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Maison Territo Celebrates First Anniversary at Royalmount

By
Craig Patterson
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Maison Territo at Royalmount in Montreal

One year after opening its doors at Royalmount, Maison Territo is marking an important milestone shaped by luxury interiors, curated design, and a distinctive approach to the showroom experience. Since its debut, the Montréal design destination has established itself as a space where furniture, materials, craftsmanship, and artistic expression come together to create immersive environments for architects, interior designers, and private clients.

To celebrate its first anniversary, Maison Territo will host a special event on May 19, reflecting on a year defined by creativity, collaboration, and a commitment to elevated interior design.

A Year Defined by Curated Design

Over the past year, Maison Territo has built its identity around carefully selected collections and an experiential approach to luxury interiors. Located within Royalmount, the 11,000-square-foot showroom presents internationally recognized brands including Fendi Casa, Versace Home, Dolce & Gabbana Casa, and Bentley Home, many available exclusively through Maison Territo in Canada.

The showroom was conceived as a destination where visitors could experience design through atmosphere, texture, scale, and craftsmanship. Furniture, lighting, surfaces, and décor are presented within immersive settings that encourage exploration and inspiration.

This approach has positioned Maison Territo within Montréal’s growing design landscape, serving both professionals and private clients seeking refined and globally influenced interiors.

Fendi Casa at Maison Territo in Montreal

Craftsmanship, Storytelling, and Sensory Experience

Central to Maison Territo’s philosophy is the idea that interiors should create emotional resonance as much as visual impact. Throughout its first year, the showroom has emphasized collections that combine craftsmanship with storytelling, allowing materials and design details to shape the experience of a space.

From sculptural furniture pieces to richly layered finishes and curated accessories, the showroom encourages visitors to engage with interiors beyond aesthetics alone. This sensory approach reflects a broader vision of luxury design, where comfort, atmosphere, and individuality work together to create spaces that feel memorable and personal.

Looking Ahead to the Future of Luxury Interiors

While the anniversary marks an opportunity to reflect on Maison Territo’s first year, it also signals the company’s continued focus on innovation and evolving design experiences. The showroom continues to expand its collaborations, curated collections, and creative programming as it strengthens its role within Montréal’s luxury design community.

By combining internationally recognized brands with immersive presentation and personalized service, Maison Territo aims to continue shaping conversations around contemporary interiors and elevated living environments.

Versace Home at Maison Territo in Montreal

Join Maison Territo’s Anniversary Celebration

Maison Territo’s first-anniversary celebration will take place on May 19, bringing together members of the design community, clients, and guests for an evening reflecting the showroom’s creative identity and vision for the future.

Guests interested in attending are encouraged to register in advance through the official RSVP page:
https://maisonterrito-main.odoo.com/event/6/register

Visit the Maison Territo website to learn more:
https://maisonterrito.ca/en

Maison Territo is located at 5050 Côte de Liesse #1050, Mont-Royal, QC H4P 0C9, Canada.
For more information, call 514-800-0102.

Dolce & Gabbana Casa at Maison Territo in Montreal

Deb Craven Named Distinguished Canadian Retailer of the Year

By
Retail Insider
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The Retail Council of Canada has named Deb Craven as the 2026 Distinguished Canadian Retailer of the Year, recognizing her leadership during a period of significant growth and transformation for Longo’s and the broader grocery retail sector.

The award honours retail leaders who demonstrate business success, innovation, industry leadership, and community involvement. Craven will receive the honour at the Excellence in Retailing Awards Gala during RCCSTORE26, Retail Council of Canada’s annual retail conference taking place June 2-3 at the Toronto Congress Centre.

Craven joined Longo’s in 2019 as Chief Financial Officer before becoming Chief Operating Officer and later President in May 2023. Her appointment marked a milestone for the company, as she became the first woman and first non-family member to lead the family-founded Ontario grocery chain.

Before joining Longo’s, Craven held senior leadership positions with Purolator, Nike, and Canadian Tire Corporation, building experience across retail operations, logistics, and brand management.

 

Longo’s Expansion and Grocery Transformation

Longo’s has undergone substantial operational growth in recent years as grocery retailers continue adapting to evolving consumer expectations, digital commerce, and supply chain pressures. The company, which operates stores across the Greater Toronto and Hamilton Area, has also expanded its e-commerce capabilities through its relationship with Empire Company Limited, which acquired a majority stake in Longo’s in 2021.

According to Retail Council of Canada, Longo’s has achieved significant milestones under Craven’s leadership, including new store openings, the doubling of its distribution centre capacity, and the transition of Grocery Gateway customers to the Voilà online grocery platform.

“Deb Craven is the kind of leader who makes everyone around her better,” said Kim Furlong in the announcement. “She brought financial leadership and operational excellence to Longo’s at a pivotal moment in the company’s history, and she has led it through a period of remarkable growth.”

Retail Council of Canada also highlighted Craven’s involvement in community and non-profit organizations. She has served on the boards of The Learning Partnership, Sagesse, and Kids Help Phone, and currently serves as a board member of The Grocery Foundation.

 

Recognition at Canada’s Largest Retail Conference

The Excellence in Retailing Awards Gala is one of the Canadian retail industry’s highest-profile annual events and forms part of RCCSTORE26, which will bring together retail executives, brands, and industry leaders from across North America.

The Distinguished Canadian Retailer of the Year award has previously been presented to leaders including George Soleas, Greg Hicks, and Paul Wood.

Craven’s recognition comes at a time when Canadian grocery retailers continue investing heavily in store modernization, digital fulfillment, and operational efficiency as competition intensifies across the sector. For Longo’s, the award also reflects the company’s ongoing evolution from a regional family grocer into a modern retail business with growing digital and operational scale.

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Princess Auto to open flagship Winnipeg store as part of retail strategy shift

By
Mario Toneguzzi
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Princess Auto announced the opening of a first-of-its-kind 100,000-square-foot flagship store at 500 Panet Rd. in Winnipeg. (CNW Group/Princess Auto)

Princess Auto says it is opening a 100,000-square-foot flagship store in Winnipeg next month as the privately-owned retailer shifts toward a more experiential retail model focused on community engagement and hands-on customer experiences.

The company said the store at 500 Panet Rd. will open June 2 and represents what it described as a new phase in its retail strategy. The Winnipeg location will serve as a testing ground for concepts the company may expand to other Canadian markets.

The flagship store introduces several features not currently found in other Princess Auto locations, including an expanded assortment of recreation, hardware, electrical and plumbing products, after-hours support for emergency and time-sensitive trades work, and a dedicated in-store workspace called The Shop where customers can test equipment and work on projects.

The company said the new format is intended to better serve industrial, trade, agricultural and do-it-yourself customers while strengthening customer loyalty through community-focused programming and hands-on experiences.

“This flagship allows us to re-imagine what a Princess Auto store can be,” said Ken Larson, President and Chief Executive Officer of Princess Auto. “What we are building in Winnipeg is rooted in this community, but also part of a broader vision for the company. The learnings and successes from this model will help us bring the best of this experience to other markets across Canada.”

Ken Larson
Ken Larson

Princess Auto said the project was designed by Winnipeg-based architects and built by local construction workers and tradespeople. The retailer said the development reflects a broader local investment effort tied to the company’s Winnipeg roots.

“This isn’t just a Princess Auto project, this opening represents a truly Winnipeg community effort,” added Larson. “This store represents the strength of meaningful partnerships. We are grateful for the support of local partners and of the City of Winnipeg throughout this process and look forward to celebrating with the community.”

The Panet Road location will become the 59th store in the Princess Auto network and the 14th store opened under third-generation owners Matthew Tallman and Marc Tallman.

Princess Auto said the new flagship is intended to evolve beyond a traditional retail format by combining shopping, demonstrations, workshops and community events in one location.

Opening celebrations are scheduled throughout June and will include motocross shows, a Transcona tailgate party featuring an appearance by the Grey Cup, and two ticketed concerts featuring Gord Bamford and Crash Test Dummies. The company said proceeds from the concerts will go to the Princess Auto Foundation.

Princess Auto is headquartered in Winnipeg and employs more than 3,500 people across Canada. The company operates 59 stores, a national call centre and an online retail business serving tradespeople, farmers, industrial workers and other customers.

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Casavogue Launches “We Pay Both Taxes” Promotion Beginning May 14

By
Retail Insider
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Nator sectional sofa

As homeowners continue to invest in comfortable and thoughtfully designed interiors, promotional events remain an opportunity to refresh key living spaces while benefiting from added value. Beginning May 14, Casavogue is introducing a new promotion designed to simplify the shopping experience for customers furnishing their homes.

Under the showroom’s new “We Pay Both Taxes” offer, Casavogue will cover both taxes on qualifying purchases, meaning the displayed prices already include them. The promotion applies across a selection of featured furniture collections, giving customers a more straightforward way to plan and budget for home upgrades.

Kalla + Magic dining set

A Simpler Way to Shop for the Home

For many customers, furnishing a home involves balancing design preferences with practical considerations such as budgeting and long-term value. By incorporating the taxes directly into the displayed price, Casavogue’s latest promotion provides greater pricing clarity while reducing the complexity often associated with larger furniture purchases.

The event also creates an opportunity for customers to refresh multiple rooms throughout the home, from living spaces to bedrooms and dining areas.

Among the collections highlighted during the promotion are Nator, Choco Magic, and Kalla + Magic, each offering a distinct approach to comfort, functionality, and contemporary design.

The featured pieces reflect Casavogue’s broader focus on high-end furniture that combines quality craftsmanship with everyday practicality. Whether customers are searching for updated seating, multifunctional furniture, or statement pieces for the home, the promotion provides access to a curated selection at tax-included pricing.

Choco Magic Living Room

A Long-Standing Montréal Furniture Destination

Founded in 1972, Casavogue has spent more than five decades serving Montréal customers through its 38,000-square-foot showroom. The family-founded business continues to offer a curated mix of Canadian, Italian, and international furniture brands across living room, dining room, and bedroom categories.

Over the years, the showroom has built a reputation for combining personalized service with a wide assortment of furniture styles, ranging from contemporary and modern to more classic and transitional aesthetics.

Visit Casavogue Beginning May 14

Customers interested in the “We Pay Both Taxes” promotion are encouraged to visit the showroom beginning May 14 to explore the featured collections and learn more about the offer.

Visit the Casavogue website to learn more:
https://casavogue.ca/en/

Opening hours:
Monday to Friday: 9:30 a.m. to 6:00 p.m.
Saturday to Sunday: 9:30 a.m. to 5:00 p.m.

Casavogue is located at 8260 boulevard Saint-Michel, Montréal, QC H1Z 3E2.
For more information, call +1 514-360-3565 or book an appointment to receive personalized advice.

Nator sectional sofa

Daily Synopsis: May 13, 2026

By
Retail Insider
-

Welcome to the Daily Synopsis by Retail Insider. We published 11 articles today exploring key Canadian retail developments, including new store openings and Q1 financial updates.

lululemon opened a flagship store on Montreal’s Sainte-Catherine Street West featuring a larger, design-focused space. Cavallo Custom Clothing launched an appointment-only showroom in Toronto’s Etobicoke emphasizing bespoke service. Happy Belly Food Group reported $19.3 million in Q1 system-wide QSR sales, marking an 80.4% year-over-year increase associated with a growing franchise network.

 

Other coverage highlighted growth in commercial real estate with Slate Grocery REIT reporting rental revenue up nearly 12% and stable occupancy. The Calgary retail market maintained stability with low vacancy and rising rents. SHEIN announced a four-day pop-up in Toronto’s Queen West, emphasizing experiential retail strategies.

🗞️ The Day’s Retail Insider Article List

 

🌐 Canadian Retail News From Around the Web

SHEIN Opening Toronto Pop-Up in Former Zara Queen West Space

By
Lee Rivett
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Former Zara store at 341 Queen Street West in Toronto on Sunday, November 24, 2024. Photo: Dustin Fuhs

A major former Zara storefront on Toronto’s Queen Street West is set to be temporarily reactivated later this month as SHEIN continues expanding its physical retail presence across Canada through immersive short-term activations.

The four-day Toronto pop-up will operate from May 28 to May 31 at 341 Queen Street West, the prominent multi-level location that housed Zara for roughly two decades before the retailer closed the store in late 2024. The highly visible corner space, known for its expansive street frontage and heavy pedestrian traffic, has long been one of the corridor’s most recognizable international fashion retail locations.

Retail Insider previously reported on Zara’s departure from the site amid broader changes unfolding across Queen Street West, including evolving shopping patterns, rising operating costs, and ongoing disruption connected to Ontario Line subway construction. Less than two years later, the space is returning to retail use through a very different type of fashion concept.

While Zara helped define an earlier generation of fast fashion expansion built around large permanent urban stores, SHEIN represents a newer retail model shaped by e-commerce, algorithm-driven merchandising, social commerce, and rapid trend responsiveness. Rather than committing to long-term flagship locations, the company has increasingly relied on temporary experiential activations that blend shopping, entertainment, and digital engagement.

SHEIN pop-up on Queen St. in Toronto, May 2026. Photo: Dustin Fuhs/6ix Retail

Physical Retail Becomes an Extension of Digital Commerce

Although SHEIN built its global business as an online-first retailer, the company has steadily increased its presence in physical environments through temporary concepts designed to create urgency, visibility, and social-media engagement.

Unlike conventional apparel stores focused primarily on inventory depth and transactional shopping, SHEIN’s activations typically function as curated brand environments centred on discovery and interaction. The Toronto pop-up will feature rotating assortments across women’s and men’s apparel, curve fashion, accessories, beauty, home décor, and pet products, alongside themed summer trend installations designed for social sharing and customer engagement.

According to materials distributed ahead of the opening, merchandise assortments will refresh daily throughout the four-day engagement. The strategy mirrors the fast-moving product turnover and constant stream of newness that helped propel SHEIN’s rise online, where the company became known for rapidly responding to emerging fashion trends and consumer behaviour.

The Toronto activation will also feature multiple themed retail environments tied to summer fashion aesthetics, continuing the company’s broader approach of transforming physical retail into an extension of its digital ecosystem.

Increasingly, digitally native retailers are using storefronts less as permanent transactional spaces and more as temporary marketing platforms capable of generating online visibility, customer acquisition, and social-media amplification. In some cases, short-term activations can create more attention and engagement than traditional long-term stores.

Former SHEIN pop-up at CF Toronto Eaton Centre. Image: SHEIN

SHEIN Expands Canadian Pop-Up Strategy

The Queen Street West concept is part of a growing pattern of Canadian activations for SHEIN over the past two years.

From Vancouver to Toronto to Montreal, the company has steadily expanded its physical footprint through temporary retail engagements in major urban markets. In April 2026, SHEIN launched a Spring/Summer activation at Metropolis at Metrotown in Burnaby featuring multiple trend installations and interactive experiences. Earlier this year, the retailer also operated a pop-up at CF Toronto Eaton Centre centred on brands including Dazy and SHEGLAM.

Additional Canadian concepts have included a Vancouver pop-up on Granville Street that reportedly drew large crowds in 2024, a holiday-focused activation at Square One Shopping Centre in Mississauga, an Ottawa event tied to activewear and lifestyle merchandise, and a multi-level Montreal pop-up.

Across the various Canadian markets, the company has maintained a relatively consistent operating approach built around limited-time engagements, rotating merchandise assortments, exclusive in-person promotions, and strong integration with TikTok and Instagram-driven marketing strategies.

The frequency and scale of the activations suggest Canada is becoming an increasingly important market within SHEIN’s broader North American growth and visibility strategy.

Queen Street West Continues Its Retail Transformation

SHEIN’s arrival at the former Zara location also reflects the continuing evolution of Queen Street West and other major urban shopping corridors.

For years, the area was defined by large-format international retailers operating traditional flagship stores designed around long-term occupancy, substantial inventory, and steady downtown foot traffic. Today, many retailers are reassessing those models as e-commerce competition, shifting consumer behaviour, and changing downtown dynamics reshape urban retail economics.

At the same time, temporary retail concepts have become increasingly attractive for brands seeking flexibility and visibility without the long-term commitments associated with permanent storefronts. Pop-ups now frequently function as marketing vehicles, media backdrops, and experiential brand environments alongside their retail purpose.

The contrast between Zara’s former long-term presence and SHEIN’s temporary activation highlights how quickly the retail landscape continues to evolve. Physical retail spaces are increasingly being designed not only for commerce, but also for content creation, community engagement, and digital amplification.

For Queen Street West, the activation offers another glimpse into how prominent retail spaces may continue adapting during a period of significant transition for Toronto’s downtown shopping environment.

SHEIN’s Toronto Summer Trends Pop-Up will open to the public from May 28 to May 31 at 341 Queen Street West.

More from Retail Insider:

lululemon Opens Large Downtown Montreal Store

By
Craig Patterson
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Lululemon at 1035 Ste-Catherine O in Montreal. Photo: Maxime Frechette

Canadian activewear giant lululemon has unveiled a new two-level downtown Montreal store at the high-profile corner of Sainte-Catherine and Peel Streets, opening one of the company’s largest and most design-focused Canadian locations to date in the Marine Building.

Located at 1035 Sainte-Catherine Street West, the new store spans approximately 11,600 square feet across two levels and replaces lululemon’s previous Sainte-Catherine Street West location, which had operated nearby for 16 years. The larger footprint allows lululemon to expand product presentation across women’s and men’s apparel, footwear, and accessories tied to categories including yoga, running, training, and everyday movement.

The intersection is among Montreal’s busiest and best-known shopping corners, benefiting from significant pedestrian traffic, direct access to the Underground City network, and proximity to office towers, hotels, universities, and tourism destinations. The surrounding corridor has also seen renewed leasing momentum in recent years as major retailers continue reinvesting in downtown Montreal retail.

The opening additionally fills a highly visible retail space that had sat mostly vacant since the closure of an American Eagle store during the pandemic era, further reflecting renewed demand for major retail corners along Sainte-Catherine Street West.

lululemon Ste-Catherine’s Street Opening Weekend, Credit: Studio Nido
 

Store Design Draws Inspiration From Vancouver and Montreal

The new Montreal store incorporates references to lululemon’s Pacific Northwest origins while embedding design details tied specifically to Montreal. Visitors entering the space encounter a softer Pacific Northwest-inspired colour palette accented with touches of cedar red. Natural textures and lighter tones create a warmer atmosphere than many traditional athletic apparel stores.

As shoppers move toward the second floor, wall treatments inspired by the mountainous landscapes surrounding Vancouver create a visual transition between levels.

Throughout the storefront, mesh design elements create movement across the windows while showcasing the phrase “VIVRE EN MOUVEMENT,” a localized message connecting the environment to Montreal.

One of the store’s most distinctive architectural features is a curved element on the second floor that designers affectionately nicknamed “the croissant” during the development process because of its shape.

The location also includes a commissioned artwork by Montreal artist Jason Cantoro positioned behind the cash area. Additional localized design moments throughout the store serve as an ode to Montreal and reflect characteristics associated with the city’s identity and culture.

The overall result is a retail environment intentionally tailored to Montreal rather than replicated from another market.

lululemon Ste-Catherine’s Street,Credit: Hassan (@Sohrty)
 

Premium Retailers Continue Investing in Experiential Urban Stores

The Montreal opening reflects broader changes occurring across premium retail, where brands are increasingly using larger urban stores to immerse shoppers in storytelling and experiential retail environments.

For premium retailers, store design has increasingly become part of the brand experience itself. Architecture, localization, and merchandising are playing larger roles as brands attempt to strengthen emotional connections with consumers and encourage longer in-store visits.

That trend has become especially visible in major urban markets where retailers are investing in larger-format stores functioning as both shopping destinations and brand showcases. The larger store format also provides additional space for footwear presentation, an increasingly important category for lululemon.

Executives at lululemon recently discussed the company’s evolving store strategy during its March 2026 earnings call, emphasizing larger-format store “optimizations” in influential cities, elevated presentation, localized merchandising, and enhanced guest experiences.

The company also noted that its largest stores generate productivity levels above the fleet average. lululemon executives additionally described the company’s updated store approach as featuring reduced product density, clearer activity-based merchandising, and improved navigation for guests.

The Montreal location aligns with that evolving retail direction.

lululemon Ste-Catherine’s Street Opening Weekend, Credit: Studio Nido

Montreal Continues lululemon’s Canadian Urban Store Evolution

lululemon’s investment in Montreal follows a series of major urban store projects across Canada over the past decade.

The strategy evolved through the expansion of lululemon’s Vancouver flagship at the southeast corner of Robson and Burrard Streets, which first opened in 2014 before expanding into adjacent space and reopening in an enlarged format in 2022.

More recently, lululemon opened a major store at the intersection of Yonge and Bloor Streets in Toronto in June 2024, further reflecting the company’s focus on prominent urban retail corridors and larger-format environments.

The Montreal location continues that strategy, combining elevated design, localization, and expanded retail space within one of Canada’s most important downtown shopping districts.

The company has also emphasized localization and community-driven retail environments globally, including newer stores in Soho in New York and Gangnam in Seoul.

Continued Investment in Quebec and Canada

The opening brings lululemon’s Quebec store count to eight locations and reflects continued investment in both the Quebec market and Canadian physical retail more broadly.

The retailer continues to expand internationally while refining and upgrading its North American fleet through relocations, renovations, and larger-format store optimizations. During its March 2026 earnings call, the company said it plans to complete approximately 35 store optimizations globally this year in addition to opening new locations.

Despite broader caution in some areas of North American retail, lululemon continues investing heavily in premium urban retail environments and experiential stores as part of its long-term growth strategy.

In Montreal, that strategy now takes shape through a store designed as both a retail destination and a localized expression of the brand itself.

More from Retail Insider:

AFA Canada Sets August Dates as Spring/Summer 2027 Trends Take Shape

By
Retail Insider
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Photo: AFA United in Style

Retailers across Canada are being encouraged to mark their calendars as the Association of Footwear and Apparel Canada prepares to host its next industry event this summer — United in Style S/S 2027.

The United in Style by AFA Canada trade show will take place at the Toronto Congress Centre from August 11 to 13, bringing together brands, retailers, and industry professionals for a multi-day gathering focused on business development, product discovery, and forward-looking insights. As in past editions, the event is expected to attract a broad cross-section of the Canadian footwear and apparel sector, with a focus on fostering connections and supporting growth across the industry.

While the August timing places the show firmly within the current retail calendar, attention is already turning to what comes next. Early direction for Spring/Summer 2027 collections is beginning to emerge, offering retailers a glimpse into the tone and mood that will shape future assortments.

Photo: AFA United in Style

Initial indications suggest a season defined by lighter palettes and a more expressive approach to colour. Soft pastels are expected to sit alongside brighter accents, creating a balanced mix that reflects both optimism and versatility. At the same time, there is growing interest in texture and material contrast, with brands exploring ways to add depth without compromising wearability.

Silhouettes are also expected to evolve, with a continued emphasis on ease and adaptability. Retailers can anticipate collections that are designed to move fluidly across occasions, reflecting ongoing shifts in how consumers approach both work and leisure dressing. This adaptability remains a key theme as brands respond to changing lifestyles and purchasing behaviours.

For retailers, the AFA Canada August 2026 show provides an opportunity to engage with these emerging directions in a meaningful way. Beyond product, the event serves as a platform for conversation, allowing industry participants to exchange ideas, identify opportunities, and better understand the forces shaping the market.

As the industry continues to navigate a complex and evolving landscape, events such as this play an important role in maintaining alignment across the sector. The August gathering will offer both a practical and forward-looking perspective, helping retailers prepare for the seasons ahead.

More details on programming and participating brands are expected to be released in the coming weeks. Visit the website for more information.

Slate Grocery REIT reports Q1 2026 results with rental revenue growth of nearly 12% yoy

By
Mario Toneguzzi
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Photo: Slate
Photo: Slate

Toronto-based Slate Grocery REIT, an owner and operator of U.S. grocery-anchored real estate, announced on Wednesday its financial results and highlights for the three months ended March 31, 2026.

“Our first quarter results reflect the enduring strength and resilience of grocery-anchored real estate,” said Blair Welch, Chief Executive Officer of Slate Grocery REIT. “We completed over 725,000 square feet of leasing at double-digit rental spreads, highlighting the embedded growth and pricing power within our portfolio. With rents that remain meaningfully below market, a stable balance sheet, and sustained demand for high-quality grocery spaces, we believe we are well-positioned for continued strong performance.”

Rental revenue grew to $59.322 million US in the quarter, an increase of 11.8% from a year ago.

In a letter to unitholders, Welch described the quarter as strong with sustained high leasing volumes at double-digit rental spreads driving continued Net Operating Income growth.

“The REIT completed over 725,000 square feet of total leasing throughout the quarter, achieving strong rent growth on new and renewed leases. Renewal spreads were completed at 18.9% above expiring rents, and new deals were completed at 49.0% above comparable average in-place rent,” he noted.

Blair Welch
Blair Welch

“Portfolio occupancy at quarter-end remained stable at 94.4%, and we expect our robust pipeline of new leasing opportunities to support continued steady occupancy over the coming quarters.

“High leasing volumes at double-digit rental spreads over the last several quarters are continuing to translate into healthy NOI growth for the REIT. Adjusting for completed redevelopments, same-property NOI increased by 2.1% or $3.5 million on a trailing twelve-month basis.

“The REIT’s average in-place rent of $12.98 per square foot remains well below the market average of $24.591, providing meaningful runway for continued rent increases.”

Welch said the REIT continues to have a strong conviction in the enduring strength and resilience of grocery-anchored real estate.

“Fundamentals in the grocery sector remain favorable, with elevated construction costs and tight lending conditions continuing to limit new retail development and overall retail availability. Today, the vacancy rate for grocery-anchored properties sits at just 4.0% , underscoring the structural undersupply that continues to define the sector. This dynamic translates directly into pricing power for landlords, creating an
environment that supports tenant retention and meaningful increases in rent as leases expire,” he said.

“Grocery-anchored retail remains well-positioned, and we believe these fundamentals, combined with the resilience of consumer spending on food and essential goods, underscore the longterm stability of our portfolio.”

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Happy Belly Food Group reports $19.3 million in Q1 system wide QSR sales

By
Mario Toneguzzi
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Heal is part of the Happy Belly Food Group (Photo credit: Heal website)
Heal is part of the Happy Belly Food Group (Photo credit: Heal website)

Happy Belly Food Group Inc., a leader in acquiring and scaling emerging food brands, announced Wednesday its unaudited financial results and corporate update for the fiscal quarter ended March 31, 2026.

Q1 2026 Financial and Recent Business Highlights

  • System-wide sales across Quick Service Restaurants totalled $19.3M in the first quarter of fiscal 2026, up 80.4% versus the same quarter last year (2025 – $10.7M). The increase is attributed to organic baseline restaurant growth, alongside increased restaurant count, which reached 87 operating restaurants at the end of Q1 2026, up 74.0% versus 50 in the prior year.
  • Total operating revenues, services, interest income and rebates totalled $6.0M in the first quarter of fiscal 2026, up 82.2% versus the same quarter last year (2025 – $3.3M). Year-over-year growth was driven by continued sales growth in QSR, multiple business acquisitions in the past twelve months, and net new restaurants (10 new openings in Q1).
  • Total product sales totalled $4.7M in the first quarter of 2026, up 70.3% versus the same quarter last year (2025 – $2.8M). In addition, royalties and franchise fee revenues reached $0.97M during the quarter, up 118% from the prior year (2025 – $0.45M), which was driven by an increase in royalties collected from added franchised restaurants in the system.
  • Adjusted EBITDA was $(0.17M) or (2.9%) in the first quarter of fiscal 2026 versus $0.14M or 4.2% in the same quarter last year.
  • Total cash and cash equivalents remain healthy at $6.2M as of March 31, 2026 (2025 – $3.0M).
  • As of April 30, 2026, subsequent to fiscal 2025, the Company has opened and is operating 17 additional restaurants.

“Happy Belly continued to deliver strong growth in the first quarter of fiscal 2026, with system-wide sales across our Quick Service Restaurant portfolio increasing 80.4% year over year to $19.3 million. This growth reflects continued organic baseline restaurant performance, the contribution of recent acquisitions, and the expansion of our operating restaurant base to 87 locations at quarter end, up 74.0% from the prior year,” said Sean Black, Chief Executive Officer of Happy Belly Food Group. “During the quarter, we opened 10 new restaurants, further demonstrating the strength and repeatability of our growth model. Subsequent to quarter end, we continued that momentum, with 7 additional restaurants opened and operating. This continued expansion reinforces the demand for our brands and the effectiveness of our area developer and franchise platform.

Sean Black
Sean Black

“Total operating revenues also increased 82.2% year over year to $6.0 million, while total product sales increased 70.3% to $4.7 million. Importantly, royalties and franchise fee revenues grew 118% to $0.97 million, driven by the continued expansion of franchised restaurants across our system. This is a key metric for us as we scale towards 100+ operating locations in the first half of this year. As our restaurant footprint grows, these higher-margin revenue streams become an increasingly important contributor to our financial profile.

“With $6.2 million in cash at quarter end, and less than $60,000 in total secured debt, we remain well positioned to continue executing our strategy without having to slow down. We are proud of the progress made in Q1 2026 and remain focused on disciplined growth, operational execution, and scaling Happy Belly as a leading acquirer and operator of emerging food brands. Our expanding franchise system provides increased royalty and franchise fee revenues providing a strong foundation for long-term shareholder value creation. Moving forward in 2026 we anticipate delivering significant organic growth, surpassing our original expectations for the full year. With cash in the bank, building the business in the back half of 2026 is going to be a lot of fun”.

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