Loblaw Companies Limited will invest approximately $1 billion into its Canadian retail business in 2016, with the balance invested by Choice Properties REIT. The investment includes construction projects for approximately 50 new stores and 150 renovations to existing stores, increased e-commerce expansion, and IT infrastructure and supply chain projects. In addition, Choice Properties REIT, expects to invest in the growth, development and quality of its retail real estate portfolio which includes the construction of approximately 730,000 square feet of gross leasable area.
Loblaw remains Canada's largest network of corporate and independently owned retail stores, each employing between 20 and 300 employees. This investment is expected to create nearly 20,000 jobs through store staffing and construction.
"We continue to invest in our business in ways that matter for the Canadian economy and the millions of Canadians who shop with us each week," said Galen G. Weston, executive chairman and president, Loblaw Companies Limited. "Our investment will create local jobs and bring nutrition and wellness solutions closer to home."