Magazine article Drug Topics

Urban Push

Magazine article Drug Topics

Urban Push

Article excerpt

Rite Aid Corp. will acquire 17 to 20 stores in New York City from the Red Apple Group, owner of Sloan's, Gristede's, and Red Apple Supermarkets. Ten stores will be purchased by Dec. 31, and seven to 10 additional stores will be bought by the end of March. The stores will be converted into pharmacies.

This move will give Rite Aid a much stronger presence in New York City, where it currently has about a dozen stores. A well-run chain drugstore can do extremely well in Manhattan, given the population density, despite the fact that Manhattan is an independent stronghold, said Joseph C. Ronning. He is deputy manager, Brown Brothers Harriman, an investment banking firm in New York City.

"Product pricing vis-a-vis independents makes the chains compelling" to consumers in New York, he added. "Duane Reade is the envy of everyone in the drug business because of their sales per square foot. The Duane Reade stores are mostly situated in business areas where people shop before work, at lunchtime, and after work. …

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