Loblaw Companies Ltd., the parent company of Loblaw grocery stores and Shoppers Drug Mart, plans to invest more than $2 billion this year to open new stores, renovate existing store locations, and create more jobs. 

The grocery giant's investments are expected to create thousands of jobs, and improve its store network with the opening of 38 new and/or relocated stores, as well as renovating nearly 600 others. 

The majority of the new locations will be Shoppers Drug Mart stores. In Ontario, Loblaw plans to open 14 new or relocated grocery and drugstore locations, and renovate over 300 existing stores. 

This year, the grocery retailer plans to increase its investment level with a focus on its "core retail experience" by expanding its presence in the community, modernizing its supply chain, and "making food and healthcare more accessible." 

"By growing and innovating, we are advancing the priorities that matter to customers: outstanding shopping experiences, affordable options, and support for their health and wellness. This investment lives up to our purpose of helping Canadians live life well," said Galen G. Weston, President of Loblaw Companies Ltd.

Loblaw's network of corporate and independent operations already employs approximately 220,000 Canadians, and its new investment is expected to create more than 6,000 new jobs in retail, supply chain, technology, and construction. 

Other capital investments this year include new discount-format supermarkets in underserved communities, an increase in pharmacist-led health clinics, and the continued development of a distribution centre in the GTA. 

Earlier this month, four-generation supermarket heir Galen Weston made headlines after a Globe and Mail report revealed that his pay increased by $1.2 million in 2022, bringing his estimated total compensation to just under $12 million.