Rite Aid Annual Report 2012
Rite Aid
Annual Repot 2012
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“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”
Historical Background 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
Annual Repot 2012
[pic]
“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”
Historical Background 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