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Asarial, Loblaws CEO Galen Weston Jr is in the hot seat. Along with other big supermarket CEOs, he’s been summoned to the House of Commons tomorrow to be grilled by MPs about grocery price gouging. [1] For months Canadians have been facing rising food costs. Food bank usage is up. People are having to make impossible choices between rent and food. And worst of all, relief doesn’t seem to be coming. [2-4] Meanwhile Loblaws, the country’s biggest grocer, is seeing its profits skyrocket. [5] But, Asarial, public outrage is growing. And Loblaws is feeling the heat. Ahead of releasing their 2022 profits last week — which saw a 10% jump from the year before — their PR team was on the defensive, trying to deflect widespread criticism that they’re price gouging. [6] Like any other company, Loblaws relies on building a strong brand to do business. If we can add to the growing public anger about their business practices, as their feet are held to the fire in parliament this week, we can show them that the risk to their reputation is too much — and that they need to change course. The first step is showing up in big numbers. Will you add your name to this open letter to CEO Galen Weston and call on Loblaws to stop profiting off the cost of living crisis?
Asarial, Loblaws claim they aren’t taking advantage of inflation and people’s suffering — but the numbers tell us a different story. A Toronto Star investigation showed that the profit margins of Canada’s biggest grocery chains are growing — that’s the gap between the amount of money they’re making and their costs. Meaning that grocery companies are increasing prices faster than their costs are rising. [8] Their monopoly over the food system in Canada means they have an extreme amount of power over their suppliers and consumers. They call the shots — and could choose to cut and freeze their prices and not rake in ever-growing profits off of people struggling to meet ends meet. [9] Add your name now to call on Loblaw to stop exploiting people and profiting off the cost of living crisis.
Public outrage at the lack of fairness — and demands for change — is growing. An overwhelming amount of Canadians want to address wealth inequality by ensuring big corporations pay their fair share. [10] Together, we can target rampant corporate greed and hold Loblaws accountable for its actions. Together, we can demand and build a world where people are put before profit.
https://act.leadnow.ca/loblaws-openletter Thanks for all you do, Sources: |
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