Perry Drug Stores

Infobox Defunct Company
company_name = Perry Drug Stores
company_
slogan =
fate = acquired
successor = Rite Aid
foundation = 1957
defunct = 1995
location = Pontiac, Michigan, United States
industry = retail
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
num_employees =
parent =
subsid =

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. [cite web |url=http://query.nytimes.com/gst/fullpage.html?res=9503EEDD1639F932A25753C1A962948260 |title=Perry Drug to Add 46 Car Part Stores |accessdate=2007-11-27 |date=1984-10-11 |work=The New York Times] cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n14_v15/ai_13237497 |title=Perry completes takeover of A.L. Price |accessdate=2007-11-27 |date=1993-07-26 |work=Drug Store News]

In 1995, Perry Drug Stores was bought out by Rite Aid, a drugstore based in Camp Hill, Pennsylvania.cite web |url=http://findarticles.com/p/articles/mi_qa3653/is_199501/ai_n8730204 |title=Rite Aid agrees to buy Perry Drug for $132 million |accessdate=2007-11-27 |date=1995-01-09 |work=Corporate Growth Report Weekly] 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. [cite web |url=http://www.riteaid.com/company/about/history.jsf |title=Rite Aid: About Us: History |accessdate=2007-11-28 |format=html |work=RiteAid.com]

History

Founder Jack A. Robinson opened his first Perry Drug Store in 1957 on Perry Street in Pontiac, Michigan. [cite web |url=http://www.accessmylibrary.com/coms2/summary_0286-148226_ITM |title=Robinson leads Perry forward |accessdate=2007-11-27 |date=1993-09-13 |work=Chain Drug Review] 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.cite web |url=http://www.accessmylibrary.com/coms2/summary_0286-3535920_ITM |title=Twenty-five years at a glance. |accessdate=2007-12-05 |date=2003-09-15 |work=Chain Drug Review] 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. [cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n16_v12/ai_8863438 |title=Devine, new Affil./Assoc. prez, gears up for the '90s |accessdate=2007-12-05 |date=1990-09-10 |work=Drug Store News]

In 1989, Perry Drug expanded into the Chicago, Illinois market for the first time. [cite web |url=http://articles.findarticles.com/p/articles/mi_hb3007/is_198909/ai_n7867984 |title=Perry extends tactics to Illinois |accessdate=2007-11-27 |date=1989-09 |work=Chain Drug Review] (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. [cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n22_v13/ai_11791595 |title=Perry Chicago gets a remake |accessdate=2007-11-27 |last=Frederick |first=James |date=1991-12-09 |work=Drug Store News]

Several units in Michigan were acquired in 1990 from Revco.cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n14_v12/ai_9298805 |title=Perry Drug snaps up 24 more Mich. Revcos |accessdate=2007-11-27 |last=Frederick |first=James |date=1990-06-23 |work=Drug Store News] 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.

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.cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n1_v13/ai_9313612 |title=Perry Drug predicts rebound from '90 loss |accessdate=2007-11-27 |last=Frederick |first=James |date=1991-01-07 |work=Drug Store News] By 1993, the Perry Drug Chicago locations were re-acquired and liquidated. [cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n11_v15/ai_13947016 |title=Perry Drug Chicago on brink of extinction |accessdate=2007-11-27 |date=1993-06-07 |work=Drug Store News]

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; in addition, an online computer system called PerryLink was implemented at all stores, allowing for customers to have their prescriptions filled at any location. [cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n15_v12/ai_9376645 |title=Perry computers tie Rx into network |accessdate=2007-11-27 |date=1990-08-20 |work=Drug Store News]

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. [cite web |url=http://findarticles.com/p/articles/mi_hb3007/is_199411/ai_n7706707 |title=Rite Aid, Perry grow in Michigan |accessdate=2007-11-27 |date=1994-11 |work=Chain Drug Review] One year later, Rite Aid acquired all 224 of Perry Drug Stores' locations, including the former Hook's Drugs locations. [cite web |url=http://findarticles.com/p/articles/mi_m3374/is_n3_v17/ai_16541601 |title=Perry-Rite Aid consolidation begins |accessdate=2007-11-27 |last=Fried |first=Lisa I. |date=1995-02-20 |work=Drug Store News] The acquisition of Perry Drug Stores in 1995 was the largest acquisition made by Rite Aid. It also brought Rite Aid to the Detroit, Michigan area, where it previously had no stores.

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). [cite web |url=http://findarticles.com/p/articles/mi_m3092/is_n4_v27/ai_6352605 |title=Schuck's Group buys Auto Works |accessdate=2007-11-27 |last=Halverson |first=Richard C. |date=1988-02-15 |work=Discount Store News]

*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; [cite web |url=http://findarticles.com/p/articles/mi_hb3007/is_199005/ai_n7867548 |title=Perry agrees to divest its 14 A.L. Price units. |accessdate=2007-11-27 |date=1990-05 |work=Chain Drug Review] three years later, eleven of these stores were re-acquired by Perry.

References