Real Estate
As of Mar 31, 2017, CVS operated 9,676 retail drugstores (of which 7,948 were the company's stores that operated a pharmacy and 1,678 were pharmacies located within Target stores) located in 49 states, the District of Columbia, Puerto Rico and Brazil, 40 onsite pharmacies, and 1,125 retail medical clinics.
In fiscal 2016, the company opened 139, closed 47, and relocated 50 stores. The company opened 27 stores and closed 60 stores during the first quarter of fiscal 2017, and expects to close 10 additional stores during the remainder of the year. Additionally, on Dec 16, 2015, the company acquired the pharmacy and clinic businesses of Target, consisting of 1,672 pharmacies across 47 states which will be rebranded and operated under a store-within-a-store format.
As of year-end the company owned approximately 5.0% of its retail drugstores and leased the remainder. Existing stores range in size from approximately 5,000 to 30,000 square feet and average 9,800 selling square feet, although most new stores range in size from approximately 11,000 to 15,000 square feet and typically include a drive-thru pharmacy. The pharmacies within Target stores range in size from approximately 450 to 1,100 square feet.
| TTM | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|
| Stores | 9,676 | 9,747 | 9,569 | 7,822 | 7,660 | 7,458 |
| Store growth | 0.0% | 1.9% | 22.3% | 2.1% | 2.7% | 1.8% |
| Total gross square feet (M) | 100,000 | 100,388 | 99,075 | 95,825 | 93,538 | 91,363 |
| Total gross square feet growth | 0.8% | 1.3% | 3.4% | 2.4% | 2.4% | 2.2% |
| Avg store gross sq ft | 10,300 | 10,300 | 10,400 | 12,300 | 12,200 | 12,300 |
| Avg store gross sq ft growth | 0.7% | -0.5% | -15.5% | 0.3% | -0.3% | 0.4% |