“It is a new day at Rite Aid,” Jim Peters, COO of Rite Aid, said on last week’s analyst call. The drugstore chain unveiled a new logo and announced a new strategy to create the “Store of the Future.” The company is not changing its iconic name, but Rite Aid plans to change how it works. “I want to recognize that our existing brand is outdated,” Rite Aid CEO Heyward Donigan said.
Rite Aid plans to invest $700 million over the next 24 months to invest in the project, which will include an overhaul in merchandise, implementing workflow changes, re-engineering how the entire pharmacy team works, changing workspace, hiring more technicians, and digital updates.
The new store design will include an open counter so pharmacists can easily step out and interact with customers. “Pharmacists will no longer be walled off and under-utilized,” said Donigan. The duties of both technicians and pharmacists will shift, creating a focus on the pharmacist making them more accessible.
As consumers increasingly focus on self-care and seek both traditional health and holistic wellness options, Rite Aid is positioning itself to be a whole-being health destination that treats mind, body, and spirit. By elevating the in-store experience, increasing personalized digital engagement, and refreshing merchandise, the retailer’s goal is to resonate with millennial and Gen X consumers.
Later this year, Rite Aid will introduce its Store of the Future, which will be a trusted whole-family wellness destination that helps consumers on the journey of care for parents, children, and pets. The company plans to open nine pilot stores in the future and renovate around another 65 by the end of fiscal year 2021.
Rite Aid plans to overhaul the entire chain in a multiyear process, but in the short term will make changes to the store exteriors, incorporate new signage, and focus on evolving its merchandise.
Photo: via Rite Aid