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Loblaw eyeing 50 new stores in fiscal year

Loblaw eyeing 50 new stores in fiscal year

Loblaw Cos. said Tuesday it planned to spend around $1.3 billion (Canadian) in capital investments this fiscal year, accounting for around 50 new stores, 150 renovations and continued development of e-commerce capabilities and IT and supply chain projects.

The Brampton, Ontario-based retailer said it would provide around $1 billion, and its Choice Properties REIT division would provide the balance. Loblaw reported $1.24 billion (Canadian) in capital expenditures in the 2015 fiscal year.

"We continue to invest in our business in ways that matter for the Canadian economy and the millions of Canadians who shop with us each week," said Galen G. Weston, executive chairman and president, Loblaw Cos. "Our investment will create local jobs and bring nutrition and wellness solutions closer to home."

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