Peoples Drug
From Wikipedia, the free encyclopedia
| Peoples Drug | |
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| Type | Retail/Pharmacy |
|---|---|
| Founded | 1904 Washington, D.C. |
| Headquarters | Washington, D.C. |
| Products | Pharmacy, Liquor, Cosmetics, Health and Beauty Aids, General Merchandise, Snacks, 1 Hour Photo |
| Website | None |
Peoples Drug was a chain of drug stores based in Washington, D.C.
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[edit] History
[edit] Beginning
Peoples Drug was founded by Malcolm Gibbs in 1904, and by 1930 had 110 stores operating under Peoples Drugs, Days Drug, and Shearer Drug names.
By 1975, Peoples had grown to 500 stores. Later in the year, the chain was purchased by Lane Drug of Ohio. The new company retained the Peoples name, and included Lane Drug, Schuman Drug, Dynamic Drug, Health Mart, Reed Drug, and Lee Drug.
[edit] Acquision by Imasco
In 1984, Peoples was acquired by the Canadian conglomerate Imasco. Imasco was the Canadian arm of British American Tobacco, and also owned Shoppers Drug Mart, Canada's premiere drug store chain. Shortly after Imasco's takeover, Peoples acquired Rea & Derick and Haag Drug. Peoples and its divisions had close to 800 stores and became one of the country's leading drug chains.
[edit] Sales and Conversions
Over the next couple of years, the Haag stores were converted to Peoples, and Dynamic and Schuman were converted to Lane Drug. Peoples decided to sell some of their stores and concentrate on the Mid Atlantic states.
The first sale was the Atlanta based Reed Lee Drug to Big B Drugs. The 85 store division gave Big B their entrance into the Atlanta market in a big way. The next sale was Lane drug to Rite Aid Drugs. The last phase was the Indiana division of Peoples being sold to management, changing the former Peoples stores to Reliable Drugs. Reliable lasted two to three years prior to being bought by Rite Aid.
[edit] CVS Corporation Sale
After the dust settled from the sales, Imasco decided to unload the Peoples Drug chain, as Peoples wasn't performing at the level Imasco had hoped. In late 1990, CVS Corporation purchased Peoples. CVS kept the Peoples Drug name in place, remodeled most stores to the CVS format and improved the stores tremendously. The Peoples name was considered to be too strong a name to change it to CVS immediately. The name did ultimately change in May of 1994, just a few months before the Peoples Drug name would have celebrated its 90th anniversary.
