Jean Coutu Group to spend $184.3 million on relocation
LONGUEUIL, Quebec — Canadian retail pharmacy operator the Jean Coutu Group will spend nearly $200 million to relocate its headquarters and distribution center, the company said.
Jean Coutu Group said it would consolidate operations presently located in the city of Longueuil, Quebec, to a new, 800,000-sq.-ft. location in Varennes, on the south shore of Montreal.
Construction will begin in 2014, and the transfer is expected to start in early 2016. The company said its present space, which it has used since 1976, can no longer support its growing network. The project is expected to cost $190 million Canadian dollars, or $184.3 million U.S. dollars, based on an exchange rate of 97 Canadian cents to US$1.
"In a context of continued growth, it became essential for us to expand our facilities, which was impossible on the site we presently occupy because of the lack of space," Jean Coutu Group president and CEO Francois Coutu said. "The facilities in Varennes will be at the cutting edge of technology, guaranteeing high standards of productivity and enhanced performance. This project also confirms our determination to pursue our efforts to grow while offering a pleasant and secure working environment to all our employees."