Joe Coulombe

Joe Coulombe, born 1930 in San Diego, California, is best known for being the founder and first CEO of Trader Joe's Market. He went to San Diego High School and entered Stanford University in 1947. He graduated from Stanford with an MBA in 1954. [http://www.gsb.stanford.edu/news/bmag/sbsm0602/people.shtml He Brought Trader Joe's to Main Street] February 2006]

In 1953, he married Alice Steere, a fellow grad student. Her father was William C. Steere, a Stanford botany professor. A full professor in those days did not earn much money. Thus it was from the Steeres and the academic community that he learned about the class of consumers that would later provide Trader Joe's customer base, well educated and underpaid.

After graduation, he worked for the drugstore chain Owl-Rexall. The drugstore later asked him to start Pronto Markets as a test. He had six markets running when the firm ordered Coulombe to liquidate them. With financing from the Bank of America and relatives, plus selling his home and 49 percent of company stock to employees, Coulombe bought the markets.

In 1966, he was happily running a chain of 18 Pronto Markets convenience stores in the Los Angeles area when a threat loomed on the horizon. The Dallas giant Southland Corporation was invading with its fast-growing 7-Eleven stores. Coulombe saw that he had no chance going head-to-head against the well-financed Texans. He developed the idea to attract the growing group of people who were well educated and looking for something different, perhaps a bit exotic, but with keen eye for a bargain.

In 1967, Coulombe launched his first Trader Joe's in Pasadena, California, a city which he viewed as the epitome of the well educated, underpaid customer. The concept worked. Slowly, he began converting Prontos in demographically correct neighborhoods where his target customers would find them.

Today, more than 270 Trader Joe's stores in 23 states still sell to the well educated and underpaid customers that Coulombe targeted in the late 1960s. While he retired from Trader Joe’s in 1988, he remains committed to the idea that a retailer must appeal to a particular demographic segment.

In 2000, Los Angeles Magazine named him one of 10 almost famous Angelenos who helped shape the city’s culture. In 2002 "Supermarket News" named him one of the 50 people who helped transform the grocery industry in the 20th century.

Nowadays, Joe serves on the boards of Cost Plus World Market and a Los Angeles newcomer, True Religion Apparel, which sells $300 jeans. He also lectures and writes on business and wines. He serves on committees for the Huntington Library and the marketing committee for the Los Angeles Opera.

References

External links

* [http://www.laweekly.com/news/features/the-tastemaker/8053/ LA Weekly Interview]