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. 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 Store, it was founded in Lowell, Massachusetts in 1963. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island.
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