Place your bets.

By Perri Ormont Blumberg

You've likely walked into a CVS Pharmacy many times. Have you ever paused to stop and think about what "CVS" stands for?

Well, we're glad you asked. Founded by two brothers, Stanley and Sidney Goldstein, along with partner Ralph Hoagland, CVS first opened in 1963 in Lowell, Massachusetts, selling health and beauty products. As explained on a timeline on the CVS website, the store's name stands for "Consumer Value Stores."

By 1964, the company had already grown to a chain of 17 stores. During this year, "[t]he original CVS logo is developed (CVS banner inside a shield, with the words 'Consumer Value Stores' below) and displayed on store exteriors for the first time." A few years later in 1967, CVS opened its first stores with pharmacy departments in Warwick and Cumberland, Rhode Island.

Interestingly, Tom Ryan, who worked at CVS from the 1970s onward, working his way up to CEO and then chairman in the 1990s through 2010s, apparently saw the acronym a bit differently. "[Ryan] promoted six values of success throughout the company: respect for the individual, integrity, teamwork, sense of urgency, openness, and a willingness to embrace change," reads an entry on the businessman on "Ryan guided CVS by the benchmarks of convenience, value, and service—another interpretation of the CVS name."

Convenience, value, and service? Three esteemed traits we can get behind. It's safe to say we'll never look at the CVS logo the same way again.