CVS ShuttersKansas City StoreAmid Theft and Rent Issues

CVS Health Corporation is closing its store at 2435 Independence Avenue in Kansas City due to theft and rent issues, affecting 30,000 customers. This closure is part of CVS's plan to shut down 300 locations in 2024, following similar closures in 2022 and 2023.

author-image
Bijay Laxmi
New Update
CVS ShuttersKansas City StoreAmid Theft and Rent Issues

CVS ShuttersKansas City StoreAmid Theft and Rent Issues

CVS Health Corporation has announced the closure of its store located at 2435 Independence Avenue in Kansas City. The store is expected to close its doors on or before June 13, following the June 2022 closure of the CVS location at 5901 Independence Avenue. The reason for the closure is attributed to theft and rent issues.

Why this matters: The closure of this CVS store highlights the growing issue of organized retail theft, which is affecting businesses across the country and leading to a shift in their retail strategies. As more stores close due to theft and violent crime, communities may face reduced access to essential services like pharmacies, exacerbating existing healthcare disparities.

The announcement was made by CVS Health Corporation last week and will affect the local community, particularly residents in the Sheffield neighborhood. Customers have already been notified to transfer their prescriptions, and employees have been offered comparable roles within the company. CVS spokesperson Amy Thibault emphasized that the company will continue to provide services to the community through its nearly 100 locations across the Kansas City metro area, including 20 in Kansas City.

This closure is part of CVS's plan to shut down 300 locations in 2024, following the closure of several hundred stores across the U.S. in 2022 and 2023. CVS CEO Karen Lynch has previously stated that organized retail theft is a significant problem for the company, with thieves clearing shelves and reselling products. The company plans to realign its national retail footprint, reducing store density by roughly 900 stores.

The closure will affect approximately 30,000 customers who will have to find alternative pharmacies to fill their prescriptions. Anthony Spalitto, owner of a nearby independent pharmacy, Spalitto's Pharmacy, expressed concerns about the lack of pharmacies in the area, stating, "There's a lot of people here. Not very many pharmacies." Kansas City

Despite the planned closures, CVS reported strong earnings in the first quarter of 2024, with total revenues increasing to $88.4 billion, up 3.7% compared to the prior year. The closure is part of a larger trend in the retail pharmacy industry, with other chains like Rite Aid and Walgreens also announcing store closures due to theft and violent crime.