Loblaws is planning to build 40 new stores across the country as part of an expansion strategy costing over $2 billion.
The company also intends to expand or relocate 10 stores and renovate more than 700 others.
Loblaws expects its 2024 capital investments to create 7,500 jobs countrywide.
The company also said the expansion will introduce 140 new pharmacy care clinics across Canada.
Canadians were quick to react online. Many expressed disapproval given the grocery giant’s existing market monopoly, arguing that more stores will deter competition and drive grocery prices up further.
“So… more stores, no additional competition. More places I could never afford to shop at. Sounds great,” an X user wrote.
“What’s amazing in the current state of affairs is that you can have a small town with three major grocery store chains and the people are STILL underserved because the prices are exorbitant,” one reddit user said.
However, Loblaws said the investment will stimulate the economy and create jobs.
“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,” Per Bank, president and CEO, Loblaw Companies Limited said in a statement on Tuesday.
There are currently 2,500 Loblaws stores in operation nationwide, the conglomerate also operates Shoppers Drug Mart, No Frills, Real Canadian Superstore and T&T.
