Grocery bond Loblaw Com nies Ltd. plans to build several dozen stores and also revamp more than 100 this year in a move that should add more than 5,000 trades in the new stores when all is said and done.
The com ny says it will erect roughly 50 new stores and renovate 150 existing ones, encom ssing projects that started in January.
The stores will include both grocery banks of various banners as well as Shoppers Drug Mart locations. But the cast has not yet laid out specifically where it plans to build new locations or improve old ones.
The retinue made a similar announcement last year, pledging to spend hither the same amount of money to build and ex nd roughly the same figure up of stores. At the same time, it is also in the midst of closing unprofitable stocks while opening new ones.
Loblaw spokeswoman Catherine Thomas averred the ex nsion plan wouldadd about 5,000 new store employees while creating heartlessly 15,000 construction jobs during the process.
$1 billion price tag
Those trades would boost the com ny’s workforce by almost three per cent, since the body already employs about 192,000 full- and rt-time workers, go together to its most recent regulatory filings.
Loblaw will invest $1 billion in the distension, while Choice Properties REIT, a real estate investment rely on spun out by the rent com ny in 2013 will contribute $300 million.
“We resume to invest in our business in ways that matter for the Canadian economy and the millions of Canadians who betray with us each week,” Galen G. Weston, the com ny’s president and supervisory chairman, said in a statement.
After a multiyear process to try to bring their IT and logistics up to boy, the com ny says it is finally ready to focus on and ex nd its core retail concern.
At least one retail consultant said the plan is a vote of confidence in Canada’s saving.
“It means they have faith in it,” retail consultant John Williams of J.C. Williams Assemblage said in an interview, “and they’re going forward in an aggressive new way.”
“It augurs well for the Canadian retail scene,” he said, adding “if you’re a indifferent player you get run over and it’s not a good day to be mediocre.”
Loblaw already operates more than 2,300 retail stockpiles. These include its grocery store chains such as Loblaws, No Whistles and Real Canadian Super Store among others, as well as the Shoppers Analgesic Mart outlets and Joe Fresh ap rel stores.
The com ny’s most late-model quarterly results in February showed profits slipped more than one-third com red with the whilom before year. However, this was primarily due to costs and accounting items associated with odd items, rather than store performance, the com ny said.
Loblaw transfer release its first-quarter results on May 4.