Thrifty Foods was founded by Alex Campbell and Ernie Skinner in 1977 when the first store was opened in Victoria's Fairfield neighbourhood. As of June 2018^[update], the chain operates 25 stores, with 2 more under construction on Vancouver Island and the Lower Mainland.^{[citation needed]} It is the largest supermarket chain on Vancouver Island. In 2007 it became a division of Sobeys which operated independently of the larger company initially, before being fully integrated.

Since 2004, it has operated an on-line grocery service on Vancouver Island. The online ordering system extends into the Metro Vancouver area.^[1]

The company has an annual scholarship program that gives out $1500 to 20 students that are part of the company's web, either directly or indirectly.^{[citation needed]}

Thrifty Foods is the largest private employer on Vancouver Island. In 1999, Thrifty Foods was voted among the Ten Best Companies to Work For in British Columbia.^[2] In 2007, Thrifty Foods was recognized as one of Canada's 50 Best Managed Companies.^[3]

On April 14, 2014, Overwaitea Food Group took over three Thrifty Foods locations including Brooks Landing in Nanaimo (Save-On-Foods), Abbotsford (Cooper's Foods Then Co-op), and Sapperton at New Westminster (Save-On-Foods) via an acquisition to ensure that Sobeys does not become a monopoly in the region after acquiring Thrifty Foods rival Safeway.