Rite Aid

Rite Aid Corporation was founded in 1962 in Scranton, Pennsylvania, as Thrift D Discount Center and grew into one of America's largest retail pharmacy chains. At its peak, the company operated more than 5,000 locations across 17 states, establishing itself as the third-largest drugstore chain in the country. The core business centered on prescription medications, over-the-counter drugs, personal care products, and convenience merchandise, with many locations offering in-store clinics and photo departments.

The company pursued growth aggressively through acquisitions and strategic expansion for decades. However, by May 2025, Rite Aid's footprint had contracted significantly to approximately 1,200 stores operating in 15 states. Mounting competitive pressures from larger national chains and shifts in consumer shopping behavior created unsustainable financial conditions. The company filed for bankruptcy in May 2025 and ceased all retail operations, with every store shuttered by that date.

As of May 2025, Rite Aid's remaining assets were distributed among multiple acquirers. CVS, Walgreens, Albertsons, Kroger, and Giant Eagle purchased prescription files and select store assets. The company's brand and intellectual property, including private label products such as Ryshi, PawTown, Refreshery, and Tugaboos, were placed for sale through Hilco Global as part of the bankruptcy liquidation process.

For commercial real estate professionals, Rite Aid's story reflects the dramatic transformation of the retail pharmacy sector over the past five years. The chain's historical scale and diverse store formats once shaped site selection strategies across pharmacy-anchored retail centers. While the company no longer operates stores, its real estate footprint and brand assets remain relevant to developers and investors evaluating redevelopment opportunities and market repositioning in communities where Rite Aid locations once anchored neighborhood retail.