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CVS Pharmacy - The history
CVS pharmacy was formerly a subsidiary of Melville Corporation, where its full name has initially been Consumer Value Stores. Melville later modified its name to CVS Corporation in 1996 after Melville sold off several of its nonpharmacy stores. The last of its nondrugstore enterprises 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, several CVS stores did not include pharmacies. Today, the company rarely builds new stores without pharmacies. In addition, outside of New England is increasingly phasing out any such shops. Any new non-pharmacy store is usually structured in an urban setting where another CVS with a pharmacy exists within walking distance such as downtown Boston or Providence. These stores typically lack a pharmacy and a photo center but carry most of the general merchandise items that a regular CVS pharmacy carries such as health and beauty items, food items and sundries.
On June 15, 2015, CVS Health proclaimed its agreement to acquire Target Corporation's pharmacy and retail clinic businesses. The deal opened CVS to new markets in Denver, Seattle, Portland and Salt Lake City. The acquisition includes not less than 1,660 pharmacies in 47 states. CVS will run them through a store-within-a-store format. Target’s nearly 80 clinic locations will be renamed as MinuteClinic, and CVS plans to start up to 20 new clinics in their stores within three years. CVS began rebranding the pharmacies within the Target stores on February 3, 2016.
In early 2017, CVS pharmacy declared the closure of 70 stores; nearly all 70 stores were already closed by the time.