From a single store in Massachusetts in 1963, CVS had grown into a health-care giant with more than 9,000 locations.
Stanley Goldstein, who helped turn a single store of health and beauty items — with a bag-your-own-purchases option to save a few cents — into the CVS retail and health-care empire whose annual revenue now surpasses companies such as Exxon and Microsoft, died May 21 at his home in Providence. He was 89.The idea that launched CVS was an experiment in early 1960s shopper psychology.
For the first store, the founding trio picked a city facing hard times, the 19th-century mill hub of Lowell, Mass. The doors opened at Consumer Value Store in 1963. The layout was airy and bright. There was a self-service bag station with the sign: “Help yourself. Save money!”The store logo was a shield with the initials, CVS. The co-founders soon adopted that as the name. The initials made putting up signs a lot cheaper. “All those letters cost a lot of money,” Mr. Goldstein said.
CVS, however, accounted for nearly half of Melville’s sales revenue by the mid-1990s. Mr. Goldstein led an effort to sell off each division, leaving only CVS. “We were fortunate in that the restructuring went according to plan,” Mr. Goldstein told the industry journal Chain Drug Review.No longer tethered to smaller brands, CVS had more freedom to grow. When Mr. Goldstein retired as chief executive in 1998, the company had more than 4,000 stores.
Mr. Goldstein graduated from the University of Pennsylvania’s Wharton School of Business in 1955 and then served in the Army. He planned to make a career as a stockbroker, but his brother persuaded him in the late 1950s to help run their father’s company.After CVS was acquired by Melville in 1969, co-founder Hoagland was pushed out by the Melville board after they learned he made personal donations to protest and activist groups including Students for a Democratic Society. Mr.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Mae Martin’s Sexy Inside Joke With Brett Goldstein Got ‘Really Out of Hand’In this special live interview from the Netflix Is a Joke Fest, comedian Mae Martin talks onstage make-out sessions with the “Ted Lasso” star and teases their ambitious new series.
Lire la suite »
Florida man sues Publix, CVS, Costco pharmacies alleging Adderall caused psychosisA Florida man has sued Publix, CVS Pharmacy and Costco pharmacies and their respective pharmacists after he says he was prescribed Adderall that sent him into psychosis.
Lire la suite »
CVS Health Profits Tumble To $1.1 Billion On Higher Costs To Treat SeniorsI've written about health care for three decades, starting from my native Iowa where I covered the presidential campaign bus rides of Bill and Hillary Clinton through the Hawkeye state talking health reform and the economy.
Lire la suite »
CVS posts big earnings miss, cuts profit outlook on higher medical costsCVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.
Lire la suite »
CVS posts big earnings miss, cuts profit outlook on higher medical costsCVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.
Lire la suite »
CVS Health stock tumbles as earnings, guidance miss expectationsCVS Health stock tumbles as earnings, guidance miss expectations
Lire la suite »