April 12, 2016 / 11:42 AM / 2 years ago

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

April 12 (Reuters) - Loblaw Companies Ltd, Canada’s largest grocer, said it would invest about C$1 billion ($776.9 million) 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, which includes increased e-commerce expansion and supply chain projects, is expected to create nearly 20,000 jobs through store staffing and construction, Loblaw said on Tuesday.

Brampton, Ontario-based Loblaw has about 192,000 full- and part-time employees.

The company said last year it would invest more than C$1.2 billion in Canada in 2015 and open more than 50 stores and renovate more than 100. ($1 = C$1.29) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)

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