The father and son duo of Jean and François Coutu are dynamos in the Canadian retail/pharmacy business. Jean, who became a pharmacist in 1953, opened his first pharmacy in Montreal in 1955. Today, there are 360 franchised locations in New Brunswick, Ontario and Quebec under the PJC Jean Coutu, PJC Clinique, and PJC Santé Beauté banners. In 1980, Jean became the sole owner of the Jean Coutu Group, which went public in 1986.
François Coutu began his career in 1982 as a pharmacy intern at a Walgreens in Hollywood, Fla. He began working at one of his father’s pharmacies in 1983. He now oversees day-to-day operations of the business and serves as vice-chairman of the board of directors. Here, Paul Alofs, president and CEO of the Princess Margaret Hospital Foundation and a 2005 MHOL inductee in the Builders category, interviews François.
Going way back to 1982 when you started as a pharmacy intern in Florida, what’s the most important thing you learned in that first job?
I was indeed a young pharmacist working in a big organization, Walgreens. It was actually budding at this time; they were looking at expansion programs and were really aggressive in the market. They saw an opportunity and I [learned] when you make money it’s one thing, but if you want to continue, you have a responsibility to reinvest back in the company. And that’s what’s been my personal mantra… It’s one thing to make profit; the important thing is to see how you can generate more long-term activity and profitability to your enterprises.
What’s your favourite retail shopping experience other than Jean Coutu?
That’s tough to say because there are so many. But it’s not necessarily a name. What I like about a retailer is someone that is listening to me. They may not be the best retailer in the world, but if they successfully fill my needs, I think that’s a good retailer.
Do you have a particular philosophy or model of how you operate your business?
[As] a family business, the philosophy is to be close to your employees and feel that they will contribute. You can’t do it all by yourself. If you asked [my dad] the question, he knows you have to be surrounded by people who have the same passion. And if we can communicate that passion, they’ll give back to you. Our philosophy is to maintain these close relationships, not only with our customers but also with our employees, so they feel like they are part of [our] success.
If you weren’t doing what you’re doing now, what other career do you think you would be involved with?
I like what I do, I don’t see myself in anything else, but obviously I’d like to be [the best golfer], the best hockey player. Even as a kid I was playing hockey, basketball, golf, tennis and so on. Everybody has idols; they look at them and say, “How can I even get close to what they’re doing?” Other than that, I am very happy with what I’ve done.
How important is it to create a strong brand for a retail business?
I think that’s very, very important. The brand is something that you identify with and fortunately for us, Jean Coutu is the only [major] drug store to have a [family] name associated with it, a name that has a great distinctive approach to the consumer and a name that people can identify. So we’ve developed this slogan saying “You’ll find it all, even a friend.” And I believe that truly represents our company. In 40 years, the stories that we could generate from this community involvement are unbelievable. There are a lot of friendships, even marriages, happening in our organization.
There is all kinds of price competition in retailing these days, especially with the tough economy. Other than price, what are the most important attributes that you compete on?
Price is always important because if you have the right service but you don’t have any customers, it’s not going to work. So obviously we’re in the retail business and we need to be competitive. But again, you need added value. Price alone will not lead you anywhere. And once you have this in place, the approach we have is that it’s a culture we try to implement; a culture of listening to people, listening to our customers and this is where you’ll find all the answers. You were asking me what kind of business I like; I like the businesses [that] know exactly what the customer wants.
In your opinion, what person or company is the world’s most successful marketer and why?
Well, I think his name is Barack Obama. He’s at the top of my list.
What do you think Obama has done so well?
I think he speaks to the people. He really listens as well. I like someone who is charismatic and doesn’t think of himself as someone who can reign the world. He understands that America is strong but at the same time there are not only Americans in this world; there are a lot of people who live differently than Americans. The guy respects that and tries to see how America can help make it a better world. I like the guy.
What is one piece of advice you’d give to a young person considering a career in marketing?
For me, marketing is a mix of many competencies and specialties. What I would say is find your forté and be part of the marketing team. In marketing, it’s very specialized so you cannot say ‘I’m going into marketing.’ Find your forté and be part of all of the other [elements] that compose the marketing [department].
What’s the most important advice you’ve given your three kids?
Our kids have seen myself, my dad, my sisters, my brothers work in the company. At times it can be confusing for them [deciding] if they want to work in a family business. I reassure them there’s always going to be room for someone to work in a family business as long as they want to contribute. For example, my son, who is 20-something years old, will not be a pharmacist because he decided that’s not his forté, but he would like to go to law school. I say, “That’s good, we need lawyers at our place too and you can contribute.” To my daughters I said, “Wherever you go, if you see that you’re filling a need in a company, you’ll be welcome anywhere.” [There’s] a famous phrase from President John F. Kennedy, [but I say] “It’s not what the company can do for you, but what you can bring to that company.” [And that] will be your chance at success in this life.
