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WASHINGTON, D.C. -- Rite Aid Corp. is working to reinvigorate its sales by testing three new store formats, according to a Washington Post and Bloomberg report. The company also plans to remodel a total of 500 stores by the end of this fiscal year and close another 50 stores, leaving the chain with a total of approximately 4,650 locations.
Rite Aid's new value stores offer less-expensive merchandise and a smaller selection. The company operated 51 value stores at the end of the first fiscal quarter. The company also has added grocery sections to 10 of its South Carolina stores through a partnership with Supervalu Inc., according to the report, and may add grocery sections to more locations in the future.
The company also operates eight wellness stores, which sell organic food, natural personal care items and homeopathic products. These stores also have new decorations.
Rite Aid is currently the third-largest drugstore chain in the U.S.