Loblaw ‘on track’ to open 40 new stores this year

Loblaw Cos. Ltd. said it’s on track to open 40 new stores this year and convert dozens more.

The retail giant announced its expansion plans in February as part of a larger commitment to invest more than $2 billion in the Canadian economy in 2024.

This investment is expected to create more than 7,500 jobs, Loblaw said in a release.

Over the past few months, the grocer has built and opened nine new stores and converted seven others—most recently opening its first-ever small-format No Frills, located in downtown Toronto.  

The conversions have largely focused on expanding the company's hard-discount stores, Maxi and No Frills.

"As a Canadian company, our purpose is to help our colleagues and customers live life well, and when it comes to groceries, the best way we can do that is by making good food affordable," said Richard Dufresne, chief financial officer, Loblaw, in a release. "We know there are a lot of underserviced areas in this country looking for discount grocers who can bring prices down for the community. These new stores, and our increased investment in the hard-discount format, is the next step in our ongoing commitment to delivering the best possible value."