Empire Company Limited

Description

Empire Company Limited is one of the largest grocers in Canada, with a history spanning over five decades. Based in Nova Scotia, this conglomerate caters to a multitude of sectors, such as food retailing, realty investment, real estate, drug stores and grocery stores among others.
Empire purchased Lawn Drugstores Limited, which operated 18 stores in Nova Scotia, in 1976.
Presently, the company operates through wholly-owned subsidiary Sobeys Inc and others under names such as Safeway, IGA, Farm Boy, FreshCo and Voilà, with 1,500 retail stores and 350 retail fuel stations across Canada.
Empire has also invested in the real estate sector by acquiring a stake in Crombine REIT, a real estate investment trust, and Genstar, a residential property developer.
The company’s food retail business is spread across 10 provinces in Canada.
Empire was founded in February 1963 and was listed on the Toronto Stock Exchange in 1982. It trades under the ticker symbol of ‘EMP.A’.
The company issued its first annual report in January 31, 1971. Over the next few years, Empire continued expanding its business by acquiring majority stakes in various other firms, such as Halifax Developments Limited and Oshawa group.
Empire Company is said to support innovation and technology-based business solutions, which are in line with present-day corporate responsibility goals.
Recently, Empire entered a partnership with Canadian food-rescue organization Second Harvest to divert food waste and increase access of food for the needy, especially with the onset of pandemic-driven food insecurity.
With this, Empire reportedly aims to divert 31 million pounds of food, which otherwise would have ended up as waste, and expects to reduce 41 million kilograms of greenhouse (GHG) emissions annually. The company claims to support local suppliers and small-scale businesses in Canada.
Empire aims to extend its footprints with future acquisitions and expansion in the food-retail and real estate sector as part of its long-term growth strategy, which also includes maximizing sustainable value by enhancing the company’s net assets.
The company also reportedly aims to improve its proposition to customers and restore profitability in the West business unit. Empire Company Ltd, on its official website, updates stock-related information and financial highlights for its investors.