Loblaw Companies says it will build 40 new stores as part of an investment plan of more than $2 billion.
The company says it will expand or relocate another 10 locations and renovate more than 700 stores nationwide. Loblaw says the investment will create 7,500 jobs.
In its third-quarter earnings report in November, Loblaw profits rose by nearly 12 percent thanks to stronger-than-expected revenue, primarily driven by shoppers looking for value and discounts, according to a Canadian Press story.
‘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 nationwide — making healthcare and affordable food more accessible to more people. These investments in Canada are a catalyst for job growth and the creation of countless opportunities in our stores, our company and the many partners who work with us,” said Per Bank, Loblaw Companies president and CEO.
