Market News

Coutu to Revamp U.S. Stores

Quebec-based Jean Coutu Group Inc. says it will spend US$250 upgrading its U.S. network of stores. Coutu—North America\'s fourth-largest drugstore chain—says plans are in the works to revamp about 800 of its Eckerd and Brooks stores to make them more competitive. Digital photo processing kiosks will also be added to many of the stores. Coutu has been struggling to integrate the stores since it purchased the Eckerd chain for $2.4 billion in 2004. The unveiling of the plan followed the company\'s announcement that its fourth-quarter profit fell 34%, a result of rising interest and administrative costs. Source: Canadian Grocer E-Newsletter, August 11, 2006.