Many Canadians likely do not. Yet as of January 1, 2026, milk sold in Canada contains more vitamin D. This is neither a new product nor a marketing innovation, but rather a quiet regulatory adjustment that has largely gone unnoticed by the public.
At first glance, the change appears technical. It stems from a well-documented reality: a significant share of Canadians do not consume enough vitamin D, particularly during months with limited sunlight. Nothing sensational there. And yet, in food policy, the quietest interventions are often those that carry the strongest signals.
By strengthening the mandatory fortification of milk, the regulation does more than address a nutritional deficiency. It clearly positions part of the agri-food sector as a contributor to the solution, rather than as a problem to be regulated or criticized.
That said, it is worth clarifying what “fortifying” milk actually means.
Contrary to what some may assume, the vitamin D added to milk is not synthesized by the cow, nor is it “boosted” through animal feed. It is added after milking, during processing, in the form of vitamin D3 (cholecalciferol)—the same molecule naturally produced by human skin when exposed to sunlight.
This vitamin D is typically dissolved in a small amount of fat to ensure uniform distribution in the milk. The process is tightly controlled: quantities are precisely measured, monitored, and adjusted to meet regulatory standards, without affecting taste, texture, or overall composition.
Is it natural? That depends on the frame of reference.
From a chemical and biological standpoint, the added vitamin D is identical to naturally occurring vitamin D. From a regulatory standpoint, it is a deliberate and well-governed technological intervention, comparable to fortifying flour with folic acid or salt with iodine. Milk itself is not being transformed; rather, a structural limitation of a northern diet is being corrected.
Still, perhaps a touch more transparency would help reassure consumers.
The choice of milk is grounded in very practical considerations. It is consumed regularly, in predictable quantities, across all income groups. It has been subject to mandatory fortification for decades, reducing regulatory risk and transition costs. And crucially, it naturally combines calcium and vitamin D—two nutrients whose complementarity is essential for bone health.
Beyond these technical arguments, the policy sends a broader message: nutrition policy cannot rely solely on individual responsibility or food education. It can also be built through structural interventions embedded directly in the food supply.
In other words, consumers are not being asked to change their habits. Instead, the nutritional quality of what they already consume is quietly improved.
This is hardly a new idea. The iodization of salt, the fortification of flour with folic acid, and the addition of vitamin D to margarine were all based on the same logic: addressing public-health challenges without increasing the decision-making burden on households.
It would be excessive to frame this as a public-relations exercise aimed at polishing the dairy sector’s image. But it would be equally naïve to ignore the positioning effect that follows. By choosing milk as a delivery vehicle, the state implicitly acknowledges that certain agri-food sectors can actively contribute to public-health objectives when governed rigorously.
Vitamin D-fortified milk will not, on its own, resolve the complex challenges of modern diets. But it does serve as an important reminder: not all solutions require restriction or guilt. Some still come from simple, accessible foods—and from regulation designed to build, rather than punish.
As 2026 begins, Tim Hortons is looking back at 2025 with a detailed snapshot of what Canadians ordered most during their daily Tims runs. The data offers a window into national preferences, regional variations, and how the brand continued to evolve its menu and customer experience over the past year.
Across the country, familiar favourites once again dominated ordering patterns. The Apple Fritter emerged as Canada’s top donut in 2025, reinforcing its long-standing popularity. Chocolate Glazed was the most ordered Timbits flavour nationwide, while the classic Double Double remained the most common coffee order. On the cold beverage side, the Iced Capp continued its reign as the most ordered chilled drink, underscoring its enduring place in Canadian coffee culture.
Menu Innovation Drives Regional Standouts
Beyond its core staples, Tim Hortons spent 2025 introducing a range of new food and beverage offerings aimed at expanding choice across dayparts. In February, the brand launched scrambled eggs made with freshly cracked eggs, followed in June by the Supreme Stack lunch and dinner sandwich. August brought the introduction of hot and iced protein beverages, as well as new Chai Latte offerings.
Ordering data highlights how these innovations resonated differently across the country. Richmond, British Columbia recorded the highest volume of orders for the Loaded Breakfast Box with scrambled eggs, suggesting strong local uptake of the refreshed breakfast platform. Sherwood Park, Alberta led the country in Supreme Stack sandwich orders, while Surrey, British Columbia emerged as the top market for protein beverages. Markham, Ontario stood out as the leading city for the new hot and iced Chai Latte drinks.
These regional patterns reflect how menu innovation continues to complement Tim Hortons’ core offerings, while also allowing the brand to test and scale new products across diverse markets. Within the broader picture of Tim Hortons 2025 menu trends, the balance between familiarity and experimentation remained a defining theme.
Tim Hortons at YOW (Rendering: YOW)
Loyalty Growth, Delivery Behaviour, and Merchandise Demand
The year also delivered notable insights beyond food and beverage ordering. Prince Edward Island recorded the largest year-over-year percentage increase in Tims Rewards members, pointing to continued momentum in the brand’s digital loyalty strategy. Delivery habits showed a preference for simplicity, with the most popular Tims Delivery order consisting of four coffees.
Merchandise played an increasingly visible role in the brand’s ecosystem. The collectible Black Cat ceramic mug, which features a heat-activated design, was the top-selling merchandise item of the year on TimShop.ca. Its popularity highlighted growing consumer appetite for branded items that extend the Tim Hortons experience beyond the restaurant.
First-of-its-kind Tim Hortons pop-up merch store at the CF Toronto Eaton Centre (CNW Group/Tim Hortons)
First Standalone TimShop Store Debuts in Toronto
In a notable retail-first for the brand, Tim Hortons also experimented with physical merchandise retail in 2025 through the launch of its first-ever standalone TimShop pop-up. The temporary store opened at CF Toronto Eaton Centre, marking a strategic expansion of the TimShop.ca concept into a brick-and-mortar setting during the holiday season.
Located on the lower level of the mall in a high-traffic inline space along the central retail corridor, the pop-up opened in early November 2025 and traded through the holiday period, closing at the end of the year. The storefront focused exclusively on merchandise rather than food, positioning it as a physical extension of TimShop.ca rather than a traditional restaurant format.
The space was designed by Toronto-based Mason Studio and presented an immersive environment described as dreamlike and playful. Drawing on themes of nostalgia, time, and memory, the design incorporated a pyjama-inspired aesthetic intended to feel whimsical and escapist. Features included a donut-shaped cash desk, a red cup wall, quilted architectural elements, a deconstructed food-truck-style kiosk, and a teddy bear standing roughly seven feet tall, all designed to spark curiosity and encourage exploration.
Product assortment mirrored and expanded on TimShop.ca, featuring Tims-branded apparel such as hoodies, sweaters, T-shirts, joggers, and festive family pyjamas. Drinkware, accessories, and at-home coffee products rounded out the offer, with an emphasis on limited-edition holiday items and quintessentially Canadian giftable souvenirs. Price points were positioned to appeal to a range of shoppers, from stocking stuffers to more statement pieces.
First-of-its-kind Tim Hortons pop-up merch store at the CF Toronto Eaton Centre (CNW Group/Tim Hortons)
Community Impact Remains Central
Alongside commercial performance, community fundraising remained a major pillar of the brand in 2025. Through initiatives including Special Olympics Donut, Smile Cookie, Camp Day, Orange Sprinkle Donut, and the Holiday Smile Cookie campaign, Canadians helped raise more than $50 million through Tim Hortons charitable programs over the year.
“We’re proud that Tims restaurant owners continue to embrace the mission that our founder Tim Horton created for his first location: to be a place where anyone could go, at any time, and feel at home,” said Axel Schwan, president of Tim Hortons. “We’re thankful to be part of so many Canadians’ daily routines and special moments.”
“This wouldn’t be possible without our incredible Tims restaurant owners and their team members’ dedication to serving our delicious food and beverages, with exceptional hospitality, and their passion for giving back to the local communities they call home,” Schwan added.
Founded in 1964 with its first restaurant in Hamilton, Ontario, Tim Hortons has grown into Canada’s largest quick service restaurant chain, with nearly 4,000 locations nationwide and more than 6,000 restaurants globally. While the brand remains synonymous with Original Blend coffee, Double Doubles, donuts, and Timbits, its 2025 performance illustrates an ongoing effort to evolve across menu innovation, digital engagement, merchandise, and experiential retail.
Made-in-Canada labels on products in a grocery store. Photo: Reddit
For years, “Made in Canada” functioned as a nice-to-have label, often associated with premium pricing or niche appeal. In 2026, that framing no longer holds. According to the newly released Trend Report 2026 from Shikatani Lacroix Design, local production and domestic sourcing are rapidly becoming trust signals for consumers navigating economic uncertainty, geopolitical tension, and fragile global supply chains.
This shift reflects a deeper change in consumer psychology. Shoppers are treating origin claims as indicators of reliability, accountability, and alignment with national and community values. For Canadian retailers, the Made in Canada retail trend is evolving into a strategic imperative rather than a marketing message.
Periods of economic stress historically fuel nationalist sentiment, and the current environment is no exception. Rising costs of living, trade disruptions, and geopolitical instability are reshaping how consumers evaluate value. The report notes that while protectionist policies can introduce new challenges, consumer behaviour is clearly tilting toward products perceived as closer to home and more resilient to global shocks.
In Canada, this has translated into heightened scrutiny of supply chains. Shoppers want reassurance that products will remain available, fairly priced, and ethically produced. Domestic manufacturing and local sourcing offer tangible proof points in a market where trust is increasingly fragile.
The “Made Here” Movement Gains Momentum
The report identifies the “Made Here” movement as a defining expression of modern nationalism in retail. Consumers across Canada and the United States are rewarding brands that emphasize domestic production, not purely out of patriotism, but as a response to uncertainty and risk.
For retailers, this means that packaging, product design, and storytelling now carry greater weight. Clear origin labeling and transparent sourcing practices have become powerful signals of credibility. In many categories, especially food, apparel, and private label, local production is influencing purchasing decisions as strongly as price or brand recognition.
Supply Chains Shift From Efficiency to Assurance
Global supply chains were once optimized almost exclusively for cost and speed. The past several years have exposed the vulnerability of that model. The report highlights how supply chain disruptions and nationalist policies are accelerating re-shoring efforts, pushing brands to rethink where and how products are made.
For Canadian retailers, the Made in Canada retail trend is forcing a recalibration. Domestic sourcing may come with higher upfront costs, but it offers stability, predictability, and reputational benefits that increasingly outweigh pure margin considerations. Retailers that can demonstrate control and accountability within their supply chains are better positioned to earn long-term consumer confidence.
Shop Canadian signage at a store. Photo: Craig Patterson
Immigration, Labour, and the Local Economy Narrative
The report also connects the rise of local preference to shifting immigration policies and labour dynamics. With Canada reducing immigration levels to ease pressure on housing and public services, workforce availability is tightening in several sectors.
This environment places additional emphasis on how brands communicate their economic impact. Retailers are being evaluated not only on what they sell, but on how they contribute to local employment, skills development, and community resilience. Messaging that balances national pride with inclusivity is becoming essential as debates around borders and identity intensify.
Local Does Not Mean Exclusive
While nationalism is influencing purchasing behaviour, the report cautions against exclusionary interpretations. Consumers expect brands to support domestic economies without marginalizing immigrant communities or global partnerships. Cultural sensitivity and ethical labour practices remain critical, particularly as scrutiny around worker treatment increases.
For retailers, this creates a delicate but necessary balance. Celebrating Canadian sourcing must coexist with inclusive brand values and transparent employment practices. Trust is built not only through where products are made, but through how people are treated across the value chain.
From Brand Claim to Consumer Expectation
Perhaps the most significant takeaway from the report is that “Made Here” is no longer a differentiator. It is becoming an expectation. Consumers are increasingly selective, rewarding brands that can substantiate their claims with real operational choices rather than surface-level messaging.
This evolution places pressure on retailers that rely heavily on global sourcing without clear transparency. In a climate defined by skepticism and information overload, vague origin claims risk eroding trust.
As 2026 unfolds, the Made in Canada retail trend signals a broader redefinition of value. Price still matters, but trust, reliability, and perceived national contribution now play a central role in purchase decisions. Retailers that align sourcing strategies, brand storytelling, and operational practices around local impact are better positioned to navigate an increasingly cautious and values-driven consumer base.
“Made Here” is no longer a badge reserved for select products. It is becoming a lens through which Canadian consumers evaluate brands themselves.
Two hands are held together in the shape of a heart. Each fingernail is painted bright blue and decorated with white raised braille dots. (CNW Group/Canadian National Institute for the Blind)
January is Braille Literacy Month in Canada, a time to recognize braille as a cornerstone of literacy, learning, and independence for people who are blind, Deafblind, or have low vision. To mark the month, CNIB has partnered with THE TEN SPOT® to launch Braille Nails, a national fundraising initiative designed to bring braille literacy into everyday spaces while supporting essential education programs across the country.
The initiative highlights an ongoing challenge facing Canada’s blindness community. Approximately two million Canadians are blind, Deafblind, or have low vision. For children and adults who rely on braille, literacy is as fundamental as it is for sighted individuals. The ability to read and write builds confidence, supports learning, and opens pathways to future opportunity. Despite this, access to braille instruction, materials, and tools is not guaranteed, and braille literacy rates have declined for years due to limited resources and systemic gaps in support.
Braille Literacy as a Foundation for Learning
CNIB, founded in 1918, has spent more than a century working to change what it means to be blind in Canada. As a national non-profit organization, it delivers programs and advocacy initiatives that empower people impacted by blindness to live independently and participate fully in society. A core part of that mission is ensuring equitable access to literacy, including braille, which remains essential for education and lifelong independence.
Angela Bonfanti, President and CEO of CNIB and DBCS, emphasized the importance of treating braille literacy with the same urgency and respect as print literacy for sighted children.
“Imagine your sighted child being told they could learn to read only through a screen or a pair of headphones. No books in their hands. No pages to turn. No opportunity to engage with print. We would never accept that,” said Angela Bonfanti. “We know that a combination of digital tools and print literacy gives children a strong foundation for learning. The same standard must apply to children who are blind. Audio matters, but it is not enough. Braille is literacy. A balanced mix of audio and braille is what children who are blind deserve, not as a privilege, but as a right. This is about choice and equity, and giving every child the tools they need to learn, grow, and participate fully in the world around them.”
Funds raised through Braille Nails will directly support CNIB’s braille literacy programs, helping ensure that children and adults have access to instruction, learning materials, and tools that allow them to read and write independently. The initiative reinforces the principle that braille literacy should be a standard part of education for people who are blind, rather than an optional or limited accommodation.
Bringing Awareness Into Community Retail Spaces
THE TEN SPOT® brings a different but complementary strength to the partnership. Founded in 2006 by Creator and CEO Kristen Gale, the brand was created to bridge the gap between low-cost nail salons and high-end spas. The concept combines efficiency with service excellence, offering a one-stop beauty bar experience that includes nail, waxing, laser, and facial services in a welcoming, design-focused environment.
Now the largest and fastest-growing beauty bar brand in Canada, THE TEN SPOT® has expanded through franchising and into the United States while maintaining a strong focus on quality, hygiene, and employee well-being. Its staff, known as 10spotters®, receive a living wage, benefits, incentives, and ongoing training, reflecting the company’s broader commitment to inclusion and excellence.
Through Braille Nails, THE TEN SPOT® is using its national footprint to bring conversations about braille literacy into familiar, high-traffic community spaces. From January 15 to February 15, 2026, the company will run a month-long Braille Nails promotion across its Canadian beauty bars. Guests who choose Braille Nails nail art during this period will help support CNIB, with a portion of proceeds directed to braille literacy programming.
“At THE TEN SPOT®, our purpose is to make people #FeelLikeATen, and we believe that everyone has the potential to do great things and thrive in all areas of life,” said Gale. “We are proud to partner with CNIB to support its braille literacy efforts and use our beauty bars to foster inclusive spaces for Canadians to learn, engage and support its cause across the country.”
Supporting Literacy Through Participation and Giving
By integrating fundraising and education into a retail service experience, Braille Nails aims to normalize discussions around accessibility while generating meaningful financial support. The initiative reflects a broader shift toward purpose-driven partnerships in Canadian retail, where brands leverage their platforms to support social outcomes that extend beyond their core business.
From January 15 to February 15, 2026, Canadians can visit any THE TEN SPOT® location to participate in Braille Nails and contribute to braille literacy through their appointment. Those who wish to make a direct impact can also donate to CNIB, helping ensure that children who rely on braille have access to the literacy tools that shape lifelong independence.
More information about Braille Nails and opportunities to give is available at cnib.ca/braillenails.
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past several days.
Soon-to-open Apple store in downtown Montreal. Photo: Apple
Apple has confirmed that its Sainte-Catherine Street retail presence in Montreal is moving to a new location, with the relocated Apple Sainte-Catherine store set to open to the public on Friday, January 16 at 10 a.m. The new store will occupy a historic building at the corner of Sainte-Catherine Street and Rue de la Montagne, one of Montreal’s most prominent retail intersections. The relocation represents another step in Apple’s long-term strategy of investing in prominent urban locations that blend retail, architecture, and community engagement.
The Sainte-Catherine store first opened at 1321 Sainte-Catherine Street in 2008 and has served as a key downtown Montreal location for nearly two decades. The new site places the store in a more architecturally distinctive building while maintaining a central position along Montreal’s busiest shopping corridor. The move aligns with Apple’s broader Canadian retail evolution, which has increasingly emphasized upgraded locations, larger footprints, and enhanced experiential elements in major urban markets.
The new Apple Sainte-Catherine store is located at the intersection of Sainte-Catherine Street and Rue de la Montagne, an area defined by high pedestrian traffic, flagship retail, and proximity to both office towers and residential neighbourhoods. Sainte-Catherine Street remains Montreal’s primary commercial artery, serving as a focal point for fashion, technology, dining, and entertainment.
Public Art Installation Celebrates Montreal’s Creative Identity
To mark the opening of the new location, Apple collaborated with Montreal-based artist Catherine Potvin on a large-scale illustration that now wraps the exterior facade of the building. The artwork will remain on display until the grand opening on January 16 and serves as both a visual landmark and a celebration of Montreal’s cultural scene.
Potvin’s illustration draws inspiration from the city’s creativity and imagination, weaving together references to Montreal’s artists, musicians, athletes, and chefs. Throughout the artwork, Apple products appear in use as tools that support creative expression and everyday activity. The scenes include an illustrator drawing on iPad, a DJ wearing AirPods Max, a photographer using an iPhone, a person coding on MacBook, and a yogi wearing Apple Watch.
The facade installation transforms the building into a temporary public art canvas, reinforcing Apple’s recurring practice of commissioning local artists to create location-specific artwork during store openings and major renovations. In Montreal, where public art and murals are a defining element of the city’s identity, the collaboration aligns closely with local cultural expectations.
Live Art Programming During Opening Weekend
Programming tied to the opening weekend will further highlight the collaboration with Potvin. During the first days of operation, she will lead a live art demonstration using iPad, offering visitors a real-time look at digital illustration techniques within the store environment.
In addition, customers who make a purchase during select times will receive an Apple Store gift bag illustrated by Potvin. The scheduled times for these activations are Friday, January 16 from 11:00 a.m. to 2:00 p.m., and Saturday, January 17 at 1:30 p.m. and again at 4:00 p.m. These limited-time elements are designed to create a sense of occasion around the opening while reinforcing Apple’s emphasis on creativity and hands-on engagement.
Such opening-weekend programming has become a familiar component of Apple store launches, particularly in urban locations where the company seeks to establish the store as a community hub rather than a purely transactional space.
Construction and Build-Out Led by Montreal-Based SAJO
The build-out of the new Apple Sainte-Catherine store has been underway since last year and is being handled by Montreal-based construction-design firm SAJO. SAJO has extensive experience delivering complex retail environments and has worked on numerous flagship projects across Canada and internationally.
The involvement of a local firm underscores Apple’s preference for partnering with regional specialists who understand local building codes, heritage considerations, and urban construction challenges. While Apple maintains tight global standards for retail design and execution, its Canadian projects frequently incorporate local expertise to navigate site-specific constraints, particularly when historic buildings are involved.
Apple’s Broader Retail Footprint in Quebec and Canada
The relocation of the Apple Sainte-Catherine store comes within the context of Apple’s sizable and mature Canadian retail network. Apple currently operates five retail stores in Quebec and 28 across Canada, with locations concentrated in major metropolitan markets including Montreal, Toronto, Vancouver, Calgary, and Edmonton.
Over the past several years, Apple has prioritized upgrading existing locations through relocations, expansions, and comprehensive redesigns rather than pursuing aggressive store count growth. In Canada, this approach has resulted in larger stores, improved layouts, and expanded capacity for programming such as Today at Apple sessions, technical support, and community events. Apple’s first Canadian flagship opened in Vancouver at CF Pacific Centre in November of 2022.
Primaris REIT has completed the sale of Calgary’s Northland Village shopping centre and the adjacent Northland Professional Centre for $154 million, closing the transaction on December 19. The disposition forms part of the REIT’s ongoing capital recycling program and caps a multi year redevelopment effort that repositioned the property as a modern, open air retail destination in northwest Calgary.
Although the purchaser was not identified in Primaris’ official announcement, sources say that the assets were acquired by an affiliate of Canada Life, underscoring continued institutional appetite for stabilized, necessity based retail assets in major Canadian markets. The transaction was completed on an unencumbered basis, with TD Cornerstone Commercial Realty and RBC Capital Markets Real Estate Group acting as exclusive advisors to Primaris.
A High Visibility Calgary Retail Asset
Northland Village occupies a 31.81 acre site at the intersection of Crowchild Trail and Northland Drive NW, one of northwest Calgary’s most visible and heavily trafficked corridors. The property benefits from exposure to more than 75,000 vehicles per day and sits within a five minute drive of the Brentwood LRT station, providing strong connectivity to surrounding residential communities.
The retail component spans 30.32 acres and totals 383,041 square feet of gross leasable area, supported by 720 surface parking stalls. The office component consists of a separately titled 52,379 square foot professional centre located at 4600 Crowchild Trail NW. At the time of sale, the combined retail and office complex featured a weighted average lease term of 6.7 years and an average in place minimum net rent of $24.10 per square foot, reflecting stable income characteristics aligned with institutional investment criteria.
Northland Village Mall (Rendering: Primaris)
From Enclosed Mall to Open Air Format
Originally opened in 1971 as an enclosed, single level shopping centre, Northland Village underwent several expansions in the early 2000s before entering its most significant transformation earlier this decade. The most recent redevelopment converted the aging enclosed mall into a largely open air retail centre designed to reflect contemporary consumer preferences and evolving retailer requirements.
The approximately $120 million redevelopment was led by Ledcor and involved the demolition of roughly 240,000 square feet of enclosed mall space. Six new stand alone retail buildings were constructed, adding more than 200,000 square feet of mixed use retail space, while selected existing structures were retained and renovated. The redevelopment also prioritized site circulation, visibility, and parking efficiency, creating a format better suited to necessity driven and service oriented tenants.
This transformation proved critical to stabilizing the asset and positioning it for sale. By the time the property was formally marketed in early September, Northland Village was 97.8 percent occupied, reflecting strong leasing demand and tenant retention following redevelopment.
A Necessity Based Tenant Mix
Northland Village’s tenant roster is anchored by a lineup of national retailers that drive consistent daily traffic. Major tenants include Walmart, Best Buy, GoodLife Fitness, Dollarama, Winners, and Spinelli Italian Centre Shop.
Approximately 80 percent of in place gross rent is generated by national and regional tenants with established credit profiles. This emphasis on essential retail, fitness, grocery, pharmacy, and value oriented categories has contributed to resilient cash flows and reduced volatility, particularly in an environment where investors continue to prioritize income stability.
Built In Flexibility for Future Intensification
Beyond its current operating performance, the Northland site offers meaningful long term optionality. The size of the land parcel, combined with surface parking and relatively low site coverage, provides flexibility for future intensification, mixed use redevelopment, or phased repositioning as market conditions evolve.
Primaris previously demonstrated this potential in 2022, when it sold approximately two acres of excess land along Northland Drive NW to a residential developer. That parcel was subsequently developed into a 219 unit rental apartment complex, highlighting the site’s appeal for residential and mixed use applications within a mature urban setting.
A Capstone Transaction in a Busy Disposition Year
The Primaris Northland Village sale represents the final and largest disposition completed by the REIT in 2025. In total, Primaris executed approximately $400 million in non core asset sales during the year, encompassing 1.74 million square feet of gross leasable area across multiple property types and markets.
Earlier 2025 dispositions included the sale of Sherwood Park Mall and Sherwood Park Professional Centre in Alberta, St. Albert Centre, several strip plazas and excess land parcels in Medicine Hat, the Lansdowne industrial centre in Peterborough, and Northpointe Town Centre in Calgary. Collectively, these transactions reflect a deliberate strategy to monetize smaller format and non core assets while sharpening the REIT’s focus on dominant enclosed shopping centres.
“Primaris is very pleased to close out the year with the strategic disposition of Northland, continuing to demonstrate our track record of disciplined capital allocation and capital recycling,” said Alex Avery in a statement announcing the transaction. “Executing $400 million of non core asset sales in 2025 underscores Primaris’ commitment to maintain a best in class balance sheet while continuing to leverage the competitive advantage our management platform provides, for acquiring, owning and managing market leading Canadian malls.”
Proceeds from the sale are expected to be allocated toward debt repayment, the repurchase and cancellation of units under the REIT’s normal course issuer bid, and general trust purposes.
Recycling Capital Into Core Mall Assets
While divesting non core assets, Primaris has simultaneously been active on the acquisition front, deploying capital into large scale enclosed shopping centres with dominant market positions. Over the past several years, the REIT has completed a series of high profile transactions that have reshaped its national portfolio.
Recent acquisitions include Promenades St Bruno on Montreal’s South Shore and Lime Ridge Mall in Hamilton, both acquired from Cadillac Fairview, as well as Galeries de la Capitale in Quebec City acquired from Oxford Properties. Earlier transactions included the acquisition of Halifax Shopping Centre and its adjacent annex from OPB Realty Inc. and Conestoga Mall in Waterloo from Ivanhoé Cambridge.
These assets align with Primaris’ strategy of owning and operating large, regionally dominant shopping centres that serve as primary retail destinations within their trade areas. Capital generated from dispositions such as Northland Village has played a key role in funding this portfolio repositioning while maintaining balance sheet discipline.
Aritzia at CF Masonville Place (Image: Cadillac Fairview)
Aritzia is heading into its third quarter of fiscal 2026 with growing confidence from the investment community, as new forecasts from Martin Landry, Managing Director at Stifel, point to a materially stronger performance driven by accelerating sales, margin expansion, and improving operating leverage. The latest earnings preview from Stifel suggests that Aritzia’s recent momentum is not only intact, but strengthening, following a period of operational recalibration.
Ahead of the company’s upcoming earnings release, expectations have been revised higher, reflecting what Landry characterizes as a decisive inflection in Aritzia’s financial trajectory. After working through supply chain pressures and execution challenges in prior periods, the retailer now appears positioned to deliver both top-line growth and meaningful profitability gains.
For Canadian retail observers, the Aritzia Q3 earnings outlook outlined by Stifel provides a detailed snapshot of how disciplined execution, digital investment, and brand strength are translating into improved financial performance.
Earnings Expectations Raised Ahead of Q3 Results
In his earnings preview, Landry notes that Aritzia is expected to deliver adjusted earnings per share of approximately $1.02 for the third quarter, representing year-over-year growth of more than 40 percent. This forecast sits well above broader consensus expectations and reflects confidence in both sales momentum and margin recovery.
Martin Landry
Net revenue for the quarter is projected to approach $1 billion, representing growth of more than 34 percent compared with the same period last year. Stifel’s analysis points to strength across both physical retail and ecommerce channels, with store-based revenue expected to outpace online growth as traffic and conversion improve.
The anticipated performance reflects a strong fall selling season, supported by favourable product reception, improved inventory availability, and more effective marketing execution. Landry highlights early November as a particularly strong period, coinciding with the launch of Aritzia’s first mobile app, which appears to have driven a measurable uplift in demand.
Comparable Sales Growth Signals Sustained Demand
Comparable sales growth is expected to be one of the most closely watched metrics when Aritzia reports results. Stifel forecasts comparable sales growth of approximately 24 percent for the quarter, materially exceeding both historical norms and prior expectations.
According to Landry, this level of growth reflects genuine volume and engagement gains rather than price-driven inflation alone. The data suggests that Aritzia continues to resonate strongly with its core customer, while also benefiting from rising brand awareness in the United States.
From a retail strategy standpoint, sustained double-digit comparable growth underscores the effectiveness of Aritzia’s merchandising approach. Its emphasis on classic, proven silhouettes reduces fashion risk while still supporting repeat visits and strong performance during key retail moments such as Black Friday and the early holiday period.
Margin Expansion Returns as Discounting Moderates
Profitability is expected to improve meaningfully in the quarter. Stifel models gross margin expansion of approximately 110 basis points year over year, driven by stronger full-price selling and reduced discounting compared with the prior year.
Landry notes that margin recovery is being supported by tighter inventory discipline and a healthier sales mix. After margin compression in fiscal 2024, the company appears to have re-established balance between supply and demand, allowing profitability to improve without sacrificing volume.
Operating leverage is also beginning to re-emerge. Selling, general, and administrative expenses are projected to decline as a percentage of sales, reflecting better absorption of fixed costs as revenue scales. This SG&A leverage is expected to be a key contributor to earnings growth, reinforcing the sustainability of the company’s current performance.
Digital Momentum Accelerates Following App Launch
One of the most notable developments highlighted in Stifel’s analysis is the launch of Aritzia’s first mobile app in early November. While the app represents an incremental step rather than a fundamental shift in strategy, early data suggests it played a meaningful role in stimulating demand, particularly in the U.S. market.
Observed transaction data showed a sharp year-over-year increase in sales following the app launch, supporting the view that improved digital engagement is enhancing customer retention and frequency. Landry points to this development as an important reinforcement of Aritzia’s broader omnichannel strategy.
In a competitive apparel landscape, the ability to engage customers directly through owned digital platforms is increasingly important. For Aritzia, the app strengthens its ecosystem while supporting full-price selling and brand control.
Physical Stores Continue to Anchor Growth
Despite the growing importance of digital channels, physical retail remains central to Aritzia’s growth strategy. Stifel forecasts that retail revenue will grow faster than ecommerce during the quarter, underscoring the continued relevance of stores as both revenue drivers and brand-building assets.
The company continues to pursue a disciplined approach to store expansion, with a focus on high-performing U.S. markets. This measured strategy allows Aritzia to maintain productivity while avoiding the overexpansion challenges that have weighed on other apparel retailers.
Stores also play a critical role in supporting digital performance, acting as acquisition points and omnichannel fulfillment hubs. Together, strong in-store execution and improving digital engagement are reinforcing each other.
Full-Year Fiscal 2026 Outlook Strengthens
Stifel has also raised its full-year fiscal 2026 forecasts. Revenue is now expected to reach approximately $3.5 billion, while adjusted earnings per share are projected at nearly $3.00. Adjusted EBITDA for the year is forecast to exceed $600 million, translating into margin expansion across the business.
Landry’s analysis suggests that Aritzia has largely moved past the operational challenges that weighed on performance in fiscal 2024. With systems, inventory, and execution now better aligned, the company appears positioned to deliver consistent growth through the remainder of the fiscal year.
Fiscal 2027 Estimates Continue to Move Higher
While Aritzia’s valuation has expanded alongside its share price, Stifel argues that forward estimates, particularly for fiscal 2027, remain conservative relative to current trends. Adjusted earnings per share for fiscal 2027 are now projected to exceed $4.00, reflecting continued revenue growth and further margin normalization.
This outlook aligns more closely with management’s longer-term financial framework, which targets sustained revenue growth and EBITDA margins approaching 19 percent. With revenue expected to surpass $4 billion in fiscal 2027, Stifel believes the market is still adjusting to the company’s improved earnings power.
Balance Sheet Strength Adds Optionality
Aritzia’s balance sheet continues to strengthen, providing additional flexibility. Stifel forecasts that the company’s cash balance will exceed $350 million by the end of the third quarter, with no bank debt outstanding.
This liquidity gives Aritzia the ability to fund continued investment, withstand potential macroeconomic volatility, and maintain strategic optionality. In a retail environment where leverage remains a concern for many operators, balance sheet strength has become an increasingly important differentiator.
Valuation Reflects Confidence in Execution
Aritzia’s share price has more than doubled over the past year, prompting questions about valuation sustainability. While multiples have expanded, Landry notes that rising earnings estimates could allow valuation to normalize over time even if the share price remains elevated.
As forward estimates continue to move higher, particularly for fiscal 2027, the valuation case becomes increasingly tied to execution rather than sentiment alone. For investors, this places greater emphasis on operational consistency and margin discipline.
Government Street in Victoria, BC. Photo: Apple Maps
As Canadian retailers enter 2026, they are facing a convergence of economic, political, technological, and cultural forces that are reshaping consumer behaviour and brand expectations. According to the newly released Trend Report 2026 from Shikatani Lacroix Design, these changes are not short term disruptions, but structural shifts that will influence how Canadians shop, what they value, and which brands earn trust in the years ahead.
The report identifies six underlying forces that are actively redefining the retail landscape. For Canadian retailers, understanding these Canadian retail trends 2026 will be critical to remaining relevant in an increasingly polarized, tech driven, and value conscious market.
Nationalism and the Rise of Local Preference
One of the most visible forces reshaping retail is the renewed emphasis on nationalism within an interconnected global economy. Economic uncertainty, geopolitical tension, and supply chain fragility are accelerating consumer preference for locally made goods. In Canada, this has translated into stronger demand for domestic sourcing, transparent manufacturing, and products that visibly support local communities.
The report highlights the growing influence of the “Made Here” movement, where country of origin has become a trust signal rather than a secondary attribute. For retailers, local manufacturing, Canadian sourcing, and national storytelling are no longer optional differentiators. They are becoming central to brand credibility, particularly as immigration levels decline and debates around national identity intensify.
Disrupting Traditional Life Paths and Consumption Patterns
Younger consumers are actively opting out of many traditional milestones that once shaped retail demand, including home ownership, marriage, parenthood, and even car ownership. As a result, household structures are shifting, with more single person households and non traditional living arrangements shaping purchasing behaviour.
For Canadian retailers, this shift is influencing everything from package sizing to product assortment. Smaller format goods, subscription services, pet related spending, and discretionary lifestyle purchases are becoming more prominent. Financial services, insurance, and home related retailers are also being pushed to rethink products designed around outdated assumptions of family life.
AI Disruption Without Guaranteed Efficiency
Artificial intelligence continues to dominate corporate strategy discussions, yet the report underscores a growing gap between expectation and execution. While AI adoption is accelerating globally, most companies are failing to achieve meaningful efficiency gains. Instead, AI is proving more effective as a tool for innovation, personalization, and growth rather than cost cutting.
The report also points to a fundamental shift in how consumers search for information. AI powered platforms are beginning to overtake traditional search engines, forcing brands to adapt content strategies for generative engine optimization. At the same time, rising anti AI sentiment, concerns about authenticity, and the spread of low quality automated content are eroding trust. Canadian retail trends 2026 suggest that brands must balance technological adoption with transparency and human oversight.
Health, Wellness, and the Misinformation Economy
Health has become one of the most politicized and commercially exploited categories in the consumer economy. The report identifies a surge in biohacking, influencer driven health advice, and GLP 1 weight loss drugs as forces reshaping food, fashion, and wellness retail.
For retailers, this creates both opportunity and risk. Consumers are actively seeking products that promise longevity, optimization, and wellness, yet trust in traditional healthcare institutions is weakening. Brands operating in food, apparel, supplements, and fitness must navigate misinformation carefully, ensuring claims are evidence based and responsibly communicated.
The Growing Power of Technology Companies
Technology companies are no longer simply platforms for commerce. They are increasingly shaping political outcomes, economic systems, and consumer behaviour at a global scale. The report outlines how tech leaders and corporations now rival governments in influence, while regulators struggle to keep pace.
For retailers, this concentration of power has direct implications. Fraud, bot driven engagement, and distorted online metrics are becoming more common. Data collection is under greater scrutiny, and consumer trust in digital ecosystems is increasingly fragile. Canadian retailers must invest in verification, brand protection, and ethical data practices as digital environments grow more volatile.
Polarization, Inequality, and the Return of the Moderate Consumer
Political and social polarization continues to intensify, yet the report emphasizes that most consumers still occupy the middle ground. While extreme content dominates online discourse, many shoppers are fatigued by ideological conflict and seek brands that provide stability, inclusion, and neutrality.
At the same time, income inequality is reshaping consumption patterns. Luxury continues to grow at the top end, while affordability pressures strain middle income households. Retailers that attempt to signal value without delivering real affordability risk backlash, particularly as practices such as shrinkflation face growing scrutiny.
What Canadian Retailers Should Take From 2026
Taken together, these Canadian retail trends 2026 reveal a consumer environment defined by skepticism, self interest, and shifting definitions of value. Trust is harder to earn, loyalty is more conditional, and authenticity is increasingly measured through action rather than messaging.
Retailers that succeed in 2026 will be those that align operations with values, communicate clearly without exaggeration, and adapt to a consumer who is simultaneously more cautious, more informed, and more demanding than ever before. The forces outlined in this report are already shaping the market, and their impact will only deepen as the year unfolds.
Kyndryl’s Retail Readiness Report found that 9 out of 10 leaders in the retail space agree that AI will “completely” change the roles at their companies within a year.
Despite the sentiment across the industry that AI has reached its tipping point, over 70% of retail enterprises are already using AI in a big way (top use-cases include cybersecurity, enterprise applications like CRM and ERP, and customer experience), and one third (33%) have increased investment in the space this year.
Heading into the new year, the most significant change for retail leaders does not lie in the introduction of AI, but in the way organizations are using it.
Kyndryl’s 2026 forecast predicts growth in agentic AI frameworks to unify communication between buyer, analyst, and store manager networks. Successful AI development will hinge on using AI the right way and “letting technology do its job”.
Report Highlights
89% of leaders in the retail industry predict AI will “completely transform” the roles and responsibilities at their organization within 12 months.
33% of retail leaders report an average increase of 33% in their AI investments in the past 12 months, and 63% say they feel more pressure to prove ROI on their AI investments vs. a year ago.
Half of retailers reported they struggle to keep up with technology advancements (lower than the global average of 60%).
48% of retail leaders say innovation is delayed by foundational tech-stack issues, and 39% say their organization’s culture stifles innovation
While over 70% of retail organizations already use various AI tools, the report predicts a need to retrain and recalibrate current usage for optimal efficiency.
“In 2025, the retail industry found itself at a complex inflection point. While the global retail market is estimated to hover around $30 trillion, with e-commerce accounting for roughly 20% of that total, the vast majority of sales still flow through physical stores. At the same time, retailers face mounting pressure from higher costs, supply-chain disruption, cyber-attacks, labor shortages and increasingly sophisticated consumer expectations,” said the report.
“Against this backdrop, technology becomes an enabler. Some 48% of retail leaders report making upgrades to their IT infrastructure, according to the Kyndryl Readiness Report. And that investment in digital transformation is significant during a time when nearly a quarter of those same leaders say technical debt holds their organizations back. But despite the scale of investment, many are struggling to translate it into operational agility, profitable growth or seamless omnichannel execution.
Photo- Vitaly Gariev
“The result is an industry suspended between ambition and execution — eager to modernize, yet burdened by complexity. Retailers have spent years layering new technologies atop legacy systems, but many are realizing that progress now depends less on adding capability and more on clarifying purpose. The coming year will challenge them to reconcile digital ambition with operational discipline, to turn data into foresight and to make technology not just an investment, but an instrument of confidence.”
Rick Olson, Consult Partner at Kyndryl, said retailers are going back to basic foundational elements of business operations. This includes inventory management, supply chain simplification and refining clear process automation.
“By concentrating on stabilizing, and prioritizing these core processes, they aim to strengthen their operational backbone. Layering advanced AI solutions on top of a broken system adds increased disruption and added complexities that deteriorate the perceived reliability of using AI systems. Reinforcing basic operational practices first will ensure any future technological advancements are built on a solid foundation,” he said.
“The Kyndryl Readiness Report underscores this approach: nearly half (48%) of retail leaders say innovation is stalled by outdated tech stacks. Furthermore, only 31% feel prepared to manage external risks, and 48% identify IT infrastructure upgrades as the most effective way to mitigate these challenges. These findings highlight that strengthening foundational systems is critical before layering advanced technologies.”
Rick Olson
Olson said omnichannel systems can be one of the largest assets for a retailer across customer personalization, vendor partnerships, and converting BOPIS (Buy Online, Pick Up In Store) to store traffic.
“Retailers can take advantage of the investment they made by asking what does their customer want in their shopping experience. Unifying data to have real-time visibility across multiple channels is critical to your operations if you promise availability within 30 minutes. Research from multiple sources show 75-85% of consumers want retailers and brands to deliver a personalized experience.
“This is taking full advantage of the first party data their omnichannel systems provide.”
Olson said Agentic AI frameworks present opportunities for enhancing efficiency and reducing the time required for many operational tasks in the retail sector.
“Notable applications are already visible in supply chain orchestration, where agentic AI optimizes delivery schedules and dynamically allocates inventory based on predictive analytics. In customer service, intelligent agents are reducing resolution times and improving personalization at scale. While our research shows leaders increased investments in AI by 33% over 12 months, many struggle to see meaningful returns, with 62% said they have more pilots than they can scale,” he explained.
“They said complexity in technology environments and difficulty aligning business and technology teams remain the top barriers to scaling these investments. As retailers move into the new year, there will be a strong focus on establishing foundational data and organizational structures. Those who prioritize simplification and invest in robust infrastructure and data governance will be best positioned to start to see the ROI of agentic AI.”
