Loblaw has goal of 40 new store openings in sight

Loblaw is almost halfway to its goal of opening 40 new stores this year.

The 16^th location was a small format No Frills in Toronto in early June.

Loblaw has opened nine locations over the past few months and has converted seven others. The conversions have largely focused on expanding the company’s hard-discount stores, Maxi and No Frills.

“We know there are a lot of underserviced areas in this country looking for discount grocers who can bring prices down for the community,” said Richard Dufresne, CFO for Loblaw. “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 when Loblaw committed to a capital investment of more than $2 billion into the Canadian economy in 2024. The investment is expected to create more than 7,500 jobs in Canada.