Rite Aid

Rite Aid began in 1962 as Thrift D Discount Center in Scranton, Pennsylvania, and grew to become one of the country’s largest retail pharmacy chains. Over the decades, the company expanded rapidly, especially after acquiring Thrifty PayLess in 1996, which extended its reach into the western United States. Rite Aid’s stores became a familiar presence in both urban and suburban neighborhoods, offering prescription services, health and wellness products, and everyday convenience items. At its peak, Rite Aid operated more than 5,000 locations nationwide and was a significant employer in the communities it served.

As of May 2025, Rite Aid’s footprint had contracted to about 1,200 stores across 15 states, primarily in the Northeast, Mid-Atlantic, and select western markets. The company’s approach to real estate emphasized accessible, high-traffic sites close to residential areas, supporting a mix of traditional drugstore formats and larger retail spaces with expanded offerings.

In the past five years, Rite Aid faced mounting challenges from larger competitors, online retailers, and ongoing legal and financial pressures. These headwinds culminated in a second bankruptcy filing in May 2025, after which Rite Aid closed all remaining stores. Prescription files and select assets were acquired by major pharmacy operators including CVS, Walgreens, Albertsons, Kroger, and Giant Eagle. The Rite Aid brand, its website, and private label brands such as Ryshi, PawTown, Refreshery, and Tugaboos are currently being marketed for sale by Hilco Global.

Rite Aid’s long history and national presence made it a credible anchor for shopping centers and neighborhood retail corridors. Its diverse store formats and adaptability to different markets shaped retail pharmacy real estate for decades. Even as its physical locations have closed, the company’s legacy continues to influence site selection strategies and competitive dynamics in the pharmacy sector.