Loblaw to invest $1.3 billion in Canadian economy in 2017
Apr 13, 2017, 06:00 ET
BRAMPTON, ON, April 13, 2017 /CNW/ - (TSX:L) – Loblaw Companies Limited, Canada's food and pharmacy retail leader, in 2017 plans to once again invest approximately $1.3 billion into the Canadian economy, creating an estimated 10,000 retail, trade and construction jobs. The investment will expand and improve Loblaw's network, including properties owned and operated by Choice Properties REIT.
Loblaw expects to open 30 new stores and renovate more than 500 existing stores, including the continued roll out of Click & Collect e-commerce, improved health and wellness services, and the inclusion of fresh food at select Shoppers Drug Mart locations.
"Our investment will create improved retail experiences for customers and local jobs for communities," said Galen G. Weston, Chairman and CEO, Loblaw Companies Limited. "Our focus is clear: Across our network, we will provide greater access to fresh, affordable, innovative food and more robust health and wellness services for Canadians."
With more than 2,400 locations, Loblaw remains Canada's largest network of corporate and independently owned retail stores, and one of Canada's largest employers, with a combined workforce of approximately 200,000.
About Loblaw Companies Limited (TSX: L)
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; approximately 1,100 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at more than 1,300 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, [email protected]; Investor inquiries, contact: Sophia Bisoukis, Investor Relations, 905-861-2436 x613267, [email protected]
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