CVS pharmacy
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A newer concept of a CVS/Pharmacy store in North Richland Hills, Texas that opened in February 2016.
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Formerly called
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Consumer Value Store (1963–96) |
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| Industry | Retail |
| Founded | May 8, 1963 Lowell, Massachusetts, United States |
| Founders |
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| Headquarters | 1 CVS Drive, Woonsocket, Rhode Island, United States |
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Number of locations
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9,600+ stores (2016 estimate) |
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Area served
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Nationwide |
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Key people
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| Revenue |
 US$153.3 billion (2015) |
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US$1.5 billion (2015) |
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US$9.5 billion (2015) |
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| Owner |
Melville Corporation (1922–1996) CVS Health (1996–present) |
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Number of employees
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240,000+ (2016) |
| Website | cvs |
CVS Pharmacy (stylized as ❤CVSpharmacy and previously CVS/pharmacy) is a subsidiary of the American retail and health care company CVS Health, headquartered in Woonsocket, Rhode Island. It was originally named the Consumer Value Store and was founded in Lowell, Massachusetts in 1963. The chain was owned by its original holding company Melville Corporation since its inception until its current parent company CVS Health was spun off into its own company in 1996. 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. As the retail pharmacy division of CVS Health, it ranks as the 7th largest U.S. corporation according to Fortune 500 in 2016. CVS Pharmacy's leading competitor Walgreens Boots Alliance ranked 37th.
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. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Diabetes Care Centers. Most of these clinics are located within CVS stores.
CVS Pharmacy used to be a subsidiary of Melville Corporation, where its full name was initially Consumer Value Stores. Melville later changed its name to CVS Corporation in 1996 after Melville sold off many of its non-pharmacy stores. The last of its non-drugstore operations were sold in 1997.
CEO Tom Ryan has said he now considers "CVS" to stand for "Convenience, Value, and Service."
During the company's days as a regional chain in the Northeast, many CVS stores did not include pharmacies. Today, the company seldom builds new stores without pharmacies and outside of New England is gradually phasing out any such shops. 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 or Providence. 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.
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Wikipedia