The history of CVS dates back to 1963, when Stanley and Sideny Goldstein, along with their partner Ralph Hoagland, opened up the first CVS store in Lowell, Massachusetts (CVS Health, “1963”). Even though today, CVS corporation is acknowledged for their tremendous success in the pharmaceutical industry, the company began selling only health and beauty products. It wasn’t until 1967 when the company introduced a pharmacy department into their stores, propelling them to one of the top drugstores in the country (CVS Health, “1967”) (CVS Corp., “Diversification”). Soon after, the company, along with its 40 operating stores, is acquired by Melville Corporation in 1969. This perhaps marked the beginning of the CVS Corporation (CVS Corp., “History”). …show more content…
Upon the acquisition of CVS, they were the 5th largest, most profitable shoemaker in the U.S. (CVS Corp., “Diversification”). Acquiring CVS began the company’s quest for mass expansion and diversification. In the early 1970s, the Corporation bought Clinton Merchandising Inc., which consisted of around 80 Drug and Discount stores (CVS Corp., “Diversification”). These newly acquired stores were then transitioned into CVS stores, doubling the size of the chain (CVS Health, 1972). Within a few more years, Mack Drug Co. was also purchased by the company, adding an additional 36 stores to the CVS chain (CVS Corp., “Diversification”). Expansion only continued for the Melville Corp., purchasing major retail companies such as Marshalls Inc., Kay-Bee Toy, and Hobby Shops Inc. (CVS Corp., “Accelerating Diversification”). By the early 1980s, the company had hit a consecutive 26th year of increased sales (CVS Corp., “Accelerating …show more content…
In 1997, CVS completed the largest acquisition in U.S. retail pharmacy history, by acquiring over 2,500 stores from the drugstore company, Revco (CVS Health, “1997”). Following many other small acquisitions, CVS was beginning to expand all throughout the county, entering the Arizona, California, Florida, and Texas markets (CVS Corp., “Late 1990s and Beyond”). As mentioned above, CVS began the first online pharmacy in 1999. By purchasing 30 million in stock of Soma.com, customers could refill their prescriptions online, as well as have them mail ordered directly to their home (CVS Corp., “Late 1990s and