Did you all know that the CVS on Lincoln highway is closing? — Nextdoor
Reports on social media that the CVS pharmacy at State Street and Bricher Road (1500 Lincoln Hwy. Saint Charles) is closing on February 1, 2023, have not yet been confirmed by a press release. CVS announced in 2021 a plan to close about 10% of its stores over the following three years, so the reports are ominous. CVS Closing Hundreds Of Stores: Will IL Locations Survive? | Chicago, IL Patch
For background on the Geneva pharmacy situation, please see:
Has Geneva TIFed Away Both Net Tax Revenue and the East Side CVS Pharmacy? – Rod’s Ramblings and Ruminations (genevanotes.com)
The Short Life of the Geneva Pharmacy, Another Tragedy from Tax Increment Financing: An Open Letter to the Geneva City Council – Rod’s Ramblings and Ruminations (genevanotes.com)
“Geneva Pharmacy” at 501 E. State St. in Geneva failed in less than a year despite a $100K gift of Geneva taxpayer TIF money, plus the usual “Geneva Way” rewards of spot zoning, etc. The cash was not subject to a claw-back provision. Stand-alone pharmacies do not generate much local sales tax revenue, as prescription medicines are not subject to local sales tax. Companies like CVS derive most of their revenue and about two-thirds of their profits from prescription medicines. CVS has partnered with Target to house its prescription services. St. Charles, for example, is listed as having two CVS stores and Batavia and Geneva one each. Soon, if the reports are true about the west side CVS closure, only Geneva will have a non-Target housed CVS.
This may be a classic example of the adage “It’s better to be lucky than smart” when it comes to the Geneva City Council’s decision to provide taxpayer-funded subsidized competition for its CVS. Geneva’s east side CVS may capture some store traffic because of the closure of the west side store.
Yet, the game is not over.