April 12, 2016 / 11:27 AM / 2 years ago

Loblaw to invest about C$1 bln in its retail unit this year

April 12 (Reuters) - Loblaw Companies Ltd, Canada’s largest grocer, said it would invest about C$1 billion in its Canadian retail business this year.

Another C$300 million will be invested by Choice Properties REIT, whose principal tenant and largest unitholder is Loblaw.

Loblaw said the investment would be used to construct about 50 new stores and renovate 150 other stores.

The investment is expected to create nearly 20,000 jobs through store staffing and construction, Loblaw said. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)

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