The company says that the move is required as it’s focussed more on digital growth.
"Our retail stores are fundamental to our strategy and who we are as a company," said CVS Health CEO Karen S. Lynch. "We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence."
As part of this strategy, the company will shut down about 300 stores a year for the next three years.
The company said that it "has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business."