Loblaw Is Investing $1B To Grow Its Empire In 2016
Loblaw Cos said this week it will invest $1B in its Canadian retail business in 2016, including construction of 50 new stores—grocery and Shoppers Drug Mart locations—and renovations of 150 existing stores. Canada's largest grocer is also investing in e-commerce expansion and IT infrastructure and supply chain projects. Choice Properties REIT—for whom Loblaw is the principal tenant and largest unitholder—will contribute $300M toward construction of 730k SF of GLA. Last March, Loblaw announced plans to build 50 new stores nationwide.