Country's Largest Grocery Chain To Add 40 Stores This Year
Country’s Largest Grocery Chain To Add 40 Stores This Year
Loblaw Companies Plans $2 Billion Investment Nationally
The country’s largest grocery operator, Loblaw Companies Ltd., plans to open 40 new stores in 2024 as part of an investment of $2 billion.
The Brampton, Ontario-based company, whose brands include Loblaws, No Frills and Shoppers Drug Mart, said in addition to the new stores, it will expand or relocate 10 locations and renovate more than 700 others.
“This year, we are investing where Canadians need it most. We will introduce more than 40 new discount stores and 140 new pharmacy care clinics in communities across the country, making healthcare and affordable food more accessible to more people,” said Per Bank, president and chief executive of Loblaw Companies Ltd., in a statement. “These investments in Canada are a catalyst for job growth and the creation of countless opportunities in our stores, in our company and with the many partners who work with us.”
The company said the capital investments are expected to create more than 7,500 jobs.
Loblaw Companies Ltd., majority-controlled by George Weston Ltd., will release its full-year results on Thursday.
The property arm of George Weston Ltd., 61.7% controlled Choice Properties REIT, said during an earnings call this month that it is focused on capital preservation and the development pipeline. The REIT’s real estate holdings are 79% retail, with Loblaws locations accounting for 57% of revenue.
Rael Diamond, president and chief executive of Choice Properties, noted the REIT added 1.8 million square feet of retail, industrial and residential space.
“Our retail tenants continue to expand their store networks,” said Diamond, on a conference call with analysts this month.
The REIT has budgeted for a $479 development pipeline, but 70% of the capital investments are going into Choice Properties’ growing industrial platform.
Michael Markidis, an analyst with the Bank of Montreal, said the REIT trades at a premium to peers but feels it is justified.
“We believe this is warranted given the strength of [the REIT’s] balance sheet and the proportion of income derived from its growing industrial platform,” said Markidis.
Source CoStar. Click here to read a full story.
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