Loblaw Cos. Ltd.

says it plans to invest $2.4 billion in the Canadian economy in 2026 as part of its previously announced five-year plan to spend $10 billion by 2030, according to a company press release issued Sunday.

The company said the 2026 investment will fund the opening of 70 new stores, renovations at 191 existing locations and continued construction of its automated distribution network. Loblaw said the expansion is expected to create approximately 9,700 retail and construction

jobs

across Canada.

Of the new stores planned for 2026, 34 will be Shoppers Drug Mart or Pharmaprix pharmacies and care clinics, while 31 will be hard-discount grocery stores operating under the No Frills and Maxi banners. Loblaw did not specify the banner mix for the remaining locations.

Ontario is expected to receive the largest share of new locations, with 27 new stores and approximately 3,775 jobs, including roles positions at two automated distribution centres in southern Ontario. Quebec is slated to receive 15 new stores and more than 1,985 jobs, while Western Canada will see 24 new stores and more than 3,400 jobs. Eastern Canada is expected to receive four new stores and more than 600 jobs.

The company said some of the funds will support the continued construction of its roughly 1.2-million-square-foot automated distribution centre in Caledon, Ont., which it said will enhance supply-chain capabilities.

“Our success depends heavily on the strength of the communities we serve,” Per Bank, Loblaw’s president and chief executive, said in the release.

The investment represents the second year of a five-year capital plan. The company did not provide a financial breakdown of expected returns or capital allocation beyond 2026.

The announcement comes as Canada’s grocery sector remains under political and regulatory scrutiny, including the recent introduction of a voluntary

Grocery Code of Conduct

. The framework, which took effect on Jan. 1, is intended to govern commercial relationships between grocery retailers and suppliers. Loblaw did not reference the code or other regulatory developments in outlining its capital spending.

Loblaw operates more than 2,500 stores across Canada and employs more than 220,000 people, according to the company. Its banners include grocery, pharmacy, apparel and financial services brands, supported by national e-commerce operations and a loyalty program with more than 16 million active members.

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• Email: shcampbell@postmedia.com