CVS has struggled as consumers have increasingly turned to delivery for items that used to drive people to pharmacies.
The chain closed 243 locations in 2025, 299 in 2024 and 318 in 2023, according to its 2025 annual report. In addition, rival Walgreens closed roughly 600 locations during the same time period, and Rite-Aid shut down entirely.
It’s a crisis that has forced CVS to reconsider its business and make major changes designed to drive more customers to its stores.
CVS and Walgreens “probably do have too many stores because they overexpanded, but the bigger problem is that the stores that they have are not very good,” GlobalData Managing Director Neil Saunders told NPR.
To fix that, CVS plans to add new merchandise designed to drive customers to their stores. It’s an attempt to make the pharmacy chain less about necessities and more of a treasure hunt experience like Costco or Marshalls.
CVS embraces the treasure hunt
Costco and Marshalls use an ever-changing selection of merchandise to attract customers to their stores. Instead of people coming in simply because they need something, this model entices visits just to see what the store might have.
CVS has embraced this model by adding an expanded assortment of collectibles, nostalgic favorites, limited-edition products and seasonal finds for fall, introducing new brands, exclusive products and trending products across toys, beauty, snacks and seasonal categories.
Rolling out this fall at CVS Pharmacy stores and CVS.com, the assortment is designed to bring an element of discovery to everyday shopping trips, the company shared in a press release.
“From Pokémon trading cards and blind-box collectibles to sensory toys, throwback-inspired beauty and limited-edition snacks, CVS Pharmacy is expanding categories shaped by nostalgia and discovery. Frequent product refreshes, seasonal launches and limited-time drops will give shoppers more reasons to see what is new throughout the season,” the company shared.
Here’s how the treasure hunt works
Former Ross Dress for Less CEO Barbara Rentler explained how the treasure hunt model worked during the retailer’s third-quarter 2024 earnings release.
“It’s really about the value you’re putting on the floor, the products and the value, it always comes back to the product and the value. And then it will turn quickly because the customer knows in a treasure hunt environment, if I don’t buy it, it won’t be there next week,” she said.
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Costco CEO Ron Vachris spoke about bringing the treasure hunt aspect from the warehouse to the internet, during the chain’s third-quarter 2024 earnings call.
“We never want to compromise the treasure hunt of Costco. And that’s equally as important as people that go to Costco.com never knew that they needed a 16-foot shed. And they see a phenomenal value, as they do in the warehouse,” he said.
It’s a model that drives added spending, he added.
“And again, it goes a lot of times with that treasure hunt. … [You’ve] heard the phrase, ‘people come in to spend $100 and walk out with $300.’ That’s because our buyers and our operators do a great job in making the warehouses exciting,” he said. “When they come in there and do their basic shopping, they pick up a few additional items that just compel them at the time,” Vachris shared.
CVS wants to bring in customers who are not picking up a prescription.Shutterstock
CVS faces an uphill battle
Maurie Backman, a reporter who has covered retail for over 10 years, is skeptical that CVS can become a treasure hunt destination.
“Most people who shop at CVS run in for necessities like shampoo or pain relievers, often in conjunction with a pharmacy visit. It’s a stretch to think that CVS will morph into an actual shopping destination unless the company seriously overhauls its shelves and expands into new categories,” she told TheStreet.
CVS plans to do just that. The company shared some of the merchandise it plans to add:
CVS exclusives: Joyward Halloween Squishes and limited-edition Well Market® seasonal snacks, including Pumpkin Spice Mini Cookies and Waffle Cones with Milk Chocolate.
Collectibles: Pokémon trading cards, Nook Nook Series 1 blind boxes and other character-driven surprise-and-reveal products, with new launches rolling out throughout the fall.
Toys and sensory products: Squishy Potato, Plush Sugar Ball, Fried Chicken Squish, Spinner Ball, and seasonal releases including Holiday Butter, Holiday Dumplings, and Snoopy Dumpling.
Beauty: Beauty Creations x Disney’s The Nightmare Before Christmas Lip Oils and Lip Serums, The Creme Shop x Peanuts Great Pumpkin Collection, x+y=beauty Cozy Latte Collection and Kiss Nails Flaunt Your Haunt Limited Edition Nail Designs, including Glow in the Dark Press-On Nails.
Seasonal treats: Wonka Oompa Loompa Gummies and Magic Garden Ropes, Dunkin’ Pumpkin Spice Ground Coffee and K-Cups, Oreo Apple Pie a La Mode Limited Edition Flavor and Halloween Multipacks, and Tate’s Pumpkin Spice Cookies. Holiday treats will arrive in November.
RTM Nexus CEO Dominick Miserandino thinks CVS might be able to change how customers perceive the store.
“Nobody walks into CVS expecting to discover buried treasure. That may actually be the opportunity. If you came in for toothpaste and suddenly you’re debating whether you need a Pokémon card or some limited-edition snack, CVS has added something it hasn’t traditionally had well that might be an interesting opportunity,” he told TheStreet.
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