Along with a need for new trustworthy leadership, Rite Aid needs a breath of fresh air and some new ideas. This page will be a collection of user submitted concepts for the new Rite Aid.
If you would like to share your great idea, please submit using the form below or by clicking here.
"Partner with smaller pharmacy chains (Publix, HEB, etc.) which are experiencing similar reimbursement pressures and declining prescriptions to form bigger networks."
-Chris K.
"Attempt to partner with small and medium sized hospitals and clinics and see if there are any opportunities with uber and lift to develop a home delivery operation "
-Steve J.
"Envision PBM /Rite Aid should be looking to partner with a Health Insurer. Aetna combining with CVS creates issues for UNH, HUM, CI, Kaiser, Anthem. A well run RAD could interest any one of them to bid for RAD if CVS/AET works well. "
-Colin
"The ideal new should have a health and beauty in addition to pharmacy experience. Building health and beauty exclusive partnership can expand margin, bring younger generation (new customer) and help compete with AMZN. The new leader should accept lower pay in cash and options aligned with shareholders and stock price and pledge to cut compensation to the BOD since the company has shrunk to 1/2 its size. Since we have 1/2 the store the corporate head count need to shrink by the same ratio and other positions need to be looked at except front line worker. He need to needs to give incentives to store managers and front line workers to improve sales and profitability. He needs to hear from store manager and promote the innovative among them to regional manager.
Copy what ULTA is doing. They are very successful with competition with AMZN. May be attract regional manager from ULTA. There are many retailer that compete very well with online. Merging with grocery were the margin is very thin is not the answer. Also we need a good negotiator to negotiate the partnerships to the advantage of RAD."
-Germiz
"There is a tremendous opportunity I believe, to re brand Rite Aid, just as Martha Stewart had done with K-Mart, before her fall from grace. There will be an entire packaged re branding for rad at some point, I would prefer a "waterfall event" with vast merchandise changes immediate, not band-aids, and trickled changes. I just hope Standley's Clown Brigade doesn't bring down the curtain on share value before they leave. "
-Tad B.
"Offer a 24/7 telemedicine subscription to customers average cost is $9 a month with a 12 month contract which fits the model of lowering costs of health care to the consumer. "
-Steve J.
"Get some mid-management to get in the stores to clean them up. Give staff a purpose and mission. Invoke some pride. Figure out what is selling and make sure it is stocked and visible."
-Aaron H.
"RAD is 60% of its size. We need to reduce board members and reduce CEO and top management salary by 60%. "
-vc
"Need to reduce the number of board members and management salaries. Eliminate products that aren't selling and lower prices comparable to Walmart. "
-Rogertn
"Reduce BOD & upper management heads. Tie management compensation to share price & performance. "
-Simon
"Sharpen the operational focus of the stores and supporting personnel. Flatten the management chain to reduce costs and improve responsiveness."
-Chris K.
"Obviously CEO and BOD changes. Shake things up a bit, put a couple 30 somethings on the board, they are not thinking retirement and they are the future! Have a large amount of executive compensation be stock options. Any and all executive bonus or parachutes should be in company stock with a required waiting period before selling. Set up bonus criteria for individual stores where the employees participate in the benefits when a store increases it sales. I think that you always get what up reward, if we reward poor performance, that is what we get. Let's reward good performance/results. "
-Don
"Replace Standley and split CEO/Chairman role. Replace Savage and several other BODs. Lower compensation for upper mgmt to reflect smaller footprint. Institute a $200MM share buyback with additional funds received from WBA for distribution centers."
-Colin
"Rite Aid has a superior dispensing software, it was apparently an asset Walgreens was interested in acquiring. It could be licensed to other retail pharmacies, small to large. This would create a wide range of business opportunities including diversifying our income stream. "
-KenB
"Experiment with different products/retailing concepts in different locations based on needs/wants of the local area. "
-Chris K.
"In areas where medical marijuana is legal, explore the possibility of using the licensing to be a dispensary. This is a strong, emerging market."
-Mark
"Turn Rite Aid stores into delivery platforms and push home delivery everywhere. Start delivering convenience products too. Focus on growing envision RX and on the higher margins medical services business. Vaccines were the big thing years ago, the future will be more in-house procedures such as phlebotomy, etc."
-Mike M.
"Change Rite Aid tagline from 'With us, its personal' to 'Your wellness is our #1 Priority'"
-Chris K.
"Company should focus on delivery options from branch stores using drone or self driving technology for customers who live within a few miles to deliver goods and drugs. Sure there are challenges involved but if they focused on this instead of wasteful mergers they would be able to leverage this at every location eventually. Learn it once apply it in every store. Pretty simple if you look at it that way. Basically they should innovate as fast as they can in fact even look at buying a solution that may already be ready or on its way to being production ready."
-Gregg M.
"~20% of RAD floor space is dedicated to scripts which creates 66% of revenue. The rest of the store footprint should focus on WELLNESS. Expand Medi-Clinics in stores, focus on selling shots not shampoo. The one front end product that works is cosmetics, expand on that and curb back low margin products that litter the retail space. Get rid of GNC and sell higher margin private label vitamins. Look into creating a few beta test sites of a "store within a store" for a Cannabis dispensary."
-Colin