PYMNTS.com October 22, 2024
In the connected economy, retail pharmacies like CVS, Walgreens, and Rite Aid face challenges to their traditional business models. As consumer preferences move toward digital solutions and telehealth services, these industry leaders are assessing their business strategies to remain viable.
Strategic Shifts in Major Players
CVS recently appointed David Joyner as CEO amid struggles to stabilize its healthcare business. The company’s challenges include elevated medical costs and declining retail sales, prompting a strategic review that considers splitting its insurance and retail divisions. CVS also announced plans to cut about 2,900 corporate jobs as part of a broader initiative to trim $2 billion in expenses.
In a similar vein, Walgreens Boots Alliance is transforming its retail pharmacy operations, including the closure...
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