In today’s top retail news, CVS Health Corp. is closing stores, adding primary care offices to some locations and converting others into health hubs as it shifts its focus to healthcare, while Macy’s is planning to launch a third-party marketplace to rival Amazon and Walmart. Also, quarterly results from The Home Depot and Lowe’s suggest that spending on the home isn’t slowing down, and merchants look to move streaming commerce from social networks into their own ecosystems.
CVS Shifting Focus to Health Services Amid 900-Store Closure
CVS is closing 900 stores in the next three years and remodeling hundreds of others to put more emphasis on providing healthcare, meaning that about 10% of its U.S. locations will be shuttered by the end of 2024. A CVS spokesman said the company will discuss which stores are closing starting early next year. CVS had 10,104 locations at the end of 2020.
Macy’s Follows Amazon, Walmart in Development of Digital Marketplace
Macy’s is planning to launch a curated digital marketplace for third-party sellers in the second half of 2022, following the model set by Amazon, Walmart, Target and other retailers that have seen success in providing a platform for others, as digital sales continue to outpace in-store purchases. The marketplace is being developed in partnership with enterprise marketplace technology company Mirakl.
Home Depot, Lowe’s Earnings Show No Slowdown in Consumer Spending on the Home
Consumers aren’t slowing down their home improvement projects as real estate sales continue to rise and working from home remains the norm for many workers. In separate earnings reports this week, executives at The Home Depot and Lowe’s said sales are continuing to grow versus 2020 despite the record spending seen last year.
Merchants Move Streaming Commerce Off Social Media
As consumers flocked to social networks amid the pandemic to keep up with friends, many brands and retailers saw an opportunity to launch shoppable livestreams. Now, almost two years later, even as people have begun returning to pre-pandemic patterns, it looks like streaming commerce is here to stay — but retailers are looking to have more control over the experience.