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In 1990 CVS acquired the 490-store Peoples Drug chain from Imasco, which established the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland, and Virginia. In 1988 CVS celebrated its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion. In 1980, CVS became the 15th largest pharmacy chain in the U.S., with 408 stores and $414 million in sales. Sales reached $1 billion in 1985, partly due to the pharmacies being added to many of CVS's older stores. The chain had more than 400 stores by 1981. In 1977, CVS acquired the 36-store New Jersey-based Mack Drug chain. By 1974, CVS had 232 stores and sales of $100 million. In 1972, CVS acquired 84 Clinton Drug and Discount Stores, which introduced CVS to Indiana and the Midwest. Each initial PVC bottle, flip-top cap and label cost CVS 11.5¢, so the process paid for itself and reduced plastic bottle pollution. This practice created a cause-related repeat-purchase cycle, wherein the customer saved 10¢ as they bought another bottle of CVS shampoo and avoided using (and CVS producing) a new plastic bottle. Customers paid 79¢ for a bottle of CVS private-label shampoo and when they returned the empty bottle and cap, could buy another bottle of the same shampoo for 69¢ (a 10¢ saving). In early 1972, CVS introduced America's first refillable plastic bottle with its CVS private-label shampoo. 1970s īy 1970, CVS operated 100 stores in New England and the Northeast. CVS was acquired by the now-defunct Melville Corporation in 1969, boosting its growth.

In 1967, CVS began operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island. That year, they had 17 retail locations, and 40 stores five years later.

The name 'CVS' was used for the first time in 1964. Acquisitions and growth A CVS storefront typical of the mid-20th century, as shown in the company's 1971 annual report 1960s These stores usually lack a pharmacy and a photo center but carry most of the general merchandise items that a normal CVS Pharmacy carries such as health and beauty items, sundries, and food items. Any new non-pharmacy store is usually built in a more urban setting where another CVS with a pharmacy exists within walking distance such as downtown Boston, Massachusetts or Providence, Rhode Island.

Today, the company seldom builds new stores without pharmacies and outside of New England is gradually phasing out any such shops. ĭuring the company's days as a regional chain in the Northeast, many CVS stores did not include pharmacies. įormer CEO Tom Ryan has said he considers 'CVS' to stand for 'Convenience, Value, and Service'. The last of its nondrugstore operations were sold in 1997. Melville changed its name to CVS Corporation in 1996 after Melville sold off many of its nonpharmacy stores.

#CVS COVID TESTING RI FULL#

1965ĬVS Pharmacy used to be a subsidiary of Melville Corporation, where its full name was initially Consumer Value Stores. Overview A 'shield' logo typical of early Consumer Value Stores, c. CVS on Pratt Street in Baltimore, Maryland. Most of these clinics are located within or outside CVS stores. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores and online through CVS.com. The parent company of CVS Pharmacy's leading competitor ( Walgreens) ranked 19th for the same time period. corporation by FY2020 revenues in the Fortune 500. Its parent company ranks as the fifth largest U.S. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations (over 9,600 as of 2016) and total prescription revenue. The chain was owned by its original holding company Melville Corporation from its inception until its current parent company (CVS Health) was spun off into its own company in 1996. Originally named the Consumer Value Stores, it was founded in Lowell, Massachusetts in 1963. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island.

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