Rite Aid: Remodel 500 stores by fiscal year end
Camp Hill, Pa. -- On the heels of its report that it narrowed its loss in the fiscal first quarter to $65.5 million, Rite Aid Corp. said it plans to remodel 500 stores by the end of its fiscal year. It will also close 50 more locations, which would give it a total of about 4,650 stores.
By format, at the end of the first quarter Rite Aid had 51 “value stores,” which offer less expensive merchandise and a smaller variety of items. It has 10 “grocery” format stores in South Carolina, which have added grocery sections through a partnership with Supervalu. The companies said they may expand that format to more locations.
Rite Aid has also opened eight “wellness” stores, featuring a variety of organic food, natural personal care items and homeopathic products.