Auditing I ACC 405
Professor Sharolyn DeWitt
Rite Aid has more than 4,900 stores in over thirty one states, but it all started with just one. September 1962, Thrif D Discount Center in Scranton, Pennsylvania opened. What started as a store front, expanded expeditiously. By 1965, Thrif D Discount Center had expanded to five states and was officially named Rite Aid Corporation. It was in this year that the company made its first public offering and started trading on the American Stock Exchange. Business was flourishing for the company, by 1972 Rite Aid operated 267 stores in ten states. By 1981, Rite Aid had become the third largest retail drugstore chain in the country, in 1983, the company had surpassed the $1 billion sales mark for the first time. Twenty five years after opening its first store, Rite Aid had acquired 420 stores. Rite Aid has been pinnacle in acquisitions throughout its history. Thrifty PayLess Holdings, Incorporated, K&B, PCS Health Systems, and Brooks Eckerd are all companies that have been a part of the plethora of Rite Aid acquisitions. “In January 1999, Rite Aid formed a strategic partnership with General Nutrition Companies, Incorporated, the largest specialty retailer of vitamins, mineral supplements, sports nutrition and herbal products. This partnership created GNC stores within Rite Aid drugstores across the country (Rite Aid 2010).” This has proven to be a marriage made in heaven, creating a co marketed line of vitamins and nutritional supplements called PhamAssure sold by both companies. Rite Aid has kept up with its competitors, Walgreens and CVS, as well as kept up with the times by offering prescription orders online at http://www.riteaid.com/pharmacy/...