Empire to Expand Discount Banner Footprint to Keep up with Rivals
Dow Jones
Sep 10
1149 ET - Canadian grocer Empire faces market share headwinds due to a smaller discount footprint relative to peers in an inflation-weary environment. In an earnings call, CEO Pierre St-Laurent says that the company has maintained its discount market position, but it is aggressively accelerating its format expansion to capture budget-conscious shoppers in the face of "the rapid expansion of discount formats across the market." He notes that in August, Empire opened its first FreshCo discount banner store in Atlantic Canada, alongside new locations in Calgary and Paris, Ontario. The company is also now planning to open 25 new stores in the year instead of 20. St-Laurent says: "as we continue to expand discount footprint, we expect that growth to increasingly support market share gains."
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