Loblaw’s plan to open 40 new stores this year is on track, says the grocery retailer’s CFO.

“As a Canadian company, our purpose is to help our colleagues and customers live life well, and when it comes to groceries, the best way we can do that is by making good food affordable,” said Richard Dufresne in a news release.

Loblaw announced that it has opened nine new stores and converted seven others so far this year. The conversions have largely involved expanding the company’s “hard-discount” Maxi and No Frills store.

At the end of May, Loblaw opened a No Frills location in downtown Toronto.

Loblaw plans to invest more than $2 billion in the expansion effort while opening the 40 new stores and upgrading approximately 700 existing locations across Canada.

Brampton, Ont.-based Loblaw said previously that the substantial investment underscores the company’s dedication to bolstering its store network, generating job opportunities and enhancing accessibility to affordable food and healthcare services nationwide. The capital investments this year are expected to create more than 7,500 jobs in Canada.

Loblaw is Canada’s largest grocery-store owner and operator. Its chains include Loblaws, No Frills, T&T and Real Canadian Superstore, The company also owns and operates the Shoppers Drug Mart store network and PC Financial.

Loblaw previously said it will also relocate 10 unspecified stores.

Picture: New Loblaws City Market store at Post Office development in downtown Vancouver.

Image: QuadReal Property Group