Loblaw Companies Ltd (L.TO) announced on Friday that it will invest C$2 billion ($1.50 billion) to expand its business in Canada in 2023, creating over 6,000 new jobs in retail, supply chain, technology, and construction.

Amid mounting concerns of a recession, the Canadian retailer is investing at a time when its pharmacy business is thriving and demand for groceries remains steady.

Loblaw will spend $1.5 billion to grow in Canada and create 6,000 jobs.

Additionally, Loblaw plans to use the investment to expand and enhance its stores; the company has stated that it will open 38 new or relocated stores and renovate or convert nearly 600 others.

Approximately 220,000 Canadians are employed by the retailer’s network of corporate and independent operations at present.

In February, the company projected annual earnings above analysts’ expectations after posting fourth-quarter results that exceeded expectations, aided by consistent demand for consumables, cough and cold medications, and high-margin beauty and cosmetics products.

($1 = 1.3319 Canadian dollars)

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