Melville Corporation
Encyclopedia
Melville Corporation, formerly based in Rye, New York
, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville
. It changed its name to CVS Corporation in 1996. The company traded on the New York Stock Exchange
(NYSE) under the ticker MES, before changing its ticker to CVS.
At its peak, Melville operated over 7,282 retail stores in approximately 3,500 unique locations, providing a wide range of products.
Melville was one of the first companies in the world to develop a shared-services satellite communications network, consolidating the infrastructure of all of its discrete divisions, resulting in significant cost savings for the corporation.
Beginning in the early 1990s, Melville was under pressure to reorganize and shed its diverse portfolio. Many of the chains the company operated were underperforming.
The chain shed all of its retail chains, except for CVS, which accounted for 40% of Melville's revenue. Its Peoples, Standard Drug, and Austin Drug pharmacies were converted to the CVS identity. Most of the company's units that were unrelated to its pharmacy business were shed in 1996.
Many of the retail divisions that Melville once owned still operate either as independent companies or as subsidiaries of other companies.
Rye (city), New York
Rye is a city in Westchester County, New York, United States. It is separate from the town of Rye, which is larger than the city. Rye city, formerly the village of Rye, was part of the town until 1942, when it received its charter as a city, the most recent to be issued in New York...
, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville
Ward Melville
John Ward Melville was an American philanthropist, and businessman, born to Frank Melville, Jr. Ward Melville attended college at Columbia University, where he was active in the Columbia Daily Spectator and the Philolexian Society. Following graduation in 1909, Melville joined his father's shoe...
. It changed its name to CVS Corporation in 1996. The company traded on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(NYSE) under the ticker MES, before changing its ticker to CVS.
At its peak, Melville operated over 7,282 retail stores in approximately 3,500 unique locations, providing a wide range of products.
Melville was one of the first companies in the world to develop a shared-services satellite communications network, consolidating the infrastructure of all of its discrete divisions, resulting in significant cost savings for the corporation.
Beginning in the early 1990s, Melville was under pressure to reorganize and shed its diverse portfolio. Many of the chains the company operated were underperforming.
The chain shed all of its retail chains, except for CVS, which accounted for 40% of Melville's revenue. Its Peoples, Standard Drug, and Austin Drug pharmacies were converted to the CVS identity. Most of the company's units that were unrelated to its pharmacy business were shed in 1996.
Many of the retail divisions that Melville once owned still operate either as independent companies or as subsidiaries of other companies.
Divisions
During the height of Melville's success, the company operated the following retailing divisions.Pharmacies
- CVS Pharmacy
- Peoples DrugPeoples DrugPeoples Drug was a chain of drug stores based in Alexandria, VA, a suburb of Washington, D.C.. Founded in 1904, Peoples was subsequently purchased by Lane Drug in 1975, Imasco in 1984, and finally by CVS in 1990, which continued to run the stores under the Peoples banner until 1994, at which time...
- Standard DrugStandard Drug CompanyStandard Drug Company was a drugstore chain based in Richmond, Virginia. It was founded in 1920 by Gil Rosenthal, and thrived for decades, expanding into the counties surrounding Richmond and other parts of the state, particularly the Hampton Roads area.-Sale:...
- Austin Drug
- Freddy's Drug
Apparel
- MarshallsMarshallsMarshalls, Inc., is a chain of American department stores owned by TJX Companies. Marshalls has over 750 conventional stores, as well as larger stores named Marshalls Mega Store, covering 42 states and Puerto Rico. Marshalls expanded into Canada in March 2011...
(sold to T.J. MaxxT.J. MaxxT.J. Maxx, sometimes referred to as TJ's or the Maxx, is an American department store chain owned by TJX Companies. With more than 900 stores T.J. Maxx is a major clothes retailer in the United States, whilst also operating stores in a number of other countries.-History:In 1976, T.J...
in 1995) - Wilsons The Leather ExpertsWilsons LeatherWilsons Leather was a U.S. leather retailer, selling products such as jackets, belts, shoes, handbags, and gloves. At its peak in 2002, the Minneapolis-based retailer had 763 stores in 46 states and Canada.-History:...
- Bermans
- Pelle Cuir
- Tannery West
- Snyder Leather Outlets
- Georgetown Leather Design
- Bob's
- Accessory Lady
- Chess KingChess KingChess King was a United States men's clothing retailer created by the Melville Corporation. From its founding in 1968 it grew to over 500 locations by the mid 1980s, before an eventual decline, sale, and closure of the chain in 1995.- History:...
- Chess King Garage
- Foxmoor
- Free Fall
- Putnam Stores
Footwear
- FootAction USA
- FootAction For Kids
- Fan Club
- Thom McAnThom McAnThom McAn is a brand of shoes distributed by Footstar, Inc., formerly the Melville Corporation . The brand is currently sold in Kmart and Wal-Mart stores, and consists of leather dress, casual, and athletic shoes...
- B.O.Q.
- Open Country
- Smart Step
- Vanguard
- Melco
- Woodbridge Shoes
Toys
- KB ToysKB ToysK·B Toys was a chain of mall-based retail toy stores in the United States. It was founded in 1922 by the Kaufman brothers. K·B operated 605 stores in 44 U.S. states, Puerto Rico as well as Guam. It was privately held in Pittsfield, Massachusetts...
(sold to Big LotsBig LotsBig Lots, Inc. is a Fortune 500 retail corporation with annual revenues well over $4 billion.Its department stores focus mainly on selling closeout and overstock merchandise. The company is based in Columbus, Ohio, USA and currently operates over 1,400 stores in 47 states...
, defunct as of 2010) - Circus WorldCircus World (store)Circus World was a toy store chain started and operated by Sydney Rubin, later purchased and operated by Rite Aid, bought by Melville Corporation in the 1990s, when most of its stores were converted to Kay-Bee Toys.- History since 1985:...
- K & K Toys
- Toy Works
- Play Things
Domestics
- Linens 'n ThingsLinens 'n ThingsLinens 'n Things is an online retailer of home textiles, housewares and decorative home accessories. Until 2008, the company also did business as a big box retailer under the name Linens 'n Things, Inc., headquartered in Clifton, New Jersey, United States, and did business across the United States...
(sold to JCPenneyJ. C. Penney-External links:*...
in 1996, defunct as of 2008) - Prints Plus