The Distribution Of Rite Aid Essay

1914 Words8 Pages
According to Rite-Aid history, the federal legislation in 1962 had a fixed minimum retail pricing on products in the retail industry. In 1962, Alex Grass, Rite-Aid’s founder and CEO, has opened the first discount drugstore in Scranton, PA under the name Thrif D Discount Center. By 1965, their company has expanded quickly by opening five new locations in the Northeast. Around 1968, Rite-Aid corporation became official with the company’s first public offering the American Stock Exchange, then by the 70’s they had moved to the New York Stock Exchange. With multiple acquisitions with smaller regional chains in the Northeast, Rite-Aid grew to over 267 stores in ten states within a decade. Even the middle east oil embargo and slow economic growth the persistent recession of the mid 70’s had slowed the company’s momentum. By 1981, the company became the third largest retail pharmacy in the nation. They surpassed the $1 billion sales mark. Rite-Aid’s growth continued through the 80’s and 90’s which culminating in 1995 with acquisition of 224 Perry Drug Stores, bringing its total number of stores over 3,000. With a strong market presence, the company decided to expanded their services in the west through acquisition of Thrifty Payless Holdings, Inc. within 1996. With a 1,000 store acquisition and the acquisition of two large firms on the Golf Coast which provided the company with a strong market. As of March, Rite-Aid has been operating 3,623 retail drugstores. Rite-Aid had

More about The Distribution Of Rite Aid Essay

Get Access