Loblaw to invest $1.2 billion in stores

20,000 jobs promised

Twenty thousand jobs are expected for Canadians after the announcement of the $1.2-billion investment in Loblaw companies.One hundred of the Canadian stores will be renovated and 50 new locations are expected.

“We’re increasingly making investments that Canadians will see with their own eyes; improving our offer, adding stores, and creating jobs locally,” Loblaw president Galen Weston said in a statement.

This announcement comes weeks after the announcement of 133 Target store closures and almost 18,000 lost jobs. While Target’s closures provide advantageous landscape for the company’s expansion, Loblaw still faces it’s toughest competitor-Walmart.

Recently, Walmart revealed its expansion plans that include opening two new stores, adding grocery aisles to 20 of the existing locations and expanding seven of its current stores.

Part of the the Loblaw investment will include Shoppers Drug Mart renovations. Since the $12.4 billion deal was reached in July of 2013, Loblaw has begun selling a few hundred products throughout the Canadian pharmacies.

There is no word yet on whether any of the nine East York Shoppers Drug Mart locations will be affected.

About this article

By: Stephanie Hinds
Posted: Mar 11 2015 9:38 am
Filed under: Business News Briefs