TORONTO, ON - Loblaw announced on Tuesday, plans for the company to funnel C$1.3 billion into a massive revamp and expansion project for its grocery outlets and pharmacies throughout Canada. Loblaw said that it is set to open 50 new locations and renovate an additional 150 existing stores under the investment.
“We continue to invest in our business in ways that matter for the Canadian economy and the millions of Canadians who shop with us each week,” said Galen G. Weston, Loblaw’s President and Executive Chairman, in a press release.
Catherine Thomas, Loblaw’s Director of External Communications, said in an email that the expansion would add about 5,000 new store employees, while creating roughly 15,000 construction jobs. Loblaw has yet to release information on where the new stores will be located.
The company said that investments are crucial for adaptation in an industry that has seen significant change, and is planning to execute these expansions with the help of Choice Properties REIT, a real estate investment trust.
Thomas continued by explaining that the company's recent success in IT and supply chain investments have given Loblaw an improved focus on its store locations. Apart from the new and renovated stores, the company said that this investment would also go towards increasing Loblaw’s e-commerce, IT infrastructure, and supply chain projects.
In other expansion moves, the company previously reported plans to accelerate its current Click & Collect program rollout beyond its current 39 stores.
For the latest developments on Loblaw’s investments and earnings, stay tuned to AndNowUKnow.com
