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Retailer Loblaw Expects to Invest $1.5B in Canada, Create 7,500 Jobs

Feb 20 (Reuters) - Canadian food and pharmacy retailer Loblaw Companies said on Tuesday it expects to invest over C$2 billion ($1.48 billion) this year to create more than 7,500 jobs.

While the investment is in line with last year's, the retailer plans to create roughly 1,500 more jobs in 2024.

Loblaw plans to use the investment to improve its store network by renovating more than 700 stores and building more than 40 others.

The retail chain in November beat third-quarter profit estimates on steady demand for essentials amid surging food prices in the country.

($1 = 1.3479 Canadian dollars)

Reporting by Annett Mary Manoj in Bengaluru; Editing by Devika Syamnath

Source: Reuters

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