The Rite Aid Corporation is a well-known drugstore chain that operates in the United States. It has grown prolifically and has become the third largest retailer in its niche within the nation. They're known for offering reasonable prices on a variety of sundries which are sold in their stores. Whether you're a loyal customer or you're hearing about Rite Aid for the first time, here are 20 interesting facts about the company that are worth knowing.
1. Rite Aid is ranked 94 on the 2018 Fortune 500 list
The drugstore corporation chain is on solid financial footing and is recognized in the prestigious Fortune 500 list for top-ranked businesses in American. When assessed by its revenue, it's the 94th largest of all business in the US. This is quite a feat when you consider how many corporations are operating within the United States. Although it's ranked as the third largest drugstore chain in the nation, it just happens to be the very largest one on the East Coast.
2. The company was established in 1962 under a different name
Rite Aid has officially been in business since 1962. The first location was opened in Scranton Pennsylvania. It didn't begin as Rite Aid though. The first store was called Thrift D Discount Center. It was actually in business for several years before the name change took place. When Thrift D Discount had grown significantly, it made its debut as a public company and when this happened in 1968, the name was officially changed to Rite Aid. The company is listed with the New York Stock Exchange and is publicly traded under the RAD symbol as of 2017.
3. Walgreens had issues acquiring Rite Aid
In 2015, one of Rite Aids largest competitors was Walgreens, and they made the decision to acquire Rite Aid with a $9.4 billion dollar offer. In 2017, the executives in charge of the decision decided that it was a safer bet to only purchase half of the Rite Aid stores in existence because of their concern over violations of anti-trust regulations. The acquisition of half of Rite Aid's stores was made for the amount of $5.18 billion. The Federal Trade Commision further altered their plans and allowed Walgreens to proceed with the purchase of 1,932 Rite Aid stores for a price of $4.38 billion.
4. Rite Aid has a mission to serve each community that they serve
There is definitely something different about Rite Aid when it's compared to most of the other drugstore chains. The company has made a commitment to serve each community where there is a store open for business. They've been successful in carrying out this mission to improve health and wellness through campaigns that reach beyond the limitations of the store walls by sponsoring a variety of community wellness programs and by getting actively involved.
5. Employees of Rite Aid give of their time for community events
Rite Aid sponsors community wellness events in each city that they're located in on an annual bases. There is an expectation that their associates will also be involved in helping to make these events successful. If you're currently a Rite Aid employee, then you know what we're talking about and if you're considering applying, expect to become involved in these health and wellness events. Volunteerism is one of the core values of Rite Aid.
6. The Rite Aid Foundations helps thousands
The Rite Aid Foundation was developed by KidCents. It's a program that makes it possible for customers to make donations to the charity by rounding up each purchase and donating the change to the Foundation. There are three areas that the foundation focuses on with their charitable giving. The first is for children's health and well-being. The second focus is on their own associates if any of their own experience times of special need. The third is for the community such as disaster relief or other types of health and wellness needs.
7. Rite Aid supports the Children's Miracle Network
There are not enough people aware that Rite Aid supports the Children's Miracle networks hospitals. These are special facilities that cater to the special health needs of children who are severely injured or ill. The Network assists kids and their families to try to reduce the everyday burdens and to help with the costs of medical care. Through the Rite Aid Foundation, the company has raised and they have donated more than $120 million in relief funds to help kids who are in need.
8. Rite Aid advertises their charity programs on their website
If you want to learn more about what Rite Aid does to improve the health and wellness of the people in their communities, all you need to do is visit their website. Sadly, most people only visit the site when they want information about employment or about a product that is sold at the retail stores. Rite Aid is making every effort to reach the public about the important services that they offer and if more people knew how easy it was to give a few cents to help out, we're sure that they would. People are busy and don't always notice or feel that they have time to read about these extra efforts.
9. They help out in emergencies an natural disasters
Here's another important thing to know about Rite Aid. When there is a catastrophic emergency, they do their part to help. While it's true that they help a variety of organizations that help with relief, they do a lot more. They have a crew of volunteers and supplies on hand and they are ready to send both to the areas where they are needed the most. They were there with a swift response when Hurricane Sandy left thousands in need of relief. They sent $200,000 in donations to help with relief and they also mobilized a volunteer crew of customers from across the entire nation to help with fundraising for the victims and for this one event alone, they, along with their customers raised over $450,000 and donated for the much-needed support, ongoing relief and rebuilding of the neighborhoods affected.
10. They are committed to diversity
Rite Aid maintains an active commitment to maintaining workplace diversity. This is one of their core values as a corporation and they put their beliefs into practice. Rite Aid embraces the differences among people and believes that everyone has something of value to contribute and it is the differences among us that make us each interesting as individuals and also valuable in a team setting. Discrimination of any kind is not tolerated within the Rite Aid workforce.
11. They have a solid vision for the future
Not all larger companies have such a detailed and solid vision and mission statement. Rite Aids vision of what they aspire to be is an establishment that understands their customers' needs and expectations. Their goal is to not only meet their health and wellness needs and expectations but to exceed them. They want their customers to have confidence in Rite Aid's willingness and ability to serve them well.
12. Their mission is solid too
Rite Aid has a simple mission, but it's one that is worthy of sharing. Their mission is the plan that outlines how they will achieve their vision. They already know how to get there, but they put it in writing for the world to see. With the goal of improving health and wellness throughout all their communities, they plan to do so by providing engaging experiences for their customers. They're talking about the absolutely best possible products and services as well as advice that will help in meeting the unique needs of every customer that walks through their doors.
13. They have a unique company culture
Rite Aid has a very unique company culture that begins with a shared passion for the customers as a core value that guides each employee. The shared goals of creating loyalty through this passion and serving customers unite them in a common purpose, but it goes beyond this. Rite Aid insists on providing an environment that motivates and inspires employees to want to work there. They're given opportunities to reach their fullest potential with the company and they support the achievements and personal growth of each employee with the intention of making the job not only easy to do but also engaging and exciting.
14. Rite Aid is big on Respect
A part of Rite Aid's commitment to valuing each person as an individual not only relates to diversity and valuing each person for their uniqueness, it also centers around respect. They respect each of their workers with the expectation that each member of the Rite Aid team will also show one another and the customers respect. They believe that each person is entitled to maintain the highest possible degree of dignity.
15. Teamwork is how they end up winners
When everyone works together for the common good, then everyone ends up winners. This is one of Rite Aids philosophies when it comes to business as well as service to the community. This relates back to the company culture that fosters a sense of pride in being a part of a team that is making a positive impact on people's lives. Rite Aid is big on giving praise where it is due and for celebrating the successes of their teams as well as of the individuals on these teams.
16. They don't compromise
While Rite Aid is committed to making everyone feel valued, both employee and customers, they also maintain some strict standards for conduct. They provide consistent guidance for their employee teams and everyone is held accountable for producing results from the top management all the way to the new employee. They won't compromise when it comes to their high level of integrity at the organizational level. It's one of the principles that they've built their reputation upon and they're particular about this.
17. Rite Aid partnered with General Nutrition Corporation
Here's another interesting fact that most people don't know. Rite Aid developed a partnership with GNC. The agreement was made in 1999. Afterward, they brought small version s of the GNC stores into the Rite Aid pharmacies and joined forces in providing health and wellness products. The same year, Rite Aid partnered with the online drugstore.com business so their customers would be able to place online orders for medical prescriptions, and then pick them up later on the same day from a Rite Aid store.
18. Albertsons attempted to acquire Rite-Aid
Recently, in February of 2018, Albertsons made a bid to purchase the remaining interest share of Rite Aid. They sought to acquire the 2,600 stores that Walgreens had not acquired. This was something that shareholders were not very pleased about. Albertson's plan had failed to go through and the proposed acquisition was canceled on August 8 of 2018.
19. JC Penney bought some of Rite Aid's stores
Here's a fun fact that most people don't know. Back in the middle of the 1990s, JC Penney had actually bought a few of Rite Aid's stores. There was a reciprocal agreement through which Rite Aid locations accepted JC Penney charge cards at their stores.
20. Rite Aid is a major employer supplying tens of thousands of jobs
Here's another fun fact that most people don't know about Rite Aid. They have around 2,600 stores opened throughout the United States. To run these stores, they employ right around 51,000 people. This is remarkable and they're helping to keep the economy going by supplying jobs in their local communities. From what we've learned about Rite Aid, it seems that they do a tremendous amount to make the communities they serve, and beyond, safer and better places to live. Whether it's in providing health and wellness services, and selling related products, or organizing a community event to raise awareness of health issues, they are consistently active. Rite Aid is a big drugstore chain company and they're one that is well-worth talking about.
Written by Garrett Parker
Read more posts by Garrett Parker