Rite Aid facts for kids
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A Rite Aid store in Glendale, California in 2023
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Formerly
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Thrift D Discount Center (1962–1968) |
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| Public | |
| Traded as | Expert Market: RADCQ NYSE: RAD (1970–2023) |
| Industry | Retail |
| Founded | September 12, 1962 In Scranton, Pennsylvania, United States |
| Founder | Alex Grass |
| Headquarters | Philadelphia, Pennsylvania, United States |
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Number of locations
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2,271 (2023) |
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Key people
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| Products | Pharmacy, grocery store, liquor store |
| Revenue |  US$24.04 billion (FY2021) |
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Operating income
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 US$47.14 million (FY2021) |
| US$−90.9 million (FY2021) |
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| Total assets | US$9.335 billion (FY2021) |
| Total equity | US$615.2 million (FY2021) |
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Number of employees
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50,000 (2021) |
| Subsidiaries | Bartell Drugs |
Rite Aid Corporation is a well-known chain of drugstores in the United States. It started in 1962 in Scranton, Pennsylvania. The company's main office is now in Philadelphia, Pennsylvania.
Rite Aid is one of the biggest drugstore chains in the country. It has more than 2,000 stores. In 2022, it was listed among the top 150 largest companies in the Fortune 500 list.
In October 2023, Rite Aid faced financial challenges. The company needed to reorganize its business. This process is called filing for Chapter 11 bankruptcy. Some stores in Michigan are closing, and a distribution center will also close.
Contents
The Story of Rite Aid
Alex Grass started Rite Aid in September 1962. The very first store was in Scranton, Pennsylvania. It was first called Thrift D Discount Center.
The company grew quickly. By 1965, it had stores in five more states. In 1968, the company changed its name to Rite Aid. It also became a "public company" that year. This means people could buy shares of the company.
In 1970, Rite Aid shares began trading on the New York Stock Exchange. This is a big marketplace where company shares are bought and sold.
By 1972, just ten years after opening, Rite Aid had 267 stores. These stores were spread across 10 different states. In 1981, Rite Aid became the third-largest drugstore chain in the U.S.
By 1983, the company reached a major milestone. Its sales for the year were over $1 billion. Rite Aid also bought 420 more stores along the East Coast. This helped the company grow to over 2,000 locations.
Customer Programs
Rite Aid has a special program for its customers. It is called the Wellness+ card. This card is free and helps shoppers earn rewards. It started across the country on April 18, 2010.
For a while, Wellness+ was part of another program called Plenti. This program was supported by American Express. Plenti started in May 2015. However, the Plenti program ended a few years later.
In 2018, Rite Aid brought back its own rewards system. It introduced Wellness+ BonusCash. Customers now earn BonusCash that they can use only at Rite Aid stores. The Plenti program officially ended on July 10, 2018.
Working with Other Companies
Rite Aid has worked with many other companies. These partnerships help Rite Aid offer more services.
Health and Wellness Partnerships
In January 1999, Rite Aid teamed up with General Nutrition Corporation (GNC). This partnership brought GNC mini-stores inside Rite Aid pharmacies. This meant customers could buy health and wellness products easily.
Rite Aid also worked with Drugstore.com in June 1999. This allowed customers to order their medical prescriptions online. They could then pick them up at a Rite Aid store on the same day.
In May 2022, Rite Aid partnered with Homeward. Homeward is a company that provides home care in rural areas. This partnership helps older customers get medical services. They can also access Homeward mobile care units.
Online Shopping Partnerships
In June 2019, Amazon announced a new service. Amazon shoppers could pick up their online orders at Rite Aid stores. This service is called Counter. It launched in the U.S. after being successful in other countries.
