Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
Rita Aid’s new CEO is rolling out her turnaround plan for the beleaguered drugstore chain amid the coronavirus pandemic. Some of the initiatives tell us the direction the pharmacy business will be moving.
The 3rd largest U.S. pharmacy chain, behind CVS and Walgreens, Rite Aid has watched its market share and stock price fall in recent years. The company operates 2,466 stores in 18 states, about half the number it had a decade ago.
Pharmacists role gets bigger
To turn that trajectory around, Rite Aid is banking on a strategy that has the company’s pharmacists playing a more central role in tending to customers’ health-care needs. The question is going to be, “How much can a pharmacist do now that, otherwise, a physician would do?”
Rite Aid does vaccines, though that’s not its focus now. It does testing as well. So, in a crisis like this, they’re asking, “What services can they be allowed to do with some sort of a waiver program, with some type of oversight from a provider, just to lessen the load?”
Meanwhile, Rite Aid is hiring 5,000 extra workers to help meet a coronavirus-fueled surge in business. Rite Aid on Tuesday announced plans to open drive-through coronavirus testing sites outside stores in seven states, overseen by company pharmacists.
Telehealth and E-Commerce
The world is moving to telehealth…and that’s likely our future mode of clinical delivery.
They’ve also seen a huge increase in e-commerce. Rite Aid presumes that will continue forever after this.
Summary
Rita Aid’s pharmacy of the future includes:
- An assumption that the popular mode of clinical delivery in the future will be telehealth
- Pharmacists increasingly providing services once only performed in doctors offices…especially related to viruses
- Increased demand for e-commerce from pharmacies
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About Beau Beach, MBA CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@soldbybeachwood.com