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CVS Corporation/CVS Pharmacy

CVS Corporation/CVS Pharmacy

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CVS/Pharmacy was founded in 1963, it was a subsidiary of Melville Corporation. During the early days, CVS was a regional Northeastern U.S. Chain. Most of the CVS's at that time did not have pharmacy capabilities, they were convince only. As of today all stores being built have pharmacies in them, all the older non pharmacy stores are being phased out. 90% of CVS growth has been due to acquisitions. In 1964 CVS had 14 stores, these were primarily health and beauty stores. Beginning in 1967 CVS got into the drug prescription end, with this addition the company grew rapidly with 100 stores by 1970. During the 70's CVS more than doubled it's size with the acquisitions of Clinton Drugs and Mack Drugs. By 1980 CVS had become the 15th largest pharmacy with over 400 stores and by 88 over 700 locations. During 1990 CVS bought the 500 stare chain of People's Drug, again nearly doubling their size. With CVS large acquisitional growth, a new division called CVS PharmaCare was opened. PharmaCare is a pharmacy benefit management company. With all the developments going on Melville Corp divested all other assets owned( Linens'N Things, KB Toy, Marshalls) to concentrate on developing CVS even farther. Again in 1997 CVS doubled it's size with the purchase of Revco's 2,500 store chain. With this purchase another division was formed CVS ProCare was established. ProCare is a specialized pharmacy and a subsidiary of CVS/Pharmacy. In 1998 CVS had 4,100 stores covering 24 states. In 1999 CVS purchased, the first on-line pharmacy. With this purchase CVS became the first on line and brick-and-mortar pharmacy. In 2004 CVS acquired the 1250 store Echerd chain, thus making CVS the biggest pharmacy chain in the U.S. CVS competes directly against Walgreens.

Comments ( 2 )
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Comment By: Sylvius
Votes:0Good   Poor
Date: Jan 07, 2008 19:12:57
Nice job
Comment By: Webloid
Votes:0Good   Poor
Date: Oct 27, 2007 12:35:53
Keep up the great work, you're well on your way to Weblo success!
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0 69 Sep 02, 2007 12:28:46
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