07:17:22 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Empire Company Ltd
Symbol EMP
Shares Issued 149,137,809
Close 2023-12-20 C$ 34.00
Market Cap C$ 5,070,685,506
Recent Sedar Documents

Globe laments dominance of Loblaw, rival grocers

2023-12-21 07:21 ET - In the News

See In the News (C-L) Loblaw Companies Ltd

The Globe and Mail reports in its Thursday edition that the cost of food was the biggest news story in 2023. A Globe editorial says it is impossible not to be upset by grocery store prices. However, just as bad was the politicization of food prices. The Conservatives ludicrously pinned every penny's increase in the cost of food on the Liberal government. The Liberals outrageously threatened to impose a punitive tax on the major grocers if they did not "stabilize" prices by Thanksgiving. The NDP accused the chains of profiteering by increasing markups, a charge not supported by the facts. None of this was of any use to Canadians. The annual Food Price Report predicts prices will rise between 2.5 and 4.5 per cent next year. Political theatre will do nothing to prevent that, or bring prices back down. However, the government could help by addressing the high corporate concentration across the agri-food economy. The higher sales and profits in 2023 for the five companies that control 80 per cent of the market in Canada make it clear their dominance allows them to immunize themselves from the effects of inflation. Their dominance enables them to pass costs on to consumers without fear of losing business.

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