Downtown Schenectady has seen another business closure as the CVS Pharmacy at 415 State Street has unexpectedly shuttered its doors. This comes as a surprise, considering the national chain had signed a 10-year lease for this location just three years prior.
Patrons arriving at the CVS on State Street are now greeted by signs directing them to the next nearest location at 1204 Eastern Avenue. The now-vacant storefront is situated in a prime downtown spot, neighboring the YMCA and directly across from key attractions like Proctors Theatre and the Movieland movie complex.
Ray Gillen, Chair of the Schenectady County Metroplex Development Authority, confirmed that the county is actively working to find a new tenant for the high-profile downtown location. He stated that CVS has been unresponsive to initial inquiries regarding subleasing the property. According to Gillen, CVS remains obligated to fulfill the terms of their lease, which runs until 2031, covering “full rent plus taxes and expenses.” Metroplex is collaborating with the building owner to expedite the process of securing a new occupant for the space. “With the approval of the landlord, we have already shown the building to two potential new tenants and we are hopeful of filling the space,” Gillen mentioned.
Exterior of closed CVS Pharmacy on State Street in Schenectady, NY, with signs directing customers to another location
CVS Pharmacy’s lead director of external communications, Amy Thibault, confirmed the lease agreement extends to January 31, 2031, and that the company is indeed seeking a sublease for the State Street location.
This closure is part of a broader strategy announced by CVS in 2021, involving the planned shutdown of 900 stores nationwide over a three-year period. Thibault clarified that there are currently no plans to close any of the other six CVS locations within Schenectady.
Street view of CVS Pharmacy in Schenectady, highlighting its location near other businesses and pedestrian activity
Explaining the rationale behind the closures, Thibault stated that decisions are made based on various factors including “population shifts, consumer buying patterns, a community’s store density, maintaining access to pharmacy services, and future health needs.” The aim is to ensure CVS has “the right kinds of stores in the right locations for consumers.”
Gillen also noted that employees of the now-closed CVS on State Street have been offered positions at other CVS stores in the vicinity.
Schenectady Metroplex Chair Ray Gillen discussing downtown development projects, including the former CVS location
While acknowledging the State Street CVS location was frequently busy, Gillen emphasized that this closure is not reflective of Schenectady’s economic health. “This closing has nothing to do with Schenectady,” Gillen stated, reiterating, “It has everything to do with a corporate restructuring that involves more than 900 CVS store closings nationwide.” The focus now shifts to finding a suitable new tenant to fill this prominent downtown space and maintain the vibrancy of State Street.
