Cvs Throughout History

Customer Value Store or as known as CVS was first introduced by Brothers Stanley and Sidney Goldstein and partner Ralph Hoagland in 1963 in Lowell, Massachusetts as health and beauty store. The first retail outlets equipped with pharmacies opened in 1967. Throughout the ‘60s, the chain growths to 17 stores. It begins its operation of its first stored with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island. In 1969, CVS is sold to Melville Corporation. During the ‘70s, CVS acquired several drug store chains in the Northeast and England. It is sought to spread across America, acquiring drugstore chain the Mid-Atlantic. In 1974, CVS achieves $100 million in annual sale. In 1978, CVS/Pharmacy finds success and differentiates itself from the competition by opening small health and beauty stores in enclosed shopping malls. In 1988, CVS/pharmacy celebrates its 25th anniversary, finishing the year with nearly 750 stores and annual sales of $1.6 billion. 1997 marked the acquisition of more than 2500 Revco stores, effectively the biggest retail pharmacy buyout in history.   CVS was the first national pharmacy to issue a customer loyalty card.   2005 marked a partnership with MinuteClinic, opening several clinics within CVS stores. In 2008, CVS Caremark marks the first anniversary of its successful, transformational merger as the largest integrated provider of prescriptions and health-related services in the nation. CVS Caremark announces that it exceeded $100 billion in revenues in 2011. At the end of 2014, CVS Health emerged- after a decision to halt their sale of tobacco products. MinuteClinic reaches the new milestone of 21 million patient visits and 850 clinics in 29 states by the end of the current year.