Genovese Drug Stores was founded in 1924 by Joseph Genovese in Astoria, Queens.[1] In 1955, Joseph W. Genovese Jr., the son of the founder and the chairman of the board, introduced self‐service in the chain.[2]
Joseph Jr. died in December 1975 at the age of 46 after undergoing surgery.[2] His father died in November 1978 at the age of 75.[3] His second son, Leonard Genovese, replaced him as chairman.[4][5]
By 1978, the chain had 50 locations with headquarters in Melville, New York.[3][6] In the early 1980s, some locations added arcade video games as an alternative source of revenue.[7] Genovese also operated Genrex, a nursing home division during this time.[8][9] The company opened its first Manhattan location in 1993.[10] That year, it also opened its 100th store.[11]
In January 1998, the company closed 5 stores and cut 11% of its workforce due to declining profitability.[12]
In November 1998, the chain was acquired by JC Penney, the parent company of Eckerd, for $432 million in stock and the assumption of $60 million in debt. At that time, the chain was headquartered in Melville, New York and had 141 stores with 5,000 employees.[1] It was still almost entirely owned by the Genovese family.[5]
Following the acquisition, the new owners planned to convert all Genovese locations to the Eckerd name within a year. However, the chain ultimately remained. By 2003, all Genovese stores were remodeled and rebranded as Eckerd.[13]
Three years later, Eckerd was in turn purchased by Rite Aid and all locations were rebranded.[14] In 2023, Rite Aid filed for Chapter 11 bankruptcy.[15] Despite shutting down 20 years prior, Genovese Drug Stores was still listed in the filing.[16]
