Loblaw Plans to Open 40 New Stores This Year
Loblaw Cos. Ltd. remains focused on growth and conversion, sharing plans to open 40 new stores this year and convert dozens.
In February, the retail giant announced plans to expand, which is part of its commitment to invest more than 2 billion Canadian dollars into the economy in 2024. The investment is expected to create more than 7,500 jobs, according to a media release.
In the last few months, Loblaw has built and opened nine new stores and converted seven others. The conversions have been primarily focused on expanding its hard discount banners, Maxi and No Frills.
Most recently it opened its first small-format No Frills location in downtown Toronto.
"As a Canadian company, our purpose is to help our colleagues and customers live life well, and when it comes to groceries, the best way we can do that is by making good food affordable," Richard Dufresne, chief financial officer, Loblaw, said the release. "We know there are a lot of underserviced areas in this country looking for discount grocers who can bring prices down for the community. These new stores, and our increased investment in the hard-discount format, is the next step in our ongoing commitment to delivering the best possible value."