The American pharmacy chain founded in Lowell, Massachusetts, in 1963 is CVS Pharmacy, commonly called CVS.
The original name was Consumer Value Stores. Stanley and Sidney Goldstein, together with Ralph Hoagland, launched the first store as a health-and-beauty retailer rather than a full pharmacy chain. The initials CVS are generally associated with that original name, although the company has also used the phrase “Customer, Value, and Service” in its corporate history.
CVS began adding pharmacy departments in 1967, opening its first pharmacy locations in Warwick and Cumberland, Rhode Island. It was acquired by Melville Corporation in 1969, a move that helped accelerate expansion throughout the northeastern United States and beyond.
Today, CVS Pharmacy is the retail-pharmacy arm of CVS Health. That distinction can cause confusion: CVS Health is the broader healthcare company, while CVS Pharmacy refers to the store chain. Walgreens and Rite Aid are major competitors, and Duane Reade became part of Walgreens rather than CVS.