Rhode Island

CVS

Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy. The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a different role …

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North Providence Marketplace

North Providence, RI. and Westminster, Md. — Greenberg Gibbons has acquired two shopping centers located in Rhode Island and Maryland for $34.6 million. Acquisitions include North Providence Marketplace, a 112,000-square-foot grocery-anchored center located in North Providence, Rhode Island; and Westminster Crossing East, a 92,000-square-foot shopping center located in the Carroll County community of Westminster, Maryland. North Providence Marketplace was 82 percent leased at the time of sale to tenants including Shaw’s Grocery Store, Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Tenants including Marshalls, Bed Bath & Beyond, Ulta …

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Cottage Plaza

Pawtucket, R.I. — Institutional Property Advisors (IPA) has arranged the $21.7 million sale of Cottage Plaza, an 84,455-square-foot Stop & Shop-anchored retail center located four miles outside Providence in Pawtucket. James Koury, Dean Zang and David Crotts of IPA represented the seller and procured the buyer, Arnold Gumowitch of AAG Management Inc., in the transaction. Tenants at the center include Advance Auto Parts, Pawtucket Wine & Spirits, Sally Beauty Supply, Stop & Shop Gas, Wendy’s and Dunkin Donuts.

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Woodsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share …

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Woonsocket, R.I. — CVS (NYSE: CVS) intends to hire 15,000 new employees during the fourth quarter in anticipation of communities seeing greater incidences of COVID-19 and the flu during the upcoming winter months. More than 10,000 of these positions are for full- and part-time licensed pharmacy technicians, some of which will be offered on temporary bases with the possibility of becoming permanent. Woonsocket, Rhode Island-based CVS is also recruiting qualified candidates to work as pharmacists, nurses, nurse practitioners, physician assistants, member benefit case professionals and distribution center employees. Lastly, the …

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Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans …

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Woonsocket, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately …

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Woonsocket, R.I. — CVS Health (NYSE: CVS) plans to close 22 underperforming drugstores during the first quarter of 2020. In its third quarter results of 2019, the Rhode Island-based drugstore giant reported a 36.5 percent increase in revenue from $47.3 billion in 2018 to $64.8 this year. During 2018, CVS closed 46 underperforming stores and acquired health insurance and Medicare company Aetna (NYSE: AET) for approximately $70 billion. The integrated companies moved forward with major asset redevelopments, including a “hub-and-spoke” model wherein smaller retail stores function as outposts for central …

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