Most closures will be completed in the early part of 2018.
Loblaw – which has recently cut their store and corporate staff – will be closing 22 stores they deem unprofitable.
The stores being closed are across the wide range of brands owned by Loblaw.
Their list of brands includes Presidents Choice, No Name, Real Canadian Superstore, and Joe Fresh.
Loblaw says their profits are up, though this is mostly because they sold off their gas bars.
As noted by the CP, “The retailer says its profit attributable to common shareholders totalled $883 million or $2.24 per diluted share for the 16 week ended Oct. 7. That compared with a profit of $419 million or $1.03 per diluted share for the same period last year.”
The closures will add to concerns about the economy, following in the wake of the collapse of Sears Canada, and continued weakening in community malls.
As part of the shift, Loblaws will seek to launch home delivery, to fill growing demands for more convenience among consumers.
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