CVS Health has announced that it will close 300 stores each year for three years in response to changes in population and consumer buying patterns. The closures, which represent nearly one-tenth of its existing portfolio, will also help it to reduce store density in certain locations. 

At the same time, the drug store giant will double down on its healthcare initiatives through a realigned retail footprint. This will consist of sites dedicated to offering primary care services, an enhanced version of HealthHUB locations selling health and wellness products and, of course, the traditional CVS Pharmacy stores that provide prescription services as well as other retail offerings.

CVS Health expects to take an impairment charge of between $1 billion and $1.2 billion in the fourth quarter for the closures. That charge won't affect the company's earnings forecast.