Annual Repot 2012
“To be successful chain of friendly, neighborhood drugstore. Our knowledgeable, caring associates work together to provide a superior pharmacy experience and offer everyday products and services that help our valued customers lead healthier, happier lives”
Rite Aid’s first store opened in September of 1962 in Scranton, Pennsylvania. When it first opened it was called Thrif D Discount Center. The company grew rapidly expanding to five northeastern states by 1965. By 1968, the name was officially changed to Rite Aid Corporation. It became public it’s first year after becoming Rite Aid and started trading on the American Stock Exchange. By 1970, it moved to the New York Stock Exchange. Almost ten years later, Rite Aid opened 267 stores in 10 states. They became the third largest retail drugstore chain in the country by 1981. They surpassed the $1 billion sales mark in 1983.
Rite Aid acquired 420 stores in Florida, Maryland, Washington D.C., Delaware, Indiana, New York, Ohio, Virginia, West Virginia, North Carolina and Pennsylvania in 1987. They also celebrated their 25th anniversary that year. By expanding the company across the market and passing the 2,000-store mark they became the nation’s largest drugstore chain with the most stores. In 1995, they acquired Perry Drug Stores, the largest drugstore chain in Michigan.
In 1996, Rite Aid expanded into the West Coast by acquiring Thrifty Payless Holdings, Inc., the largest drugstore chain on the West Coast. Shortly after, they entered the Gulf Coast Region acquiring Harco, Inc., from Tuscaloosa, AL and K & B Incorporated from New Orleans, LA adding 332 stores to Rite Aid.
In January 1999, Rite Aid formed a partnership with GNC, General Nutrition Companies, mineral supplements, sports nutrition and herbal products. With this partnership, GNC became “stores within stores” in Rite Aid stores across the country. The two companies created a line of vitamins and nutritional supplements called PharmAssure sold in both stores.
In June of 1999, Rite Aid expanded it’s marketing on the Internet by partnering with Drugstore.com an Internet pharmacy. Customers can view online health, make purchases and order prescriptions for same-day pick-up at a Rite Aid store. In 2008 of September, Rite Aid and Drugstore.com expanded their relationship with a lunch of a new Rite Aid online store for over-the-counter products.
Later that year, a new management team joined Rite Aid to start a new course for the company and create and execute a new turnaround plan. The new management team has created a new corporate culture that has completely changed the business. They are now put in strict financial controls, improved the operations, and financial performance.
Going forward, Rite Aid’s top priorities is expanding customer health and wellness services, by developing more ways to help customers take their medication as prescribed, training more pharmacists to administer immunizations and expanding medication therapy management services for patients with chronic conditions. Another priority is growing profitable sales, by improving customer service and keeping a loyal customer base. In April 2010, they introduced their customer rewards program called wellness+. This program provided customers with free health and wellness benefits, coupons and special prices.
Rite Aid now has approximately 4,700 stores in 31 states on both the East and West coasts with annual sales of over $26.1 billion.
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