In a $5.8-billion deal that will reshape Canada’s grocery industry, Sobeys Inc. is buying Safeway Inc.’s Canadian division to beef up its western business and take on intensifying competition.

The deal, announced late Wednesday, will solidify Sobeys’ position as the country’s second-largest grocer and put pressure on Loblaw Cos. Ltd., the leading player in the sector, which has struggled to make gains over the past several years.

“The acquisition of Canada Safeway represents an excellent strategic fit, strengthening our presence in Western Canada,” said Paul Sobey, chief executive officer of Sobeys‘ parent company Empire Co. Ltd.

The agreement comes at a time of growing competition in food retailing as discount giant Wal-Mart Canada Corp. rapidly adds more grocery aisles to its stores and U.S. rival Target Corp. opens its first outlets in this country, raising the competitive stakes for everyone.

Read more: http://www.theglobeandmail.com/report-on-business/sobeys-to-buy-safeway-in-58-billion-deal/article12499648/

Vancouver endorses plan for Oakridge redevelopment, including multiple highrises.

The City of Vancouver has endorsed a plan to radically redevelop the aging Oakridge Centre into a high-density retail and residential hub.

The massive project will now proceed to a public hearing, where area residents worried their quiet corner of Vancouver will be lost in a sea of glass towers and chic new shops and cafés will be able to voice their objections.

“I am sure you can imagine the shock when you learn that ‘downtown’ is going to (arrive in our) single-family neighbourhood,” said Tracey Moir, a representative of the neighbourhood group Oakridge Langara Area Residents, in an interview on Tuesday at Vancouver City Hall.

Earlier, Mayor Gregor Robertson and council agreed to endorse a proposal by property owner Ivanhoe Cambridge and developer Westbank Development to transform Oakridge into a new urban centre on par with Metrotown, Surrey City Centre and Coquitlam Centre.

The plan builds on a more modest redevelopment proposal approved by the city in 2007, with the addition of up to 13 highrise towers and double the existing retail space.