CVS Pharmacy is opening much smaller stores

CVS Pharmacy is cutting its store footprint in half to get more profitable given the drastic changes in the drugstore business.

CVS introduced the smaller store format that will focus exclusively on pharmacy services to better meet the specific pharmacy needs of today’s customers.

The company plans to open in 2025 about a dozen of the smaller stores, which are about half the size of the traditional CVS layout and will eliminate the front-end retail section as part of the company's broader strategy to realign its business model in a changing industry.

However, the cutting of real estate is not limited to individual stores. The CVS turnaround plan also includes more than 1,000 store closures. Walgreens and RITE AID have also reduced real estate in recent years, and you can expect more to follow.

Read more: CVS is opening smaller stores that only have pharmacies (CNN Business)