Loblaw’s Great Canadian Grocery Gouge

Loblaw’s shareholders are laughing all the way to the bank while Canadians struggle to put food on the table. A recent consumer boycott of the grocery giant has sparked a national debate on food affordability and corporate profits.

Loblaws Grocery Store

A Loblaws storefront in Toronto, Canada. (Steve Russell / Toronto Star via Getty Images)


Canada’s largest grocery chain, which has reaped growing profits as grocery prices spiral out of control, has faced a consumer boycott throughout the month of May.

Loblaw Groceries owns and operates more than twenty-four hundred stores across Canada, including its flagship Loblaws grocery stores, discount grocer No Frills, and the country’s largest drugstore chain, Shoppers Drug Mart. The company is involved in banking, via its PC Financial brand, which includes bank accounts and credit cards linked to the company’s in-store rewards system, and deliveries via PC Express.

The bulk of this megacompany’s earnings, however, comes from selling food. Out of CAD $13.6 billion in total revenue the company reported in the first quarter of 2024, $9.4 billion came from food retail, representing 69 percent. Shareholders pocketed $460 million in profit, a 10 percent increase from the first quarter of 2023. Meanwhile, 18 percent of Canadian households face food insecurity.

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