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Chopped Leaf launches premium sandwich lineup with toasted ciabatta options

Chopped Leaf photo
Chopped Leaf photo

Chopped Leaf is expanding its menu with a new premium sandwich lineup, rolling out across all locations as the Canadian chain looks to strengthen its grab-and-go and delivery offerings.

The Oakville, Ont.-based brand says the move reflects growing demand for more substantial menu items that travel well, positioning sandwiches as a core part of its business alongside salads, wraps and bowls.

The new lineup introduces two toasted ciabatta sandwiches, Southwest Steak and Chicken Club, alongside updated versions of existing items. Spicy Chipotle Chicken and Cranberry Pesto Chicken are now served on an eight-inch toasted ciabatta bun.

The company has also revised two existing comfort sandwiches, moving the Jalapeño Popper Grilled Cheese and Tuna Melt to a thicker sourdough bread.

All sandwiches include a choice of ranch or chipotle ranch dipping sauce.

Karen Paradine
Karen Paradine

“Our sandwiches were originally introduced to offer guests an alternative to salads, but they’ve evolved into a core menu offering,” said Karen Paradine, head of marketing at Chopped Leaf. “With this launch, we’ve elevated the lineup with premium ingredients and refined recipes that are more substantial and satisfying – ideal for heartier appetites. As takeout and delivery continue to grow, it was also important to ensure these sandwiches travel well, maintaining their quality and freshness.”

The company is backing the launch with a national marketing campaign spanning in-store and digital channels, along with third-party delivery promotions and influencer partnerships.

Elements of the campaign include:

  • In-store menu boards and window signage
  • Digital promotion across the company’s website and social channels
  • Influencer partnerships
  • Third-party delivery promotions
  • Exclusive in-app offers
Photo courtesy of Chopped Leaf
Photo courtesy of Chopped Leaf

During May, customers using the Chopped Leaf app will be able to earn bonus loyalty points when purchasing sandwiches. Some markets will also feature curb signage and radio advertising.

Chopped Leaf says the new lineup has been designed with off-premise dining in mind, with an emphasis on maintaining product quality during transport.

The company operates more than 120 locations open and committed to across Canada and the United States, offering dine-in, takeout and catering options.

The premium sandwich lineup is now available at all Chopped Leaf locations.

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Surveillance Pricing in Canada Raises Consumer Transparency Concerns

A woman shopping with her son in a grocery store. Photo: Unsplash

By Jake Okechukwu Effoduh

Parliament voted down a motion on April 15 to ban a practice most Canadians have never heard of, but that retailers are already rolling out: surveillance pricing.

Also called algorithmic personalized pricing, the practice uses personal data to estimate how much consumers are willing to pay, then adjusts the price accordingly. Two shoppers, same store, same item: two different prices, generated by data neither of them can see.

The NDP motion urges the government to prohibit surveillance pricing both in stores and online. The Liberals and Conservatives voted it down. NDP leader Avi Lewis had called the practice “unfair” and “downright creepy” at a news conference days earlier.

A poll by Abacus Data conducted in March found that while most Canadians are not familiar with the term, when the practice was explained to them, 52 per cent said it should be banned. Another 31 per cent of the Canadians surveyed said it should be allowed but more strictly regulated.

For Canadians struggling with cost-of-living pressure, the practice is spreading among retailers, and the laws meant to protect consumers were not designed to catch it.

Not the same as surge pricing

A useful distinction first. Dynamic pricing, the kind used by airlines, hotels and rideshare companies, adjusts based on conditions like demand, the time of day or weather, and applies the same algorithm to every customer equally.

Uber’s surge pricing is the textbook example of dynamic pricing: every rider in the same area at the same moment sees the same multiplier. Annoying? Perhaps. Personalized? No.

Surveillance pricing is different. Where dynamic pricing responds to market conditions, surveillance pricing responds to the individual. It draws on browsing history, device, postal code, purchase frequency and inferred income to predict a person’s willingness to pay.

Dynamic pricing seems to ask: “What are the conditions right now?” Surveillance pricing asks: “Who are you, and how much can we extract from you?”

How much is happening in Canada?

It’s difficult to know how much surveillance pricing is happening in Canada, if at all. So far, there has been no confirmed Canadian case, and the practice is opaque by design.

The Competition Bureau’s discussion paper, published in 2025, reported that more than 60 companies in Canada offer services that use algorithms to optimize pricing across retail, hospitality, transportation and ticketing.

The bureau’s What We Heard report, published in January after a public consultation on algorithmic pricing, identified transparency as Canadians’ chief concern. Shoppers do not know whether the price in front of them has been personalized to them specifically.

The most prominent real-world example came from south of the border. An investigation by Consumer Reports and Groundwork Collaborative documented Instacart customers in the U.S. being charged up to 23 per cent more than other shoppers for the same items, at the same store, at the same time.

Nearly three-quarters of grocery items tested were offered to shoppers at multiple price points simultaneously.

Instacart disputed the characterization, but halted the program in December 2025 following public backlash. New York Attorney General Letitia James has since demanded that Instacart share information about its price-testing experiments.

Canadian retailers, meanwhile, are assembling the same underlying toolkit: digital shelf labels that allow prices to be changed remotely in seconds, AI-driven pricing engines and the loyalty card data that feeds them.

Where Canadian law runs out

Most Canadians assume that if something feels deceptive at checkout, the law catches it. For some familiar problems, that is true.

Recent amendments to the Competition Act introduced an explicit ban on drip pricing — the practice of advertising a low price and then adding unavoidable fees at checkout.

The Cineplex case is the most prominent recent example of that law in action. The Competition Tribunal levied a record $38.9 million penalty against the cinema chain for concealing online booking fees, a ruling the Federal Court of Appeal upheld in January. Cineplex has since sought leave to appeal to the Supreme Court of Canada.

But surveillance pricing slips past this framework entirely. The price displayed is technically accurate. No fee is buried and no phantom “regular price” is invented. What is hidden is the process.

Deceptive marketing rules assume everyone is offered the same price and someone is misrepresenting it. Surveillance pricing inverts the premise: everyone is offered a different price, and almost no one knows it’s happening.

The Competition Bureau’s mandate is to protect and promote competition, not consumer fairness. Its tools were built to catch anti-competitive behaviour between companies, not price discrimination between individual shoppers.

Similarly, provincial consumer protection laws like Ontario’s Consumer Protection Act are designed to deal with misleading or unfair practices in one-on-one transactions — not large-scale, automated differences in how millions of consumers are treated.

Privacy law, in turn, governs consent to data collection, not consent to how that data is used to shape what you pay. Three legal regimes circle the problem; none quite covers it.

What other jurisdictions have done

In November 2025, New York’s Algorithmic Pricing Disclosure Act took effect, requiring any business that uses personalized pricing to display a notice reading “this price was set by an algorithm using your personal data,” with civil penalties of up to US$1,000 per violation.

The European Union has required disclosure of personalized pricing since its 2019 consumer rights overhaul. Manitoba’s Bill 49, introduced March 17 by the NDP government of Premier Wab Kinew, would go further than either of those measures and prohibit surveillance pricing outright, making it an unfair business practice.

When asked if he would follow suit, Ontario Premier Doug Ford said he would not, telling reporters he believes in a “free market” and a “capitalist society.”

Federal AI Minister Evan Solomon said the federal government is “looking into” the issue, but that it would fall under the purview of the Competition Bureau.

What real protection would require

In the short term, shoppers can use private browsing mode, turn off location services and log out of loyalty apps before they shop.

These, however, are only workarounds. They place the burden of navigating an opaque system on the least-informed party in the transaction and they require a level of digital awareness some shoppers don’t have.

Real protection means either a federal disclosure mandate along New York’s lines, or an outright prohibition like the one Manitoba is pursuing. The Competition Bureau can keep monitoring, but monitoring is not enforcement, and competition law wasn’t designed to police unfairness on its own.

Until Parliament or the provinces close the gap, Canadian consumers have no reliable way of knowing whether the price they see is the price everyone else sees.

About the Author: Jake Okechukwu Effoduh is an Assistant Professor, School of Law, at Toronto Metropolitan University.

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Pita Pit rolls out shawarma lineup across Canada with chef-developed menu

Foodtastic photo
Foodtastic photo

Pita Pit is introducing a new shawarma lineup at its locations across Canada, adding a set of chef-developed menu items that depart from the chain’s traditional customizable format.

The menu, includes chicken, beef and halloumi shawarma offered as a pita, salad or bowl, with each item built using a fixed combination of ingredients.

The move signals a shift toward more standardized, chef-led offerings designed to streamline ordering and ensure consistency across the brand’s more than 200 Canadian restaurants.

The new items come with pre-set combinations that include hummus, tahini, garlic or spicy garlic sauce, pickled red onions and pickled turnips, marking a departure from the chain’s typical build-your-own model.

“Shawarma builds on our core format while introducing a different flavour profile and a more defined approach to how the items are prepared in store,” said Chef Jason Baker, Director of Culinary for Pita Pit. “We are focused on creating something that is consistent across locations and easy for guests to order quickly.”

Pita Pit photo
Pita Pit photo

The company said the menu was developed through a process aimed at refining flavour combinations and improving operational consistency in stores.

At the centre of the launch is a “crispy shawarma” preparation, where the pita is brushed with Chipotle Crunch sauce and toasted until golden.

The preparation is intended to create a combination of caramelization and texture, adding a distinct variation to the lineup.

The proteins used in the chicken and beef options are halal certified and prepared using traditional marination and cooking methods before being finished on the grill in-store.

The shawarma lineup is being introduced nationwide for a limited time, expanding the chain’s menu into a category more commonly associated with independent operators.

Unlike other menu items at Pita Pit, the shawarma offerings are not customizable and instead rely on combinations developed by the company’s culinary team.

The company operates more than 200 locations across Canada.

Pita Pit was founded in 1995 and focuses on menu items positioned around fresh ingredients and made-to-order meals.

Its parent company, Foodtastic, operates more than 1,200 restaurant locations across Canada under multiple brands, including Freshii, Quesada, Second Cup and Milestones.

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Chatters marks 35 years with focus on people, digital growth and national expansion

Chatters Hair and Beauty Salon Celebrates 35 Years of Style, Community and Innovation Across Canada (CNW Group/Chatters Hair Salon) (CNW Group/Chatters Hair Salon)

Chatters Hair Salon is marking its 35th anniversary, highlighting its national growth and continued investment in staff, digital tools and customer experience.

The salon-based retailer said the milestone reflects its evolution from a stylist-founded business into a company with more than 115 locations and over 1,200 professionals across Canada.

Founded by stylists, the company said it has built its business around training, career development and in-salon expertise, while expanding its retail and digital capabilities to meet changing consumer expectations.

Chatters said education and ongoing training remain central to its operations, supporting stylists in developing their skills and building long-term careers within the organization.

Jason Volk
Jason Volk

“When we founded Chatters, our goal was to build something special for stylists and for the guests they serve, a place where professional expertise, great products and genuine care could come together. Over the past 35 years, it’s been incredibly rewarding to watch that vision grow into a national salon and retail brand serving communities across Canada. What makes me most proud are the people, the stylists, leaders, and team members who have built their careers here and continue to bring the Chatters experience to life every day. As the brand continues to evolve, I’m confident its people first foundation will carry it forward for many years to come,” said Jason Volk, Chairman & Director, Chatters Hair Salon.

The company said its workforce delivers services including consultations and product recommendations, with a focus on maintaining consistent service standards across its locations.

Chatters said it has adjusted its offerings over time in response to shifts in the beauty industry, expanding its service menu and product assortment while incorporating sustainability considerations into its operations.

The company pointed to changes in consumer preferences over the past three decades, noting it has adapted alongside evolving styles and expectations.

“At Chatters, we believe great hair has the power to transform how people show up in the world. For 35 years, Canadians have trusted us not just for products or services, but for the expertise, care, and confidence that come from a great salon experience. As a proudly Canadian company founded by stylists, we have grown into a national salon and retail destination powered by more than 1,200 passionate professionals. As we look ahead, we are focused on elevating the experience through personalization, digital innovation, and the very best in professional haircare, meeting our guests wherever and however they choose to connect with us,” said Kelly West, CEO, Chatters Hair Salon.

Kelly Jessop West

The company said it has invested in digital tools aimed at connecting customers with stylists and offering personalized product recommendations based on preferences and purchase history.

Chatters said its online platform includes a wide assortment of professional haircare products, part of a broader effort to integrate salon services with e-commerce.

The retailer also offers a mobile app and loyalty program designed to provide tailored offers and streamline customer engagement across channels.

Chatters Hair and Beauty Salon Celebrates 35 Years of Style, Community and Innovation Across Canada (CNW Group/Chatters Hair Salon) (CNW Group/Chatters Hair Salon)

As it enters its next phase, Chatters said it plans to continue investing in its workforce, community presence and technology, with a focus on adapting to changing customer needs.

The company said its strategy centres on maintaining a combined service and retail model while expanding its digital capabilities.

Chatters operates more than 115 locations nationwide and positions itself as a salon-based retailer offering both services and professional beauty products.

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Salvation Army thrift store launches cerulean-themed section in Toronto

The Salvation Army Thrift Store is introducing a limited-time “Cerulean Section” at its Leslieville location in Toronto, tying the in-store promotion to the release of The Devil Wears Prada 2 while encouraging clothing donations.

The themed section is set to open May 6 and will feature a curated selection of second-hand blue apparel, as the non-profit retailer looks to draw shoppers and highlight its resale model.

The Cerulean Section, inspired by a well-known scene from the original The Devil Wears Prada film, will showcase clothing in a range of blue tones, from lighter hues to deeper shades. The offering is available while inventory lasts.

“The Cerulean Section offers a creative way to highlight how thrift shopping can be stylish, sustainable, affordable, and meaningful,” said Lindsay Robinson, National Marketing & Communications Director. “Initiatives like this help us connect with our communities while reinforcing the positive social and environmental impact of shopping and donating at our Thrift Stores.”

Lindsay Robinson
Lindsay Robinson

The organization said the promotion is designed to encourage customers to explore second-hand fashion options while engaging with a pop culture theme.

Alongside the launch, the thrift store is calling on the public to donate new and gently used clothing, regardless of colour.

Proceeds from purchases and the resale of donated goods contribute to Salvation Army programs, including food banks and meal programs, shelter and housing support, addiction rehabilitation, and disaster relief efforts.

The retailer positions its thrift operations as part of a broader effort to extend the life cycle of clothing and household goods while supporting community services.

The Leslieville store, located at 20 Leslie St., operates Monday through Saturday from 10 a.m. to 8 p.m., with donations accepted daily. The Cerulean Section will be available for a limited time.

The Salvation Army Thrift Store operates 98 locations across Canada under its National Recycling Operations division. The organization says it diverts significant volumes of textiles and goods from landfills annually while generating funding for local programs and services.

The cerulean-themed initiative is positioned as a short-term retail activation aimed at driving store traffic and reinforcing the organization’s focus on reuse and community support.

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EMERGE Commerce appoints Michael Murphy as CFO, outlines finance leadership transition

PHOTO: TRULOCAL VIA FACEBOOK

EMERGE Commerce Ltd. has appointed Michael Murphy as chief financial officer and corporate secretary, effective May 4, as part of a management transition that also sees outgoing interim CFO Dasha Enenko remain with the company in a consulting role.

The Toronto-based e-commerce company said the move is intended to support continuity in its finance function while strengthening leadership as it advances its growth and capital allocation plans.

Murphy succeeds Enenko, who will continue to support the company in an ongoing consulting capacity, reporting to him.

Murphy brings more than 25 years of finance and leadership experience across public and private equity-backed companies, the company said. He has served as chief financial officer and senior advisor to multiple businesses, overseeing finance operations during periods of growth and transformation.

His background includes leadership roles at larger organizations such as Dye & Durham Limited, Allied Nevada Gold Inc. and Acasta Enterprises Inc., as well as work with smaller, high-growth companies including Quisitive Technology Solutions Inc. In that role, the company said, he helped scale the finance organization during a period of expansion from about $20 million in annualized revenue to more than $150 million.

Murphy’s experience spans mergers and acquisitions, financings, cost optimization initiatives, restructuring and financial systems implementation. He began his career at PwC, where he worked on Canadian and international public company transactions, regulatory compliance and financial reporting.

He holds a bachelor of arts in economics from the University of Western Ontario and an accounting diploma from Wilfrid Laurier University, and is a Chartered Professional Accountant in Canada.

Ghassan Halazon
Ghassan Halazon

Ghassan Halazon, founder and chief executive of EMERGE, said the appointment comes at a key stage for the company.

“On behalf of the EMERGE team, I am pleased to welcome Michael as our CFO and Corporate Secretary. His depth of experience scaling public companies and leading high-performing finance teams will be instrumental as we execute on our next phase of growth and capital allocation. We’d also like to extend our sincere gratitude to Dasha for her partnership, in her role as interim CFO, during a period of immense progress at EMERGE. We are pleased she will remain involved in a consulting capacity, under Michael’s leadership, and ensure continuity across the finance function.”

EMERGE describes itself as an acquirer and operator of profitable e-commerce brands and technologies across direct-to-consumer and business-to-business segments.

Its direct-to-consumer portfolio includes grocery and golf-related businesses. The company’s grocery segment is anchored by truLOCAL, a Canadian meat and seafood subscription service. Its golf vertical includes UnderPar, JustGolfStuff and Tee 2 Green, which focus on discounted golf experiences, apparel and equipment.

The company’s business-to-business segment includes Viral Loops, a referral marketing platform serving international clients.

EMERGE is publicly traded on the TSX Venture Exchange under the symbol “ECOM.”

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GLP-1 Drugs Trigger Multi-Billion Dollar Demand Shock in Food Sector

Shopping cart in a Canadian grocery store. Frozen goods. Dairy. Photo: RI/Google

We learned last week that Apotex Inc., Canada’s largest drug manufacturer, has received approval from Health Canada to market a generic version of Ozempic. This is a pivotal moment. What began as a treatment for diabetes has quickly evolved into something far more consequential: a structural force reshaping consumer behaviour and, by extension, Canada’s agri-food economy. Are these drugs will now get cheaper.

GLP-1 drugs, including Ozempic and Wegovy, are no longer niche medical interventions. They are becoming mainstream. Based on estimates from our lab, by the end of this year, more than two million Canadians could be using these drugs primarily for weight loss. More recent data suggest adoption is already approaching 8% of the adult population, roughly three million people, up from about 4 to 5% in late 2025. In just over a year, usage has effectively doubled.

This is not merely a healthcare story. It is a demand shock.

 

Emerging consumer data show that individuals on GLP-1 therapies reduce their caloric intake significantly, often by 20% or more, and cut grocery spending by roughly 5% within months of starting treatment. At the individual level, that may seem modest. At scale, it is anything but.

Our estimates suggest that GLP-1 adoption is already removing between $2.3 billion and $3.4 billion annually from Canada’s agri-food economy, including both retail and foodservice. For an industry built on volume and operating on thin margins, this is material.

There is also a notable transfer of value underway. Novo Nordisk, the manufacturer of Ozempic, generated approximately $2.9 billion in revenues from the drug in 2025 alone. In effect, a portion of consumer spending once allocated to food is now being redirected toward pharmaceuticals.

 

The impact, however, is far from uniform. It is concentrated in categories that have long driven growth and profitability across the food sector. Snack foods, confectionery, sweet bakery items, and soft drinks are among the hardest hit. These are impulse-driven, high-margin categories and precisely the types of products GLP-1 users tend to abandon. Alcohol is also under pressure, both in retail and foodservice settings.

Even traditionally resilient categories such as fresh meat and deli are seeing softer demand, not because consumers are avoiding protein, but because they are simply eating less overall.

At the same time, a subtle but important shift is emerging. Consumers on GLP-1s are not necessarily trading down. They are buying less, but often choosing better. Nutrient density, portion control, and intentional purchasing are gaining importance. In economic terms, the food sector is quietly shifting from a volume-driven model to a value-driven one.

A chef in a kitchen in a restaurant in Toronto

For the restaurant industry, the implications are equally significant. Fewer appetizers, fewer desserts, fewer add-ons, and lower average tickets. With Canada’s foodservice sector exceeding $100 billion in annual sales, even modest behavioural changes translate into hundreds of millions of dollars in lost revenue.

And this is just the beginning.

With the introduction of generic semaglutide, prices are expected to fall, further accelerating adoption. If penetration reaches 10% of the adult population, as many analysts now consider plausible, the economic impact could double. Entire product categories may face a permanent reset.

Yet, despite the magnitude of this shift, there is remarkably little discussion at the policy level.

We devote considerable attention to food inflation, carbon pricing, and supply chain disruptions. These are all important issues. But we are overlooking a structural change in demand that could redefine the economics of the entire agri-food sector.

For producers, processors, and retailers, this is not a temporary disruption. It is a long-term adjustment.

The agri-food sector has always adapted to change. But this time, the change is coming from the consumer’s biology, not just preferences, prices, or policy.

And that may be the most disruptive force of all.

If Canada is serious about building a resilient and competitive food system, we need to start paying closer attention, not just to what food costs, but to how much of it people will actually want to consume in the future.

Increasingly, the answer is simple: less.

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Segway Navimow reaches one million units in global production, expands manufacturing footprint

Ceremony moment – from left to right: Calvin Chen (President and CTO, Segway Navimow), George Ren (CEO, Segway Navimow), and Frank Holzmann (Global Vice President of TÜV Rheinland Business Field Electrical) with the 1,000,000th Navimow robotic lawnmower.

Segway Navimow says it has produced its one millionth robotic lawn mower, marking a milestone as the company scales its global manufacturing and supply chain operations.

The China-based company said the announcement coincides with the launch of a new production line in Malaysia, a move it says is aimed at improving delivery efficiency and supporting international growth.

The company marked the production milestone with a ceremony at its research, development and manufacturing base in Changzhou, China.

Chief executive George Ren framed the achievement as an early step in a broader growth strategy.

“This milestone is just the beginning. We hope to become a model for ‘new quality productivity’ going global, making ‘made in China’ synonymous with efficiency, reliability, and sustainability in the home.”

George Ren
George Ren

The company said reaching one million units reflects both market demand and its ability to manage production and logistics at scale. It also said it has been named the top brand globally in wire-free robotic lawn mower retail volume sales for two consecutive years.

The milestone represents what the company describes as a transition from an early entrant in the category to a larger-scale global player.

Segway Navimow said its products are now sold in more than 40 countries and regions, supported by a network of more than 5,000 offline retail stores.

The company attributed its growth to continued investment in technology, distribution channels and service delivery. It also cited sales performance during major online retail events in 2025, when it ranked first in its category across six European countries during Amazon Prime Day and Black Friday promotions.

The company said its production capabilities span research, manufacturing and delivery, with two primary bases in Changzhou and Nantong, China.

It said the addition of a Malaysia production line is intended to support more stable supply to European and North American markets while building capacity for further expansion.

Segway Navimow traced its growth from initial deliveries of thousands of units in 2022 to steady annual increases culminating in the current production total.

Segway Navimow photo
Segway Navimow photo

The company said it plans to continue focusing on technological development and user-driven product design as it targets further expansion in the global market for wire-free robotic lawn mowers.

Segway Navimow is a subsidiary of Ninebot Ltd. and develops intelligent service robots, including a range of robotic lawn mowers designed for residential and commercial use.

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Daily Synopsis: May 5, 2026

Today’s Retail Insider articles include key insights into Primaris REIT’s $175–225 million effort to repurpose former Hudson’s Bay anchor spaces into more flexible, diversified retail formats, reflecting a pivotal shift in mall management strategies. Meanwhile, Splitsville Bowl is accelerating its Canadian expansion, targeting mixed-use and retail hubs to boost experiential foot traffic through multi-use entertainment centres. These developments and oters underscore the growing emphasis on adaptable real estate and immersive retail experiences shaping Canada’s retail future. Below, you’ll find these stories alongside Canadian Retail News From Around the Web.

 

🗞️ The Day’s Retail Insider Article List

 

🌐 Canadian Retail News From Around the Web

First Capital REIT reports “solid” Q1 results.

Avenue Road entrance to Yorkville Village in Toronto. Photo: First Capital REIT

First Capital Real Estate Investment Trust announced Tuesday financial results for the quarter ended March 31, 2026.

It noted the following key highlights:

  • Operating FFO per unit of $0.35, representing YoY growth of 7.6%
  • Same Property NOI growth of 6.3%, excluding bad debt expense (recovery) and lease termination fees
  • Lease renewal lift of 16.4% on strong leasing volume
  • Total portfolio occupancy of 97.2%, representing an increase of 30 basis points year-over-year
Adam Paul
Adam Paul

“We are pleased to report another strong quarter of operating and financial results, highlighted by record occupancy, solid same-property NOI growth and robust lease renewal spreads which contributed to strong FFO per unit growth,” said Adam Paul, President & CEO.

“I am extremely grateful for and proud of the FCR team. Together, we have built a consistent track record of strong results through the disciplined execution of a well-defined strategy. This foundation positioned FCR for success and culminated in last month’s announced agreement to be acquired at a record unit price.”

On April 16, the Trust announced it had entered into an agreement to be acquired by KingSett Capital and Choice Properties REIT, in a unit and cash transaction valued at approximately $9.4 billion, including the assumption of certain debt. Under the terms of the agreement, First Capital unitholders will receive consideration of $19.24 in cash and 0.3186 units of Choice Properties per First Capital unit. Based on the closing unit price of Choice Properties on April 15, (the last trading day prior to the announcement of the transaction), the implied value of the total consideration equates to $24.40 per First Capital unit. The actual value of the consideration received by unitholders will depend on the market price of Choice Properties units at the time of closing and may be more or less than $24.40 per First Capital unit. The Transaction will be implemented by way of a statutory plan of arrangement and be subject to unitholder approvals to be obtained at a special meeting of First Capital unitholders to be held on June 23. In addition to unitholder approval, the transaction is subject to court approval, compliance with the Competition Act (Canada) and certain other closing conditions customary in transactions of this nature, explained the Trust.

First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

Oval at Yorkville Village. Image: First Capital REIT

The REIT also noted in its financial results:

  • Net income (loss) attributable to Unitholders of $92.2 million or $0.43 per diluted unit compared to $84.4 million or $0.39 per diluted unit for the prior year period. The increase in net income over prior year was primarily due to a $30.0 million increase in fair value of investment property recognized in the first quarter of 2026 versus a $2.5 million increase in fair value of investment property recognized in the first quarter of 2025, on a proportionate basis. The increase was partially offset by a change in deferred income taxes of $17.7 million over the prior year period;
  • Total Same Property NOI increased 6.4% over the prior year period. The growth was primarily due to rental rate growth and higher year-over-year occupancy. Same Property NOI excluding bad debt expense (recovery) and lease termination fees increased 6.3%;
  • On a quarter-over-quarter basis, total portfolio occupancy increased 0.1% to 97.2% at March 31, 2026, from 97.1% at December 31, 2025. On a year-over-year basis, total portfolio occupancy increased 0.3% from 96.9% at March 31, 2025 to 97.2% at March 31, 2026;
  • During the quarter, net rental rates increased 16.4% on a volume of 578,000 square feet of lease renewals, when comparing the rental rate in the first year of the renewal term to the rental rate in the last year of the expiring term. Net rental rates on leases renewed in the quarter increased 20.1% when comparing the average rental rate over the renewal term to the rental rate in the last year of the expiring term owing to higher contractual growth rates embedded within the renewed lease terms;
  • The portfolio average net rental rate increased by 0.3% or $0.08 per square foot over the prior quarter to a record $24.81 per square foot, primarily due to rent escalations and renewal lifts, largely offset by tenant openings, net of tenant closures;
  • During the first quarter, First Capital invested approximately $43 million into property development, redevelopment, residential inventory and acquisitions, including a parcel of excess land adjacent to an existing FCR-owned shopping centre located in Milton for $5.2 million.

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