Food and pharmacy retailer Loblaw Companies has announced plans to inject C$2bn ($1.4bn) into the Canadian economy in 2024.  

The strategic move will enhance the company’s store network, generate employment and increase access to cost-effective food and healthcare services nationwide. 

The investment will generate 7,500 jobs, re-inforcing the retailer’s role as a significant contributor to the Canadian economy.  

Loblaw will construct 40 new stores, expand or relocate another ten and renovate 700 existing Canadian premises. 

Loblaw president and CEO Per Bank stated: “This year, we are investing where Canadians need it most. We will introduce 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.  

“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.” 

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Loblaw handles two billion transactions each year in its network of 2,500 stores and national e-commerce options. 

The retailer is one of the largest private-sector employers in the country. 

Since 2016, it has invested C$10bn into the Canadian market.  

In September 2023 Loblaw switched its systems applications and products in data processing to Oracle Cloud Infrastructure to modernise its information technology operations