CVS is one of America’s most prominent retailers, with nearly 10,000 stores and pharmacies located across the country! However, despite its modern success, CVS has an extensive history that is not commonly known, including several lawsuits.
So, what are the most interesting facts, trends, and statistics about CVS that made it the national conglomerate we recognize today?
Key Takeaways
23 CVS Statistics, Facts & Trends In 2022
1. CVS Was Founded In 1963 In Lowell, Massachusetts.
It was founded in 1963 by Ralph Hoagland, Stanley Goldstein, and Sidney Goldstein. It was initially a store that specifically sold health and beauty products!
2. CVS Was First Called The Customer Value Store
What is now predominantly known for its abbreviated name of CVS Pharmacy was formerly named the Customer Value Store In 1964.
This new and shortened name was coined one year after its inception by regular shoppers.
3. CVS Grew Out Of Its Home State Very Quickly!
In CVS’s first year of operation, they had just 17 stores. By 1968, they had 40 opened store locations.
Just two years later, in 1970, CVS expanded to New England with 100 operating stores in total.
4. The First CVS With A Pharmacy Opened In 1967
CVS, now famous for its pharmacy care, actually only opened stores with a pharmacy department in 1967.
These stores were in selected CVS stores located in Rhode Island and were the business’s first in the mass expansion of CVS pharmacies.
5. CVS Produced The First Refillable Plastic Bottle
Incredibly, CVS invested in America’s first refillable plastic bottle for shampoo. This showed the corporation’s innovative skill in a fast-changing market.
In addition, customers were encouraged to return their empty shampoo bottles for a discount of 10 cents each time they received a refill.
6. CVS Pledges To Decrease Emissions By 2031
According to the latest Transform Health 2030 report, CVS plans to cut back on single-use plastic through its partnership with a consortium to reduce single-use bags.
The decision is made upon the company’s goals to reduce waste and recycling.
7. CVS.com Receives Millions Of Visits Each Year
Statistics show that in the previous 6 months, over 83.91 million people visited CVS.com on a handheld device or desktop.
These results heavily suggest that annual figures are double these due to an increasing amount of consumers shopping online or through apps.
While American users make over 98% of these users, CVS.com also receives visits from consumers in Mexico, Canada, Columbia, and Peru.
8. CVS Started A Drug Waste Disposal Initiative To Reduce Toxic Ocean Waste
In 2005, CVS started accepting drugs from their customers for efficient waste disposal.
This was in an effort to help prevent this damaging and toxic waste from reaching rivers, streams, and ultimately, oceans.
9. But CVS Did Not Dispose Of The Drugs Properly Causing A $800,000 Payout
In 2013 CVS agreed to pay Connecticut $800,000 due to alleged mismanagement of hazardous waste.
The Connecticut Department of Energy and Environmental Protection agency found that CVS had improperly identified, managed, and disposed of hazardous materials.
10. CVS Reached The Midwest in 1972
In 1972, CVS acquired 84 Clinton Drug and Discount Stores, which introduced CVS to Indiana and the Midwest.
The corporation’s move into the territory also saw the acquisition of Revco, providing CVS with excellent drugstore locations across the Midwest.
11. By 1974, CVS Reached Sales Of $100 million!
It was no surprise that by 1974, CVS reached sales of $100 million!
At this point, CVS had approximately 232 stores in operation and was just continuing to evolve.
They managed this by purchasing smaller retail chains, such as Mack Drug chain and Clinton Drug and Discount stores, ensuring they reached a more substantial customer audience!
12. CVS Ranked 15th In The Largest Pharmacy Chains In The US In 1980
In 1980, CVS was able to rank to 15 due to its 408 stores situated all over the country!
13. By 1985, CVS Sales Reached $1 Billion!
CVS reached the 1 billion dollar sales mark as they continued to grow with their number of stores and the amount of pharmaceutical care they provided.
14. An Undercover Investigation Found That CVS Made 62 Prescription Errors Between 2002 And 2005
An undercover investigation confirmed 62 errors or quality problems going back to 2002.
As a result, CVS paid several compensation claims alongside a promise to commit themselves to better staff training and pharmacy dealings.
However, in 2020, they were fined once again for prescription errors!
15. CVS Paid Out Almost $1 million Due to Allegations Of Selling Expired Products
The settlement was paid out in 2009, with the offending products accused being over-the-counter medications, infant formula, and dairy products.
16. CVS Executives Were Accused Of Bribing A State Senator
CVS paid $1,000 a month plus extra perks to State Senator John A. Celona for this endorsement of the company!
Despite this, the CVS executives involved were acquitted in 2008 after a trial.
17. By 2018, CVS Pharmacy Were Serving 5 Million Customers Every Day
This highlighted the growth that CVS has seen in previous decades and how CVS has become a staple of the American retail and health experience.
Over 4 years later, the current number is expected to exceed that number vigorously.
This partnership was formed as a purchase agreement between Caremark and CVS Pharmacies.
In 2007, CVS Caremark Corporation was predicted to make approximately $75 billion in annual revenue, demonstrating the partnership’s success!
19. CVS Stopped Selling Cigarettes And Tobacco In Stores To Enhance Their Health And Pharmacy Brand
They officially stopped in 2014 after numerous public appeals asked CVS to consider stopping!
The CEO of CVS at the time stated that banning the sale of tobacco at their stores would reflect their brand’s message.
20. CVS Shut Down Underperforming CVS Stores In Various Locations
CVS announced that in 2019 it would be closing 46 “underperforming stores.” They also went on to close down another 22 in 2020.
22. CVS Generates Over $200 Billion in Revenue
CVS has experienced a significant rise in yearly revenue, with the 2018 fiscal year reporting $194.579 billion, followed by $256.776 billion in 2019.
That’s a sharp rise of 31.96%! In the 2020 fiscal year, CVS generated $268.706 billion, another 4.65% increase.
23. 85% Of The US Population Live Within 10 Miles Of A CVS Store
The statistic indicates the sheer velocity of store presence CVS has acquired. It also suggests that CVS is the most popular health and beauty store in the country.
To learn more, you might also be interested in reading up on why are CVS and Walgreens are always together, the CVS competitive advantages, and why CVS is so expensive.
Conclusion
CVS has a unique background that is filled with incredible achievements! Even with some monumental setbacks, CVS continues to thrive by adapting its mission and brand to suit whatever modern life throws at it.
With their business plans and partners looking fearlessly ahead for the future, CVS remains a classic, family-friendly store that every American can confidently rely on.