As always, I think your assessment is spot‑on, Mr. Ste‑Marie.
Three players actually control over 50% of the market, Loblaw, Sobeys and Metro. Two U.S. companies, Costco and Walmart, also play a role in the industry. I have spoken to various grocers, specifically, in Europe and, of course, in the U.S.
I think Bill C‑56 can help us attract a new player, at the very least. Believe it or not, one of the reasons why a U.S. grocer didn't come to Canada has to do with the infamous covenants in leases. Currently, if there is a grocery store in a mall, the owner can stipulate in the lease that a competing store can't open within so many kilometres. Imagine what that's like for a new grocer trying to enter the market. The simple fact that these agreements will be reviewable changes the market dynamics. When I met with grocers, that's what they told me. They want to be able to look further ahead to see how they could set up shop in Canada.
I take your point about the abuse of dominance. Government business motion number 30 gives the committee the latitude to examine those very reforms. I think that's important, so I encourage you to pursue that. The bill introduced by Jagmeet Singh, Bill C‑352, contains some amendments. There are some things worth exploring in there as well.
We have a historic opportunity. The last time the act was reformed was 37 years ago. If we want to change the trajectory we've been on for the past 30 years, now is the time. Bill C‑56 will give us some excellent tools to do that.
That said, there is still a lot to do. We addressed that in the fall economic statement. I think Bill C‑56 moves us in the right direction. Having spoken to grocers interested in coming to Canada, I can tell you that they are watching all this closely. I think we have some good stuff here.
The reality of the market is this: three players control half the market in Canada. Today, as parliamentarians, we would do well to change that reality as quickly as possible. Ultimately, I want to see food prices stabilize, new players enter the market and—