is a cost cutting move.

https://www.msn.com/en-us/money/companies/cvs-to-lay-off-5000-employees-in-push-to-shed-costs/ar-AA1eDVUc

[TheFugitive]

CVS is cutting 2900 jobs, mostly at their corporate headquarters.  They are also looking at splitting the retail chain from the insurance and pharmacy benefit management businesses.

https://www.bloomberg.com/news/articles/2024-10-01/cvs-to-cut-2-900-jobs-as-it-considers-breaking-up-the-business

Big box pharmacies continue to be squeezed between lower reimbursements for prescriptions and competition from Amazon and Walmart on all other items.