History

Rite Aid's first store opened in September 1962 as Thrif D Discount Center in Scranton, Pennsylvania. From the start, the company grew rapidly through acquisitions and the opening of new stores, expanding to five northeastern states by 1965. It was officially named Rite Aid Corporation in 1968, the same year it made its first public offering and started trading on the American Stock Exchange. In 1970, Rite Aid moved to the New York Stock Exchange.

By 1972, after ten years in business, Rite Aid operated 267 stores in 10 states. By 1981, Rite Aid had become the third largest retail drugstore chain in the country and in 1983, passed the $1 billion sales mark for the first time.

In 1987, Rite Aid celebrated its 25th Anniversary. Also that year, Rite Aid acquired 420 stores in Florida, Maryland, Washington D.C., Delaware, Indiana, New York, Ohio, Virginia, West Virginia, North Carolina and Pennsylvania greatly expanding the company's market penetration and passing the 2,000-store mark to become the nation's largest drugstore chain in terms of store count.

In 1995, Rite Aid acquired Perry Drug Stores, the largest drugstore chain in Michigan and the largest acquisition to date for Rite Aid. In March 1995, Rite Aid operated nearly 3,000 stores.

In 1996, Rite Aid expanded its services to the West Coast through the acquisition of the 1,000-store chain, Thrifty PayLess Holdings, Inc., the largest drugstore chain in the western United States. Soon after that, Rite Aid entered the Gulf Coast region with the acquisitions of Tuscaloosa, AL based Harco, Inc. and New Orleans, LA based K & B Incorporated, adding 332 stores to Rite Aid.

In 1998, Rite Aid acquired PCS Health Systems Inc., one of the leading pharmacy benefits management companies in the country. In October, 2000, Rite Aid sold PCS to Advance Paradigm, an independent provider of health improvement services, which eventually became part of Caremark.

In January 1999, Rite Aid formed a strategic partnership with General Nutrition Companies, Inc. (GNC), the largest specialty retailer of vitamins, mineral supplements, sports nutrition and herbal products. This partnership created GNC "stores within stores" in Rite Aid drugstores across the country. Rite Aid and GNC also comarket a line of vitamins and nutritional supplements called PharmAssure™, sold in Rite Aid and GNC stores.

Increasing its presence on the Internet, Rite Aid in June 1999 partnered with the internet pharmacy drugstore.com, which offers online health, beauty and pharmacy products. Through the alliance, Rite Aid customers can order prescriptions online at drugstore.com for same-day pick-up at a Rite Aid store.

On December 5, 1999, a new management team joined Rite Aid to set a new course for the company and to create and execute a turnaround plan.

Since their arrival, the current management team has created a new corporate culture at Rite Aid, completely overhauled the way the company does business, put in place strict financial controls, significantly improved the company's operations, financial performance and balance sheet, and returned the company to health.

On June 25, 2003 Mary Sammons, then President and Chief Operating Officer, was named President and Chief Executive Officer (CEO). Former CEO, Bob Miller remained Chairman of the Board.

In 2003 Rite Aid resumed its store development program and opened its first "Customer World" store design in November 2004. The company plans to open nearly 1,000 new and relocated stores over the next five years. The new design, created based on customer feedback, positions the pharmacy as the "star" and features expanded merchandise selections, improved store navigation and a professional feel at the pharmacy, including a pharmacy consultation room, providing a private and professional setting for patient counseling by the pharmacist.

Rite Aid's strategic initiatives for growth also include a comprehensive focus on patient health and wellness programs, including heart and skin health, vitamin and allergy education, and weight and diabetes management, as well as attracting more seniors, successful private label product launches, and effective promotional and seasonal programs. To respond to the growing aging population and the Medicare Part D prescription plan Rite Aid launched Living More, a senior loyalty program that continues to give the Company an advantage in attracting seniors. Enrollment in the program recently reached 2.6 million.

On June 4, 2007, Rite Aid completed its purchase of the Brooks and Eckerd drugstore chains, creating the largest drugstore chain on the East coast and significantly strengthening its position as the third largest national drugstore chain. Rite Aid now has more than 5,000 stores in 31 states and the District of Columbia with a strong presence on both the East and West coasts and fiscal 2008 sales of $24.3 billion. All of the more than 1,800 acquired stores will be renamed Rite Aid and offer Rite Aid products and services. Integration of all of the stores into Rite Aid is expected to be completed in about 16 months.

Upon completion of the acquisition, Mary Sammons, president and Chief Executive Officer, was also appointed Chairman. Bob Miller, former Chairman of the Board, remains a member of the Board of Directors.

Rite Aid is committed to providing customers the support, programs and merchandise they need to make every day a little easier and healthier.