Today, the nation’s second largest drugstore chain changed its name from “CVS Caremark” to “CVS Health.” Who cares? We do.
The move was made in concert with the company’s decision to cease sales of tobacco products, which made up almost $2 billion in annual revenue for the retailer. Selling tobacco products “conflicted with our healthcare mission,” according to CVS company officials.
While the parent company name will change, the name of the retail stores will remain “CVS Pharmacy.” Yet as CVS and other pharmacies have continued to broaden their product lines and offer more services, from flu shots to instant clinics, did CVS not go far enough to brand its consumer facing stores: “CVS Health?”
CVS’s mission to “help people on their path to better health” clearly supports a “CVS Health” consumer brand identity strategy. And with the many innovative offerings CVS has brought to market, we’d only expect them to do more to pay off on its broader good health mission and commitment.
Self defined as a “pharmacy innovation company,” perhaps a bolder naming move beyond “CVS Pharmacy” for the retailer’s consumer facing stores would have reflected such innovation. In its battle with Walgreens for number one, this surely would set CVS apart.
Note: While cigarettes are gone, CVS Pharmacies still sell sugar-laden soft drinks, ice cream, and candy bars, amongst other snack foods.