Canadian retail giant Loblaw plans to invest $1.3bn

13 April 2016 (Last Updated April 13th, 2016 18:30)

Canadian food and pharmacy company Loblaw will invest $1bn ($775m) into its retail operations this year, while the remaining $300m will be invested by its real estate unit Choice Properties Real Estate Investment Trust.

Canadian food and pharmacy company Loblaw will invest $1bn ($775m) into its retail operations this year, while the remaining $300m will be invested by its real estate unit Choice Properties Real Estate Investment Trust.

The investment will be used to construct approximately 50 new stores, renovate 150 stores, expand its e-commerce business and bolster supply chain.

Apart from this, Choice Properties REIT expects to make an investment in the growth, development and quality of its retail real estate portfolio, which includes construction of a gross leasable space of around 730,000ft².

"Our investment will create local jobs and bring nutrition and wellness solutions closer to home."

This investment is expected to create nearly 20,000 jobs through store staffing and construction.

Loblaw Companies executive chairman and president Galen G Weston said: "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.

"Our investment will create local jobs and bring nutrition and wellness solutions closer to home."

The company offers grocery, pharmacy, health and beauty, apparel, general merchandise products.

With more than 2,300 corporate, franchised and associate-owned locations, Loblaw has approximately 192,000 full-time and part-time staff, making it one of Canada's largest private sector employers.