Loblaw hits the brakes on food inflation by freezing prices on 1,500 no name products
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.
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
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