Last October (2007), the Planning and Zoning Commission, at the urging of Mayor Sebastian Giuliano, voted to allow the construction of a Rite Aid on the corners of Main and Union Streets with an exception to town regulations against Drive-Thru windows on Main Street.
Here's what I wrote at the time:
After a lengthy presentation and public hearing, the Planning and Zoning Commission voted unanimously to allow the construction of a new Rite Aid on the corner of Main and Union Streets. There was some public support, and support from the business community, but several individual residents stood up and argued against the drive-thru window in the rear of the building which requires changing the grade level of the back parking lot. Construction of that window then requires a tall retaining wall running nearly the entire length of Union Street. Residents also noted that allowing the exception for the drive-thru downtown opens the door for other businesses to request the same kind of accommodations.
Now Wall Street experts (and to be honest, who can trust them these days), are predicting that Rite Aid will not survive 2009. Here's what 247wallstreet.com has to say:
Rite Aid (RAD) trades at $.35 down from at 52-week high of $4.16. The pharmacy company has over 5,000 stores and Wall St. does not expect it to be profitable in the foreseeable future. The chain is a roll-up of the original company and Brooks and Eckerd stores which it acquired. With a debt load of over $6 billion, the firm is likely to falter. Competitors CVS Caremark (CVS) and Walgreen (WAG) would be happy to pick up the pieces. Rite Aid recently announced poor quarterly numbers and cut forecasts.
If that happens, what's to become of the big beautiful building on Main Street, with the ugly drive through and retaining wall?
