Loblaw announces investment in expanding store network
Loblaw Companies Limited announced Tuesday it will be investing over $2 billion into “the Canadian economy, creating thousands of jobs and opening more than 40 additional stores.”
In a press release, the company said the investment is expected to create more than 7,500 new jobs. In addition to the 40 new stores, there are plans to “expand or relocate” another 10 stores, and to renovate over 700 more stores.
“This year, we are investing where Canadians need it most. We will introduce more than 40 new discount stores and 140 new pharmacy care clinics in communities across the country – making healthcare and affordable food more accessible to more people,” said Per Bank, President and CEO of Loblaw Companies Limited in the press release.
“These investments in Canada are a catalyst for job growth and the creation of countless opportunities, in our stores, in our company and with the many partners who work with us.”
Loblaw investment draws fire from commenters
Loblaw is Canada’s largest private sector employer, its stores include Shopper’s Drug Mart, Real Canadian Superstore and No Frills.
In November 2023 the chain beat its third-quarter profit projections, due to demand for essentials and rising food prices, Reuters reported.
The investment is on par with the company’s 2023 investment, with an additional 1,500 new jobs, approximately.
The announcement is already drawing backlash from online commenters who say Loblaw should be focusing on lowering food prices rather than opening new stores.
