Perry Drug Stores

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Perry Drug Stores
Fate acquired
Successor Rite Aid
Founded 1957
Defunct 1995
Location Pontiac, Michigan, United States
Industry retail
Products retail, pharmacy
Key people Jack A. Robinson - chief executive officer, founder
David Schwartz - chief operating officer, president
Jerry Stone - chief financing officer, vice president

Perry Drug Stores was an American retail pharmacy chain founded in 1957 in the city of Pontiac, Michigan, United States. At its peak in the 1980s, Perry operated more than 200 drug stores, primarily in the state of Michigan, as well as 200 Auto Works auto parts stores and fourteen A. L. Price discount health and beauty aids outlets.[1][2]

In 1995, Perry Drug Stores was bought out by Rite Aid, a drugstore based in Camp Hill, Pennsylvania.[3] The Perry chain, which at the time comprised 224 stores, was the largest acquisition ever made by Rite Aid; this acquisition also brought the Rite Aid name to the Detroit area for the first time.[4]

Contents

[edit] History

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Further information might be found on the talk page or at requests for expansion.

Founder Jack A. Robinson opened his first Perry Drug Store in 1957 on Perry Street in Pontiac, Michigan.[5] Over time, the chain expanded to become a prominent drugstore in the Detroit area, competing with local chains such as Arbor Drugs and Cunningham Drugs.

In 1978, a prototype Perry store was opened, featuring an expanded sporting goods line, a home and automotive center, and live pets for sale.[6] Auto Works, an automotive parts retail chain, was introduced in 1982.[6]

Twenty-six Cunningham Drug locations were spun off by the chain's owner into a new chain called Apex Drug; by 1985, the Apex Drug locations were acquired by Perry, while the Cunningham locations in Florida remained in operation.[7]

In 1989, Perry Drug expanded into the Chicago, Illinois market for the first time.[8] (The chain had previously tried to enter Chicago through a failed acquisition of DeKoven Drugs.)[6] A year later, these stores were sold to businessmen Fred Barney and Bill Cartwright, two veteran businessmen who formed the Chicago operations into Perry Drug Chicago.[9]

Several units in Michigan were acquired in 1990 from Revco.[10] This acquisition made Perry the dominant drugstore chain in the Detroit area; in addition, it expanded Perry's presence to the Upper Peninsula for the first time.[10]

[edit] 1990s: Sale to Rite Aid

Perry Drug Stores posted a brief period of sharp declines in sales in 1990, with locations in Indiana and Wisconsin being sold off.[11] By 1993, the Perry Drug Chicago locations were re-acquired and liquidated.[12]

After its out-of-state operations were sold, Perry continued to expand its presence within Michigan. Many locations were remodeled to the chain's "store of the '90s" format;[11] in addition, an online computer system called PerryLink was implemented at all stores, allowing for customers to have their prescriptions filled at any location.[13]

Rite Aid, a drugstore chain based in Camp Hill, Pennsylvania, acquired twenty-five locations from Hook's Drug Stores in 1994, subsequently selling nine of the locations to Perry.[14] One year later, Rite Aid acquired all 224 of Perry Drug Stores' locations, including the former Hook's Drugs locations.[15] The acquisition of Perry Drug Stores in 1995 brought Rite Aid to the Detroit, Michigan area, where it previously had no stores.[3]

[edit] Other operations

In addition to the drugstore chain, Perry owned two other specialty chains:

  • Auto Works, a chain of auto parts stores which comprised more than 200 locations at its peak. This chain was sold off in 1988 to Northern Automotive (now known as CSK Auto).[16]
  • A. L. Price, a deep-discount health and beauty aids retailer with fourteen locations in the Detroit area. In 1990, Perry Drug Stores sold off all fourteen A. L. Price locations, as part of a decision to focus entirely on the drugstore chain itself;[17] three years later, eleven of these stores were re-acquired by Perry.[2]

[edit] References

  1. ^ Perry Drug to Add 46 Car Part Stores. The New York Times (1984-10-11). Retrieved on 2007-11-27.
  2. ^ a b Perry completes takeover of A.L. Price. Drug Store News (1993-07-26). Retrieved on 2007-11-27.
  3. ^ a b Rite Aid agrees to buy Perry Drug for $132 million. Corporate Growth Report Weekly (1995-01-09). Retrieved on 2007-11-27.
  4. ^ Rite Aid: About Us: History (html). RiteAid.com. Retrieved on 2007-11-28.
  5. ^ Robinson leads Perry forward. Chain Drug Review (1993-09-13). Retrieved on 2007-11-27.
  6. ^ a b c Twenty-five years at a glance.. Chain Drug Review (2003-09-15). Retrieved on 2007-12-05.
  7. ^ Devine, new Affil./Assoc. prez, gears up for the '90s. Drug Store News (1990-09-10). Retrieved on 2007-12-05.
  8. ^ Perry extends tactics to Illinois. Chain Drug Review (1989-09). Retrieved on 2007-11-27.
  9. ^ Frederick, James (1991-12-09). Perry Chicago gets a remake. Drug Store News. Retrieved on 2007-11-27.
  10. ^ a b Frederick, James (1990-06-23). Perry Drug snaps up 24 more Mich. Revcos. Drug Store News. Retrieved on 2007-11-27.
  11. ^ a b Frederick, James (1991-01-07). Perry Drug predicts rebound from '90 loss. Drug Store News. Retrieved on 2007-11-27.
  12. ^ Perry Drug Chicago on brink of extinction. Drug Store News (1993-06-07). Retrieved on 2007-11-27.
  13. ^ Perry computers tie Rx into network. Drug Store News (1990-08-20). Retrieved on 2007-11-27.
  14. ^ Rite Aid, Perry grow in Michigan. Chain Drug Review (1994-11). Retrieved on 2007-11-27.
  15. ^ Fried, Lisa I. (1995-02-20). Perry-Rite Aid consolidation begins. Drug Store News. Retrieved on 2007-11-27.
  16. ^ Halverson, Richard C. (1988-02-15). Schuck's Group buys Auto Works. Discount Store News. Retrieved on 2007-11-27.
  17. ^ Perry agrees to divest its 14 A.L. Price units.. Chain Drug Review (1990-05). Retrieved on 2007-11-27.