Rite Aid will close more than 60 stores

After years of excessive expansion, Rite Aid and other major American pharmacy chains have struggled. Hundreds of stores have been closed for the past few years, despite the pandemic that drew people to pharmacies.

The exact location of the closed shops was not disclosed Tuesday, but the company said the closures will help the company “reduce costs, improve profitability and ensure we have a healthy foundation to grow.” Rite Aid has about 2,500 stores across 19 states, so their closure is just 2% of its retail footprint.

The closure of Rite Aid Store follows the latest CVS Health announcement to close 900 stores over the next three years. CVS explained in November the closures were sparked by “consumer buying patterns” and that they will start next spring.
Rite help (RAD), which is significantly smaller number than rivals CVS (CVS) or Walgreens (WBA), has been among the renovations some of its stores have focused on allocating more space for beauty and personal care items, as well as vitamins and supplements, and less for stationary and household appliances.
All major drug store chains in the United States have recently readjusted their retail footprints. For example, CVS recognizes that there are too many stores that are too close to each other in some places.

Also, fewer people go to Rite Aid and other drug stores to fill their prescriptions and shop for household items these days. Some shoppers replace their trips to stores like CVS by buying their supplies online from Amazon, or from large bricks and mortar stores like Walmart and Target. The chains have built their own strong e-commerce business in recent years.

–CNN Business’ Nathaniel Meyersohn contributed to this report.

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