A subreddit community with 28,000 members is planning to boycott Loblaw-owned businesses for the month of May.
The r/loblawsisoutofcontrol community says it won’t purchase items from any Loblaw or affiliate stores in an effort to force the grocery giant’s hand in reducing the skyrocketing costs of groceries.
“Our community has taken the time to organize a movement which aims to boycott Loblaw stores until prices can be reduced,” the post states.
Boycotters are asking Loblaw to lower grocery costs by 15 per cent and remove member-only pricing where customers are required to sign up for a PC optimum card in order to receive sale prices.
In the fourth quarter of 2023 Loblaw reported revenues of $14.531 million, and an increase of two per cent in food retail same-stores sales.
At the end of last year, Canada’s Food Price Report forecast that overall food prices would increase by 2.5 per cent to 4.5 per cent in 2024, a lower rate of increase than in 2023.
The price report predicted that the average family of four was expected to spend nearly $16,300 on food in 2024, an increase of up to $701.79 from last year, with the most significant increases ranging from five per cent to seven per cent in the categories of bakery, meat, and vegetables.
Findings also suggested that customers were losing trust in food sector corporations.
“There is a prevailing sentiment that grocers profit excessively and exploit inflationary trends. Profiteering and price gouging were common media stories,” the study said.
However, it also predicted better overall consumer prospects in 2024.
“Consumers should expect to see a degree of stability return to food prices. I am optimistic that the phrase ‘sticker-shock’ will become less commonly used throughout grocery stores in 2024,” Stuart Smyth, chair, agri-food innovation and sustainability enhancement at the University of Saskatchewan said in a statement.
Nonetheless, food banks are seeing unprecedented upturns in usership and are struggling to meet the needs of their customers.
According to a study by Second Harvest, demand at food banks is expected to rise by 18 per cent nationwide in 2024, meaning food charities will need an additional $76,000 each to meet community needs.
Now Toronto reached out to Loblaw for comment but did not receive a response in time for publication.
