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Rite Aid (RAD) Expands Coronavirus Testing Site to Virginia

Zacks Equity Research
·4-min read

As part of its partnership with the U.S. Branch of Health and Human Services (HHS), Rite Aid Corporation RAD is aggressively expanding COVID-19 testing locations across the United States. Notably, it announced the opening of its 25th testing site at Richmond, VA, to help curb the effects of the pandemic.

The recently-added testing site in Richmond will be open for testing from 9 am to 5 pm all seven days a week, with a target to perform roughly 200 tests each day. The testing will take place in the parking area of the store. Moreover, individuals must pre-register online and stay in their vehicles from the time they arrive until they leave the site. All tests will be done free of cost for patients who meet the CDC guidelines. Rite Aid’s testing sites cumulatively can conduct about 5,000 tests on a daily basis.

Its rivals, CVS Health Corporation CVS, Walgreens WBA and Walmart WMT, also treaded the same path. Notably, CVS Health launched COVID-19 testing sites in Massachusetts, Georgia, Rhode Island, Connecticut and Michigan. Walgreens opened testing locations in Arizona, Illinois, Louisiana, Michigan and Texas. Walmart also opened 12 testing zones in Texas, Chicago, Shreveport, Albuquerque and Arkansas.

Rite Aid earlier opened 11 COVID-19 testing locations, including one in Denver, two in Michigan, one in New Jersey, two in Ohio, three in Pennsylvania, one in Idaho and one in New York. Prior to this, it opened seven similar testing sites — three in Michigan, one in New Jersey, two in Ohio and one in New York. Rite Aid started with opening a testing location in Philadelphia, PA, followed by three more in Harrisburg and Pittsburgh.

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Apart from these, it has been providing a home delivery service to customers with an eligible prescription at zero delivery fees. However, it clarified that products such as refrigerated medications and controlled substances will not be eligible for delivery. Also, the company will offer pick-up services for prescriptions and over-the-counter products and customers can use the drive-through option available at more than 50% of its retail locations. Moreover, management will continue to operate its online business — RiteAid.com. Customers who belong to the Rite Aid wellness+ reward program will also be able to access healthcare professionals and pharmacists at 1-800-Rite Aid or via live chat on the website.

Further, this Zacks Rank #4 (Sell) company has partnered with other pharmacy-benefit organizations and local physicians to ensure that customers can avail the required medication along with hand sanitizers, cleansers and rubbing alcohol. It has also imposed limits on in-store and online purchases of certain items so that these products can reach the maximum number of people in need.

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In a bid to meet customers’ growing demand, Rite Aid remains on track with hiring plans. Notably, it earlier revealed plans to recruit 5,000 full-time and part-time associates that would provide additional support to deliver medications, essential supplies and COVID-19 related information through stores and distribution centers.

These efforts have been boosting investors’ confidence in the stock. In the past three months, shares of the company have gained 4.4% against the industry’s decline of 17%.

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Rite Aid Corporation (RAD) : Free Stock Analysis Report
 
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CVS Health Corporation (CVS) : Free Stock Analysis Report
 
Walgreens Boots Alliance, Inc. (WBA) : Free Stock Analysis Report
 
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