(Brampton) The Canadian giant Loblaw announced Tuesday that it plans to inject $2 billion into the Canadian economy in 2024 and create more than 7,500 jobs in the process.
In a press release, Loblaw announced a record investment plan, which includes the expansion and relocation of 10 stores as well as the renovation of 700 locations across all of its brands.
“We will open more than 40 new discount stores and 140 new pharmacy clinical spaces in communities across the country, making affordable health care and food more accessible to more people.” , said Loblaw President and CEO Per Bank.
Loblaw, owner of numerous brands, including Maxi, Maxi et Cie, Provigo and Pharmaprix, has a network of 2,500 stores across the country.
Asked where the new stores will be located, the company responded by email to The Canadian Press that they will be open in communities across the country, but that it would not provide further details at this time.
She also did not provide a list of stores that will be expanded or renovated, but indicated that overall the chain would open and convert more discount stores and focus on adding pharmacy care clinics.
This year’s investments will create more than 7,500 jobs, particularly in stores and construction.
These investments are a catalyst for jobs and the creation of countless opportunities in our stores, within our company and with the many partners who work with us.
Per Bank, President and CEO of Loblaw
The Brampton, Ontario-based company says this year’s investment adds to the nearly $10 billion the company has invested since 2016.
Loblaw is facing growing pressure from Canadians and elected officials in the fight against inflation, which Statistics Canada said Tuesday stood at 2.9% in January, up from 3.4% in December. country.
Food inflation has been particularly strong. It fell to 3.4% per year in January, compared to 4.7% in December.
Hit by persistent food inflation and huge grocers’ profits, politicians have pushed for supermarket chains to stabilize prices.
Last fall, the Liberal government summoned the heads of grocery companies, including Loblaw, to present plans to stabilize prices.
In particular, efforts have been made to introduce a code of conduct in the grocery sector, which would establish rules for fair dealing in negotiations between suppliers and grocers.
Plans to develop a code began in 2020 after some grocers introduced supplier fees.
However, the industry-drafted code did not take effect because Loblaw and Walmart refused to sign it, fearing it would drive up prices even further.
Last week, the House of Commons committee that studies food prices warned Loblaw and Walmart that if they did not sign the code, they ran the risk of the government legislating to impose its principles.
reference: www.lapresse.ca