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Loblaw, Choice Properties to invest C$1.3B in retail business in 2016

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Loblaw, Choice Properties to invest C$1.3B in retail business in 2016

Loblaw Cos. Ltd. pledged to invest C$1.3 billion into its Canadianretail business and create roughly 20,000 jobs in 2016.

The Canadian food retailer said April 12 that it will investapproximately C$1 billion into its business, with the rest invested by ,whose principal tenant and largest unit holder is Loblaw.

According to the statement, the investment includes constructionprojects for approximately 50 new stores and 150 renovations to existing stores,increased e-commerce expansion, information-technology infrastructure and supply-chainprojects.

Choice Properties expects to develop approximately 730,000 squarefeet of gross leasable area.