CVS, Walmart Cutting Pharmacy Hours

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Facts

• Walmart and CVS have announced they will be reducing pharmacy hours at their stores starting in March, in part because of a nationwide pharmacy staff shortage in the US.
• CVS will cut or shift hours at approximately two-thirds of its 9k stores. Walmart will be closing its pharmacies at 7 pm on weekdays, which is two hours earlier than their current closing time of 9 pm.
• In a statement, Walmart said it was making its cuts 'to not only enhance' the work-life balance of its pharmacists, 'but also to maintain the best level of service for our customers.'
• Meanwhile, a spokesperson for CVS said these cutbacks were part of “the normal course of business,” which often includes assessing whether store operating hours are aligned with high-demand times.
• The shortage of pharmacy staff has persisted even as demand for COVID vaccines and tests has slowed. Companies have been offering pay raises, bonuses, and other perks in an attempt to bolster their workforces.

Sources: Axios, Axios, Fox news, Usa today and Fox news.

Narratives

• Narrative A, as provided by New york post. The US has been experiencing a labor shortage in all fields since the start of the COVID pandemic — particularly in the healthcare industry — and there’s no telling what it will take to get people back to work. Raising the minimum wage at these retail drug stores hasn’t worked, nor have other perks and bonuses, forcing businesses to make tough compromises, as seen by Walmart and CVS.
• Narrative B, as provided by Nasdaq. While the pandemic undoubtedly took a toll on the labor market, particularly in the healthcare industry, it also positively altered the structure of retail pharmacies, which have remained in high demand despite staffing shortages and new competition. Many drug stores were able to pivot to digital services, allowing their market scope to expand exponentially. As business processes evolve, it's no surprise that operations follow suit.