Loblaw to Build 50 New Stores in 2015
Less than two months after Target’s bombshell announcement that it's upping stakes and leaving Canada, Loblaw Cos Ltd yesterday unveiled plans to build 50 new stores in 2015—growing its number of locations nationwide to 2,300—and to renovate more than 100 stores, including adding Joe Fresh outlets at 50 more of its locations. Canada’s largest grocer, Loblaw operates banners such as Loblaws, No Frills, Fortinos and Shoppers Drug Mart. Loblaw bought Shoppers in 2013 and has begun introducing its President’s Choice and No Name products at locations across the country.
In addition to store openings and renos, Loblaw said it will also be expanding its e-commerce operations, and its supply chain and IT infrastructure, for a total investment of $1.2B in 2015 (creating about 5,000 jobs; 20,000 if you count construction). Loblaw’s not the only retailer seeking to take back Target market share. Last month Walmart announced plans to open two new supercentres in Canada this year and spend $340M to remodel and expand existing stores to accommodate full grocery departments. Food fight!