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CVS Pharmacy was a subsidiary of Melville Corporation, whose full name was initially Consumer Value Stores. Melville later changed its name to CVS Corporation in 1996 after Melville sold several of its non-pharmaceutical businesses. Its last non-drug store was sold in 1997.
CEO Tom Ryan said he believes “CVS” stands for “Comfort, Value and Service.”
During the company’s days as a Northeast regional chain, there were no pharmacies in many CVS stores. Today, the company rarely builds new stores without pharmacies and is phasing out such stores outside of New England. Any new, non-pharmaceutical store is usually built in an urban setting where there is another CVS, with a pharmacy within walking distance, such as downtown Boston, Massachusetts or Providence, Rhode Island. These stores usually do not have a pharmacy and photo center, but most of the general merchandise found in a standard CVS pharmacy is shipped from them, such as health and beauty items, various items, and groceries.
CVS Pharmacy has announced that it intends to close 70 stores in 2017.
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