If Rite Aid Corp. (RAD) was a theatrical play, it would probably be a Greek tragedy. After hitting its highs above $50 in 1999, the stock fell off of a cliff to points near-zero and we have seen only modest gains since then. Currently, we are trading slightly above the $2 mark and investors considering buy positions in the stock are now wondering whether or not there is any reason for optimism going forward. But what the perma-bears have missed in this ride to the bottom is the disjointed nature of the US economy - and the type of spending behavior that is associated with regions where Rite Aid has built most of its stores. Improving macro factors in the lower-income demographics that make up a majority of Rite Aid’s customer base suggest that there is more potential here than meets the eye. And if you are an aggressive investor with a contrarian sensibility, the potential for a bullish turnaround does exist if buy positions are measured and patience is exercised.

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