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Canadian Tire Launches 1st Hudson’s Bay Stripes Collection

By
Craig Patterson
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Canadian Tire unveils their limited-edition Hudson’s Bay Stripes holiday capsule, launching December 5, 2025. (CNW Group/Canadian Tire Corporation, Limited)

Canadian Tire Corporation (CTC) is ushering in a new chapter of Canadian retail history with the reintroduction of the Hudson’s Bay Stripes. On December 5, Canadian Tire will launch its first Hudson’s Bay Stripes holiday collection, available exclusively in stores across the country. The limited-edition capsule marks the first step in Canadian Tire’s stewardship of the storied brand since acquiring the Hudson’s Bay intellectual property earlier this year.

“Bringing the Stripes back to Canadians is both an honour and a responsibility,” said Greg Hicks, President and CEO of Canadian Tire Corporation, in a statement. “Recognizing the enthusiasm and nostalgia Canadians hold for the brand, we are determined to reintroduce it with care. As a first foray, this curated Hudson’s Bay Stripes collection is a reflection of our stewardship.”

The holiday capsule includes 26 heritage-inspired products such as the Hudson’s Bay Point Blanket, classic striped ornaments, espresso sets, knitwear, totes, and bedding. Every item has been carefully chosen from past Hudson’s Bay collections, selected for quality and historical resonance. Availability will vary by store, and the products will not be sold online.

Eva Salem, SVP, Marketing and Brand, Canadian Tire

“This is a moment of pride and preservation,” said Eva Salem, Senior Vice President, Marketing and Brand at Canadian Tire, in an interview on Wednesday. “The Stripes have been part of Canada’s story for generations, and we’re thrilled to bring them back through a limited-edition capsule that celebrates their legacy.”

From Legacy to Launch

When Canadian Tire won the $30-million bid to acquire Hudson’s Bay’s intellectual property in spring 2025, including its distinctive multicoloured stripe design, the company faced a tight turnaround. With the deal finalized in June, CTC had only five months to prepare a collection for the holiday season—an ambitious feat in an industry where retailers typically plan a year or more in advance.

“We largely had to work with what we could turn around in five or six months,” Salem explained. “Normally, with these kinds of launches, we plan at least 18 to 24 months ahead. This time, we focused on agility and authenticity, creating something that would resonate deeply with Canadians.”

The resulting capsule collection features products that many will recognize from past Hudson’s Bay assortments. Canadian Tire worked closely with the same long-standing suppliers to ensure quality and craftsmanship remained consistent. “The manufacturing is the same, the quality is the same, and in many cases, the vendors are the same,” said Salem. “We wanted this first capsule to be rooted in what people already love.”

A New Stewardship of Heritage

The Hudson’s Bay Stripes are among the most recognizable symbols in Canadian retail history. Their origins date back to the late 18th century when Hudson’s Bay Company introduced the point blanket in 1779. The now-famous green, red, yellow, and indigo stripes on a white background became a hallmark of Canadian identity, adorning everything from outerwear to home décor.

For Canadian Tire, acquiring these assets represented a commitment to preserving and evolving a national symbol. The company’s stewardship extends to Hudson’s Bay’s historic coat of arms, slogans, and several private-label brands, including Distinctly Home and Hudson North. The acquisition did not include the Zellers brand, which was sold separately to Les Ailes de la Mode Inc. in August.

Under the deal, Canadian Tire also obtained Hudson’s Bay’s social media channels, using them to engage directly with Canadians. “We’ve started conversations through our social platforms, asking Canadians what they’d like to see in future collections,” said Salem. “It’s been really fun watching people vote on this-or-that product options and share their ideas. We’re genuinely listening.”

Canadian Tire unveils their limited-edition Hudson’s Bay Stripes holiday capsule, launching December 5, 2025. (CNW Group/Canadian Tire Corporation, Limited)

Inside the Store Experience

While the products will not be available online initially, customers can expect prominent in-store displays at Canadian Tire locations nationwide. Salem confirmed that stores will showcase the Hudson’s Bay Stripes capsule in high-traffic areas, especially near seasonal holiday sections.

“The timing was tight, but we were able to create point-of-purchase materials and cohesive in-store presentations,” she said. “It’s designed as a capsule, everything together in one place, so customers will immediately recognize it when they walk in.”

This initial rollout will be modest in size, but Canadian Tire plans a much broader expansion in 2026. “The spring launch will be more fulsome,” Salem noted. “You’ll see more products, more inventory, and greater accessibility. We want to give Canadians more opportunities to experience the Stripes.”

Tying Into the ‘True North’ Strategy

Canadian Tire’s revival of Hudson’s Bay aligns closely with its corporate “True North” strategy, a company-wide vision that emphasizes celebrating Canadian heritage, community, and values. “At the highest level, our purpose is to make life in Canada better,” said Salem. “The Hudson’s Bay brand ladders up to that perfectly. Canadians care about legacy brands and products that represent our shared story. Stewarding the Stripes allows us to continue that connection in a meaningful way.”

Beyond the flagship Canadian Tire banner, the company is exploring ways to introduce Hudson’s Bay-branded products across other retail chains in its portfolio, including Mark’s and SportChek, potentially by late 2026 or early 2027. “We want the assortments to make sense for each retailer,” Salem said. “Ultimately, we want Canadians to have access to these products wherever they shop in their communities.”

A Modern Take on a Classic Brand

This reintroduction comes as part of a broader retail transition following the closure of all Hudson’s Bay department stores earlier this year. When the Bay shuttered after 355 years in business, Canadians rushed to stores to buy up remaining striped goods. The overwhelming demand made clear that these products hold lasting emotional and cultural value.

Canadian Tire’s approach emphasizes respect for that heritage. Rather than overextending the brand, the retailer aims to balance familiarity with freshness. “We’re not changing the products people love,” Salem said. “There’s nothing to fix. Our goal is to preserve the magic that Canadians associate with the Stripes while introducing thoughtful new additions over time.”

This sense of continuity extends to philanthropic partnerships. Canadian Tire confirmed that it will maintain Hudson’s Bay’s longstanding relationship with the Gord Downie & Chanie Wenjack Fund (DWF). Proceeds from the sale of the Hudson’s Bay Point Blanket will continue to support the fund, which advances reconciliation and Indigenous-led initiatives across Canada. The retailer pledged to donate a minimum of $1 million annually to DWF, regardless of sales volume.

Canadian Tire unveils their limited-edition Hudson’s Bay Stripes holiday capsule, launching December 5, 2025. (CNW Group/Canadian Tire Corporation, Limited)

Looking Ahead: The 2026 Expansion

Canadian Tire plans to significantly grow the Hudson’s Bay product line next year. “We see this as just the beginning,” Salem said. “This holiday capsule is about reconnecting with Canadians and reminding them why they love the Stripes. In 2026, you’ll see us expand into more categories, more stores, and potentially even new retail formats.”

The company has not ruled out the idea of stand-alone Hudson’s Bay Stripes boutiques or shop-in-shop concepts in the future. “We’re exploring everything,” Salem explained. “For now, our focus is on making the products accessible across our existing network, but there’s definitely potential for special retail experiences down the road.”

Canadian Tire’s vast retail network, spanning nearly 1,700 locations across multiple banners, gives it an advantage in bringing the Stripes to communities nationwide. The company’s integrated loyalty platform, Triangle Rewards, could also play a role in future promotions, although Salem said the current capsule does not directly tie into the program.

Consumer Excitement and Nostalgia

Early consumer response to Canadian Tire’s social media campaigns has been overwhelmingly positive. Canadians have expressed nostalgia for the heritage design and appreciation that the brand remains under domestic ownership. “People are passionate about this brand,” Salem said. “We’re seeing emotional responses —memories tied to family traditions, cabins, holidays. The Stripes mean something special to people.”

That emotional connection underscores the broader cultural significance of this acquisition. For many Canadians, the Hudson’s Bay Stripes represent continuity amid change, evoking a shared national history that stretches back centuries. Canadian Tire’s stewardship ensures that this legacy will continue — not as a museum piece, but as a living, evolving brand within everyday retail life.

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Rocky Marks 25 Years With National Rebrand

By
Craig Patterson
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Rocky store at CF Sherway Gardens in Toronto. Photo: Rocky (formerly Rocky Mountain Soap Company)

Canadian natural personal-care company Rocky, formerly known as Rocky Mountain Soap Company, is marking its 25th anniversary with a refreshed name, new look, and a deeper sustainability focus. Founded in 2000 in Canmore, Alberta, by Cam Baty and Karina Birch, the company has evolved from a small local soap maker into one of Canada’s most recognized clean-beauty and wellness brands.

The rebrand simplifies the company’s name to Rocky, a reflection of both its mountain roots and its growing national presence. “It feels like a big inflection point,” said Karina Birch, Co-Founder of Rocky. “A lot is changing at once, and it’s all happening around our 25th anniversary, which feels really pivotal.”

Karina Birch
Karina Birch

Rocky’s journey began humbly, when Karina Birch and Cam Baty did everything themselves including making soap, serving customers, sweeping floors, and paying bills. “I don’t know how we got here,” Birch said, reflecting on the early days. “When you go back to that first year, we literally did it all ourselves and had one employee. Now we have close to 250 people.”

Today, the company operates 35,000 square feet of manufacturing, research, and office space in Canmore, where all products are still handcrafted. The location remains central to Rocky’s identity, both as inspiration and as a way of life. “There’s no separation between our lifestyle in Canmore and the organization,” Birch said. “The mountains influence everything we do… how we source ingredients, how we celebrate as a team, and even how we think about slowing down and connecting with nature.”

A Lifestyle Grounded in Nature

That connection to nature defines the company’s ethos. Birch explained that while outdoor culture in mountain towns can be competitive, Rocky’s approach is grounded in appreciation. “What drew me to the mountains wasn’t about conquering peaks. It was about what’s right in front of us,” she said. “It’s about recognizing the wild chamomile growing in your driveway. There’s a groundedness here that fuels our business.”

This philosophy extends beyond product creation. Each year, Rocky brings employees together outdoors to reconnect with the company’s roots. “It’s not about getting everyone to the top of a mountain,” Birch added. “It’s about enjoying the outdoors and finding that sense of connection wherever you are, even in downtown Toronto.”

Rocky store at CF Sherway Gardens in Toronto. Photo: Rocky (formerly Rocky Mountain Soap Company)

Since its founding, Rocky has remained steadfast in producing 100 percent natural products. “We decided early on that we wanted to stand for something,” Birch said. “That has been unwavering.” When the brand began in the early 2000s, the concept of natural skincare was far from mainstream. “It made life more challenging,” she recalled. “For ten years we were told we couldn’t do it, but we stuck to our values at the cost of short-term sales.”

That commitment built a loyal following. “We weren’t rewarded right away,” Birch admitted, “but it created a community of people who shared our beliefs. In the long term, it’s what set us apart.”

Today, Rocky offers over 350 products, including soaps, skincare, haircare, and deodorants, all handcrafted with natural ingredients. “We focus on everyday essentials,” Birch explained. “Products people truly need that simplify routines and are sustainably made.”

A Rebrand Rooted in Purpose

Rocky’s rebrand marks a symbolic shift that stays true to its origins. The new packaging, made entirely from 100 percent post-consumer recycled plastic with recyclable mono-material pumps and renewable Forest Film labels, embodies the company’s long-term sustainability vision. “We’re over halfway through converting all our products to the new look,” said Birch. “The brand now feels like who we’ve always been — grounded, authentic, and reflective of our roots.”

The visual identity has also evolved. Early packaging often depicted mountains and botanicals, while later designs emphasized vibrant colour to show that natural could also be fun. “We’ve grown up as a brand,” Birch noted. “We don’t need to prove ourselves anymore. The new design that is rooted in earthy greens and natural tones reflects maturity and confidence.”

The company aims to close the gap between product and packaging life cycles. “A lip balm might last three months, but the packaging can persist 300 years,” Birch said. “We’re now using second-use plastics, giving materials a second or third life instead of sending them to landfills.”

The brand’s popular solid haircare line, launched in 2024, eliminates bottles entirely and has become one of its top-selling categories. “It’s going gangbusters,” Birch said. “We’re also working on a solid facial cleanser for 2026.” The solid-format innovation aligns with Rocky’s broader goal to eventually reduce the need for packaging altogether.

Image: Rocky

Retail Expansion and New Stores

Rocky continues to expand its national footprint, blending brick-and-mortar retail with a strong e-commerce presence. The brand recently opened a new store at CF Sherway Gardens in Toronto, part of its push into Ontario. “Sherway has hit the ground running,” Birch said. “It’s performing exceptionally well.”

A flagship renovation is also underway in Calgary, which Birch described as “a very exciting project,” pending final lease signing. “We’re being selective about where we go,” she added. “Not every mall is a home run, so we want to ensure each location makes sense for the brand.”

While expansion across Canada continues, Rocky plans to move back into British Columbia in the coming years. “Vancouver will likely be our first foray back into B.C. once Ontario is where we want it to be,” said Birch. “We expect that within the next few years.”

E-Commerce and Omnichannel Strategy

Online sales represent about 30 to 35 percent of Rocky’s total business, returning to pre-pandemic levels. Birch said the online and offline channels strengthen each other. “When we open stores, we gain more online customers,” she explained. “They often shop in both channels. Our new store strategy actually fuels our e-commerce growth.”

Despite that success, Rocky remains selective about digital expansion. “We’re not a brand with flashy TikTok videos or influencer-driven campaigns,” Birch said. “Our strength lies in organic acquisition and retention. It’s about strong, steady, enduring growth rather than chasing viral moments.”

Grand opening (with musician) of the Rocky store at CF Sherway Gardens in Toronto, October 2025. Photo: Rocky (formerly Rocky Mountain Soap Company)

Operational Challenges and Scaling Up

Scaling a handcrafted brand with national retail ambitions has presented operational challenges. “We’re doing things the hard way,” Birch acknowledged. “Growing a beauty brand through brick-and-mortar is capital intensive, but it’s what we know and what works for us.”

Manufacturing and quality control have been top priorities. “The biggest challenge is getting all cylinders firing at the same time,” Birch said. “We’ll add stores, then pause to strengthen operations before scaling again.” Over the past five years, Rocky has focused on refining manufacturing systems to support its expanding network.

That growth has also changed leadership. Birch announced she will transition into a strategic advisory role in 2026, while a long-time vice president will move into the President position. “The business grows as fast as I’m willing to learn,” Birch said. “This change lets me focus on long-term strategy while the team continues to evolve day to day.”

Community and Giving Back

As Rocky expands beyond Alberta, community engagement remains a core focus. “We’re learning how to build those local connections in Ontario,” Birch said. “In Canmore, we know our community intimately, and we want that same sense of belonging wherever we open.”

The company has pledged to donate $1 million over the next three years to organizations aligned with its values, particularly those focused on conservation, outdoor living, and wellness. “That goal drives us to better understand each community and how we can contribute meaningfully,” Birch explained.

Looking Ahead: The Future of Natural Beauty

Birch believes the natural beauty and wellness sector is still in its early stages. “We’re just at the beginning,” she said. “There’s incredible growth ahead.” She envisions a future where hyper-local sourcing and wild-foraged ingredients become mainstream, creating what she calls “supernatural beauty.”

“Food has already gone hyper-local,” she said. “I think the beauty industry will follow. We’ll reinvent supply chains and source more locally grown and foraged ingredients.”

For Rocky, that vision ties directly to R&D. “We want to keep discovering what’s possible with natural ingredients,” Birch added. “Many of the plants we study have existed for millions of years, older than humanity itself. There’s still so much to learn.”

Despite interest from international markets, Rocky’s focus remains firmly in Canada. “Until we’ve done the best we can here, we won’t look elsewhere,” Birch said. “There’s so much opportunity still at home.” With continued expansion in Ontario and plans for British Columbia, the brand aims to deepen its national footprint before considering new frontiers.

Rocky store at CF Sherway Gardens in Toronto. Photo: Rocky (formerly Rocky Mountain Soap Company)

Advice for Purpose-Driven Founders

After 25 years of growth, Birch has advice for other entrepreneurs building mission-driven brands. “You have to focus on the medium and long term,” she said. “Sticking to your values may mean giving up short-term opportunities, but the payoff is lasting trust and community.”

She added that purpose-driven leadership is no longer optional. “Consumers, shareholders, everyone is asking, ‘Great, you’re making money, but what else?’ They want to know how you’re impacting people, communities, and supply chains. These are table stakes now.”

The Next 25 Years

With the rebrand underway and sustainability woven into every layer of the business, Rocky is entering what Birch calls its “next 25-year chapter.” “The packaging changes will be done soon,” she said, “but our sustainability journey is forever. That’s where we’ll continue to invest and innovate.”

From its beginnings in Canmore to its growing presence in Canada’s top shopping centres, Rocky’s evolution reflects a balancing act between nature and commerce, simplicity and sophistication. “We’ve matured, but we’ve never lost sight of what matters,” Birch said. “Our purpose hasn’t changed, to help people connect with nature every day.”

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IKEA Canada closes fiscal year 2025 with $2.8B annual sales, down 2.5% from last year

By
Mario Toneguzzi
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IKEA Canada closes fiscal year 2025 with $2.8B annual sales, increased visitation across all channels, and a lift in food sales (CNW Group/IKEA Canada Limited Partnership)

IKEA Canada announced Wednesday financial results for the fiscal year (FY) ending August 31, 2025. The home furnishing retailer maintained $2.80 billion in retail sales (-2.5% compared to FY24) while serving more Canadians online (199.9M; +11.2%) and in-store (33.3M; +1.6%) and achieving $143 million in IKEA Food sales (+4.1%).

Selwyn Crittendon
Selwyn Crittendon

“Despite the challenges we faced with the even higher cost of living, a rapidly changing retail landscape, and economic and trade pressures, I’m so proud of our 7,000-plus co-workers across the country who met more of the many Canadians and supported them in creating a better everyday life at home,” said Selwyn Crittendon, CEO and Chief Sustainability Officer, IKEA Canada.

“By continuing to lower prices on our most popular items and offering delicious meals at the lowest possible price, we made it easier for customers to enjoy our restaurant while being inspired by our home furnishing range. And that has set us up for a tremendous start to FY26 as we focus on our Complete Cooking and Eating offer.”

“As the cost of living continued to rise in 2025, IKEA Canada doubled down on its commitment to affordability by investing over $50 million to lower prices on more than 550 products, adding to the $80 million in price reductions in 2024. This latest round of price reductions on popular items enabled Canadians to create homes that meet their needs and dreams while being cautious about their spending,” said the well-known retailer.

“Despite financial concerns, Canadians still want to be able to enjoy a meal out. By offering healthy and sustainable choices at a very affordable price, a family of four can enjoy a meal at IKEA for approximately $30. To continue its commitment to a unique and affordable food offer, IKEA Canada will launch a bold new food menu in stores across Canada this Fall.”

IKEA Canada closes fiscal year 2025 with $2.8B annual sales, increased visitation across all channels, and a lift in food sales (CNW Group/IKEA Canada Limited Partnership)

IKEA said it continued to work with partner organizations including Furniture Bank, Rainbow Railroad, the Canadian Red Cross, and others to support those in need in the communities where IKEA operates. Guided by its mission to create a better everyday life for the many people, in the coming year, the global retailer will continue to put its equality, diversity, and inclusion strategy into action through such initiatives as the Making Space marketing campaign.

“Taking care of co-workers is a top priority for IKEA Canada as they are the company’s greatest asset. In FY25, the home furnishing retailer created space for meaningful conversations and training around mental health and menopause, helping to reduce stigma and build a workplace where everyone feels safe and supported. The impact is clear from the latest co-worker survey results where 83% feel a strong sense of belonging at IKEA and 86% feel connected to their colleagues,” it said.

IKEA Canada closes fiscal year 2025 with $2.8B annual sales, increased visitation across all channels, and a lift in food sales (CNW Group/IKEA Canada Limited Partnership)

“This past year, IKEA Canada strengthened its commitment to zero emission (ZE) transportation by expanding its electric vehicle (EV) infrastructure. In August 2025, more truck home deliveries were completed using EV (72%) than deliveries made by internal combustion engine vehicles. This milestone marks a strong step forward in support of Ingka Group’s global ambition to achieve more than 90% ZE truck home deliveries by 2028.

“In response to a rapidly evolving retail environment and changing consumer behaviour, IKEA Canada is transforming all areas of its business to remain relevant and secure its position as a leading omnichannel retailer for generations to come. In FY25, IKEA Canada opened two new Plan and order points in Quebec; made major progress on its fulfilment expansion projects in the Greater Toronto and Vancouver Area markets; and enhanced digital tools and services offerings for a better customer experience.”

FY25 results at a glance:

  • $2.80B in total sales (2.5% decrease from last year)
  • $793M in online sales (28.3% of total sales)
  • $143M in Food Sales (4.1% increase from last year)
  • 33.3M store visits (1.6% increase from last year)
  • 199.9M online visits (11.2% increase from last year)
  • 2.38M orders delivered (728,233 Click and collect orders)
  • Canadians enjoyed:
    • 70.8M+ meatballs
    • 7.2M+ plant balls
    • 3.1M+ hot dogs
    • 2.1M+ frozen yogurts

September 1, 2024, to August 31, 2025. Stats compared to FY24.  

Founded in 1943 in Sweden, IKEA is a leading home furnishing retailer, offering a wide range of well-designed, functional home furnishing products. IKEA Canada is part of Ingka Group which operates 574 IKEA stores in 31 countries, including 16 stores and 10 Plan and order points in Canada. Last year, IKEA Canada welcomed 33.3 million visitors to its stores and 199.9 million visitors to IKEA.ca.

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Brampton to open first Chick-fil-A restaurant 

By
Mario Toneguzzi
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Photo: Chick fil-A
Photo: Chick fil-A

A new Chick-fil-A restaurant is preparing to serve Brampton at its newest location opening on Thursday, November 13, creating approximately 100-110 full-and part-time jobs. 

The company has selected Radhika Saigal to be the local Owner-Operator of the new restaurant. 

Radhika Saigal
Radhika Saigal

Located at 100 Resolution Drive, Brampton, Chick-fil-A 410 & Steeles will serve customers Monday through Saturday from 10:30 a.m. to 10:00 p.m., offering dine-in, drive-thru and carry-out. 

Saigal’s first encounter with the brand was a memorable experience. While sharing a meal with friends at Chick-fil-A Yorkdale, she was instantly transformed into a devoted fan by the deliciousness of her first bite, explained the company. 

Her journey with the company began in 2022 through the Leadership Development Program (LDP). Leveraging her extensive background in the food and hospitality industry, she has supported several restaurant openings across Canada and the U.S.

“I’m thrilled to bring Chick-fil-A to Brampton, a place I’ve called home for the past 13 years,” said Saigal. “I’m eager to be able to serve the community with great tasting food and care, and especially to support Team Members, helping them develop skills and foster their entrepreneurial spirit.” 

Saigal said she is committed to giving back to the Brampton community by: 

  • Participating in the Chick-fil-A Shared Table™ program, which redirects surplus food to local non-profits and has helped to create more than 35 million meals to date. 
  • Celebrating the opening with a donation of C$40,000 from Chick-fil-A, Inc. to Second Harvest to support local hunger relief efforts in the greater Brampton area. Since 2020, Chick-fil-A has donated approximately C$2 million (US$1.46 million) to Second Harvest to address food insecurity.

To celebrate the restaurant moo-ving into town, cows will eat free on opening day! Saigal and her team are inviting the community to show off their cow spots at the restaurant on opening day for one free entrée. Whether it’s a full cow suit or a simple cow-spotted accessory, customers of all ages are encouraged to join the fun. 

Photo: Chick-fil-A Mac & Cheese
Photo: Chick-fil-A Mac & Cheese

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First Capital REIT reports near record occupancy in Q3

By
Mario Toneguzzi
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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 September 30, 2025, with near record occupancy.

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

Adam Paul
Adam Paul

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

“Our results continue to reflect the successful execution of our strategy and the strong fundamentals of FCR’s grocery anchored retail portfolio, which positions us well for continued stability and growth in cash flow.”

EARNINGS HIGHLIGHTS

  • Operating FFO per Diluted Unit of $0.33: Operating Funds from Operations of $71.6 million decreased $5.2 million, or $0.03 per unit, over the same prior year period. The decrease was primarily due to the recognition of a density bonus of $11.3 million in connection with a previously sold property in the third quarter of 2024. Excluding the density bonus, Operating FFO increased $6.1 million or approximately 9% over the prior year period primarily due to higher NOI of $4.7 million and interest expense savings of $3.5 million.
  • FFO per Diluted Unit of $0.32: Funds From Operations of $69.6 million decreased $2.7 million, or $0.01 per unit, over the same prior year period. The decrease was driven by lower Operating FFO of $5.2 million, partially offset by a year-over-year increase in other gains (losses) and (expenses) of $2.5 million. These other gains (losses) and (expenses) are comprised primarily of mark-to-market (non-cash) gains and losses related to derivative financial instruments employed by First Capital to reduce its borrowing costs and fix the rate of interest on certain variable-rate term loans. Over the life of each loan, the cumulative gain or loss on the related derivative instruments is expected to net to $Nil.
  • Net Income (Loss) Attributable to Unitholders: For the three months ended September 30, 2025, First Capital recognized net income (loss) attributable to Unitholders of $66.6 million or $0.31 per diluted unit compared to $81.1 million or $0.38 per diluted unit for the same prior year period. The decrease in net income over prior year was primarily due to a $1.1 million increase in value of investment property in the third quarter of 2025 versus a $18.9 million increase in value of investment property recognized in the third quarter of 2024, on a proportionate basis.

OPERATING PERFORMANCE AND CAPITAL ALLOCATION HIGHLIGHTS

  • Same Property NOI Growth: Total Same Property NOI increased 7.2% over the prior year period. The growth was primarily due to rental rate growth, higher year-over-year occupancy, and a year-over-year increase in lease termination fees of $0.9 million. Same Property NOI excluding bad debt expense (recovery) and lease termination fees increased 6.4%.
  • Portfolio Occupancy: On a quarter-over-quarter basis, total portfolio occupancy decreased 0.1% to 97.1% at September 30, 2025, from 97.2% at June 30, 2025. On a year-over-year basis, total portfolio occupancy increased 0.6% from 96.5% at September 30, 2024 to 97.1% at September 30, 2025.
  • Lease Renewal Rate Increase: During the quarter, net rental rates increased 13.5% on a volume of 543,000 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 18.7% 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 negotiated throughout the renewed lease terms.
  • Average Net Rental Rate: The portfolio average net rental rate increased by 0.5% or $0.13 per square foot over the prior quarter to a record $24.57 per square foot, primarily due to rent escalations and renewal lifts.
  • Property Investments: During the third quarter, First Capital invested approximately $49 million into property development, redevelopment and acquisitions, including the purchase of a 50% interest in an 18 acre retail development site located in Ottawa.
  • Property Dispositions: During the third quarter, First Capital completed $35 million of dispositions, including Place Anjou, a development site located in Montreal.

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Pet Valu Stock Dip Seen as Overreaction as Growth Normalizes

By
Lee Rivett
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EXTERIOR OF PET VALU STORE. PHOTO: PET VALU
EXTERIOR OF PET VALU STORE. PHOTO: PET VALU

Shares of Pet Valu Holdings Ltd. (TSX: PET) fell sharply on Tuesday, dropping 14 percent after management issued softer growth guidance for the remainder of 2025. Analysts at Stifel Nicolaus Canada, led by Martin Landry, described the market reaction as overdone, noting that the company’s fundamentals remain strong and valuation now sits below historical averages.

According to the report, same-store sales growth is expected to slow to about 2 percent in the fourth quarter of 2025, compared to earlier expectations of 3–4 percent. Management also cautioned that this slower pace could extend into 2026, citing consumer restraint and competitive pressures.

Despite the near-term moderation, Landry reaffirmed a Buy rating on Pet Valu shares while lowering the target price from $40.00 to $37.00. The stock closed at $29.95 prior to the downgrade, trading at 16.5 times forward earnings, below its four-year average of 19 times.

Q3 Results Slightly Below Expectations

Pet Valu reported third-quarter 2025 revenues of $289 million, an increase of 4.9 percent year-over-year, but just below analyst estimates of $294 million. Same-store sales rose 2.3 percent, supported by a modest 2 percent increase in basket size and a 0.3 percent rise in customer traffic.

Martin Landry
Martin Landry

The retailer’s earnings per share (EPS) came in at $0.40, matching Stifel’s forecast and slightly exceeding consensus estimates. Gross margin held steady at 33.5 percent, while SG&A expenses climbed by 170 basis points to 17.8 percent of sales, reflecting higher compensation, SaaS, and professional fees.

Pet Valu’s EBITDA margin fell to 22 percent, down from 23.4 percent last year, as the company invested to provide more value to customers, including lowering prices on its Performatrin Prime private-label line and select national brands.

Muted Growth Outlook, but Fundamentals Intact

For 2025, Pet Valu slightly reduced its revenue forecast by 1.3 percent, mainly due to lower same-store sales expectations. Full-year EPS guidance was also adjusted to a range of $1.63 to $1.66, still representing nearly 5 percent growth year-over-year.

Management maintained plans to open approximately 40 new stores in 2025, keeping its expansion strategy on track. While competitive pressures have intensified, particularly in the specialty channel and online, Stifel believes Pet Valu remains well positioned to capture the ongoing premiumization and humanization trends in pet care.

Supply Chain Investments Set to Boost Cash Flow

The company recently completed a $110 million, four-year supply chain upgrade, modernizing its warehouse and distribution operations. The investment, which had weighed on earnings and cash flow in recent years, is expected to unlock efficiencies and support future profit growth.

With lower capital expenditures ahead, free cash flow per share is forecast to rise 30 percent in 2026 to $2.10, implying a 6.9 percent yield. Stifel projects EPS of $1.82 in 2026 and $2.02 in 2027, as automation benefits and operational leverage begin to take hold.

Pet Valu Companions for Change Adoption & Wellness Center (Image: Pet Valu)

Traffic Recovery and Defensiveness Support Outlook

Landry’s report highlights encouraging signs of recovery in store traffic following six consecutive quarters of declines. The firm believes Pet Valu’s refreshed merchandising strategy and new culinary-inspired store layouts, already rolled out in 80 stores, will help sustain customer engagement.

By year-end, the company expects to have 120 stores featuring the enhanced design, emphasizing refrigerated product offerings and fresh food options for pets, an area where consumer spending remains resilient.

Stifel continues to view Pet Valu as part of a defensive retail sector, noting that Canada’s pet food market has declined only once in the past three decades. The company’s revenue is entirely in Canadian dollars, though about 23 percent of its cost of goods is U.S. dollar–denominated, which poses a modest currency risk.

Valuation Offers Opportunity

While Pet Valu’s earnings growth may be subdued in the short term, Stifel argues that its strong balance sheet, improving free cash flow, and expanding store network justify investor confidence.

“With a healthy balance sheet, FCF accelerating, and valuation lower than historical levels, we suggest that investors take advantage of the recent price weakness,” wrote Landry in the report.

Pet Valu currently operates over 850 stores across Canada, serving what the firm describes as the country’s most “discerning and devoted” pet owners.

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Roots taps Canadian icon Seth Rogen as the face of its 2025 Holiday campaign

By
Mario Toneguzzi
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Roots Canada x Seth Rogen

 Roots, the iconic premium outdoor lifestyle brand known for its heritage leather, quality sweats, and unmistakable maple leaf spirit, has introduced actor, writer, and producer Seth Rogen as the face of its Holiday 2025 campaign.

With over five decades of rich heritage, the retailer said it continues to bridge legacy and modern culture. Partnering with Rogen reaffirms the brand’s commitment to celebrating talent that embodies humour, authenticity and homegrown pride.

Dubbed, “Anything Roots,” the campaign brings humour and heart to life in a delightfully nostalgic way. Set in a warm atmosphere that plays into retro aesthetics, Rogen stars as the Holiday Concierge, challenged to keep up with a slew of customer calls to solve every gifting dilemma with wit and just the right amount of Canadian charm. From frantic last-minute shoppers to confused siblings, Rogen doles out hilarious, heartfelt advice wrapped in signature Roots spirit, explained the retailer.

Leslie Golts
Leslie Golts

“Seth Rogen embodies many of the traits associated with Roots: warmth, creativity, wittiness, authenticity and a deep sense of community,” said Leslie Golts, Chief Marketing Officer of Roots.

“For over 50 years, we have celebrated people who stay true to themselves and their roots. This campaign is a tribute to the quirks, traditions, and nostalgia that make the holidays feel like home.”

Featured as the Holiday Concierge, Rogen says in the campaign, “When it comes to holiday gift shopping, get them anything Roots – they’ll be psyched.”

 

Seth Rogen

Brought to life through the vision of Roots Image Director, Micah Cameron in collaboration with Roots Creative Director Joey Gollish, the campaign was directed by Josh Locy, photographed by Jacq Harriet, and produced by Chelsea Pictures and Cartel with support from the Roots marketing in-house teams. Rooted in heritage but designed for today, Anything Roots captures the joyful chaos of the holidays and the beauty of staying connected across borders, generations, and traditions, said the company.

For the ‘why didn’t I think of that?’ gift idea, fans are encouraged to call the Holiday Hotline at 1-855-ANY-THNG (269-8464), or by visiting select locations in Canada for an interactive experience.

The retailer was established in 1973 and has over 100 corporate retail stores in Canada, two stores in the United States, and an eCommerce platform.

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The RONA Foundation presents over $530,000 to nearly 150 community organizations

By
Mario Toneguzzi
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From left to right, Paul Bromfield, Store Manager, RONA+ Nepean, Jennifer Racey, RONA+ Nepean, Clarissa Arthur (from Nelson House, RONA+ Nepean chosen charity), Mohamed-Naji El Maghnaoui, RONA+ Nepean, Paul Sarazin, District Manager, RONA inc., and Jordane Verner, RONA+ Nepean. (CNW Group/RONA inc.)
From left to right, Paul Bromfield, Store Manager, RONA+ Nepean, Jennifer Racey, RONA+ Nepean, Clarissa Arthur (from Nelson House, RONA+ Nepean chosen charity), Mohamed-Naji El Maghnaoui, RONA+ Nepean, Paul Sarazin, District Manager, RONA inc., and Jordane Verner, RONA+ Nepean. (CNW Group/RONA inc.)

The RONA Foundation, which oversees the philanthropic activities of RONA inc., one of Canada’s leading home improvement retailers, has announced the results of its Home Sweet Home campaign, which was held from September 1 to October 12.

During this third edition, the company said it raised over $530,000, which will be presented to nearly 150 local organizations supporting victims of domestic violence, low-income families, and people with disabilities or mental health issues.

The retailer said the campaign ran in all RONA+ and RONA corporate stores, as well as several participating distribution centres and dealer stores, mobilizing a vast network and creating positive change in numerous communities across Canada. Customers were invited to contribute by donating in store, with 100% of funds raised going to organizations chosen by local teams.

Josée Lafitte
Josée Lafitte

“We would like to sincerely thank our employees and customers for their generosity and commitment. Thanks to their mobilization and spirit of solidarity, we are able to support hundreds of vulnerable families and individuals by helping to revitalize their living environments or facilitate access to housing. Once again, this year, their contribution shows the importance of working together to have a real impact on our communities,” said Josée Lafitte, Director of the RONA Foundation.

Catherine Laporte
Catherine Laporte

“As the housing crisis intensifies every year, the RONA Foundation’s mission has never been more crucial. With this initiative, we are reaffirming our commitment to Canadians and to creating safe, inclusive living environments for all. Thank you so much to everyone who contributed to the success of this campaign,” added Catherine Laporte, President, RONA Foundation Board of Directors and Chief Digital and Marketing Officer at RONA.

Click on the links below to find out more about the contributions made to organizations in each region:

The RONA Foundation is a charity established in 1998, whose mission is to help improve the quality of life of Canadians in need by revitalizing their living environments or making it easier to access housing. In particular, it aims to help victims of domestic violence and their children, low-income families, and people with disabilities or mental health issues.

RONA inc. is one of Canada’s leading home improvement retailers, headquartered in Boucherville, Québec.The RONA inc. network operates or services over 425 corporate and affiliated stores under the RONA+, RONA and Dick’s Lumber banners.

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Pizza Pizza Royalty Corp. grows restaurant network

By
Mario Toneguzzi
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Photo- Todayville
Photo- Todayville

Pizza Pizza Royalty Corp., which indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks, released on Tuesday financial results for the three months and nine months ended September 30, 2025, indicated increased same store sales as well as a growing restaurant network.

“While our performance was slightly stronger versus the prior year, we’ve seen heightened competition across the QSR category. We’re responding by investing in digital ordering, improving speed of service, and delivering craveable new offerings that will differentiate our brand and drive growth,” said Paul Goddard, President and CEO of Pizza Pizza Limited.

Third Quarter highlights:

  • Same store sales increased 0.1%
  • Royalty Pool sales increased 2.0%
  • Adjusted earnings per share decreased 1.3%
  • Restaurant network increased by 11 net locations

Year to Date highlights:

  • Same store sales  increased 1.1%
  • Royalty Pool sales increased 2.5%
  •  Adjusted earnings per share was flat
  • Restaurant network increased by 14 net locations
Photo: Pizza 73
Photo: Pizza 73

“Royalty Pool System Sales for the Quarter increased 2.0% to $158.8 million from $155.8 million in the same quarter last year. By brand, sales from the 694 Pizza Pizza restaurants in the Royalty Pool increased 2.3% to $138.0 million for the Quarter compared to $134.9 million in the same quarter last year. Sales from the 100 Pizza 73 restaurants was unchanged at $20.8 million for the Quarter compared to the same quarter last year,” said the company.

“Royalty Pool System Sales for the Period increased 2.5% to $471.5 million from $460.0 million in the same period last year. By brand, sales from the 694 Pizza Pizza restaurants in the Royalty Pool increased 2.5% to $407.2 million for the Period compared to $397.0 million in the same period last year. Sales from the 100 Pizza 73 restaurants increased 2.2% to $64.4 million for the Period compared to $63.0 million in the same period last year.

“For the Quarter and Period, the increase in Royalty Pool System Sales is driven by the same store sales and new restaurants added to the Royalty Pool on January 1, 2025. Additionally, while the number of restaurants in the Pizza 73 Royalty Pool remains less than 2019 when there were 104 restaurants, the negative impact on Royalty Pool System Sales due to prior year restaurant closures has been mitigated by the Make-Whole Carryover Amount.”

As previously announced, the number of restaurants in the company’s Royalty Pool increased by 20 net locations to 794 on the January 1, 2025 Adjustment Date, and consists of 694 Pizza Pizza restaurants and 100 Pizza 73 restaurants. The number of restaurants in the Royalty Pool will remain unchanged through 2025, it explained.

During the Quarter, Pizza Pizza Limited opened four traditional and 10 non-traditional Pizza Pizza restaurants, and closed one traditional and three non-traditional Pizza Pizza restaurants. Additionally, at the Pizza 73 brand, PPL opened two traditional restaurants and closed one traditional restaurant.

During the Period, PPL opened nine traditional and 17 non-traditional Pizza Pizza restaurants, and closed three traditional and 11 non-traditional Pizza Pizza restaurants. PPL also opened four traditional Pizza 73 restaurants, and closed two Pizza 73 traditional restaurants.

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Foodservice sector added nearly 24,000 jobs since start of the year: Restaurants Canada

Ottawa’s Budget Misses the Mark on Grocery Prices

By
Sylvain Charlebois
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Canadian Parliament in Ottawa. Photo: Aleksandr Galenko via Unsplash

For a government that often talks about food affordability and insecurity, Budget 2025 offers surprisingly little that directly addresses either. There’s no bold food strategy, no affordability roadmap, and no new incentives for domestic food production. Yet, in between the lines, Ottawa has quietly set the stage for some indirect relief — not through grocery subsidies or consumer-facing policies, but through infrastructure, trade, and administrative reforms that could make the food system work a little more efficiently.

The largest signal comes from the government’s $115 billion infrastructure plan, one of its so-called “generational investments.” The new Trade Diversification Corridors Fund aims to modernize ports, railways, and airports — all chronic weak points in Canada’s food supply chain. When bottlenecks ease, goods move faster, and perishable products arrive fresher and cheaper. While no one in Ottawa framed this as a food-price measure, logistics efficiency has long been one of the most effective — and least visible — forms of price control.

Similarly, the creation of a Strategic Exports Office and $76 million to digitalize export certificates at the Canadian Food Inspection Agency may sound technical, but such tools matter. They help processors and exporters cut paperwork delays, reduce spoilage, and restore trust in Canadian food shipments abroad. For a country still navigating trade frictions with the U.S. and China, these updates are pragmatic — and overdue.

On the farm side, $639 million in targeted support for producers and processors through AgriStability top-ups, marketing funds, and biofuel incentives will help shore up margins in a volatile global market. So will an additional $1 billion in Farm Credit Canada lending for trade-affected producers. The permanent reversal of the capital-gains tax increase gives family operators clarity on succession — an essential, if unglamorous, ingredient in long-term food supply stability.

However, even these wins come with caveats. A 15 percent cut to Agriculture and Agri-Food Canada’s operating budget over three years could undermine the very public research capacity needed to sustain productivity and innovation. And Ottawa’s silence on extended interswitching — a measure that had given shippers access to competing rail lines — means transport costs may remain stubbornly high. For farmers and food manufacturers, those costs ultimately ripple down to the grocery aisle.

Then there’s the elephant that remains firmly in the room: the industrial carbon tax. Despite carve-outs and exceptions, the levy continues to add costs and bureaucracy throughout the agri-food chain — from grain drying and fertilizer production to processing and transportation. It may not appear in this budget’s fine print, but its cumulative impact is deeply felt. Energy-intensive operations, already squeezed by inflation and global competition, face another layer of complexity when trying to plan and price efficiently. For a sector that competes globally, this remains a structural handicap.

Where Budget 2025 speaks most clearly to Canadians’ daily lives is not in agriculture at all. The now-permanent National School Food Program, expected to reach 400,000 children a year, provides tangible relief to households struggling with food budgets — about $800 in annual savings per family, according to government estimates. And the expansion of automatic tax filing for 5.5 million low-income Canadians will ensure benefits flow more reliably to those most affected by rising food prices. These are not structural solutions, but they do make a difference where it counts.

Still, the absence of a broader vision for food affordability stands out. After years of grocery price volatility and public debate about “greedflation,” Canadians might have expected a more direct focus on food resilience — investments in innovation, local processing, or retail transparency. Instead, the government seems to have opted for a quieter, systemic approach: strengthen the arteries of trade and logistics, and trust that efficiency will trickle down to the dinner table.

It may not be the headline Canadians were hoping for, but it’s not meaningless. If ports become less congested, if digital export systems reduce friction, if farmers can plan transitions without punitive taxes — those efficiencies eventually show up in our food bills. The benefits may be indirect, but in a system as complex as Canada’s food economy, indirect can still be impactful.

Budget 2025, then, is not a food budget. But it could help make food a little more affordable — quietly, and over time.

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