Galen Weston Jr, the former President and current Chair of Loblaw Company Ltd., now has another title to add to his name: Canada’s Top Profiteer. This billionaire won by a margin of 35% after over 7,000 people nationwide voted in the inaugural competition hosted by Leadnow, a non-profit dedicated to building collective power. Previously, Leadnow gained over 10,000 signatures on their federal petition for a corporate profiteering tax.
During his time as the face of Canada’s largest grocery retailer, Weston had no shortage of controversies. For over 14 years, Loblaw colluded with other major companies to raise the price of bread, leading to shoppers paying an additional $1.50 per loaf by the end of the scheme. After a recently settled class action lawsuit, eligible Canadians will be reimbursed a grand total of $25 each, maximum (and that money is only guaranteed if you didn’t accept one of their $25 gift cards in 2018). Another lawsuit is currently being filed in regards to underweighted meat, a problem which Loblaw representatives said they resolved in 2023. Despite their claims, underweighted packages are still being found across the country.
While Canadians struggled with affordability, Loblaw enjoyed record sales during the pandemic. Notably, they saw an 11% revenue increase in the first quarter of 2020—and slashed the $2/hour bonus pay for their essential workers only a few months later. Weston, already one of the richest people in Canada, took home $3,549,591 in compensation from Loblaw that year. In 2023, when the effects of food inflation were widespread enough to warrant a parliamentary hearing, his total compensation from Loblaw and its holding company was nearly $11.8 million. Loblaw could pay their workers a living wage, but they choose not to. Instead, they actively attempt to pay as little as possible, through eliminating full-time jobs and withholding overtime pay.
However, it is crucial to note that Weston and Loblaw are not unique in their behaviour. If they were, perhaps they would have experienced more retribution. As it stands, every other major grocery retailer in Canada has been engaging in the same price-fixing, pay-cutting, and profiteering that leaves food increasingly unaffordable.
CEOs and greedflation
The COVID-19 pandemic caused a period of significant inflation, with yearly rates reaching peaks that haven’t been seen in 40 years. Many felt particularly burdened at the grocery checkout, and the CEOs of Loblaw, Metro, and Empire were called to Parliament in March 2023 to discuss why grocery prices were so high. These three companies collectively control around 60% of the total grocery retail market share in Canada, and own almost every chain you can think of.
While testifying before Parliament, these CEOs denied allegations of profiteering. They cited rising supplier costs and claimed their control over prices was limited due to low profit margins. Additionally, discussing the reinvestment of profits, Weston boldly claimed that “[the money] doesn’t go to me. It goes back into this country.”
These CEOs effectively placed all the blame on inflation, even though the price of groceries has consistently surpassed this rate. At the beginning of 2023, food inflation was almost double the national inflation rate. At the same time, industry data has shown that their profit margins have doubled in the three years following 2020.
Even if it hadn’t, focusing solely on margins minimizes the fact that retail grocery profits are incredibly high, and grew enormously since the onset of the pandemic. Alongside these record profits are a record number of people visiting food banks, with a 90% increase in usage across Canada from 2019-2024. With Loblaw workers struggling to afford the food they sell, and migrant workers facing exploitation across the supply chain, it’s clear that no one is seeing the money that is supposedly going back into the country—except, of course, Weston and his fellow CEOs, who receive multi-million dollar compensation packages annually.
While the pandemic did lead to increased prices overall, these retailers used the period to profit excessively. Even as other industries stabilized alongside inflation, grocery prices soared rapidly. And when these major corporations raise prices simultaneously, they remain elevated. Just look at the bread-fixing scandal: to this day, bread prices remain artificially higher than all other groceries. With tariffs now in the picture, it’s unlikely that any relief will be found at the grocery counter.
Buying Canadian won’t save us
When the threat of tariffs was first issued, concerns about affordability quickly turned to nationalist sentiment. The numerous online lists and infographics to help people “buy Canadian” often included Loblaw, Sobeys, and Metro. These companies have never put people over their profits, and there’s no reason to believe that they won’t take the opportunity to inflate prices beyond what the tariffs would warrant, just as they did with the pandemic.
We cannot rely on corporations, Canadian or otherwise, to prioritize the needs of workers. Now is the time to look out for each other. The Justice for Workers “No One Left Behind” campaign (which Leadnow also supports), is a worker-first movement calling on the government to stop price increases for grocery and rent, invest in public services, provide income support, and ensure taxation on corporations such as Loblaw. Sign on today so that Galen Weston Jr. can’t play profiteer in another crisis.
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