Have you ever wondered, ‘What is Rite Aid?’, you are in right place. Read this article to know more about Rite Aid.
Are you feeling sick? Need to approach the nearest pharmacy? A pharmacy is defined as a shop or a medical dispensary where medicinal drugs are prepared and sold. It is also known as a drugstore and can be a hospital pharmacy or a retail pharmacy. A hospital pharmacy is a health care service within a hospital where medicines are stored, prepared, and sold. On the other hand, a retail pharmacy dispenses medicines to customers.
Retail Pharmacy
A retail pharmacy, also known as a community pharmacy, can be an independent, chain, or supermarket pharmacy that sells to the customers at retail prices. A retail pharmacy can also provide health-related advice and help solve customer queries.
Rite Aid- A Leading Retail Pharmacy
Rite Aid is a well-known retail pharmacy established by Alex Grass on 12th September 1962, based in Pennsylvania, United States, under Thrift D Discount Center. This famous American pharmacy was placed No. 150 on the Fortune 500 list in 2020 among the largest corporations in the US based on total revenue. Rite Aid stores are located in 2400 locations in 17 states in the US.
Offerings
One can find a range of products from healthcare and wellness to personal care and hygiene for the body’s overall health. The broad range of services in which Rite operates includes retail, pharmacy, population health management, and Pharmacy Benefit Manager(PBM).
Critical Management Structure
- Heyward Donigan is the President and CEO Jim Peters, Chief Operating Officer (COO)
- Matt Schroeder, Chief Financial Officer
Mission, And Vision of Rite Aid
- The Mission -“Our Plan To Get There”
It aims to improve the health and wellness of the communities by providing them with immersing experiences. It engages customers with the help of good products, services, prices, and advice to meet their particular needs.
- The Vision- “What We Aspire To Be”
The customers choose Rite Aid as their first preference for their everyday health and wellness needs as Rite consistently understands and exceeds their expectations.
Core Values of Rite Aid
The following are the guiding principles:
- Passion For Our Customers
Rite wants to create unmatched levels of loyalty by leveraging its associates and being passionately dedicated to all its customers and to all that they serve.
- Caring Neighbors
Rite is involved in community activities in significant ways and is committed to reflecting the diversity of each of the communities they serve.
- Associate Development
Rite believes in creating an environment that inspires and encourages the best people to work in Rite. This is the place where they can reach their maximum potential and support their employees’ personal growth and achievements and create an experience for the associates that are understandable, fascinating, and engaging.
- Respect and Commitment to Diversity
A core value of Rite is to express behavior that illustrates respect for others which includes diversity and investing the time in different people, places, and viewpoints, as well as respect for the dignity and potential of everyone.
- Winning Through Teamwork
Rite believes in working for the good of the company, which is not limited just to an individual business or unit. This can be achieved by providing voluntary help and assistance to others, asking for help when needed, and praising and encouraging the associates. It is also important to celebrate success as an individual and a team.
- Accountability
Rite believes in consistently guiding and leading teams to outstanding results as one is accountable for the standards one set.
- Integrity In All We Do
This means that it is essential to not come under the pressures of the day and maintain high integrity and develop an organization with a high level of integrity. Therefore, Rite encourages openly consulting with others whenever one doubts whether any decision or action taken is the right one.
- Value For Our Stakeholders
To be fiscally responsible and committed to delivering value for the investors consistently.
Rite Aid Growth Strategy Pillars
- To unlock the value of the pharmacists- This objective can be achieved through improved market access, deployment of the time of pharmacists for clinical work, and expansion of health partnerships.
- To renovate the retail and digital experiences- Rite strives to achieve this strategic goal by rebranding and enhancing customer experience, modernization of merchandise, own brands, and digital expansion.
- To create Elixir as the differentiated market leader by increased value, competition pricing, and efficient operations and services to clients.
Rite Aid Elixir
Elixir is a wholly-owned subsidiary of the Rite Aid Corporation and a pharmacy services provider that offers pharmacy benefit management, Medicare-approved prescription drug plans, mail and specialty pharmacy solutions, and prescription discount schemes. Elixir is formulating solutions for the benefits of the challenges of today’s pharmacy and enabling people to achieve holistic health for life to optimize the pharmacy care experience.
Key Markets With Strong Retail Presence
The following are the major markets with a retail presence:
- California
- Pennsylvania
- New York
- Michigan
- Washington
- Ohio
- Oregon
Major Growth Initiatives Of Rite Aid
It has undertaken initiatives to meet its growth and development goals:
To deepen, share, and grow the market
To expand the offerings to the new markets
To create new offerings by leveraging the portfolio to meet the needs of the customers and the organizations.
Reward Programs
It has a very engaging customer loyalty and rewards program. It started a free shopping rewards program known as wellness+ card on 18th April 2010. This became a part of the newly launched Plenti rewards program backed by the American Express in May 2015. Rite Aid introduced another rewards program named wellness+ BonusCash on 1st January 2018. Customers now earn BonusCash instead of Plenti points which can be redeemed only at Rite Aid. Rite Aid remained a part of the Plenti rewards program, which ended on 10th July 2018. Rite Aid re-introduced the wellness+ program when the Plenti was discontinued.
Frequently Asked Questions
1. How is the logo of Rite Aid?
As part of Rite Aid’s rebranding, it has unveiled a new logo focusing on holistic health and wellness. The logo has blue and green elements, including a visual of a mortar and pestle with an herbal sprig.
2. How can I find a Rite Aid Store in my area?
The store locator facility of Rite Aid helps one to find a store. Rite Aid displays a list of stores in the area, location working hours, phone numbers, and other information as needed.
3. Does Rite Aid operate online?
Yes, Rite Aid sells around 15,000 products online.
4. Does Rite have a presence on social media?
Yes, Rite has a presence on social media, including Facebook and Twitter.
