Loblaw to invest more than $2 billion in the Canadian economy, creating thousands of jobs and opening more than 40 additional stores

BRAMPTON, ON, Feb. 20, 2024 /CNW/ - Loblaw Companies Limited (TSX: L) "Loblaw" or the "Company"), Canada's food and pharmacy retail leader, expects to invest more than $2 billion dollars into the Canadian economy in 2024. This record investment reflects Loblaw's commitment to enhancing its store network, creating job opportunities, and improving accessibility to affordable food and healthcare services for communities across the country.

The Company's capital investments this year are expected to create more than 7,500 jobs in Canada, reinforcing Loblaw's position as a major contributor to Canada and its economy. Part of the Company's investment will be in its store network, with plans to build more than 40 new stores, expand or relocate another 10 and renovate more than 700 others.

"This year, we are investing where Canadians need it most. We will introduce more than 40 new discount stores and 140 new pharmacy care clinics in communities across the country – making healthcare and affordable food more accessible to more people," said Per Bank, President and CEO, Loblaw Companies Limited. "These investments in Canada are a catalyst for job growth and the creation of countless opportunities, in our stores, in our company and with the many partners who work with us."

For decades, Loblaw has made significant investments in the Canadian economy. This year's investment is in addition to more than $10B the company has invested since 2016.

Forward Looking Statements

This News Release contains forward-looking statements about the Company's capital expenditure plans and their impact. Forward-looking statements reflect the Company's 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. The Company'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. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Numerous risks and uncertainties could cause the Company's actual results, and the impact of the capital expenditures described in this News Release, to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in the Company's MD&A in the Company's 2022 Annual Report and in the Company's 2022 Annual Information Form for the year ended December 31, 2022, both of which are available on SEDAR+ at www.sedarplus.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this News Release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Loblaw Companies Limited

Loblaw Companies Limited is Canada's food and pharmacy leader, as well as its largest retailer and private sector employer. With approximately 2 billion transactions each year in its unmatched network of 2,500 stores and national e-commerce options, Loblaw brings food, pharmacy, beauty, apparel and financial services to customers through many of Canada's favourite and most-trusted brands: President's Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial.  The Company's loyalty program, PC Optimum, has more than 18 million members and is one of Canada's largest and best-loved reward programs.

Loblaw's purpose is to help Canadians live life well. It makes good food affordable, health, beauty and wellness accessible, saving for the future possible, and essential style achievable.

SOURCE Loblaw Companies Limited

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