I never fertilize rhodies, although I'm not saying this was a mistake.

If the foliage looks healthy, and gets enough water, and the soil is acidic enough, you might just need to be a little more patient. Depending on how big it was when it was planted, it could conceivably take 3 years for it to get back on its feet after planting - especially if the grower "forced" blooms at a young age. As they say ... first year sleep, 2nd year creep, 3rd year LEAP!

Aside from possible planting problems, like the "potbound" effect you can sometimes get, where roots refuse to grow outside the original root ball area, it could well just be a matter of time. It would be a shame to rip it up now, if THIS is going to be its first good year!