Real Estate
As of Jun 30, 2017, CVS operated 9,700 retail drugstores (of which 7,971 were the company's stores that operated a pharmacy and 1,679 were pharmacies located within Target stores) located in 49 states, the District of Columbia, Puerto Rico and Brazil, 40 onsite pharmacies, and 1,126 retail medical clinics.
In fiscal 2016, the company opened 139, closed 47, and relocated 50 stores. The company opened 54 stores and closed 63 stores during the first half of fiscal 2017, and expects to close 7 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 | 9,700 | 9,747 | 9,569 | 7,822 | 7,660 | 7,458 |
| Store growth | 0.1% | 1.9% | 22.3% | 2.1% | 2.7% | 1.8% |
| Total gross square feet (M) | 100,375 | 100,388 | 99,075 | 95,825 | 93,538 | 91,363 |
| Total gross square feet growth | 0.9% | 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% |