The history of CVS: From small Massachusetts retailer to a leading health solutions company
CVS was founded May 8, 1963 in Lowell, Massachusetts
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No matter where you live, a CVS probably isn't too far away, with over 9,000 pharmacy locations across the U.S.
According to CVS Health, 85% of Americans live within five miles of a CVS Pharmacy.
CVS shelves are stocked with over-the-counter medicines, beauty products, groceries, cleaning essentials and more.
CVS began as a small retail store in Lowell, Massachusetts, that opened in 1963. (David Paul Morris/Bloomberg via Getty Images; Joe Raedle/Getty Images / Getty Images)
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You can head to your local CVS to pick up your prescription at the pharmacy, visit its clinic when you're feeling ill and even get vaccinated at certain locations.
CVS is headquartered in Woonsocket, Rhode Island, where a CVS Store Support Center opened in 1981.
Take a look back at the history of CVS and how it has become the multibillion-dollar corporation it is today.
1. Early beginnings
The first Consumer Value Store opened in Lowell, Massachusetts, in 1963, according to the company's website. CVS was founded by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. At its inception, the retailer mainly sold health and beauty products.
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The Consumer Value Store name didn't last long. It was changed to CVS just a year later.
CVS continued to expand in Rhode Island, with pharmacies being added to locations. In 1967, the first pharmacies were added within CVS stores located in Cranston, Rhode Island, according to the company's website.
In 1969, CVS was sold to Melville Corporation. By 1988, the company's 25-year anniversary, there were already 750 stores, and sales were at nearly $1.6 billion, the company's website reports.
In 1967, pharmacies began to be added to CVS locations. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
In 1996, Melville and CVS merged and became a public company. With this merger, Melville changed its name to CVS.
2. New developments
In the early 2000s, CVS continued to expand while keeping its core health and beauty retailer roots alive.
CVS acquired MinuteClinic in 2006. At MinuteClinics, located inside select CVS locations, children and adults can get medical care quickly from a nurse practioner or physician assistant.
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Nurse practioners and physician assistants can diagnose and write prescriptions for common illnesses like strep throat, administer common vaccinations, treat minor injuries, complete physicals/health screenings and conduct lab tests.
In 2007, CVS acquired Caremark. CVS later acquired Coram, Omnicare, Navarro Discount Pharmacy and all of Target's pharmacies and clinics, according to the company's website.
At CVS MinuteClinics, patients are diagnosed for common illnesses and prescribed medication. (Smith Collection/Gado/Getty Images / Getty Images)
CVS has also taken a strong stand against tobacco, removing all tobacco products from its retail locations as part of a five-year plan beginning in 2014. The $50 million initiative was called Be The First. CVS has also taken part in efforts to combat youth smoking, specifically with e-cigarette use, by dedicating $10 million to combat the rise in teen use of e-cigarettes in 2019.
3. CVS today
Today, more than 300,000 people are employed by CVS, including retail associates, pharmacists and nurses.
CVS has continued to provide health services for individuals, including when the COVID-19 pandemic hit in 2020 and it became a leader in testing .
The current CEO of CVS Health is Karen S. Lynch, who took over during the pandemic in 2021 and has held the position since.
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Before becoming the CEO of CVS, she was the first female president of Aetna. When CVS acquired Aetna in 2018, it was the biggest health care merger in the history of the United States, according to the company's website.
Even though there are still thousands of CVS locations around the country, the stores have been facing closures in recent years due to increasing competition with online retailers like Amazon.
In 2021, CVS announced it was shuttering 900 of its 10,000 retail locations over a three-year period.