Sidney S Goldstein

Inducted: 2017
Born: 1929
Died: 1995

Some individuals have been recognized for Hall of Fame induction because of the success and prominence of their business creations. Joseph Banigan, in whose building we conduct this ceremony, is one local example. He was a co-founder of U. S. Rubber Company (Uniroyal) and its early president. Today we honor another creator of a mammoth enterprise ” Woonsocket native Sidney S. Goldstein who, with his younger brother Stanley, are the founders of the CVS pharmacy and health care company. As of 2015, it ranked 35th in the Fortune Global 500 list of the worlds largest companies and is the 9th largest company in the United States. In 2015, CVS had 7,800 pharmacies, 137,800 employees, and over $153 billion in revenue. Not bad for a Woonsocket-based operation! The single seed for this huge forest of pharmacies and allied health services was planted in Lowell, Massachusetts in 1963 by the Goldstein brothers and Woonsocket’s Ralph P. Hoagland with health and beauty products supplied from the Woonsocket warehouse of Mark Steven, Inc., on 54 East School Street, a firm founded in 1952 by Sidneys father, Israel, to market health and beauty aids. The 1963 entity, called Consumer Value Stores, grew rapidly. By 1969, it had expanded to over 50 stores, made pharmacies the heart of its operation, and merged with Melville Corporation ” one of the nations largest retail and distribution firms ” to open up new avenues for growth. In the nearly half-century since then, CVS has constantly expanded, absorbed other drug store chains, and become a national acronym for health care services. Sidney, one of the catalysts in the creation of this colossal corporation, was born on July 17, 1929 in Woonsocket, a son of Israel and Etta (Halpern) Goldstein. He grew up on Delude Avenue; went to Woonsocket’s public schools; graduated from Dean Academy, now Dean College, in Franklin, Massachusetts; and then attend- ed Bryant-Stratton Business College in Boston. In addition to his role as president and treasurer of Mark Steven, Inc. and executive vice president of CVS, Sidney was a civic leader. He served seven years on the Woonsocket Development Agency, was a member of the Woonsocket Industrial Authority, and a director of the Greater Woonsocket Chamber of Commerce. Using those influential positions, he persuaded Woonsocket Mayor Edgar Lussier to execute plans for an industrial park off Mendon Road so that the rapidly growing CVS chain could remain in his native city. Always the humanitarian, Sidney immersed himself in charitable endeavors leading local fund-raising drives for such agencies as the Hemophilia Fund, the United Way, Meeting Street School, and his alma mater, Dean College. Friends described Sidney as a regular “down-to-earth guy” with a “great sense of humor,” and a “flair for the practical joke.” He was an avid and accomplished golfer. Sidney and his wife Ruth had two sons, James and Richard. He retired from CVS in 1987 and maintained a second home in Carefree, Arizona, where he died on February 15, 1995 at the age of sixty-five. He is buried in B’nai Israel Cemetery in his beloved Woonsocket.

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