1. Trends & External Forces

CVS Cuts 5,000 Corporate Jobs in Shift to Healthcare

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CVS is reportedly cutting around 5,000 jobs amid its new focus on healthcare, reports PYMNTS. The cuts are primarily centered around corporate-level positions and aren’t expected to involve jobs at the company’s stores, pharmacies or clinics. News of the layoffs comes six months after CVS announced it was acquiring primary care provider Oak Street Health for $10.6 billion. In recent years, the retailer has also acquired home health giant Signify Health, insurer Aetna, and pharmacy benefits manager Caremark.

Total Retail’s Take: Entering the healthcare space is a complex and expensive endeavor. CVS is laying off some of its corporate workforce in a cost-cutting measure “to reprioritize [its] investments around care delivery and technology,” according to CNBC. The retail pharmacy chain expects the layoffs to help place the company “at the forefront of a once-in-a-generation transformation in health care,” CEO Karen Lynch said in a staff memo. The move signals that CVS isn’t done restructuring to better position itself for technology-driven health retail of the future. Competitor Walgreens is taking similar measures, having cut hundreds of jobs so far this year to trim costs while investing in expanding its healthcare offerings.

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