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Canada  + Maritimes  + Retail  | 
Empire Company is planning to invest $775 million on capital projects in its 2024 fiscal year.

Empire Plans $775M in Capital Investments

Empire Company is planning to invest $775 million on capital projects in its 2024 fiscal year.

Stellarton, N.,S.-based Empire is the parent company of the Sobeys grocery store chain, a wholly owned subsidiary, and owns its related real estate. The Farm Boy, FreshCo and Voilà grocery store brands also fall under Empire’s ownership.

The company said it will invest the capital in new stores and renovations.

Empire intends to renovate approximately 20% to 25% of its locations over the next three years. The company said its projected annual capital investment total could rise to $855 million if a planned $110-million purchase of a land parcel is completed.

Empire has agreed to purchase the land and is in the process of completing due diligence.

“The land is being acquired for a potential future development,” said Empire in its latest quarterly report.

Details on the land’s location were not disclosed.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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