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.

In 2007 it became a division of Sobeys which operated independently of the larger company initially, before being fully integrated.

[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.