Early Life and Education
Jean Coutu was born on May 29, 1927, in Montreal, Quebec, Canada. His father was a pediatrician, which may have influenced his later career path. He studied medicine at the Université de Montréal, later earning degrees in biology, chemistry, and physics. He also obtained a bachelor's degree in pharmacy in 1953 from the same university.
Rise to Success
Coutu began his career in the pharmacy business, working at Pharmacies Leduc while still a student. He quickly rose through the ranks, becoming a manager. In 1954, he became manager and shareholder of a drugstore with his cousin. In 1969, he co-founded Pharm-Escomptes Jean Coutu, which later became the Jean Coutu Group, with Louis Michaud. The first pharmacy opened in Montreal. He introduced a discount model with extended hours, a novel approach at the time. The business expanded rapidly, growing into a major pharmacy chain. In 1980, Coutu became the sole owner. In 1986, the Jean Coutu Group went public. In 2017, Jean Coutu agreed to sell the publicly-traded company to Metro for $4.5 billion.
Key Business Strategies
Coutu's success was built on several key strategies. He focused on offering lower prices, a wide range of products, and superior customer service. He also pioneered the franchise model, which allowed for rapid expansion across Quebec and into other provinces like New Brunswick and Ontario. Acquisitions of competitors like Maxi Drugs also played a role in the company’s growth.
Philanthropy
Jean Coutu and his wife, Marcelle, established the Marcelle and Jean Coutu Foundation in 1991. The foundation supports various causes, including poverty alleviation, women and child abuse prevention, education, and the fight against drug addiction in Canada. The Foundation has supported numerous organizations, including those involved in autism research, Centraide, and the Montreal Children's Hospital.
