What CVS' Major Store Closures Mean for Retail
At first glance, it would appear as though CVS (NYSE: CVS) is having a pretty good year. The pharmacy chain's stock price is up roughly 41% from a year ago, and recently, it enjoyed better-than-expected revenue as per its quarterly earnings report.
While the COVID-19 pandemic may have hammered retailers across the board, CVS emerged as an essential stop for testing as well as vaccines. That's undoubtedly driven a lot of foot traffic to CVS stores this year and helped the pharmacy giant -- and its shareholders -- enjoy a solid third quarter.
But despite its success, CVS is actually planning to close a large number of its stores. And that could be pretty bad news for real estate investors.
Source Fool.com
