Loblaw plans to open 30 new stories and upgrade more than 500 others

Grocery
For illustrative purposes only.

Loblaw said Thursday that it plans to open 30 new stores and renovate more than 500 existing stores as it continues to adapt to changes in the food retail sector.

The grocery and pharmacy giant said the investment includes the continued roll out of its Click & Collect e-commerce, improved health and wellness services, and the inclusion of fresh food at select Shoppers Drug Mart locations.

Loblaw (TSX:L) said the moves will invest about $1.3 billion into the economy and create an estimated 10,000 retail, trade and construction jobs.

Thursday's announcement comes almost exactly a year since Loblaw said it planned to build 50 new stores and renovate 150 others as part of a $1.3 billion revamp and expansion.

Loblaw made a similar announcement in 2015, when it said it would build 50 new stores and improve more than 100 others.

The company later said it would shutter 52 locations across Canada that had fallen short of expectations.