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Shoppers Drug Mart Corporation is Canada 's largest Pharmacy chain with more than 900 stores operating under the names '''Shoppers Drug Mart''' across Canada (outside of Quebec), '''Pharmaprix''' in Quebec , and '''SuperPharm''' in Israel . HISTORY At the age of twenty, Murray Koffler inherited two Koffler's Drugs pharmacies in suburban Toronto (one in the Don Mills Centre shopping mall). By 1962, Koffler's had created a chain of 17 pharmacies, which he renamed "Shoppers Drug Mart". Koffler revamped the concept of the twentieth century “drug store” in Canada by removing the soda fountain and emphasizing the dispensary, requiring his pharmacists to wear starched white coats as a symbol of their professionalism. In the mid-1950s, he began acquiring other drug stores and organized them around a then-novel franchising concept: pharmacist “associates” would own and operate their own stores within the system and share in the profits. When Koffler retired in 1983, he sold the chain to Imasco , formerly Imperial Tobacco , at that time Canada's largest tobacco company. In 2000, after Imperial Tobacco had been taken over by BAT Industries (formerly British American Tobacco ), Shoppers was sold to a consortium of institutional investors including Kohlberg Kravis Roberts & Co. (KKR), Bain Capital , Inc., DLJ Merchant Banking Partners , Charlesbank Capital Partners LLC, Ontario Teachers' Pension Plan Board , CIBC Capital Partners , and Shoppers Drug Mart's senior management and pharmacist/owners. SUMMARY OF THE BUSINESS Shoppers is the licensor of full-service retail drug stores. The Company’s stores are located in prime locations in each province and two territories, making Shoppers stores among the most convenient retail outlets in Canada. Over the past five years, sales of prescription drugs growing at a compound annual growth rate of 11.8%. During fiscal 2004, prescription drugs accounted for approximately 47.7% of Shoppers’ system sales. The Company has successfully leveraged its position in pharmacy and its convenient store locations to capture a significant share of the market in Front Store Merchandise . Front store sales categories include Over-the-counter Medications (“OTC medications”), Health And Beauty Aids (“HBA”), Cosmetics and Fragrances (including prestige brands), everyday household needs and seasonal products. Shoppers also offers a broad range of high quality Private Label products marketed under the Life Brand® and Quo® trademarks, and value-added services such as the HealthWatch® program, which offers patient counselling on medications and disease management. INDUSTRY TRENDS The Canadian retail drug store industry serves a large and growing market. Over the next several years, the retail drug store industry in Canada is expected to benefit significantly from favourable Demographics and certain industry trends, including:
Over 90% of Canadians are covered by third party payment programs that provide some form of coverage for prescription drug expenses. Third party payers include governmental authorities (who pay for approximately 45% of all prescriptions in Canada), pay direct insurance plans and reimbursement plans. Since these payment programs transfer most of the costs of prescription drugs to insurers/employers and governments, beneficiaries under these programs are not as sensitive to prescription drug costs as other purchasers. However, the prices of prescription drugs are controlled by legislation where a government is the payer or by agreement with other third party payers. FINANCIALS Fiscal 2004 system sales: $6.471 billion CDN Fiscal 2004 EBITDA: $636 million CDN Drug Store Sales Per Square Foot: $1001 CDN Number of Shoppers Drug Mart and Pharmaprix stores: 915 Number of Home Health Care stores: 49 BOARD OF DIRECTORS Glenn Murphy , Chairman & Chief Executive Officer, Shoppers Drug Mart Corporation Shan Atkins , Managing Director, Chetrum Capital , LLC Joshua Bekenstein , Managing Director, Bain Capital Partners , LLC Kim Davis , Managing Director, Charlesbank Capital Partners , LLC James H. Greene, Jr. , Member, Kohlberg Kravis Roberts & Co Eva L. Kwok , Chair & Chief Executive Officer, Amara International Investment Corporation Dean Metcalf , Vice-President, Teachers' Private Capital, Ontario Teachers' Pension Plan Board Paul E. Raether , Member, Kohlberg Kravis Roberts & Co. Derek Ridout, Corporate Director Leslee J. Thompson , Vice President, Cancer Care Ontario David M. Williams , Corporate Director MANAGEMENT
PRODUCTS Shoppers markets its own products under the "Life Brand" label. Its logo is white lettering in a red oval. ADVERTISING SLOGANS
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