I'm not in favor of a Circle K, but I am in favor of an Aisle 24.
The main differences between a convenience store (such as Aisle 24) and Loblaws are selection of groceries (I doubt you'll find a bakery, a deli, and a butcher shop in a convenience store), hours, and customer loyalty (I myself am a PC Optimum member).
That said, I'll wait and see what other ideas are in store for that location in the Ultima.