WOONSOCKET, R.I. — CVS Caremark Corp. has made its second key market entry in the past two weeks, opening its first drug store in Memphis, Tenn.

The pharmacy chain, which opened its first St. Louis stores late last month, said Wednesday the new Memphis CVS/pharmacy is located at 9861 Highway 64. At the grand opening event, Shelby County mayor Joseph Ford joined CVS officials for the ribbon-cutting ceremony.

CVS said it’s slated to open two other pharmacies in Memphis later this year, and more stores are planned for the market over the next few years. The retailer operates 125 stores in Tennessee.

"We are pleased to be opening stores in Memphis and expanding our presence in the state of Tennessee," CVS/pharmacy president Larry Merlo said in a statement. "Our mission at CVS is to make pharmacy solutions effective and easy for our customers, so we look forward to providing high-quality and convenient pharmacy services at a great value to our new customers in Memphis."

As part of the grand opening, CVS announced that since 2004 it has raised $16 million through its participation in St. Jude Children’s Research Hospital’s annual Thanks and Giving holiday fundraising campaign to support the expansion of the hospital’s Rehabilitation Services Center. St. Jude, founded by late entertainer Danny Thomas and based in Memphis, held a ceremony to dedicate the CVS Caremark Rehabilitation Services Center after the pharmacy grand opening.