Longs Drug Stores history

Public Company Incorporated: 1946 as Longs StoresEmployees: 15,100Sales: $2.33 billionStock Exchange: New York

The first Longs in Hawaii opened on March 29, 1954, in Honolulu.

Longs first store in a shopping center opens in 1955.

In addition to its lucrative incentive program, Longs had had profit-sharing since 1956.

In 1961, the same year that the company went public on the NASDAQ, the company and stores began using the name Longs Drug Stores.

CVS, like Longs, was founded by two brothers named Stanley and Sidney Goldstein, along with a partner, Ralph Hoagland, who opened the first CVS store in Lowell, Mass., in 1963.

In 1967 the industry gained 12.2 percent in revenues, and about 50 percent was estimated to have come from discount chains.

Longs opened its 50th store in 1970, one of eight it opened that year.

By the early 1970s chains of 10 or more stores had numbered 180, accounting for more than half of United States drugstores. Its stock split two for one following its annual meeting in May 1971.

In 1975, at age 62, Joseph Long credited the company's practice of spreading its wealth among its employees for much of its success.

Sales per square foot rose to $381 in 1979 from $351 the previous year.

Campanella, Frank W., “Longs’ Way Up,” Barron’s, February 11, 1980.

By 1982 Longs had 162 stores and exceeded $1 billion in sales.

"As long as Longs stays the way it is and accommodates the locals with sales, I'm fine with it," said Tennyson Ubasa, a Kaimuki resident, who has been shopping at Longs since 1983. "I'm just concerned for the employees and management.

In 1987 Longs acquired 11 Osco drugstores in California and one in Colorado.

For 1988 it was still outperforming all large drugstore chains in sales per employee, $147,000; sales per store, $7.8 million; and sales per square foot, $455.

The company sold $25 million of its stock to the profit-sharing plan in March 1989.

Their sales passed $2 billion for the first time in 1990.

Of the outstanding 20 million shares, employees owned 12%, and the Long family owned about 26%. It was speculated that the company was going private, although it announced no such plans, and remained a publicly held company in 1991.

In 1992 the chain began installing a point-of-sale scanning system in its stores in order to more efficiently control inventory and cut purchasing costs.

In 1993 Longs paid $12 million for the 21-unit Bill’s Drugs chain.

Meanwhile, in 1995 Longs established a subsidiary called Integrated Health Concepts (IHC), a pharmacy benefits management (PBM) company serving employers and healthcare plans.

Per-store sales averaged $8.46 million for fiscal 1998.

In October 1999 Longs completed the largest acquisition in its history, purchasing about three dozen stores in California from Rite Aid Corporation for approximately $150 million.

Three months later, in January 2000, Robert Long stepped down from his position as CEO after 22 years at the helm, while remaining chairman.

On September 17, 2001, Longs exercised its option to acquire Albertson's interest in RxAmerica and established full ownership of the PBM.

In the meantime, Longs entered the burgeoning mail-order pharmacy market by acquiring American Diversified Pharmacies in April 2003.

In 2004 Longs acquired Sacramento, California-based American Diversified Pharmacies (ADP), a mail order pharmacy.

On January 1, 2006, RxAmerica began offering Medicare Part D prescription drug plans in all 50 states and the District of Columbia.

In 2007 Longs closes all 23 stores located in Washington, Oregon, and Colorado, citing the limited number of stores and no plans to further develop these markets.

By 2008, CVS/pharmacy acquired Longs Drugs, and rebranded all pharmacies outside Hawaii by the summer of the following year.

In 2011, CVS closed the 90,000 sq ft (8,400 m) flagship superstore in Oakland, CA, due to property redevelopment plans.

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