CVS is continuing the overhaul of its nationwide network, closing more locations this year and opening new, smaller stores that focus on pharmacies.

CVS Pharmacy has announced plans to open a new kind of store in parts of the U.S. The pharmacy chain said it will open "smaller format" locations in select communities within the next year.

CVS is opening new stores around the nation, but they will be significantly smaller and focus only on pharmacy services. The move comes as the industry undergoes a major shift.

Retail pharmacies are embracing the idea that less is more as they grapple with online competitors, lagging reimbursement, sluggish consumer demand and employee burnout. Driving the news: CVS Health this week confirmed it's rolling out roughly a dozen downsized stores,