in its grocery business, by reducing taxes through tax advantages of the REIT structure. Loblaw shares increased 24% on the news. On July 5, 2013, the new REIT, Choice Properties REIT, held a million IPO. Loblaw retained majority ownership in the new company. In February 2018, Choice announced that it would acquire Canadian Real Estate Investment Trust (CREIT), a diversified commercial REIT, for . Shoppers Drug Mart and Pharmaprix On July 15, 2013, Loblaw announced that it would acquire Canada's largest pharmacy chain, Shoppers Drug Mart (branded "Pharmaprix" in the Province of Quebec), for in a cash and stock deal. Galen G. Weston indicated the possibility for store brands from the two chains to appear in each other's stores following the merger, and that the merger would give Loblaw greater buying power for health and wellness products. The merger received approval by both shareholders and the Competition Bureau, allowing Loblaw to close the deal on March 28, 2014. Shoppers Drug Mart and its administration will continue to work as a separate operating division of Loblaw Companies Limited. Following the purchase, the Shoppers Drug Mart loyalty program Optimum was merged with Loblaw's PC Plus program to form PC Optimum. Banners Loblaw operates under many banners throughout Canada, so as to appeal to different niches but also to present the illusion of greater competition. While most of these banners are not likely to be abandoned in the near future, during much of the 2000s, the company focused on developing the large-format Real Canadian Superstore banner, which is gradually replacing some Loblaws and Zehrs locations in Ontario, as a national rival to Walmart Canada. Additionally, as part of a 2006 agreement with unionized employees in Ontario, Loblaw announced that it would introduce a new food-centred supermarket format (originally called the "Great Canadian Food Store") for locations not converted to the Superstore format. This format has since opened under the name "Loblaw Great Food". In total, 44 existing Ontario stores were planned to be converted to either the Superstore or Great Food format between 2006 and 2010, in addition to new construction and existing Superstores. The banners are listed below based primarily on their 2006 format classifications within Loblaw, though some individual locations may not match the specified format. Superstore Atlantic Superstore (The Maritimes) Dominion Stores (Newfoundland) Real Canadian Superstore (Ontario, Western Canada, and Yukon) Maxi (Quebec) "Great Food" Loblaws / Loblaw Great Food