If there’s anything that can make consumers hate the family behind the Loblaws grocery empire more than they already do, it’s finding out how much money they are actually raking in through their domination of Canada’s grocery sector and their other business ventures.
The Westons, owners of George Weston Ltd. which in turn owns Loblaw Companies Ltd., are making international headlines this week for the unfathomable amounts they just earned in dividends as a result of skyrocketing profits across brands it has a stake in.
According to The Times, George Weston CEO (and former Loblaw president) Galen Weston Jr. and co. took in £26.6 million — or C$45.2 million — thanks largely to its Toronto-based investment arm, Wittington Investments, which saw “soaring profits” of 22 per cent more last year than the year previous.
But inflation and digitization to eliminate staff is acceptable practice in Canada. When you accept these realities the rich get richer and the poor get poorer.
— Angie TP (@AngieTingas) November 22, 2022
While Loblaw Companies also enjoyed some stellar profit growth in 2023 while Canadian food bank usage hit record highs, it seemed that for at least part of the year, George Weston Ltd. was reporting lower year-over-year earnings at a measly $498 million in the second quarter alone.
Luckily for the multi-billionaire Westons, through Wittington’s they are controlling shareholders of conglomerates like Associated British Foods (itself behind hundreds of brands, including Twinings tea and clothing store chain Primark) and own food-based department store Fortnum & Mason, among many other retailers both overseas and here at home.
He made half billion on people s groceries.
— Boycott (@robert73838365) December 22, 2023
Shoppers Drug Mart, No Frills, Valu-Mart, Dominion, Real Canadian Superstore, Zehrs, Independent Grocer, Provigo, Maxi and Atlantic Superstore all fall under the Loblaw’s Canadian umbrella, giving the company — and thus, the Westons — control of around 30% of the nation’s entire grocery market.
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