The Complete Story of Rite Aid See These Resources For The Whole Story
Meet Alex Grass. A businessman and entrepreneur, he was born to Jewish parents in Scranton, Pennsylvania. When he was nine, his father passed away in the middle of the Great Depression, leaving the family struggling to feed themselves.
During the 1950s, Grass married into the Lehrman family and started working for his father-in-law at Lehrman & Sons. This left him perfectly placed to get a feel for the market, and so when he spotted that there weren’t many affordable health and beauty stores in Pennysylvania, he knew that there was a huge opportunity. The story of Rite Aid was about to begin.
Rite Aid started out with the name “Thrif D Discount Centre”, opening their first store in Pennsylvania back in 1962. Within three years, they’d bought some competitors and opened new stores, establishing a presence in five different states.
By 1968, the company had changed its name to Rite Aid Corporation and listed itself as a public company on the stock exchange. In 1972, ten years after being founded, they had 267 stores in ten states. In 1987, they celebrated their 25th birthday by acquiring 420 new stores. This left them with over 2,000 stores and the title of America’s largest drugstore chain.
These acquisitions have been an important part of the company’s strategy, with major purchases including Perry Drug Stores (1995) and Brooks and Eckerd (2007). This helped Rite Aid to become one of the United States’ biggest drugstore chains, with 5,059 stores in 19 states and over 112,800 employees.
But every company goes through good and bad times, and Rite Aid is no stranger to controversy. In 2004, the company paid $7 million to settle accusations that they’d submitted false prescription claims to the government. They’ve also faced litigation from employees, as well as class-action lawsuits from customers who accused them of overcharging insurance companies.
Perhaps that’s why they’ve been in talks to sell the company. In 2015, Walgreens revealed that they’d be buying Rite Aid for $17.2 billion, but they later ended up buying “only” 1,932 stores for $4.38 billion. In 2018, Albertsons said they were going to buy the rest of the company’s stores, but Rite Aid later said that the deal had been canceled because it wasn’t in the best interests of the company’s shareholders.
And what happened to Alex Grass, the company’s founder? He donated much of his wealth to charitable causes, including using $1.5 million to create the Alex Grass School of Business Leadership. He also donated a further $1.5 million to the University of Florida so that they could develop their Centre for Jewish Studies and create a new building for their law school.
Grass passed away in 2009 at the age of 82, but his legacy still lives on. As does the company that he founded nearly 60 years ago – for now, at least. Only time will tell whether someone else tries to purchase the company’s remaining 2,600 stores. We’ll see!
This post contains a unique collection of resources that offer a comprehensive look at the Rite Aid business story. Have a look at the resources to follow that have been organized in sections for your convenience.
Sections In This Post:
- The History of Rite Aid
- Rite Aid Founders
- Rite Aid Executive Team
- Rite Aid Corporate Information
- Facts about Rite Aid
- Business and Marketing Strategies Used by Rite Aid
- Rite Aid Company Culture
- Rite Aid Company Complaints, Problems, and Failures
- Books Related to Rite Aid
- Latest News Related to Rite Aid
- Tweets Related to Rite Aid
The History of Rite Aid
A company’s history offers valuable lessons as well as makes a great story. It’s interesting to find out about a company’s original operations, how it has changed over the years and the challenges faced during the startup phase.
Have a look at the selection below to understand more about the history of Rite Aid.
Rite Aid Founders
This section focuses on the people who started the company. You can gain insights into their goals, ideas, foresight, and how they started the company.
Many founders have interesting stories and experiences related to starting their business and the challenges they faced, as well as what they did to overcome those challenges.
Have a look at the following resources included in this post related to the founders.
Rite Aid Executive Team
In the executive section, you’ll find information related to the management of a company. Management decisions are an important role in a company’s success. It’s not luck that makes a company successful, but planning, strategy, and leadership.
Have a look at the selection below for information related to the executives of Rite Aid.
Rite Aid Corporate Information
Mission Statement of Rite Aid
Rite Aid Ownership And Investors
Products and Services Offered by Rite Aid
Rite Aid Financial Company Information
Facts about Rite Aid
In this section, you’ll find facts about the company. I like going through the facts because from a page or two you can learn a lot about the company, and if you find something that’s really interesting, you can dig deeper.
Have a look at the resources below related to Rite Aid facts.
Business and Marketing Strategies Used by Rite Aid
In this section, you’ll find a list of resources that focus on the business and marketing strategies used by Rite Aid.
With the understanding and proven business and marketing techniques you’ll be able to use the strategies used in this company that can be used as a lesson and applied to another business.
Rite Aid Business Strategies
Rite Aid Main Competitors
Rite Aid Marketing Strategy
Rite Aid Company Culture
Here’s where you can gain an idea about the culture of the company. A company’s culture includes the work environment, company values, expectations, ethics, employee relations and more.
See the resources included in this post for the culture of Rite Aid.
Rite Aid Company Complaints, Problems, and Failures
In this section, you can go through the resources to view any company complaints. Whether the complaints lead to a lawsuit or a viral rant, have a look at the complaints people have against Rite Aid.
In addition to complaints and any lawsuits against the company, you’ll find any references to any failures the company many have faced.
Books Related to Rite Aid
Some companies are a huge success story or a miserable failure, with many lessons to learn. Have a look at books people have written for a complete overview.
The Latest about Rite Aid
In this section, you’ll be able to stay up to date on the latest information related to Rite Aid, including the latest news, Google searches, videos, what people are tweeting, and more.
I recommend spending some time on the news and tweets that can offer up-to-the-minute information about Rite Aid.