Loblaw Companies Limited announced Tuesday it will invest $1.3 billion into Canadian retail businesses in 2016.
“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,” Loblaw president Galen G. Weston said in a statement.
“Our investment will create local jobs and bring nutrition and wellness solutions closer to home,” Weston said.
Loblaw operates six different divisions, which include businesses such as Loblaws, Fortinos, No Frills, Shoppers Drug Mart, Joe Fresh, President’s Choice, No Name and Life Brand.
The investment will create approximately 50 new stores and 150 renovations to current stores, according to Loblaw. About 20,000 new jobs are also to be created through increased store staffing and construction.
Loblaw is to release its first quarter 2016 results on May 4.