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CVS Pharmacy, Inc. is an American retail corporation and subsidiary of CVS Health. Headquartered in Woonsocket, Rhode Island, CVS's main category is prescription drugs. Still, it sells a wide assortment of general merchandise, including over-the-counter drugs, film and photo finishing services, cosmetics and beauty products, seasonal merchandise, greeting cards, and convenience foods. It also provides healthcare services through its 1,100 plus MinuteClinic medical clinics and Diabetes Care Centers, most of which are within or outside CVS stores. With nearly 10,000 locations and more than 200,000 employees, it's the largest pharmacy chain in the United States.
CVS was founded as the Consumer Value Store in Lowell, Massachusetts, in 1963. By 1970, CVS operated 100 stores in New England and the Northeast. In 1972, CVS expanded into Indiana and the Midwest by purchasing 84 Clinton Drug and Discount Stores. The chain continued to buy out competitors and increase sales, reaching $1 billion in sales by 1985, and by 1988, its 25th anniversary year, had nearly 750 stores and sales of around $1.6 billion. In 1990 CVS established itself in mid-Atlantic markets by acquiring the 490-store Peoples Drug chain, and in 1996 became an independently-traded company on the NY Stock Exchange. Today, CVS is in the top-10 retailers in the U.S. by sales.
CVS offers free shipping on orders $35 and up, and ships non-prescription orders to any valid U.S. address, including P.O. boxes. They offer coupons and deals on select merchandise like OTC medications and photo processing and run a weekly grocery-store-like ad that's viewable and interactive on their website. Customers can sign into their CVS accounts, view the ad, select items, and create and save a shopping list of discounted products.
In August 2021, CVS said it would raise its minimum hourly wage by increments up to $15 an hour by July 2022 and invest up to $3 billion in technology and digital, and organic growth initiatives. And in June 2021, the company's retail division announced a change to its free ExtraCare Rewards loyalty program. Starting in July 2021, instead of paying out every quarter, the loyalty program started paying 2% back in ExtraBucks rewards after most transactions and included a new birthday benefit.
CVS is a socially responsible company that supports local communities across the U.S. They support organizations and initiatives dedicated to improving community health outcomes, provide grants for non-profit health organizations, and partner with national non-profits that help people focus on better health by providing in-kind donations and corporate grants.
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