Reversing over-expansion, Rite Aid to eliminate 63 stores

Though minor in comparison to CVS Health's recent decision to close 900 stores over three years, Rite Aid's move to close 63 of its roughly 2500 locations is reflective of a broad pull-back in the drug store channel as more consumers do their shopping online and at big box chains. Rite Aid's management says its decision is intended to "reduce costs, drive improved profitability and ensure that we have a healthy foundation to grow from."