BRAMPTON, ON, Oct. 17,
2022 /CNW/ - Today, Loblaw Companies Ltd (TSX: L)
"Loblaw" announced a price freeze on more than 1,500 no name
brand items, in an effort provide grocery-bill predictability to
Canadians facing the highest food inflation in decades. With a
range of grocery and household essentials, no name is
Canada's second-largest food
brand, already offering average savings of 25% against comparable
name brands.
Available within minutes of most Canadians, the brand is sold in
more than 2,400 stores, including Loblaws, Zehrs, Real Canadian
Superstore, no frills, T&T, Atlantic Superstore, Maxi and
Shoppers Drug Mart. The no name brand has a wide assortment
of essentials including apples, potatoes, butter, eggs, cheese,
rice, pasta, toilet paper and paper towels.
Effective today and until the end of January 2023, no name product prices will
be frozen. Food prices have risen rapidly over the past year,
with increased suppliers' costs due to fuel, labour, weather and
global conflict, which are passed to retailers, and reflected on
grocery shelves.
In an email to millions of PC Optimum members, Loblaw President
and Chairman, Galen Weston, said the
following:
Anyone who regularly visits the grocery store
knows that over the past year the cost of food has increased
rapidly. Maddeningly, much of this is out of our control.
That's why, to help Canadians hit the brakes on
food inflation, we are focusing on what is in our control.
Starting today, we're freezing prices of all no name
products — more than 1,500 grocery essentials, sold in
stores across the country – until January
31, 2023.
In the weeks ahead, we'll continue to lower
prices [through PC Optimum], in our flyer, and across our stores,
all designed to provide immediate relief from escalating food
costs.
Today's price freeze announcement complements the company's
ongoing efforts to bring value to Canadians. This year, the PC
Optimum program is on track to provide members with well over
$1 billion worth of loyalty points,
more than ever before.
In addition, Loblaw has increased its support for food charities
this year, adding hundreds of thousands of dollars to food banks
and food recovery programs. Routinely, the company raises and
donates more than $50 million for
food charities, including the company's own President's Choice
Children's Charity as it works to feed one million children
annually.
About Loblaw Companies
Ltd.
Loblaw Companies Limited is Canada's food and pharmacy leader, as well as
its largest retailer and private sector employer. With
approximately two billion transactions each year in its unmatched
network of nearly 2,500 stores and national e-commerce options,
Loblaw brings food, pharmacy, beauty, apparel and financial
services to customers through many of Canada's favourite and most-trusted brands:
President's Choice, No Name, Loblaws, Shoppers Drug Mart, No
Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express
and PC Financial. The company's loyalty program, PC Optimum,
has more than 18 million members and is one of Canada's largest, and most loved reward
programs.
Loblaw's purpose is to help Canadians live life well. It makes
good food affordable, health, beauty and wellness accessible,
saving for the future possible, and essential style achievable.
SOURCE Loblaw Companies Limited