23 CVS Statistics, Facts & Trends (Complete Guide)
CVS is one of America’s best-known retailers, with nearly 10,000 stores and drugstores nationwide! However, despite its modern success, CVS has an extensive history that is not well known, including several lawsuits.
So, what are the most interesting facts, trends and statistics about CVS that make it the national group we recognize today?
23 CVS Statistics, Facts and Trends
1. CVS was founded in 1963 in Lowell, MA.
It was founded in 1963 by Ralph Hoagland, Stanley Goldstein and Sidney Goldstein. It started as a store specializing in health and beauty products!
2. CVS was originally called the Customer Value Store
The company now known by its abbreviated name CVS Pharmacy was originally named Customer Value Store in 1964.
This new abbreviated name was coined by the average shopper after a year of use.
3. CVS is out of its hometown in no time!
In its first year of operation, CVS had just 17 stores. By 1968, they had opened 40 stores.
Just two years later, in 1970, CVS expanded to New England with 100 stores.
4. The first CVS with a pharmacy opened in 1967
CVS, now best known for its pharmacy services, actually only opened stores with a pharmacy department in 1967.
Located in select CVS stores in Rhode Island, these stores are the first venture in a major expansion of CVS Pharmacy.
5. CVS produces the first refillable plastic bottle
Incredibly, CVS invested in America’s first refillable plastic shampoo bottle. This shows the company’s ability to innovate in a rapidly changing market.
Additionally, customers are encouraged to return empty shampoo bottles for a 10-cent discount each time they receive a refill.
6. CVS commits to reducing emissions by 2031
According to the latest Transform Health 2030 report, CVS plans to reduce the use of single-use plastic bags by partnering with a consortium.
The decision was made in line with the company’s waste reduction and recycling goals.
7. CVS.com Gets Millions of Visitors Every Year
Statistics show that over the past six months, more than 83.91 million people have visited CVS.com via a handheld or desktop computer.
These results strongly suggest that annual numbers are doubling those numbers as more consumers shop online or via apps.
While US users accounted for more than 98 percent of these users, CVS.com also received visits from consumers in Mexico, Canada, Colombia, and Peru.
8. CVS launches pharmaceutical waste disposal program to reduce toxic marine waste
In 2005, CVS began accepting customers’ medications for efficient waste disposal.
This is to help prevent this destructive and toxic waste from entering rivers, streams, and eventually the ocean.
9. But CVS did not handle the drugs properly resulting in an $800,000 payout
In 2013, CVS agreed to pay the state of Connecticut $800,000 for alleged hazardous waste mismanagement.
The Connecticut Department of Energy and Environmental Protection found that CVS improperly identified, managed, and disposed of hazardous materials.
10. CVS enters the Midwest in 1972
In 1972, CVS acquired 84 Clinton Drug and Discount Stores, which brought CVS to Indiana and the Midwest.
The company’s foray into the region also saw the acquisition of Revco, which provided CVS with prime pharmacy locations throughout the Midwest.
11. By 1974, CVS had $100 million in sales!
It’s no surprise that by 1974, CVS was doing $100 million in sales!
At this point, CVS has approximately 232 stores in operation and continues to grow.
They managed this by purchasing smaller retail chains, such as the Mack Drug chain and Clinton Drug and Discount stores, ensuring they reached a larger customer base!
12. CVS ranked No. 15 among the largest drugstore chains in the United States in 1980
In 1980, with its 408 stores across the country, CVS was able to rank 15th!
13. By 1985, CVS hit $1 billion in sales!
CVS hit $1 billion in sales as the number of their stores and the number of pharmacy services they offer continued to grow.
14. An undercover investigation found that CVS made 62 prescribing errors between 2002 and 2005
An undercover investigation identified 62 errors or quality problems dating back to 2002.
As a result, CVS paid several compensation claims and pledged to work on better employee training and pharmacy deals.
However, in 2020, they were fined again for a prescription error!
15. CVS Pays Nearly $1 Million Over Allegations It Was Selling Expired Products
The settlement was paid in 2009, and the offending products were alleged to be over-the-counter drugs, infant formula and dairy products.
16. CVS exec accused of bribing state senator
CVS is paying State Senator John A. Celona $1,000 per month plus additional stipends in support of this corporate endorsement!
Nonetheless, the CVS executives involved were acquitted in 2008 after a trial.
17. CVS Pharmacy Serving 5 Million Customers a Day by 2018
This highlights the growth of CVS over the past few decades and how CVS has become a staple of the US retail and wellness experience.
More than four years later, the current figure is expected to be significantly higher than that.
18. In 2006, CVS and Caremark partnered to form CVS Caremark Corporation
This partnership is a purchase agreement between Caremark and CVS Pharmacy.
In 2007, CVS Caremark Corporation projected annual revenues of approximately $75 billion, a testament to the partnership’s success!
19. CVS stops selling cigarettes and tobacco in stores to boost its health and pharmacy brands
They officially discontinued in 2014 after numerous public calls for CVS to consider discontinuing!
The CEO of CVS at the time said that banning the sale of tobacco in their stores would reflect their brand message.
20. CVS shuts down underperforming CVS stores everywhere
CVS announced that it will close 46 “underperforming stores” in 2019. They also closed another 22 in 2020.
22. CVS generates over $200 billion in revenue
CVS has seen substantial growth in annual revenue, reporting $194.579 billion in fiscal 2018 and $256.776 billion in 2019.
The increase was as high as 31.96%! In fiscal year 2020, CVS achieved revenue of US$268.706 billion, an increase of another 4.65%.
23. 85% of the US population lives within 10 miles of a CVS store
This statistic shows the sheer speed with which CVS has acquired store presence. It also shows that CVS is the most popular health and beauty store in the country.
To learn more, you might also be interested in reading Why CVS and Walgreens Always Go Together, CVS’ Competitive Advantages, and Why CVS Is So Expensive.
in conclusion
CVS has a unique background full of incredible accomplishments! Even with some huge setbacks, CVS has continued to thrive by adapting its mission and brand to the challenges of modern life.
With their business plan and partners’ fearless vision of the future, CVS remains the classic, family-friendly store that every American can confidently depend on.
