Loblaw to invest $1B in store growth

Canadian supermarket chain Loblaw plans to invest roughly $1 billion in new stores and remodeling projects.

The company plans 50 new stores under its various banners, including Shoppers Drug Mart, and will remodel another 150 existing locations, according to CBC News. The retailer will invest $1 billion Canadian dollars ($775 million USD) and its real estate investment trust will invest an additional $300 million.
"We continue to invest in our business in ways that matter for the Canadian economy," Loblaw President Galen Weston said in a statement.

Toronto-based Loblaw operates more than 1,050 grocery store and 1,250 stand-alone pharmacies in Canada. The planned expansion for 2016 mirrors that for 2015, when the retailer made roughly the same investment in its store base.

For more:
- see this CBC News story

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