MTY Food Group Inc., one of the largest franchisors and operators of multiple restaurant concepts worldwide, has reported third-quarter financial results for fiscal 2025, ended August 31, showing a decline in net income despite growth in normalized adjusted EBITDA and net store openings.
At the end of the third quarter of 2025, MTY’s network had 7,061 locations in operation, of which 6,805 were franchised or under operator agreements and 256 were corporate-owned. The geographical split among MTY’s locations remained stable year-over-year at 58% in the US, 35% in Canada and 7% International.
During the third quarter of 2025, MTY’s network opened 96 locations (Q3 2024 – 67 locations) and closed 81 others (Q3 2024 – 108 locations) for a net positive store growth of 15 locations.
Company revenue increased by 1% to reach $297.0 million in the third quarter, driven by growth in the processing, distribution and retail segment, partially offset by a decline in the franchise and corporate segments, MTY explained.
“Net income attributable to owners totaled $27.9 million, or $1.22 per share ($1.22 per diluted share), in the third quarter compared to $34.9 million, or $1.46 per share ($1.46 per diluted share), for the same period in 2024. The year-over-year decrease can mainly be attributed to impairment losses of $6.2 million on its intangible assets related to the franchise rights and trademarks for one brand in the US & International geographical segment and 3 brands in the Canadian segment,” said the company.
“Normalized adjusted EBITDA, which excludes acquisition-related expenses and SAP project implementation costs, increased by $2.1 million year-over-year to reach $74.0 million in the third quarter of 2025 primarily due primarily to the recognition of a $5.8 million Employee Retention Credit received (ERC) from the U.S. government during the quarter. Excluding the ERC, normalized adjusted EBITDA would have reflected a modest year-over-year decline.”
System sales reached $1.46 billion in the third quarter of 2025, representing a modest year-over-year decrease. The US segment experienced an overall sales decrease of 2%, due to a decline in same store sales, slightly offset by the positive impact of foreign exchange rates while Canada was largely flat compared to prior year, said the company.
Same-store sales decreased 1.6% year-over-year in the third quarter. By region, Canada fell by 0.3%, the US dropped 2.5%, while International saw an increase of 0.8%, it said.
Digital sales increased by 1% for the quarter to reach $273.4 million compared to $270.7 million in Q3-24 mainly due to an improvement of 8% in the Canadian segment, it added.
Normalized adjusted EBITDA increased 3 per cent year-over-year to $74.0 million, which includes a $5.8 million Employee Retention Credit from the U.S. government. Excluding the credit, the metric would have reflected a slight decline.
Eric Lefebvre
“While Q3 reflected ongoing macroeconomic volatility, we are encouraged by the sequential improvement at some of our larger banners, including Cold Stone Creamery and Wetzel’s Pretzels,” said Eric Lefebvre, CEO of MTY. “These results support our confidence in the resilience of our brands, and we remain focused on executing initiatives that will strengthen our position as conditions improve.”
“Positive net store openings this quarter demonstrate the demand for our leading concepts and the outstanding execution of our teams. These new locations reinforce our brand strength and position us for continued financial growth.
“I also want to acknowledge our teams’ dedication in successfully implementing the ERP system across Canada, with the U.S. rollout underway and well on track. These results support our confidence in the resilience of our brands, and we remain focused on executing initiatives that will strengthen our position as conditions improve.”
MTY said it continues to navigate a dynamic operating environment.
“Third-quarter performance showed a sequential improvement at MTY’s larger banners. That said, macro-economic conditions continue to create short-term headwinds and the Company continues actively implementing a range of strategic initiatives to position the business for growth once the environment improves. These include, and are not limited to, driving menu innovation, maintaining product quality and consistency, enhancing both online and in-store customer experiences, and reinforcing a strong value proposition across its banners,” it said.
“The pipeline of future locations remains strong. This quarter’s positive net openings was in line with expectations. MTY continues to anticipate an improvement in the pace of openings in the coming quarters and continues to see strong demand for its brands, especially the larger ones.”
MTY said it has only seen modest direct impacts from tariffs. In both Canada and the US, the company primarily sources products domestically, which helps limit the potential exposure. Management remains confident in its ability to navigate potential impacts through its strong supply chain and procurement capabilities, strategic menu adjustments, and, when necessary, pricing actions, it said.
MTY Group franchises and operates quick-service, fast casual and casual dining restaurants over 80 different banners in Canada, the US and Internationally. Based in Montreal, MTY has 7,061 locations.
Richelieu Hardware Ltd. reported consolidated sales of $499.2 million for the third quarter ended Aug. 31, a 6.7 per cent increase over the same period last year, driven by internal growth and recent acquisitions.
The company said internal growth accounted for 4.1 per cent of the increase, while acquisitions contributed 2.6 per cent. Net earnings attributable to shareholders were $23.9 million, or $0.43 per diluted share, up 4.9 per cent from the third quarter of 2024.
“The solid performance of all of our market segments in the United States and in all regions of Canada, with the exception of Ontario, resulted in sales growth of 6.7 per cent in the third quarter,” said Richard Lord, president and chief executive officer of Richelieu.
“Our sales increased by 6.5 per cent in the manufacturers’ market to reach $442.5 million and they rose by 8.6 per cent in the retailers’ market to $56.7 million.”
Following the end of the quarter, Richelieu completed two acquisitions — Ideal Security and Finmac Lumber — adding $22 million in projected annual sales.
“The acquisition of Ideal Security, a Canadian distributor of door and window products mainly for the retailers’ market, enables us to increase our sales and broaden our offering in Canada and in the United States,” said Lord. “As for the acquisition of Finmac Lumber, it strengthens our presence in Manitoba and allows us to complete our product lines in this market.”
Lord added the company continues to execute on its disciplined growth strategy and expects to close out the fiscal year with strong results.
For the quarter, EBITDA reached $57 million, an increase of $4.1 million or 7.7 per cent year-over-year. The EBITDA margin was 11.4 per cent, compared to 11.3 per cent for the same period in 2024. Net earnings were $25.6 million, up 6.7 per cent year-over-year.
“I am also proud to highlight that our operations generated $82.7 million in cash flow during the quarter, including a $16 million reduction in inventories, generating a positive cash position,” said Lord. “This reflects the strength of our financial position and an exceptional balance sheet.”
He added: “Despite uncertainties related to tariffs, our business model remains strong: it enables us to protect our margins, stay competitive, and respond with agility to our customers’ needs.”
In the first nine months of fiscal 2025, Richelieu posted sales of $1.45 billion, up 7.2 per cent compared to the same period in 2024. EBITDA for the nine months totalled $154.7 million, while net earnings attributable to shareholders were $60.3 million, or $1.08 per diluted share.
Cash flows from operating activities reached $133.6 million in the first nine months, compared to $106.4 million in the same period of 2024.
Since the beginning of 2025, Richelieu has completed eight acquisitions — six in the first half of the year and two after the third quarter — representing more than $75 million in additional annual sales.
The company’s board of directors approved a quarterly dividend of $0.1533 per share, payable Nov. 6, 2025, to shareholders of record as of Oct. 23, 2025. The dividend is designated as an eligible dividend under the Income Tax Act of Canada.
Richelieu, a TSX-listed company, operates 117 centres across North America and serves more than 120,000 customers in the specialty hardware market.
China rarely telegraphs its diplomatic intentions so openly. Yet, in recent days, Beijing has done just that — signalling that if Canada were to lift its tariffs on Chinese electric vehicles, China would, in turn, remove the punitive tariffs it has placed on Canadian agricultural exports such as canola. In the often-opaque world of trade diplomacy, such clarity is unusual. And in this case, it’s an unmistakable invitation to de-escalate.
So far, Ottawa seems unwilling to take it.
This trade conflict began not in the fields of Saskatchewan or the ports of Vancouver, but in the politics of the global auto industry. In July, Canada joined the United States and the European Union in imposing 100 percent tariffs on Chinese electric vehicles, citing concerns over industrial overcapacity, state subsidies, and unfair competition. It was, in essence, an act of solidarity — a symbolic gesture to align with Western allies rather than a measure grounded in Canada’s domestic economic reality.
After all, Chinese-made EVs make up less than 2 percent of vehicle sales in Canada. There was no surge threatening Canadian automakers. The tariff served a diplomatic purpose, not an industrial one.
Beijing’s response, however, has been deeply economic — and devastating. In March, China retaliated by imposing 100 percent tariffs on canola oil, canola meal, and peas, along with 25 percent tariffs on pork and seafood. Then, in August, it escalated further by slapping a 75.8 percent anti-dumping duty on Canadian canola seed — effectively closing the door on one of Canada’s most important export markets.
The financial fallout has been severe. Within two weeks of the August announcement, Canadian farmers were estimated to have lost $140 million. Canola futures dropped roughly $40 per tonne, and the Canola Council of Canada projects total damages could reach $1.5 billion this year alone.
Before this dispute, China purchased over $5 billion worth of Canadian canola products annually, accounting for nearly 40 percent of our total exports in that category. That trade has now all but vanished. Prairie producers are scrambling to redirect shipments to Japan, Mexico, and the United Arab Emirates — but at heavily discounted prices.
Meanwhile, the sector’s broader economics are already strained. In 2024, net cash income for Canadian farms fell by 15 percent, to $19.7 billion, while interest expenses surged almost 29 percent. Add tariffs that block billions in exports, and the math simply doesn’t work.
Ottawa has responded with limited support: higher AgriStability coverage (from 80 to 90 percent), expanded interest-free cash advances, and loan deferrals through Farm Credit Canada. These programs offer temporary liquidity but do not restore lost markets. They keep farmers afloat but don’t help them sell their crops.
Canada’s stance makes little sense. The country is defending a fledgling EV policy that protects virtually no domestic manufacturing base while undermining one of its most globally competitive sectors — agriculture. It is, frankly, a case of policy misalignment: protecting an industry that barely exists while punishing one that feeds the world.
And now, the way out is staring us in the face. China’s message, through its ambassador, is clear: remove your EV tariffs, and we will remove ours. For Beijing to make such a conditional offer publicly is extraordinary. In diplomatic language, that’s as close as one gets to a negotiated exit without a formal agreement.
By refusing to engage, Ottawa is not defending Canadian sovereignty — it is sacrificing Canadian prosperity. Every day this dispute drags on, farmers lose income, communities lose stability, and Canada loses credibility as a reliable trade partner.
The potential upside of a policy shift is enormous. Dropping the EV tariffs would cost Canada virtually nothing — the affected imports represent a rounding error in national trade data — but it could immediately reopen up to $5 billion in annual canola exports and relieve pressure on the broader agri-food sector.
Canada’s role in global trade has always been built on pragmatism, not ideology. Our competitive advantage lies in feeding the world, not in fighting symbolic battles over industries we don’t have.
Farmers don’t need political theatre. They need access to markets. Ottawa’s duty is not to make gestures, but to make sense.
China has made its position clear. Now it’s Canada’s turn to act — with reason, not rhetoric.
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.
Oakridge Park north Atrium -- several luxury brands will operate flagships nearby. Rendering via QuadReal
Oakridge Park is closing in on a milestone moment for Vancouver. The 28-acre redevelopment by QuadReal Property Group and Westbank is preparing to open its retail heart in spring 2026, introducing a concentration of global luxury, fashion, beauty, and lifestyle brands alongside a nine-acre park, civic amenities, public art, and the Time Out Market food hall. QuadReal’s Executive Vice President of Canadian Retail Experience, Chrystal Burns, and Oakridge Park Vice President of Marketing, Irene Quan, say the project is tracking to plan and built around a simple mandate: create a destination that feels as lived-in as a neighbourhood and as compelling as a global flagship district.
“It is a very busy place,” said Burns. “Construction is underway on about 70 of the hundred or so retailers.” She added that on the landlord side “we’ve finished all our flooring and our lighting and the public art is going up and we’re on schedule,” while noting the reality of large projects. “Development, you never know what can happen next, but we are absolutely tracking on schedule, making it happen no matter what.”
In a market already renowned for high-spending locals and a steady stream of Pacific Rim visitors, Oakridge Park Vancouver luxury retail is set to become a new anchor for the city’s premium shopping scene. The 650,000-square-foot retail centre will feature 100-plus brands, including a cluster of European fashion houses, watch and jewellery flagships, contemporary labels, and essential retailers that support a full-day experience.
Oakridge Park in Vancouver. Rendering: QuadReal
A Curated Luxury Lineup Arrives
QuadReal has confirmed a slate of high-profile additions for the opening season, including Loewe, Loro Piana, Valentino, Ferragamo, Dolce & Gabbana, Thom Browne, and Acne Studios. The mix is designed to balance the established with the new, and to introduce firsts to the city. “Oakridge Park is poised to redefine Vancouver’s luxury retail landscape with the arrival of these additional world-renowned brands,” said Burns. “As the city continues to attract global attention, this new development offers an unparalleled shopping experience that perfectly complements Vancouver’s vibrant culture.”
Burns elaborated on how specific houses fit the plan. “Valentino is an Italian luxury fashion house that blends timeless elegance with modern twists,” she said, noting the brand’s strong pull among trend-aware customers and long-time clients. “D&G is also an Italian luxury brand, unique for its designs that fuse modern luxury with Sicilian and Italian heritage.” Together, they help bookend dedicated luxury gallerias that will be layered with additional flagships already announced for the site.
Critically, curation at Oakridge has not been left to chance. “Curation is deliberate, but a bit like a 3D matrix puzzle that stretches over years and keeps adapting to real-time events,” said Burns. Leasing has involved direct engagement with global groups and careful staging of news to maintain community momentum. “The result is a tightly curated mix where space is limited so we can focus on best-in-class retailers.”
Rendering of Oakridge Park in Vancouver. Image: QuadReal
Contemporary, Beauty and Wellness Build Daily Relevance
A pure luxury node does not live on couture alone. Oakridge rounds out the day-to-day shopping journey with labels designed to drive frequency and dwell time. ALO, Sephora and Diptyque have been confirmed, along with Sporting Life, Veronica Beard, Sandro, Maje, Sisley Paris, and additional beauty and wellness concepts. “We’re creating a layered, full-service retail ecosystem,” said Burns. “Luxury anchors and first-to-market boutiques sit alongside contemporary lifestyle, beauty and wellness brands so Oakridge serves multiple daily needs and occasions.”
Several brands with deep roots at the former Oakridge Centre are returning as well. “The previous Oakridge Hugo Boss store was highly successful and unique in the marketplace,” Burns noted. Coach and Swarovski are also among the names slated to come back, a sign that the centre’s historic West Side audience remains engaged and ready to spend. As Burns put it in conversation, the former centre was “storied and established in terms of its demand,” with some of the country’s top jewellery sales and best-performing stores. The redevelopment aims to harness that built-in customer base while expanding the catchment with tourism and experiential programming.
Experiences That Teach, Delight and Convert
Ahead of opening, Oakridge Park has been seeding the market with activations that connect beauty, fashion and technology. The six-week Autumn Palette program, running October 16 to November 20 inside the Oakridge Park Gallery, draws together colour analysis, personalized styling, and an AI-enabled virtual fashion try-on that lets guests preview looks from announced brands, then walk into the centre’s boutiques to purchase.
Quan described the thinking: “The Autumn Palette activation was inspired by our core aim to celebrate culture in everyday life — beauty, art, and fashion. We wanted to empower our guests with practical tools, like colour analysis that helps people understand which colours flatter them, and an innovative, AI-enabled virtual fashion try-on that showcases our latest brands.” Guests receive a Dior lip product matched to their tone, a custom initial charm, and a fall lookbook curated by a Vancouver stylist. “We spark conversations about personal expression and fashion,” Quan said. “The programs welcome everyone, creating an inclusive platform for learning, storytelling, and cross-cultural exchange within the community, enhanced by the latest technology and trend-leading fashion and beauty.”
At an Autumn Palette event for residential buyers, the AI mirror drew a crowd. “It is an AI mirror that dresses you,” said Burns. “It takes a photograph of you, puts the clothes on you, and people are loving it.” Quan added that Oakridge’s team scouted the technology globally. “We research around the world,” she said. “You stand in front of the mirror and then they will try different kinds of clothes on you. We gather full collections of the brands we announced, put it in the AI mirror and people can try it on, and then they can go buy it.”
Oakridge Park. Image: Westbank
The Making of a Mixed-Use Cultural District
The scale of Oakridge Park is difficult to convey without touring the site. The retail precinct sits within a larger 28-acre plan that includes more than 3,000 residences, about 700,000 square feet of office space, one of Vancouver’s most significant community centres and the largest library on the city’s West Side, all stitched together by a nine-acre public park and a one-kilometre running loop. “It is like a city down there,” said Burns of the construction choreography. “With a loading loop and the arrival of millwork and different contractors and subcontractors under our prime contractor.” She described three levels of underground work spanning nearly the entire site and a complete rebuild “from scratch.”
Beyond the architecture, the program puts culture at the centre. “We have invested significantly in large pieces of public art in the park and in our north atrium,” Burns said. “They are beautiful pieces,” and the team is considering how to integrate art into opening plans and ongoing programming. It is part of a wider effort to make the place feel animated at all hours. “We want to do something cool and engaging,” she said. “That is what Irene’s job is, to create a whole experience that is deep and authentic to what Oakridge Park is.”
What might a typical day look like once the doors open next year? Burns paints a picture that begins with bike facilities, coffee and morning classes in the park, continues with Time Out Market lunches, wellness sessions and casual shopping, then shifts into live performances, gallery moments and dining. The intent is that Oakridge Park Vancouver luxury retail is one chapter in an all-day story, not a stand-alone trip.
Re-Merchandising and the Tenant Puzzle
One of the notable shifts since the redevelopment was announced is the re-merchandising of the large department store footprint that had been planned for the project. Burns acknowledged that the former box is being subdivided for multiple retailers, with news to come. “We are re-merchandising the former HBC space with a number of retailers,” she said, adding that announcements are expected in the new year.
The approach reflects Oakridge’s broader strategy: size stores thoughtfully, cluster categories for discovery, and emphasize new-format designs. “Our stores are unique and special,” Burns said. “We anticipate having the newest templates for our design stores. Some of them are the largest ones in Canada and North America.”
Oakridge Park in Vancouver. Rendering: QuadReal
Vancouver’s Global Moment
The opening arrives as Vancouver consolidates its position as one of Canada’s top two luxury markets, with an affluent local base and pent-up demand for new experiences. “By attracting international flagships and first-to-market standalone boutiques, and combining retail with major cultural and civic amenities, Oakridge raises Vancouver’s profile as a destination for luxury retail and experiential tourism,” said Burns. Proximity to the airport, the city’s Pacific Rim profile, and events such as next year’s FIFA matches amplify the reach. “We have a global, very ambitious PR plan,” said Quan. “When we open, that is one of our initiatives to reach globally, North America and Asia as well. We want to build a global culture and shopping destination.”
Importantly, the luxury cluster at Oakridge does not replace the downtown district. Rather, it gives Vancouver a second node that complements the city core, similar to patterns seen in other global markets where multiple high-end precincts coexist and cross-pollinate. The result should be deeper market coverage for fashion houses and watch and jewellery brands, plus broader assortment for local shoppers. That is part of why Oakridge Park Vancouver luxury retail matters nationally: it adds capacity to a market that has been under-stored at the very top end.
A Retail Program with Breadth and Depth
The confirmed roster spans European houses and contemporary labels as well as Canadian names that are synonymous with performance and design. Alongside the newly announced brands, the broader mix includes Alexander Wang, Arc’teryx, Aritzia, Brunello Cucinelli, Bvlgari, Canada Goose, Christian Louboutin, Harry Rosen, Jacob & Co., Louis Vuitton, Lululemon, Maison Margiela, Max Mara, Miu Miu, Moncler, Prada, Rolex, TAG Heuer, Tudor and Tiffany & Co., plus essential anchors such as Safeway and the BC Liquor Store. Time Out Market will bring together leading culinary talents under one roof, extending the visit into the evening.
Burns summed up the ambition simply. “We want to create an ecosystem for our community that is something special, unique, but also meets every need and want,” she said. The objective is a balance of haute couture, accessible luxury and everyday lifestyle, wrapped inside a cultural program that makes Oakridge a place to meet, linger and return to.
Today, most of the customers want authenticity, transparency, and craftsmanship with a clear story behind it, not only about a traditional ring. More often, they want to know how it was made and what it represents. This shift has opened the door for a new kind of fine jewelry brand, one that connects emotion and ethics with design. That is where Capucinne has found its space.
From Small Studio to Global Presence
Capucinne began as a small studio of designers and goldsmiths working quietly in Europe. Word spread through proposals, weddings, and personal recommendations. Over time, their pieces started traveling further, reaching customers in the United States, the United Kingdom, Australia, and across Europe. What’s remarkable is that the brand’s growth did not come from showrooms or traditional retail expansion. It stemmed from earning trust online and demonstrating that fine jewelry could be both deeply personal and beautifully crafted, even without a store visit.
Custom Jewelry as a Modern Luxury
The crucial thing that makes Capucinne’s business stand out is customization, especially in custom engagement rings. Most pieces begin with a simple conversation, a reference photo, a mood, or an idea. Designers interpret it into sketches and 3D visuals before the workshop turns it into a one-of-a-kind ring. This process makes customization approachable, not intimidating.
Source: Capucinne.com
It also reflects a broader shift in how people perceive luxury. Instead of buying from trends, they want jewelry that reflects their story.
The Shift to Digital Luxury
For years, fine jewelry was thought to belong in glass cases under boutique lights. Capucinne challenged that idea. The brand saw early on that customers wanted involvement, not distance. Through videos, detailed photos, sketches, and 3D models, they opened the design process to the customer. What once felt exclusive became transparent.
This approach works because it builds confidence. Customers can see the details, ask questions, and shape their pieces step by step. It brings the intimacy of a bespoke atelier into the digital space.
The Value of Direct Connection
Capucinne’s direct-to-consumer model allows the brand to stay close to its audience. Every message, review, or story from a customer helps shape the next design or product update. When trends shift, such as the growing interest in unique diamonds or alternative stones, the team can adapt quickly. That agility is rare in traditional retail, but it defines how Capucinne operates.
Source: Capucinne.com
The entire process, from design to delivery, remains in-house. It keeps the communication simple, the quality consistent, and the connection with the customer genuine.
Responsible Luxury That Feels Personal
Capucinne’s commitment to using conflict-free diamonds and recycled gold, and it’s about creating something that feels both responsible and personal. For a generation that cares deeply about how and where things are made, this approach truly resonates. People are drawn not only to the design, but also to the values behind it.
Luxury Service in a Digital World
“Online, but still personal.”
Their website is well structured, and each product page provides details without confusion, and every message is answered by someone who knows the craft. Even the packaging is designed to slow the moment down, to make the unboxing feel meaningful, not transactional.
This attention to detail has become a quiet signature of the brand. It shows that luxury service can exist without marble floors or in-person sales.
Personal Feel
Capucinne’s pieces are known for their balance, designs that feel modern yet timeless. The brand pays close attention to how a ring looks and feels in daily life. Small touches like a vintage design or a slim pavé band add light and personality without overpowering the center stone. These details are what make the jewelry truly personal and wearable for years to come.
Listening as a Design Philosophy
“Luxury starts with listening,” they said
Many of Capucinne’s strongest design choices come from listening. Clients often describe how they want their ring to feel before they describe how it should look. Some seek calm, others energy or depth. The team interprets those feelings through texture, shape, and color. The result is jewelry that reflects emotion as much as form.
Salt and pepper diamonds are a good example. Each one has its own natural pattern, never the same twice.
Emotion at the Center of Every Purchase
Every piece of jewelry means something. A ring marks a moment: a promise, a milestone, a memory. They always keep that in mind with every order. This is not mass production. Each piece is made to the customer’s wishes, from how the stone is chosen to how the box feels in your hands. In the end, it is about people and their moments, not a transaction.
What Capucinne Reveals About the Future of Retail
Company success shows that craftsmanship and technology can complement each other. A small, dedicated team can build a global brand by staying true to its values, using digital tools to bring customers closer, not further away.
The brand’s journey proves that modern retail isn’t about scale or spectacle. It’s about intention, about making products that hold meaning and relationships that last beyond the sale.
The New Face of Luxury
Customers today want to see the process, understand the materials, and feel included in the story, all of which help them connect more deeply with a brand. Capucinne has built its entire presence around that idea.
At a time when many brands are chasing attention, Capucinne focuses on authenticity. It’s quiet confidence and commitment to craft shows where fine jewelry, and retail itself, are heading: toward clarity, sustainability, and genuine connection.
For generations, the Tuxedo has stood as a symbol of elegance—something reserved for weddings, galas, and milestone events. But while the look hasn’t gone out of style, the way people access it is changing fast. Rental tuxedo brands, once considered a last resort for groomsmen and prom-goers, are now at the forefront of a retail shakeup in the formalwear market. And they’re doing it in ways that few traditional players saw coming.
At the heart of this disruption is convenience. Instead of trekking to a department store weeks in advance and being pinned by a tailor in a backroom, consumers can now order a Tuxedo online, have it shipped to their doorstep, and return it with ease.
The question is: are they right?
The shift in consumer behavior
Formalwear has always been a tricky business. For most men, a tuxedo isn’t something they wear often enough to justify the investment. According to market research firm IBISWorld, the U.S. formalwear rental industry was valued at about $1.1 billion in 2023, and analysts expect steady growth as consumer preferences continue to lean toward rentals.
“Younger generations are approaching fashion differently,” says retail analyst Claire Davenport. “They prioritize access over ownership, whether that’s in cars, homes, or clothing. Formalwear is no exception.”
The rise of “rental culture” is undeniable. Just as companies like Rent the Runway disrupted women’s eveningwear by offering designer dresses for a fraction of the retail price, tuxedo rental brands are finding their own niche. For men in particular, who traditionally spend less time and energy shopping for clothes, the pitch is straightforward: no hassle, no long-term storage, no massive dent in the wallet.
Technology takes center stage
Another factor driving the change? Technology. Gone are the days of guesswork sizing and last-minute panic when the pants don’t fit. Rental tuxedo brands are leaning on algorithms, virtual fittings, and user-friendly apps to help customers find the right size without stepping foot in a store.
For traditional tux shops, this level of digital engagement is hard to match. “We’ve had grooms rent for their weddings without ever meeting them in person until the day they pick up their suit,” says an independent store owner in Chicago. “That would’ve been unthinkable ten years ago.”
Price disruption in a stagnant market
Of course, the biggest disruptor is price. Buying a quality tuxedo can easily set someone back $700 to $1,500. Rentals, by contrast, average between $100 and $200 for a full package—jacket, pants, shirt, tie, and shoes included.
That cost difference is reshaping the way men think about formalwear. Why spend thousands on something that will gather dust in the closet when a rental gives you flexibility? After all, fashion tastes change, waistlines fluctuate, and events are unpredictable.
“You don’t want to be locked into a tux you bought ten years ago when styles were slimmer or wider,” notes fashion columnist Marcus Lee. “Rentals let you update your look without committing to a long-term investment.”
What’s next for the industry?
Despite the success of rental brands, the question remains: will this model completely replace ownership, or is it simply carving out a niche? Experts believe it’s too early to say. High-net-worth customers still buy luxury tuxedos for black-tie events, and collectors see value in custom-made pieces.
But for the average consumer? Rentals are winning. And as technology improves and customer service gets faster, the appeal is likely to grow.
Some companies are even experimenting with hybrid models—allowing customers to rent first and buy later at a discounted price if they love the fit. Others are expanding into accessories, casual suits, and even subscription services for those who attend multiple events each year.
The tuxedo isn’t disappearing anytime soon. But the way people get one is changing rapidly. What was once an old-fashioned, often dreaded errand is now an app-based experience that can be done from the couch.
For the rental brands shaking up the market, the formula is simple: convenience, affordability, and flexibility. For traditional retailers, the message is equally clear—adapt, or risk being left behind.
After all, in a world where almost everything can be ordered online and delivered in days, is anyone really surprised that tuxedos are next?
Customers thinking about domestic shipping Canada will always have to make a choice between shipping providers based on reliability and affordability. For individuals and small businesses needing parcel delivery Canada wide, the courier chosen is a significant factor in determining prices, speed, and overall convenience.
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Comparison of Canada Courier Services
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Parcel Delivery Canada with Meest is Possible from Anywhere in the World
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Meest provides cross-Canada shipping to all Canadian cities including Toronto, Edmonton, Ottawa, and Winnipeg. Meest ships to Canada’s international borders to countries in Europe, Asia, Africa, and more.
For domestic shipments, you are able to:
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Smeg at 2 Bloor St. W. in Toronto. Photo: Craig Patterson
Smeg, the Italian appliance brand known for blending technology, style, and craftsmanship, has opened its first Canadian showroom in Toronto’s Bloor-Yorkville neighbourhood. The 2,900-square-foot flagship, located at 2 Bloor Street West at the iconic intersection of Yonge and Bloor, represents a milestone for the company’s expansion into the Canadian market. The opening brings a new immersive design and culinary experience to the country’s most prestigious retail district, adjacent to luxury fashion houses and a large Lululemon flagship.
“We are thrilled to bring the first Smeg showroom to Canada, creating a space where design, innovation and Italian craftsmanship come to life,” said Gisela Mussen, General Manager of Smeg Canada. “This showroom marks a milestone for our expansion in Canada, and we look forward to connecting with the local community through curated experiences that celebrate our passion for innovation and quality. Yorkville’s vibrant and sophisticated atmosphere makes it the perfect home for our first Canadian showroom.”
Gisela Mussen, General Manager of Smeg Canada
The Toronto flagship introduces several global firsts for the brand. Most notably, it is home to the world’s first on-site Smeg café, designed as a welcoming entry point to draw visitors into the space and foster a sense of community. “What I wanted from this whole concept was to bring customers into the store and create moments that connect them to the brand,” said Mussen during a tour of the new location.
On the upper level, a fully outfitted live kitchen has been designed to host chef demonstrations, VIP dinners, and private events. “This is the first time we’ve had a live kitchen in downtown Toronto,” Mussen explained. “We will be offering interactive masterclasses, tutorials, and curated events, which will allow guests to experience Smeg appliances in action.”
Design Details and Investment
The new showroom was years in the making and involved an investment of over $4 million, according to Mussen. “Most of this was flown in from Italy, and we wanted to ensure that this space followed Smeg’s global brand guidelines,” she said, noting that every detail from the finishes to the signature green space was carefully planned.
The store’s design balances minimalist Italian architecture with warm textures and natural light, taking advantage of its position facing one of Toronto’s busiest intersections. “It’s surprisingly bright in here,” Mussen observed, pointing towards the south-facing windows facing busy Bloor Street.
Smeg flagship showroom at 2 Bloor St. W. in Toronto. Photo: Smeg
Inside the showroom, visitors can explore Smeg’s full range of products, from iconic FAB refrigerators to the newly launched matte-finish collections. “Everybody recognizes our brand from the smaller appliances and fridges, and we wanted to showcase every colour option here because most retailers can’t carry them all,” Mussen said. “This space allows people to see the entire collection together, just like walking into a luxury fashion boutique.”
One highlight is the debut of Smeg’s new washer-dryer line, which is being shown in Canada for the first time. “This is an important launch for us, particularly for the condominium and multi-residential market,” said Mussen. “We already have about 250 builder projects across the country, and this showroom will serve as a place to bring those clients through.”
Dolce & Gabbana collaboration at the Smeg flagship showroom at 2 Bloor St. W. in Toronto. Photo: Smeg
Exclusive Collaborations and Canadian Tie-Ins
Smeg is widely known for its creative collaborations with designers and brands, including Dolce & Gabbana, Disney, and Supreme. The Toronto showroom highlights these limited-edition pieces and features a Canadian-exclusive collection created with OVO, Drake’s lifestyle brand. “The OVO collaboration was something very centric for Canada,” Mussen said. “It’s the only time we’ve used gold lettering outside of our Dolce & Gabbana partnership, and we wanted it to be special.”
In addition to the OVO appliances, the store features a Canadian flag refrigerator, one of only a few country-flag editions produced by Smeg worldwide. “We have flag fridges for the US, UK, Italy, and Australia, and now we’re proud to have one that celebrates Canada,” said Mussen.
Smeg flagship showroom at 2 Bloor St. W. in Toronto. Photo: Smeg
The Growing Luxury Appliance Market in Canada
Despite economic headwinds, Mussen said that demand for premium and luxury appliances remains robust. “Business is so up,” she said. “The market for luxury and premium luxury has continued to be strong. We have not seen a slowdown, which is remarkable.”
She noted that Canadian consumers are increasingly design-conscious and willing to invest in statement pieces for their homes. “People are not just looking for anything, they’re looking for design-driven products that become a centerpiece of their kitchens,” she explained. “And with our showroom, they can finally see and experience the full range in person.”
Smeg flagship showroom at 2 Bloor St. W. in Toronto. Photo: Smeg
Expanding the Brand’s Footprint in Canada
The Toronto flagship is the first step in Smeg’s Canadian retail expansion. “Our biggest market right now is out west,” Mussen revealed, noting strong sales in British Columbia. “Vancouver would be a natural choice for our next showroom, and we’ll look at that once we get our footing with this location.”
Montreal, while appreciative of Smeg’s design aesthetic, has been slower to convert to sales due to pricing and demographics. “It’s too high-ticketed for the Montreal market, even though they love the brand,” said Mussen. “Toronto and Vancouver are where we’re seeing the strongest growth.”
The opening of the Smeg Canadian showroom connects Toronto to a network of 19 flagship locations in major cities worldwide, including London, Milan, and Hangzhou. These stores share a consistent design language and act as cultural hubs, often hosting culinary events and collaborations with architects and designers.
“Globally, Smeg showrooms are always in the high-end district of whatever city they’re in,” Mussen explained. “Being on Bloor Street aligns us with luxury brands like Gucci and Louis Vuitton, which is exactly where we want to be as a brand.”
Smeg flagship showroom at 2 Bloor St. W. in Toronto. Photo: Smeg
Building a Community Around Design
The Smeg café, located on the main level, is expected to become a destination in its own right. It will serve artisanal beverages and function as a gathering point for design enthusiasts and the local community. “We will be using the café to host curated events and bring people into the store,” said Mussen. “It’s about more than just selling appliances, it’s about creating moments.”
By blending retail, hospitality, and design culture, Smeg aims to strengthen its connection to Toronto’s urban audience. “This showroom is about building community,” Mussen said. “It’s about connecting people to the brand in a way that goes beyond the transaction.”
Main floor cafe, Smeg at 2 Bloor St. W. in Toronto. Photo: Craig Patterson
Canada’s labour market added 60,000 jobs in September, pushing the national employment rate up by 0.1 percentage points to 60.6 per cent, according to new data released by Statistics Canada.
The increase comes after two months of declines totalling 106,000 jobs, and leaves overall employment just 22,000 higher than in January, a net change of 0.1 per cent.
The unemployment rate remained steady at 7.1 per cent in September.
Gains were concentrated among core-aged workers aged 25 to 54, where employment rose by 76,000 (+1.2 per cent) for women and 33,000 (+0.5 per cent) for men. Statistics Canada noted, “This was associated with a rebound in the employment rate of core-aged women (+0.9 percentage points to 80.4%) and core-aged men (+0.3 percentage points to 86.1%).”
Employment fell among people aged 55 and older by 44,000 (-1.0 per cent), with their employment rate decreasing by 0.4 percentage points to 33.6 per cent. Youth employment saw little change, holding steady at 53.8 per cent.
Photo: Andrea Piacquadio
Full-time positions drove the increase, with 106,000 jobs added (+0.6 per cent), while part-time employment dropped by 46,000 (-1.2 per cent). Public sector employment rose by 31,000 (+0.7 per cent), compared to smaller increases in the private sector (+22,000; +0.2 per cent) and self-employment (+7,900; +0.3 per cent).
Among industries, manufacturing led the way with 28,000 new jobs (+1.5 per cent), marking its first increase since January. Gains were largely seen in Ontario (+12,000) and Alberta (+7,900). Employment also increased in health care and social assistance (+14,000; +0.5 per cent) and agriculture (+13,000; +6.1 per cent).
Wholesale and retail trade saw the largest industry decline, down 21,000 jobs (-0.7 per cent), though employment in that sector remains up year-over-year by 61,000 jobs (+2.1 per cent).
Regionally, Alberta posted the biggest gain in employment with 43,000 new jobs (+1.7 per cent), more than offsetting declines in July and August. The province’s unemployment rate fell by 0.6 percentage points to 7.8 per cent.
New Brunswick added 4,700 jobs (+1.2 per cent) and Manitoba added 3,900 (+0.5 per cent), although unemployment rates in both provinces increased as more people entered the labour force.
In contrast, employment declined by 2,200 in Newfoundland and Labrador (-0.9 per cent). Employment levels remained largely unchanged in Ontario and Quebec.
The average hourly wage increased by 3.3 per cent year-over-year to $36.78, up $1.17 from September 2024.
Among youth, the unemployment rate rose to 14.7 per cent, the highest since September 2010, excluding the pandemic years. “The increase in the youth unemployment rate over the 12 months to September was primarily due to rising unemployment among students,” Statistics Canada reported. The unemployment rate for students reached 17.1 per cent, up 3.1 percentage points from one year earlier.
Douglas Porter
Douglas Porter, Chief Economist, BMO Capital Markets, said: “Today’s strong report is certainly welcome after the big declines in the prior two months. Canada’s economy continues to hang in there, treading water as it awaits more certainty on trade.”
Andrew Hencic | Director & Senior Economist, TD, said: “Well, that’s quite the surprise. Canada’s job market looks like it recovered all of August’s losses in September. Importantly, even for a noisy data series, this is a strong result. That said, it’s important to note that the unemployment rate remained unchanged as the labour force jumped by an even greater amount. Considering population growth slowed to 28k people, the biggest surprise was a large influx of new workers despite a weak job market.
“The Bank of Canada’s next decision is due at the end of the month and this surprise from the labour market could change the calculus on the decision. However, underlying inflation continues to hover within the target range and the unemployment rate suggest that the labour market still has excess slack. The next inflation report is due on the 21st and the bar will be even higher for inflation to underperform and bring the BoC onside for another rate cut. Markets seems to agree as the pricing for a rate cut materially deteriorated this morning.”
