Loblaw to invest more than $2 billion in the Canadian economy, creating thousands of jobs and opening more than 40 additional stores

Brampton, ON, February 20, 2024 -Loblaw Companies Limited (TSX: L, “Loblaw” or the “Company”), Canada’s food and pharmacy retail leader, expects to invest more than $2 billion dollars into the Canadian economy in 2024. This record investment reflects Loblaw’s commitment to enhancing its store network, creating job opportunities, and improving accessibility to affordable food and healthcare services for communities across the country.

The Company’s capital investments this year are expected to create more than 7,500 jobs in Canada, reinforcing Loblaw’s position as a major contributor to Canada and its economy. Part of the Company’s investment will be in its store network, with plans to build more than 40 new stores, expand or relocate another 10 and renovate more than 700 others.

“This year, we are investing where Canadians need it most. We will introduce more than 40 new discount stores and 140 new pharmacy care clinics in communities across the country – making healthcare and affordable food more accessible to more people,” said Per Bank, President and CEO, Loblaw Companies Limited. “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.”

For decades, Loblaw has made significant investments in the Canadian economy. This year’s investment is in addition to more than $10B the company has invested since 2016.