Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating nearly 3,400 stores in 28 states and the District of Columbia. Rite Aid began in 1962 as a single store opened in Scranton, Pennsylvania called Thrif D Discount Center.

After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. Rite Aid is headquartered in Camp Hill, a suburb of Harrisburg, Pennsylvania.

Rite Aid is a major contributor to the Children's Miracle Network. Rite Aid's contributions to CMN directly benefit hospitals in the markets where Rite Aid operates stores.

Major competitors include CVS/pharmacy, Eckerd Pharmacy, and Walgreens.

History

The Rite Aid chain began in Scranton, Pennsylvania, as Thrif D Discount Center. The first store opened in September 1962. Through acquisitions and new stores, Rite Aid quickly expanded into 5 northeast states by 1965. The chain was officially named Rite Aid Corporation in 1968 and made its debut on the American Stock Exchange. It moved to the New York Stock Exchange in 1970.

Rapid expansion

Just ten years after its first store opened, Rite Aid operated 267 locations in 10 states. It was named the third largest drugstore in the United States by 1981; shortly thereafter, 1983 marked a sales milestone of $1 billion. A 420-store acquisition along the east coast expanded Rite Aid's holdings beyond 2,000 locations. Among the companies acquired was Baltimore, Maryland's Read's Drug Store, which had the slogan "Run Right to Read's".

Rite Aid acquired the Michigan chain Perry Drug Stores in 1995 and the 1,000-store west coast chain Thrifty PayLess Holdings, Inc. in 1996. Acquisitions of Harco, Inc. and K & B Inc. brought Rite Aid into the Gulf Coast area.