Empire Company Limited

Who owns Empire Company?
Empire Company is controlled by the Sobey family through their private holding company Sobey Inc., which holds a majority of the voting shares. The company's Class A non-voting shares (EMP.A) trade on the TSX and are owned by public shareholders.

Is Empire Company publicly traded?
Yes, Empire Company's Class A non-voting shares (EMP.A) trade on the Toronto Stock Exchange. However, the Sobey family retains effective control through their ownership of voting shares.

What is Sobeys?
Sobeys is Empire Company's flagship grocery banner and Canada's second-largest grocery chain. Sobeys traces its roots to 1907 when J.W. Sobey opened a meat delivery business in Stellarton, Nova Scotia. Today, Sobeys operates full-service supermarkets across Canada.

When was Empire Company founded?
Empire Company Limited was incorporated in 1963 as a holding company for Sobeys and other Sobey family business interests. The Sobeys grocery business itself dates to 1907.

The history of Empire Company is inseparable from the history of Sobeys, which traces its roots to 1907 when J.W. Sobey opened a meat delivery business in Stellarton, Nova Scotia.

J.W. Sobey's son, Frank Sobey, transformed the family business into a grocery chain in the 1920s and 1930s. Frank Sobey was a visionary retailer who recognized the potential of the supermarket format and expanded Sobeys aggressively across Atlantic Canada.

Empire Company Limited was incorporated in 1963 as a holding company for Sobeys and other Sobey family business interests. The company was formed to provide a corporate structure for the growing Sobeys grocery chain and to facilitate diversification into other business areas.

Empire Company went public on the Toronto Stock Exchange, providing capital for continued expansion while the Sobey family retained controlling ownership through Sobey Inc.

Throughout the 1970s and 1980s, Empire Company expanded Sobeys beyond Atlantic Canada into Ontario and other provinces. The company also diversified into real estate, financial services, and other businesses.

In 1998, Empire Company made a transformative acquisition, purchasing the Oshawa Group for approximately $1.5 billion. The acquisition added IGA and other grocery banners to Empire's portfolio and significantly expanded the company's presence in Ontario.

In 2013, Empire Company acquired Canada Safeway for approximately $5.8 billion, adding approximately 213 Safeway stores in Western Canada. The acquisition was the largest in Empire Company's history and established the company as a truly national grocery retailer.

The Safeway integration proved challenging, and Empire Company faced significant operational difficulties in the years following the acquisition. The company undertook a major restructuring program called Project Sunrise, which aimed to simplify operations and reduce costs.

In 2018, Empire Company acquired Farm Boy, a premium fresh food retailer with stores in Ontario, for approximately $800 million. The acquisition added a differentiated retail format to Empire's portfolio.

Michael Medline joined as CEO in 2017 and led the company's operational turnaround. Under Medline's leadership, Empire Company launched its Voila online grocery delivery service (powered by Ocado's technology), expanded FreshCo discount stores into Western Canada, and improved operational performance.

In fiscal year 2024 (ended May 4, 2024), Empire Company reported revenues of approximately $32.3 billion.

Empire Company has implemented comprehensive sustainability and ethical practices focused on sustainable retailing, environmental responsibility, and community engagement in the Canadian grocery sector. The company maintains ESG reporting frameworks through its Sobeys subsidiary and has established climate action commitments and food waste reduction initiatives.

Environmental sustainability initiatives include reducing impacts through energy-efficient store operations, climate change action programs, and comprehensive food waste reduction strategies. The company's "OurPart" sustainability program focuses on protecting the planet for future generations while growing and empowering a diverse, equitable, and inclusive workforce.

Sustainable retailing practices include implementing energy-efficient refrigeration and lighting systems, reducing plastic packaging waste, and optimizing logistics to minimize carbon emissions. Empire Company works with suppliers to promote sustainable agriculture and responsible sourcing practices throughout its supply chain.

The company maintains strong ethical standards regarding food pricing transparency, employee welfare, and community engagement. Empire Company addresses food security concerns through partnerships with local food banks and community programs while maintaining responsible business practices in the grocery retail industry.

Empire Company has received recognition for its leadership in grocery retail, sustainability initiatives, and corporate responsibility in the Canadian business community.

• Retail Excellence Awards: Recognition for grocery retail innovation, customer service excellence, and store format development
• Sustainability Leadership: Awards for environmental initiatives, food waste reduction programs, and climate action commitments
• Corporate Responsibility: Recognition for community engagement, food bank partnerships, and diversity and inclusion programs
• Digital Innovation: Awards for online grocery delivery services, e-commerce platform development, and digital transformation
• Workplace Excellence: Recognition for employee development programs, workplace safety, and inclusive corporate culture

Empire Company and other Canadian grocery retailers have faced significant political and public scrutiny related to food price inflation. The Canadian government has called on grocery retailers to stabilize food prices, and parliamentary committees have investigated grocery pricing practices.

Empire Company's acquisition of Canada Safeway in 2013 faced regulatory scrutiny from the Competition Bureau of Canada, which required the company to divest certain stores in markets where the acquisition would reduce competition.

The company has also faced scrutiny related to its treatment of suppliers, with some suppliers alleging that large grocery retailers use their market power to impose unfavorable terms.