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The purpose of the study is to evaluate the performance of a chain of organized pharmacy retail stores using a new enhanced technique, DEA. The study focuses on evaluation of technical and cost efficiency. Technical efficiency does not take into account the substitution possibilities between inputs and therefore we applied cost and allocative efficiency models. To illustrate the DEA models discussed above we are focusing upon a real-world problem of revival of loss making retail stores of an organization which deals in pharmacy retailing. This study uses secondary data collected over a time period of three years from a pharmacy retail chain located in National Capital Region. This organization has expanded itself into a chain of 46 pharmacy retail stores over a time span of three years. The study is deemed to be helpful to the retail managers in providing a framework for performance evaluation and enabling the pharmacy retail stores in gaining a competitive edge over the increasing competition faced by the emerging organized pharmacy retail market in India.