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Rite Aid SWOT & PESTLE Analysis

ID : 52486353| Sep 2020| 15 pages

COMPANY PROFILE -Rite Aid

Business Sector :Pharmaceuticals

Operating Geography :United States, North America.

About Rite Aid :

Rite Aid Corporation is a US based leading and oldest drugstores chain with approximately 4136 stores in 31 states as of 2018. It has a strong presence on the East and West Coast and employs more than 51,000 associates. It trades on NYSE (New York Stock Exchange) under the symbol RAD. It started its operations in 1962 and has its headquarters located in Pennsylvania, United States. Some of its strategic steps of growth include an overall comprehensive plan on patient wellness and health; which includes allergy awareness and heart health, skin and oral care, weight and diabetes management, effective seasonal and promotional programs, successful private label launches. Rite Aid Corp’s vision statement states “Customers confidently choose us first for their everyday health and wellness needs because we consistently understand and exceed their expectations. By delighting customers on each and every visit, this vision will help Rite Aid to be the health and wellness provider of choice.” Rite Aid’s mission statement reads “To improve the health and wellness of our communities through engaging experiences that provide our customers with the best products, services and advice to meet their unique needs.” Rite Aid’s USP or unique selling proposition lies in its being the largest drugstore chain on the East Coast and the third largest in the U.S.

Rite Aid Revenue :


$21.528 billion as of 3-March, 2018 (y-o-y loss of -1.5%)
$22.927 billion as of 4-March, 2017

Competitive Analysis of Rite Aid

SWOT
PESTLE
The SWOT analysis of Rite Aid is presented below:
Strengths
Weaknesses
1. Strong sales and third largest drugstore in US
2. Good advertising
3. Wellness+ rewards programs
4. In-store health stops
1. Lease Termination, Goodwill and impairment cost
2. Multiemployer Plans that Provide Pension Benefits
3. Indebtedness and Limited cash flows
Opportunities
Threats
1. Increase in prescription usage
2. Expanded healthcare facilities
3. Increase in Medicare plans propagation and usage
1. Risk related to sale and proposed merger with Albertsons
2. Consolidation and Competition in retail drugstore
3. Industry trends
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Rite Aid

 

Strength

1. Strong sales and third largest drugstore in US: Rite Aid in terms of both number of stores and revenue is the third largest drugstore in the US. As of March, 2018 it operates in 19 states across the United States with 2550 stores. In 2018 its two main business segments were Retail Pharmacy and Pharmacy Services. Its retail stores sales comprise of prescription drugs (65.9% of total drugstore sales) and other ‘front-end’ merchandise (34.1% of total drugstore sales). Under its retail pharmacy division it has Rite Aid stores, RediClinic and Health Dialog and in its pharmacy services division it has EnvisionRx and EnvisionRxOptions. Rite Aid has invested right to ensure sustainable economics for filling prescriptions. It has collaborated with its payor partners to explore new options of best management of pharmacy purchases for long term and attain good reimbursement rate access and predictability. During fiscal year 2018, its stores filled 177.4 million prescriptions approximately and served an average of 1.2 million customers per day. Its front-end merchandise includes health and beauty aids, cosmetics, over the counter medications, greeting cards and convenience and regular products. Rite Aid stands at third position after Walgreens Boots Inc. which has 8200 stores in 50 states; and CVS health Corp which has 7800 stores.

2. Focused marketing activities: It has extensive advertising campaigns on digital and focused marketing methods which include radio, television, weekly circulars and direct mails. Its advertising and marketing activities are focused on promotional marketing to get new customers, wellness+ rewards loyalty programs, emphasize private brand products and enhance digital marketing of Rite Aid app, websites and e-commerce. Advertising expenses for fiscal 2018, 2017 and 2016 were $161,826, $181,438 and $191,534, respectively. Through its rigorous advertising campaign it strives to be the first preference of consumers in health and wellness products, information and services.

3. Wellness+ rewards programs: The wellness+ rewards initiative which was started in 2010 is a loyalty program which provides consumers with significant discounts and wellness rewards for being loyal Rite Aid shoppers. It has at present 13 million customers under wellness+ rewards program and 60% of transactions at Rite Aid are executed through wellness+ rewards cards. The program has Gold and Silver tiers. Under Gold tier the consumer can get a discount of up to 20%. However, under its wellness store program, Rite Aid gives 24x7 access to pharmacist, exclusive sale prices and discounts. By 2019 this American pharma giant has plans to complete 132 additional wellness remodels.

4. In-store health stops: Rite Aid's 75 RediClinics of its retail pharmacy segment are the in-store health stops that can help people suffering from minor 30 common medical illnesses, or those people who are in need of physical examinations, immunizations, or health screenings. It represents a way to make your drug-store. Its RediClinic’s clinicians can even write prescriptions. After implementing this in 2014, sales and goodwill have risen for Rite Aid. Due to the acquisition of RediClinic and Health Dialog the Company even had a $76,124 of goodwill in the Retail Pharmacy segment.

Weakness

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Opportunity

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Threat

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Check Out Analysis of Other Relevant Companies

References used in Rite Aid SWOT & PESTLE Analysis Report

Rite Aid competitors- https://www.investopedia.com/ask/answers/051915/who-are-rite-aids-rad-main-competitors.asp

Company Website- https://www.riteaid.com/

Quaterly report 2018- https://www.last10k.com/sec-filings/rad/0001104659-18-060482.htm

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Rite Aid SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2021). Rite Aid SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/rite-aid/ [Accessed 16 Sep, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Rite Aid SWOT and PESTLE analysis has been conducted by Anuj Garg and reviewed by senior analysts from Barakaat Consulting.

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