Perry Drug Stores
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| Industry | Retail |
|---|---|
| Fate | Acquired |
| Successor | Rite Aid |
| Founded | 1957 |
| Defunct | 1995 |
| Headquarters | Pontiac, Michigan, United States |
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Key people
|
Jack A. Robinson - chief executive officer, founder David Schwartz - chief operating officer, president Jerry Stone - chief financing officer, vice president |
| Products | Retail, Pharmacy |
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.
In 1995, Perry Drug Stores was bought out by Rite Aid, a pharmacy chain based in Camp Hill, Pennsylvania. The Perry chain, which at the time comprised 224 stores, was the largest acquisition ever made by Rite Aid. In addition, this acquisition brought the Rite Aid name to the Detroit area for the first time.
Founder Jack A. Robinson opened his first Perry Drug Store in 1957 on Perry Street in Pontiac, Michigan. Over time, the chain expanded to become a prominent drugstore in the Detroit area, competing with local chains such as Arbor Drugs and Cunningham Drug.
In 1978, a prototype Perry store was opened, featuring an expanded sporting goods line, a home and automotive center, and live pets for sale. Auto Works, an automotive parts retail chain, was introduced in 1982.
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 and several other Cunningham locations were acquired by Perry, while the Cunningham locations in Florida remained in operation.
In 1981, Perry Drug expanded into the Chicago, Illinois market for the first time. (The chain had previously tried to enter Chicago through a failed acquisition of DeKoven Drugs.) 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.
Several units in Michigan were acquired in 1990 from Revco. This acquisition made Perry the dominant drugstore chain in the Detroit area and expanded Perry's presence to the Upper Peninsula for the first time.
Perry Drug Stores posted a brief period of sharp declines in sales in 1990, with locations in Indiana and Wisconsin being sold off. By 1993, the Perry Drug Chicago locations were re-acquired and liquidated.
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Wikipedia