Loblaw Companies Ltd., parent company of the Loblaws supermarket chain, will invest $2 billion Canadian (approximately $1.49 billion) to improve its network of 2,500 stores in 2023. These capital investments will include 38 new and/or relocated stores and conversions or renovations to nearly 600 more.
Other areas slated for the investment, which is expected to create 6,000 new jobs in retail, supply chain, technology and construction, include:
- New discount-format supermarkets in underserved communities;
- More pharmacist-led health clinics;
- Hundreds of carbon reduction initiatives across the business; and
- Continued development of a modern distribution center in the greater Toronto area.
“By growing and innovating, we are advancing the priorities that matter to customers: outstanding shopping experiences, affordable options and support for their health and wellness,” said Galen G. Weston, President and Chairman of Loblaw in a statement. “This investment lives up to our purpose of helping Canadians live life well.”
Weston will be relinquishing the President title in Q1 2024 when Per Bank joins Loblaw as President and CEO. Bank, who will bring 30 years of experience in retail operations and supply chain, is the outgoing CEO of Salling Group A/S, a 1,700-store multi-banner supermarket chain based in Denmark.
Weston will remain as Chair of the Loblaw board of directors as well as CEO and Chair of the board of directors for parent company George Weston Ltd. The changes at the top follow a global talent search that was initiated in August 2022 in anticipation of Robert Sawyer’s planned retirement as Loblaw COO at the end of 2023.