BRAMPTON, ON, April 12, 2016 /CNW/ - (TSX:L) – Loblaw Companies Limited, Canada's food and pharmacy retail leader, will invest approximately $1 billion into its Canadian retail business in 2016, with the balance invested by Choice Properties REIT. The investment includes construction projects for approximately 50 new stores and 150 renovations to existing stores, increased e-commerce expansion, and IT infrastructure and supply chain projects. In addition, Choice Properties REIT, expects to invest in the growth, development and quality of its retail real estate portfolio which includes the construction of approximately 730,000 square feet of gross leasable area.
Loblaw remains Canada's largest network of corporate and independently owned retail stores, each employing between 20 and 300 employees. This investment is expected to create nearly 20,000 jobs through store staffing and construction.
"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," said Galen G. Weston, Executive Chairman and President, Loblaw Companies Limited. "Our investment will create local jobs and bring nutrition and wellness solutions closer to home."
About Loblaw Companies Limited (TSX: L)
Loblaw Companies Limited is Canada's food and pharmacy leader, the nation's largest retailer, and the majority unitholder of Choice Properties Real Estate Investment Trust. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services. With more than 2,300 corporate, franchised and Associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 192,000 full- and part-time employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well – puts first the needs and well-being of Canadians who make one billion transactions annually in the company's stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,050 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at more than 1,250 Shoppers Drug Mart and Pharmaprix locations and more than 500 Loblaw locations; no-fee banking with PC Financial; affordable Joe Fresh fashion and family apparel; and three of Canada's top consumer brands in Life Brand®, no name® and President's Choice®. Through the PC Plus™ and Shoppers Optimum® loyalty programs, more than one in every three Canadians are rewarded for shopping with the companies
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 41.6 million square feet of gross leasable area and consists of 519 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through development, accretive acquisitions and active property management. Choice Properties' principal tenant and largest Unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
This Press Release contains forward-looking statements about Loblaw's objectives, plans, goals and aspirations. Forward-looking statements in this Press Release include statements relating to Loblaw's planned investment to evolve its service to Canadian customers, including new store construction and improvements to existing stores. These forward-looking statements reflect Loblaw's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Loblaw's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Numerous risks and uncertainties, including risks and uncertainties not presently known to Loblaw, could cause Loblaw's actual plans, actions and results, as described in this Press Release, to differ materially from those expressed, implied or projected in the forward-looking statements, including, but not limited to, changes in economic and market conditions, heightened competition, whether from current competitors or new entrants to the marketplace and other risks and uncertainties discussed in Loblaw's materials filed with the Canadian securities regulatory authorities, from time to time, including the Risks section of Loblaw's Annual Information Form dated February 25, 2016. Loblaw can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Loblaw's expectations only as of the date of this Press Release. Loblaw disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Loblaw Companies Limited
For further information: Media inquiries, contact: Loblaw Public Relations, firstname.lastname@example.org; Investor inquiries, contact: Sophia Bisoukis, Investor Relations, 905-861-2436 x613267, email@example.com