The profit margin figure cited for grocers is the margin on their "main business" — i.e. revenue on grocery goods sold minus cost of grocery goods from suppliers.
But this ignores other ways grocers make money (at much higher margin) — e.g. by charging their suppliers for shelf space/positioning.
George Weston Limited, the top-level entity that owns Loblaws and all subsidiaries has an even lower margin, at 2.9%. This should account for the entire umbrella of ownership, I believe.
But this ignores other ways grocers make money (at much higher margin) — e.g. by charging their suppliers for shelf space/positioning.