Early Life
Jean Coutu was born on May 29, 1927, in Montreal, Quebec, to a pediatrician and family doctor. He studied medicine and later earned degrees in biology, chemistry, physics, and pharmacy from the Université de Montréal. His early life was marked by a strong work ethic and a desire to help others, which became the foundation of his future endeavors.
Rise to Success
Coutu's entrepreneurial journey began in 1969 when he opened his first pharmacy, Pharm-Escomptes Jean Coutu, in Montreal. This marked a significant innovation in the pharmacy sector, as he offered a broader range of products, extended hours, and competitive prices, differentiating himself from competitors. The success was immediate and rapid, leading to the expansion of the Jean Coutu Group across Quebec, Ontario, and New Brunswick.
Key Business Strategies
Coutu's business strategy centered on providing value to customers and adapting to market changes. He adopted a franchising model to support expansion, which allowed him to grow his business rapidly. Furthermore, he acquired several drugstore chains in the United States, enhancing his presence in the North American market. A key part of his success involved the creation of the “Personnelle” line of products.
Philanthropy
Jean Coutu and his wife, Marcelle, established the Marcelle and Jean Coutu Foundation to support causes such as poverty, women and child abuse, education, and the fight against drug addiction in Canada.