Loblaw opens 16 new locations on its path to delivering more value and convenience for Canadians

June 19, 2024 (Brampton, ON) – With the recent opening of its 16th new location this year, a unique small-format No Frills, Loblaw Companies Ltd (“Loblaw”, TSX:L) is on track to open 40 new stores this year and convert dozens more.

Over the past few months, the company has built and opened 9 new stores, and converted 7 others. The conversions have largely focused on expanding the company’s hard-discount stores, Maxi and No Frills, as Canadians continue to look for ways to save on their grocery bills. These stores provide significant value to customers, with lower prices on average and a price match guarantee.

“As a Canadian company, our purpose is to help our colleagues and customers live life well, and when it comes to groceries, the best way we can do that is by making good food affordable,” said Richard Dufresne, Chief Financial Officer, Loblaw. “We know there are a lot of underserviced areas in this country looking for discount grocers who can bring prices down for the community. These new stores, and our increased investment in the hard-discount format, is the next step in our ongoing commitment to delivering the best possible value.”

The new stores are part of a larger announcement in February of this year, whereby the company committed to a capital investment of more than $2 billion dollars into the Canadian economy in 2024. This investment is expected to create more than 7,500 jobs in Canada, reinforcing Loblaw’s position as a major contributor to Canada and its economy.