TORONTO — Canadian supermarket chain Metro said it wants to grow via acquisitions in its food and drug store divisions but sees very few opportunities.
Speaking at CIBC World Markets' retail conference here, President Eric La Fleche said, "We have a strong balance sheet, and we have the experience. If and when something comes up, we will be looking at it, and if it makes sense for long-term value creation, we will jump on it. But you need two to tango, and there is no one on the dance floor."
Metro, based in Montreal, operates approximaely 300 stores in Quebec and 280 in Ontario. La Fleche said the company has a capital budget this year of $238 million (U.S.) and expects to open 12 new stores.
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