CVS Health out of top 10 on list of most reputable retail companies

WOONSOCKET – CVS Health Corp. may have fallen out of the top 10 on the Reputation Institute’s 2015 list of the most reputable retail companies, but the research firm expects its reputation will change for the better due to new initiatives.
“CVS fell out of the industry’s top 10 in 2015, but significant corporate rebranding and health initiatives are an example of proactive reputation management,” according to the Reputation Institute.
“We expect them to show up more strongly next year,” Brad Hecht, the Reputation Institute’s chief research officer, said this week.
CVS ranked 23rd on the list of the 50 most reputable retail companies in the United States, a 13 spot drop from last year when it was 10th. In 2013, it ranked even higher, at eighth.
Hecht said CVS’ reputation consistently increased from 2006 to 2012, then it was relatively flat from 2012 to 2014. In comparison, overall industry reputation has increased every year.
“Ove the past four to six months, I think the organization as a whole has made a conscious effort to rebrand the company,” Hecht said, noting its decision last year to stop selling tobacco products and its continuing investment and focus on health.
Last year, the company changed its name to CVS Health from CVS Caremark.
“It gets to the heart of what I’ve always spoken about,” Hecht said, adding a company needs good products, but also has to make a positive impact on society.
Amazon.com was the industry’s reputation leader in 2015, a spot it has held since 2013. Publix Super Markets Inc., Whole Foods, Tiffany & Co. and Costco Wholesale rounded out the top five.
The Reputation Institute states that companies that invest in a strong reputation experience direct financial benefits.

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