Loblaw plans to open 38 new or relocated stores in 2023. Credit: Can Pac Swire/ Flickr (Creative Commons)

Food and pharmacy retailer Loblaw has revealed plans to invest more than $2bn ($1.5bn) in 2023 to expand Canadian business.

Loblaw plans to leverage investment in its core retail experience to expand its community presence, modernise its supply chain and make food and healthcare more accessible.

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The retailer plans to open 38 new or relocated stores during the year and convert or renovate nearly 600 more.

It will open new discount-format supermarkets in underserved communities and expand its pharmacist-led health clinics.

The retailer will also implement hundreds of carbon reduction initiatives across its operation and continue its ongoing development of an advanced distribution centre in the Greater Toronto area.

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The investment is expected to create more than 6,000 new jobs in Canada, including retail, supply chains, technology and construction.

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Loblaw president and chairman Galen G. Weston said: “For decades, Loblaw has made significant investments in the Canadian economy – creating jobs and opportunities in our company and others.

“By growing and innovating, we are advancing the priorities that matter to customers: outstanding shopping experiences, affordable options and support for their health and wellness. This investment lives up to our purpose of helping Canadians live life well.”

The company operates a network of 2,500 stores and an e-commerce channel. It has approximately 220,000 employees in Canada.

In February 2023, Loblaw reported full-year revenue of C$56.50bn ($41.6bn) for fiscal 2022, up by 6.3% from fiscal 2021.