Rite Aid Gets Rent Relief, Expands Slowly
The national pharmacy chain Rite Aid has asked for and--for 20 percent of its stores--received rent relief that it hopes will increase profitability. But despite the help, Rite Aid has decided to close 134 of its stores based on third quarter results showing a 1.8 percent decrease in sales for the same quarter in 2008. However, Rite Aid will continue with plans to open 18 new stores this year--nearly half the number of stores it opened in 2009. In an effort to cut costs further, the popular 4,800-store chain is putting remodeling plans for some of its locations on hold for now.