Thursday, February 26th5.8°C
25329
24657

Loblaw Companies buys Arz Fine Foods, a Middle Eastern grocery store in Toronto

BRAMPTON, Ont. - Loblaw Companies Ltd. (TSX:L) is expanding its exposure to the ethnic food market with the purchase of Arz Fine Foods, a Middle Eastern grocer in Toronto.

Terms of the deal for the business, which includes a 10,000-square-foot store, commercial bakery, food commissary, and distribution centre, were not immediately available.

Loblaw said Arz, which was started in 1989 as a specialty bakery ,will operate as a unique division within the big grocery retailer.

"This key partnership holds great promise as Canada's Middle Eastern population and the Canadian taste for Middle Eastern food continues to grow," Loblaw president Vicente Trius said.

"The combination of Arz Fine Foods and Loblaw will follow the same approach used with our T&T business, which introduced ethnic expertise and products into our broader business in a very authentic way."

Loblaw bought Asian grocery chain T&T Supermarket Inc. in 2009 for $225 million.

RBC Capital Markets analyst Irene Nattel called the Arz deal "very small" but noted its strategic importance.

"Ethnic is one of the most rapidly growing segments in food retail, and the acquisition of Arz complements Loblaw's prior T&T acquisition and should enhance Loblaw's offering in its existing store base," Nattel wrote in a report to clients.

"One of the benefits Loblaw quickly identified with T&T was the degree to which it opened doors to suppliers previously not known to Loblaw, but which cater to T&T's distinct customer base and can be extended to the more traditional food retail banners. We expect this to be the case with Arz as well."

The Canadian Press


Read more Business News

24497


Recent Trending




Today's Market
S&P TSX15241.16+12.59
S&P CDNX700.93+1.44
DJIA18214.42-10.15
Nasdaq4987.89+20.753
S&P 5002110.74-3.12
CDN Dollar0.7999+0.0008
Gold1203.00+6.10
Oil50.95+0.56
Lumber296.40+0.90
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.58+0.02
Cantex0.035-0.005
Anavex Life Sciences0.19+0.001
Metalex Ventures0.04+0.005
Russel Metals25.68+0.37
Copper Mountain Mining1.26+0.03
Colorado Resources0.15+0.015
ReliaBrand Inc0.0087+0.0017
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.21-0.015

 



24811

FEATURED Property
2093630504 2040 Springfield rd
2 bedrooms 2 baths
$344,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24843