Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.
Small business owners were looking to the 2025 budget to provide critical cost relief and to improve Canada’s tax competitiveness to jump start the economy. Instead, most of the budget’s economic measures were reannouncements from 2024, said the Canadian Federation of Independent Business (CFIB) on Tuesday following the release of the federal budget.
“Today was a missed opportunity to provide meaningful tax relief to Canada’s employers. The government could have taken the reins by reducing the small business corporate tax rate, freeing up millions of dollars for investment in employees, technology and operations,” said Dan Kelly, CFIB’s President.
Dan Kelly
“Government finances are a mess, but the budget just slows the growth in program spending with overall deficits above $50 billion per year as far as the eye can see. Small firms have learned the hard way that today’s deficits are tomorrow’s taxes.
“In addition to the lack of tax relief and giant fiscal deficits, many of the measures meant to stimulate the economy or insulate Canadians from the impact of tariffs appear to exclude small firms.”
• The $51-billion Building Communities Fund is to focus on projects using unionized labour, which would effectively exclude 90% of small businesses. • The $1-billion Regional Tariff Response Initiative delivered by Regional Development Agencies misses the mark and excludes over half of small businesses that will be deemed too small or in the wrong sector. • The Canadian Entrepreneurs’ Incentive announced in budget 2024, repeated in the Fall Economic Statement and confirmed as recently as January 2025, has now been officially cancelled.
But Kelly said there were a few wins for small business owners in the budget, albeit many were reannouncements from 2024.
• Government is reintroducing the Accelerated Capital Cost Allowance on most capital assets and immediate expensing provisions. The budget also extends immediate expensing to manufacturing and processing buildings. This is a sound way to improve productivity among many Canadian SMEs. • Legislation to increase the Lifetime Capital Gains Exemption to $1.25 million has been confirmed. This is an important measure to help with small business succession plans. • Legislation to remove income taxes from the Canada Carbon Rebate (CCR) for Small Business and to extend the deadline will be introduced. CFIB has also confirmed with government sources that the $623 million in CCR payments for 2024/25 will be distributed before the end of the year.
“While progress was made on a few fronts, there were very few new measures that will offer immediate help for small business owners trying to keep the lights on.”
Restaurants Canada said it is underwhelmed by the lack of measures addressing cost of living in Budget 2025 and alarmed about further cuts to immigration that will make it even more challenging for foodservice businesses to hire for hard-to-fill roles and in rural, remote and tourism areas.
“We are disappointed that the budget doesn’t include sufficient measures to improve everyday affordability for Canadians, including Restaurants Canada’s ask to exempt all food from GST. At a time when people struggle to afford essentials and food inflation in particular has been outpacing the rate of general inflation, we need more immediate action on this issue from our government,” it said.
“Our analysis of the GST/HST holiday earlier this year suggests that a permanent exemption for prepared food could create up to 80,000 jobs in foodservice and related industries, including many youth jobs, save $5.4 billion in taxes for consumers and lead to $1.5 billion in additional tax revenue and EI savings for government. Restaurants Canada will continue our advocacy on this recommendation.”
Photo by Mario Toneguzzi
Restaurants Canada said it is incredibly concerned with the extreme reduction in temporary resident admissions from 673,650 in 2025 to 370,000 in 2027. The budget not only further cuts immigration levels but also does not recognize the importance of the foodservice industry in its updated immigration plan or provide a path forward for our sector to fill vacant roles.
“Temporary residents make up a small part of our total workforce, but they fill essential positions like chefs and cooks, hard-to-staff overnight shifts and roles in rural, remote and tourism regions where there are not enough local workers available. These workers allow our industry to be the fourth largest private sector employer, with over 1.2 million workers in every community. If a restaurant can’t hire a trained sushi chef, for example, it may have to cut staff hours or opening hours, or close entirely, putting Canadian jobs in jeopardy,” it said.
“We are, however, encouraged that the plan will consider the unique needs of rural and remote communities. We urge the government to allow the foodservice industry to access this labour pool.”
While we appreciate that the budget includes measures to help youth upskill, we are disappointed that it does not include any concrete measures to stimulate youth jobs. The foodservice industry has been the number one source of first-time jobs for youth for decades. In fact, 42% of the restaurant industry’s workforce is currently youth–we employ over 500,000 youth, representing one in five youth jobs in the country. We encourage the federal government to ensure that restaurants are eligible to participate in programs like the Canada Summer Jobs, the horizontal Youth Employment and Skills Strategy, and the Student Work Placement Program, added the national organization.
“We welcome the government’s commitment to improve public safety by expanding the capacity of the RCMP to hire 1,000 personnel to increase federal policing capacity across Canada. Restaurants are often at the forefront of public safety issues as they are public facing. While operators care deeply about their communities, they are ill-equipped to handle substance abuse and mental health concerns which threaten the safety of their staff and customers and cost them thousands in damages and increased security costs.”
Kelly Higginson
“The foodservice industry is at a turning point—we are facing intense pressure from rising input costs and reduced consumer spending, and yet we have outpaced other industries in job creation over the past year. We need government to recognize our important role in the economic strength of not just communities, but the country as a whole, and invest in our industry,” said Kelly Higginson, President and CEO of Restaurants Canada.
The Canadian Taxpayers Federation criticized Prime Minister Mark Carney for ballooning spending and debt in Budget 2025.
Franco Terrazzano
“Budget 2025 shows the debt continues to spiral out of control because spending continues to spiral out of control,” said Franco Terrazzano, CTF Federal Director. “Carney needs to reverse course to get debt and spending under control because every dollar Canadians pay in federal sales tax is already going to pay interest charges on the debt.
“Carney isn’t close to balancing anything when he’s borrowing tens of billions of dollars every year.”
The federal deficit will increase significantly this year to $78.3 billion. There is no plan to balance the budget and stop borrowing money. The federal debt will reach $1.35 trillion by the end of this year, said the organization.
It said debt interest charges will cost taxpayers $55.6 billion this year, which is more than the federal government will send to the provinces in health transfers ($54.7 billion) or collect through the GST ($54.4 billion).
Budget 2025 increases spending by $38 billion this year to $581 billion.
Despite promises to control spending in future years, Budget 2025 projects that overall spending will continue to rise by billions every year, said the CTF.
Photo: Anna Shvets
“Canadians don’t need another plan to create a plan to meet about cutting spending, Canadians need real spending cuts now,” Terrazzano said. “The government always tells Canadians that it will go on a diet Monday, but Monday never comes.
“And the government isn’t really finding savings if it’s planning to keep increasing spending every year.”
Budget 2025 commits to “strengthening” the industrial carbon tax and “setting a multi-decade industrial carbon price trajectory that targets net zero by 2050.”
“Carney’s hidden carbon tax will make it harder for Canadian businesses to compete and will push Canadian entrepreneurs to set up shop south of the border,” Terrazzano said. “Carney should scrap all carbon taxes, cut spending and stop taking so much money from taxpayers.”
Lobby area in the updated Cassels office at Bay Adelaide Centre – North Tower, 40 Temperance St Suite 3200, in Toronto. Photo: Gensler
Cassels Brock & Blackwell LLP has spent decades building depth in real estate and development law. In recent years, the firm has sharpened its edge in retail leasing, assembling a cross-country team that many market participants now view as the benchmark for complex, time-sensitive commercial leasing work. The Cassels leasing practice did not arrive at that position by accident. It reflects deliberate recruitment, industry leadership, and a client service model tuned to the speed and nuance of retail and mixed-use deals.
In an interview, Senior Counsel and Commercial Leasing team lead Cory Sherman described how the group reached scale and why it resonates with retailers and landlords navigating a fast-changing market. “Cassels has a progressive attitude coupled with an old school way of servicing its clients. As long as I’ve been practicing, Cassels has had a robust real estate team,” he said, noting the profiles of partners such as David Redmond, Jonathan Freeman, and Natasha Jimeno, and the active leasing and broader real estate expertise of Andrew Salem and Armen Khajetoorian. Sherman joined in spring 2023 after leading a boutique firm for roughly 30 years, a move that served as an accelerant for the leasing practice at Cassels. “It has been really fantastic,” he said. “The performance of our practice group has exceeded the expectations that any of us had within the firm.”
Cory Sherman
For retailers, developers, REITs, and financial institutions, that momentum matters. Canada’s shopping centres and urban high streets are resurfacing after a decade of anchor store retrenchment and redevelopment. Restaurant and hospitality concepts are scaling quickly, and new-to-Canada banners continue to enter gateway markets before expanding nationally. In that context, capacity, judgment, and relationships carry real value at the negotiating table. The Cassels commercial leasing practice has been built with those realities in mind.
Building a national team with sector depth
Sherman recounts that Cassels’ leadership approached him in late 2022 about deepening the platform around a full-blown retail leasing team. The proposition was straightforward. The firm had strong leasing DNA led by Armen Khajetoorian, a national footprint in Toronto, Vancouver, and Calgary, and a bench already trusted by sophisticated clients. With the right additions, it could set the market standard for retail and mixed-use leasing across Canada.
“We talked for three to six months and eventually made the decision to come here,” said Sherman. “Cassels was open and welcoming. They gave me a lot of autonomy over what I felt I needed to do to move the practice to a large firm.” That autonomy included practical elements that matter in this specialty. “We have a volume-based practice,” he explained. “They allowed us to continue to be flexible on billing arrangements and rates, which are really important to our clientele.”
Sherman arrived with long-time colleague and rising star Caterina White, immediately strengthening the senior end of the roster. The group then added a partner and a senior associate from large national firms, deepening coverage for both landlord and tenant mandates. Home grown associates joined to scale up on time-critical transactions, and the team formalized collaboration with colleagues in Calgary and Vancouver. “We now have a truly national presence,” said Sherman, “which is something our clients need as they grow nationally themselves. I believe that our clients appreciate the business-like approach that we bring to every transaction that we are retained on.”
Cassels growth in this sector aligned with where leasing demand has been strongest. “We do a lot on the restaurant and hospitality side,” said Sherman. Apparel remains active, but the runway today is in experiences, quick-service, and chef-driven concepts that can backfill large footprints or stitch into mixed-use podiums with heavy foot traffic. The Cassels commercial leasing practice evolved in step with that shift, keeping pace with the cadence of rollouts and the realities of construction and operations in dense urban settings.
Cassels office at Bay Adelaide Centre – North Tower, 40 Temperance St Suite 3200, in Toronto. Photo: Gensler
Why specialization matters for retailers
Sherman is clear about why sector-specific counsel helps retailers. “Larger companies and smaller growing companies have realized that they’re much better off seeking someone that has the very specific expertise that they need,” he said. In leasing, that expertise is partly technical and partly relational. “The relationships that we have in our commercial leasing group with opposing landlords, and their legal counsel, add value to what we can offer to our clients. We know each other. It’s a small bar. Over time there’s a trust.”
That trust lowers friction when speed matters. Many deals arrive at counsel’s desk after tenants and landlords have aligned on business terms. Sherman frames the lawyer’s role succinctly. “It is our job as counsel to finalize that agreement in order to enhance the relationship that has already begun,” he said. “We need to advise our clients, point out issues, and look for middle ground. The last thing we want to do is interfere with the deal or to delay it.” It is a philosophy that prioritizes outcomes and preserves relationships, two things retailers value when rollouts hinge on tight critical paths.
The clause that saved a client seven figures
Experience shows up most clearly in the fine print. Sherman shared a matter that underscores how small drafting choices can protect a client’s business. Several years ago, he represented a retail apparel company leasing a large building for a distribution centre in British Columbia. During construction, a dispute erupted over who had to pay for significant structural work related to seismic upgrading.
“We had made some changes during lease negotiations,” he recalled. The team inserted “two or three words” into the clause covering upgrades, clarifying that if general structural upgrading was required, it was the landlord’s responsibility. The dispute went to court. The tenant prevailed. “That one sticks with me,” said Sherman. “Words matter in our practice.” It is a message he passes on to his associates and students. Diligence at the negotiation stage can determine whether a store opens on time or a P&L absorbs an unexpected capital expense.
Distribution centre, Photo: Wikipedia
Training the next generation to serve at speed
Cassels’ internal culture is another part of the story. The group has institutionalized a mentorship track to accelerate the development of younger lawyers. “We try to include students and junior associates in calls and files from the very beginning,” said Sherman. “We want to provide client-facing experience as quickly as we can so they can learn the soft skills.” The technical side is tackled through a monthly meeting led by partners such as White and Khajetoorian, walking through topics such as operating costs, transfer provisions, and the compromises that mark real time negotiations. “We also have a broad range of precedents,” he added, giving new lawyers a practical scaffold for drafting under time pressure.
The emphasis on service etiquette is deliberate. “How you treat a client, how you talk to people, the whole client service aspect,” said Sherman. “We start from the very beginning on that. I believe that we are able to form true partnerships with our clients.” For retailers and restaurant chains that are balancing openings across multiple provinces, those soft skills and predictable workflows are as important as red-line prowess.
Mixed-use, podium retail, and the realities of opening day
Leasing into mixed-use projects is now a mainstay of Canadian development. Retailers increasingly occupy ground and second levels beneath residential or office towers, bringing unique constraints that can surprise first-time entrants. Sherman’s team has advised on several of the country’s most prominent projects, including Sugar Wharf in Toronto, as well as several First Capital developments in key urban nodes such as Yorkville Village.
“If there’s a condo above, you have to be very careful and aware of the condominium documents,” he said. Declarations, bylaws, and rules can restrict hours of operation, amplified music, loading windows, and food odours. “A restaurant may have to limit its hours from what they’re normally used to unless they can get an exception from the condo board.” Office components bring their own constraints, although typically less restrictive than residential.
Timing is another flashpoint. “A restaurant doesn’t want to open when there’s construction all above and around them,” Sherman noted. Hoarding, noise, and restricted access can damage first impressions. “You only get one chance to open,” he said. Getting the opening conditions right in the lease is now standard practice for experienced tenants and a point of negotiation where the Cassels commercial leasing practice invests considerable attention.
One Bloor East – deals for Nike and Mango stores involved Cassels’ legal expertise (Image: First Capital REIT)
After anchors: how Canadian malls are being rebuilt
Sherman remains bullish on Canadian retail, even as the department store era recedes. “There’s obviously been a transition over the last decade with the department stores,” he said, pointing to closures that hit Canada more sharply than the United States. Yet the story after anchors is one of adaptation. “Those old Target and Nordstrom boxes were carved up in the better shopping centres into all kinds of interesting retail,” he said. New-to-market banners, expanding global brands, and a wave of restaurants and entertainment uses continue to backfill space at properties with strong trade areas and transit.
Where the reckoning has been more acute is in the B and C malls, which have struggled to re-tenant efficiently. That is where large-scale redevelopment and residential intensification are most visible. Gateway centres and top regional malls, by contrast, continue to attract international brands and capitalize on densification, adding non-retail anchors such as clinics, fitness, and culture.
Process, not theatre: a practical approach to negotiation
Sherman’s description of day-to-day work at Cassels is pragmatic. Deals arrive either with a binding offer or a detailed term sheet. Retailers want issues identified, but they do not want the business relationship jolted by legal theatre.
That approach is one reason that the Cassels commercial leasing practice is busy across both sides of the table, acting for landlords on signature developments and for national tenants moving at pace. It is also why the team is visible at industry forums. Cassels partners are frequent speakers at the International Council of Shopping Centers and other professional gatherings where case law, best practices, and drafting trends are debated.
Cassels is located at Bay Adelaide Centre – North Tower, 40 Temperance St Suite 3200, in Toronto. Photo: VTS Marketplace
Canada’s retail rebound favours the prepared
Canada’s retail landscape continues to evolve, from luxury to quick-service to experience-driven formats designed for dense communities. Redevelopment is reshaping centres, and mixed-use projects are redefining what it means to be a “mall.” In this environment, retailers need legal partners who can operate at speed, protect downside risk, and preserve relationships with landlords who may be partners on future locations as well.
Cassels has positioned itself for that reality. The firm’s history in real estate and development, combined with targeted recruitment and a mentorship engine, has yielded a team that understands both the business and the law of opening doors. “We’re working in good faith to quickly and efficiently come to an agreement so that the parties can then move on,” said Sherman. That is a simple statement, but it doubles as a strategy for a sector where time to opening is everything. For retailers mapping growth over the next two years, it is exactly the posture they will want at the table.
For more information on Cassels Retail Practice, visit: cassels.com
This article was created in partnership with Cassels. To collaborate with Retail Insider, contact insider@retail-insider.com.
Ruby Liu career/vendor fair in Toronto, July 2025. Ruby Liu staff, former Hudson's Bay employees, volunteers and Central Walk employees participated. Photo: Craig Patterson
Sources formerly working for Ruby Liu confirmed with Retail Insider that their employment contracts ended on Friday, October 31. The team, assembled in April 2025, had been central to Liu’s vision of launching a new Ruby Liu department store chain across Canada, occupying as many as 27 former Hudson’s Bay locations. The sudden end of their contracts comes days after a decisive Ontario Superior Court ruling against Liu’s bid to acquire the leases.
According to multiple former employees, the Ruby Liu department store team had been coordinating efforts to secure former Hudson’s Bay spaces for the chain. The group, some of whom lived communally near Tsawwassen Mills in South Delta, British Columbia, worked long hours developing strategy, recruitment pipelines, and operational models for the proposed chain. They were also involved in building a detailed business plan intended to support Liu’s litigation efforts.
Over the summer, the team accompanied Liu across Canada, staying with her in several Toronto Airbnb residences near court hearings. Despite long-standing optimism that the project would proceed following a deal with Hudson’s Bay Company (HBC), their sudden dismissal has cast serious doubt on whether Liu will continue pursuing her retail ambitions.
Ruby Liu speaks to reporters outside a Toronto courthouse, July 2025. Photo: Craig Patterson
Leadership and Absence
Sources said that Linda Qin, who had been appointed Chief Executive Officer of Ruby Liu’s retail venture, remains with the company currently. Meanwhile, Ruby Liu herself is in Thailand, where she has been since early October.
While the Ruby Liu department store team has been released, other employees within Liu’s Central Walk organization remain active. Staff at Central Walk continue to oversee operations and business development across her three shopping centres. Their current work includes the launch of two significant additions at Tsawwassen Mills: a new pickleball facility and a large-scale food hall, both scheduled to open before the end of this year. New retailers and activations have also been introduced at her Mayfair and Woodgrove centres, which Liu continues to own and operate.
The decision to dissolve the department store team suggests that Liu is stepping back from her broader retail expansion plans. However, her continued investment in mall-level amenities indicates an ongoing effort to strengthen the performance and tenant mix of her existing properties. Without her core retail staff or active court filings, the Ruby Liu department store concept appears to have reached a standstill.
Ruby Liu Investment CEO Linda Qin, left, with Ruby Liu speaking to a potential vendor at an event in July 2025. Photo: Central Walk
Ruby Liu career/vendor fair in Toronto, July 2025
Retail Vision and Court Ruling
Liu’s plan had been ambitious. As a billionaire real estate investor based in British Columbia, she sought to transform 25 former HBC stores into a new Canadian department store chain under her own name. Her proposal also included converting two of her own mall properties, Mayfair Shopping Centre in Victoria and Woodgrove Centre in Nanaimo, into anchor stores for the Ruby Liu brand.
However, her plan faltered after Ontario Superior Court Justice Peter Osborne ruled against her on October 24, 2025. The court found that Liu had failed to demonstrate adequate financial capacity or operational readiness to assume the leases, siding instead with major landlords such as Cadillac Fairview, Oxford Properties, Primaris, and La Caisse (formerly Ivanhoé Cambridge).
Rendering of a Ruby Liu store at Coquitlam Centre. Image: Ruby Liu
The Lease Disclaimer and Its Implications
Following the ruling, HBC began disclaiming its leases, a legal step that effectively ends tenant obligations by terminating agreements before their expiry. As long as no landlords object, these lease disclaimers will take effect on November 27, 2025, returning control of the properties to their owners.
This decision ends HBC’s effort to liquidate its lease portfolio under court supervision and signals the collapse of Liu’s attempt to revive a department store network through those sites.
The disclaimer process effectively returns the properties to their respective landlords, releasing Hudson’s Bay from any remaining rent or maintenance obligations. With the leases now disclaimed, there is no remaining path forward for Ruby Liu’s original department store plan.
HBC’s Financial Collapse
Hudson’s Bay Company, one of the oldest business institutions in North America, filed for creditor protection in March 2025 with approximately $1.1 billion in outstanding debt. The retailer, once Canada’s dominant department store operator, had been losing market share for years to both luxury chains and off-price competitors.
After liquidating its 80 remaining stores, as well as 13 Saks OFF 5TH and three Saks Fifth Avenue locations, HBC sought to sell its leases to recoup creditor losses. Ruby Liu quickly emerged as a preferred bidder, offering $69.1 million for 25 leases across the country, in addition to three in her own B.C. malls.
Rendering of a fashion department inside of a Ruby Liu department store. Image: Ruby Liu Investment Corp./Central Walk
Landlord Resistance, The Fate of Ruby Liu’s Malls
While HBC supported Liu’s bid as a means of repaying creditors, the landlords resisted. They argued that Liu’s business plan was overly optimistic and that her background in property investment did not translate to the operational demands of a national department store chain.
Court filings revealed that Liu’s three B.C. malls had collectively lost nearly $19 million over two years. Landlords expressed concern that those losses undermined her credibility as a retail operator.
Justice Osborne agreed, writing that he had “significant concerns” about Liu’s ability to meet lease terms, and that her financial assurances lacked sufficient verification. He concluded that property owners were not obligated to accept her as a tenant.
After the decision, Liu told the Toronto Star that she intended to appeal. However, any appeal would have required HBC’s cooperation, since the leases remained under its control pending final disposition. With HBC now disclaiming the leases, an appeal appears improbable.
Liu still owns three major shopping centres in British Columbia: Tsawwassen Mills, Woodgrove Centre, and Mayfair Shopping Centre. Two of those, Mayfair and Woodgrove, were intended to host large Ruby Liu department store locations.
However, no construction branding activity or efforts otherwise have been observed. With the team now disbanded and Liu abroad, industry observers doubt that the department store concept will move forward.
Miniso Land grand opening at West Edmonton Mall. Photo: Miniso Canada
Over the weekend, MINISO marked a new chapter in its Canadian expansion with the grand opening of its largest store in the country at West Edmonton Mall. The 12,000 square foot Miniso Land flagship, designed with a distinctive train-themed façade and multiple immersive zones, drew a sizable crowd and, according to the company, set a new Canadian record for first-day sales. The debut underscores MINISO’s global push toward experiential, IP-driven retail and confirms Edmonton as a strategic market for the brand’s next-generation concept.
“This is going to be the biggest store in the country, at least twice the size of our largest existing location, and ten times bigger than a regular MINISO,” said Khalid Aberhouch, CEO of MINISO Canada, in a pre-opening interview. “The experience for customers will be something truly special.”
Shoppers enter through a playful, rail-station motif that sets the tone for a store built around discovery and repeat visits. Inside, the format leans into MINISO’s growing slate of entertainment partnerships with Sanrio, Disney and Harry Potter, alongside the company’s owned IPs, Gift Bear & Friends and YOYO. The selection exceeds 5,000 SKUs, ranging from plush and blind boxes to lifestyle accessories, beauty and novelty snacks.
Miniso Land grand opening at West Edmonton Mall, November 1, 2025. Video by Christopher Lui for Retail Insider
“The store had really good flow and unique zones,” said Christopher Lui, Retail Insider’s Edmonton correspondent, who attended opening day. “There was a beauty zone, a toy zone, an IP collection zone, a souvenirs area and a snacks section. Each section was well spaced and bright, so it could accommodate lots of customers and still feel inviting.”
Lui described the environment as “a candy land for merchandise,” with multiple photo moments and oversized character features that anchor the layout. “You could literally spend hours there,” he said. “They even sell specialty snacks, including ice cream, that you do not find in many other places.”
Miniso Land at West Edmonton Mall. Photo: Christopher Lui
The Miniso Land model arrives in Canada
While the exterior signage simply reads MINISO, the Edmonton flagship is the first Canadian execution of the brand’s large-format Miniso Land model. The format has been piloted in Asia and Europe, and it emphasizes a much wider assortment of IP merchandise than the company’s smaller shops. The scale enables full worlds for each franchise rather than a single feature table.
“In a store like this we can expand into a much greater variety of IP blind boxes and licensed collections,” Aberhouch explained. “Customers will find choices here that they simply cannot see in a regular store. We set up eight to ten tables at the entrance dedicated to different IPs, and themed wall sections extend the storytelling throughout the space.”
Aberhouch added that the design budget reflects the ambition. “Just the design and materials will cost around one million dollars. It is a huge commitment, but our research shows it is worth it,” he said. Fixtures are engineered for frequent refreshes, which means the visual presentation will change several times a year so that local shoppers always encounter something new.
Miniso Land at West Edmonton Mall. Photo: Christopher Lui
Opening-day energy, record results and a family-friendly appeal
MINISO leaned into spectacle for the launch. The brand’s character troupe Gift Bear & Friends made its Canadian debut with a performance that drew enthusiastic fans, and early shoppers shared the floor with hundreds of families and collectors. The company reported that opening-day sales at MINISO West Edmonton Mall set a national record for first-day performance, a data point that aligns with the centre’s robust footfall and the brand’s pop-culture strategy.
Retail Insider’s Christopher Lui said the mix clearly speaks to both dedicated collectors and casual browsers. “If you are into Sanrio or Disney, you will find deep collections,” he said. “Blind boxes are a big part of the appeal. Some run to forty or fifty dollars, and collectors come back for new releases or to complete a set. The staff also mentioned timed drops around film launches, so the assortment feels timely and connected to pop culture.”
He added that the location, overlooking the Ice Palace on Level One, provides natural visibility and traffic. “It has a big entrance and a huge character feature right in the heart of the store that draws people in. You can see it clearly from the second level, which helps with discovery and repeat visits.”
Ice cream and sweets at Miniso Land at West Edmonton Mall. Video by Christopher Lui for Retail Insider
Why West Edmonton Mall, and why now
For Aberhouch, the site choice was straightforward. “West Edmonton Mall is one of the best in Canada,” he said. “It is not easy to find a landlord who can provide ten to twelve thousand square feet in a prime location, and we wanted incredible traffic and visibility. The Ice Palace location is perfect.”
The timing also matters. Opening in early November gives the store a critical runway into the holiday season when categories like plush, collectibles and novelty accessories build momentum. The team anticipates a staffing ramp of at least 40 associates during peak periods, with 15 to 20 on the sales floor daily to manage traffic, restocking and customer service.
The store’s five primary zones, as described by Lui, are designed to optimize that traffic. Shoppers move from a high-impact IP entrance into toys and beauty, then toward snacks and a localized souvenirs area. The layout intentionally supports longer dwell times through browsing prompts, photo backdrops and a claw machine area that adds a game-like layer to the visit.
Miniso Land at West Edmonton Mall. Photo: Miniso Canada
From variety shop to IP powerhouse
MINISO entered Canada in 2017 with a value-meets-design proposition focused on private-label essentials and giftable novelties. In recent years, the brand has evolved into an IP-led lifestyle retailer, increasingly defined by collaborations with major entertainment franchises. The MINISO West Edmonton Mall flagship illustrates that pivot at scale, creating a self-contained world where licensed storytelling is the primary driver of discovery and purchase.
“These kinds of stores let us present multiple character worlds side by side, each with its own décor and atmosphere,” Aberhouch said. “We want customers to be able to walk from one world to another in a single visit.”
The model appears to be resonating. The company says it has seen outsized results from high-traffic locations and from pop-ups that tested deeper IP assortments. “We opened a very successful store at Union Station and piloted a pop-up in Toronto that performed ten times above expectations,” Aberhouch said. “So far, so good. We believe West Edmonton Mall will be another strong proof point.”
Miniso Land at West Edmonton Mall. Photo: Miniso Canada
Assortment depth and the blind box economy
The flagship’s assortment strategy leans heavily on collectibles and plush, with regular drops that sync to global entertainment calendars. Lui said customers were already asking about upcoming film tie-ins. “Staff mentioned Zootopia as an example of a collection that would coincide with a release,” he said. “That sense of anticipation encourages return visits because there is always something new incoming.”
Blind boxes, a category in which shoppers purchase sealed packages to reveal a character at random, add a gamified element to the experience. The chase for rarer figures fuels repeat purchases, and the Edmonton store’s deeper assortments provide multiple series to collect. “Collectors will absolutely come back,” Lui said. “The prices vary and some sets are rare, so people work to complete them.”
Miniso Land at West Edmonton Mall. Photo: Miniso Canada
Local flavour, national reach
The store incorporates cues to Edmonton and to Canada more broadly, from themed décor at the entrance to a curated souvenirs area that targets locals and tourists. The goal is to anchor a global brand in a regional context while keeping the product engine global and fast-moving.
“We want to include everything, not only products that come from Asia,” Aberhouch said. “We are collaborating with local players in Canada and with partners in the United States, Korea, Japan and Europe. The idea is a wider variety that can attract every single person who walks in.”
That inclusivity extends to demographics. Historically, MINISO’s Canadian traffic has skewed young, with the twelve-to-thirty-five segment representing the vast majority of customers. Aberhouch said the team is broadening the mix so that families and older shoppers find more to explore. “We want the very young and the very old to enjoy the store as much as the core fan,” he said. “So far the results have been very positive.”
Miniso Land at West Edmonton Mall. Photo: Miniso Canada
Supply chain and scale
Behind the scenes, MINISO is building infrastructure to support growth. The company plans to surpass 100 Canadian stores by the end of 2025 and continues to evaluate new locations in British Columbia, Alberta, Ontario and Quebec, with additional sites under consideration in other provinces. To reduce replenishment times, MINISO is investing in a second warehouse in British Columbia to complement its Greater Toronto Area facility, a move that should improve delivery speed to Western Canada and enable tighter coordination for new releases.
“The more you open, the more efficiently you can divide costs and accelerate logistics,” Aberhouch said. “We want BC stores to receive hot items within a day or two rather than waiting weeks.”
Although the brand has historically operated a mix of corporate-owned and franchised stores in Canada, Aberhouch emphasized that future growth will focus on directly operated locations in order to maintain consistent execution and customer service. He credited his Canadian team with building the foundation for that expansion. “I am very proud of our people in Canada,” he said. “They are hardworking and engaged across every department, from operations and merchandising to marketing and logistics.”
Miniso Land at West Edmonton Mall. Photo: Christopher Lui
West Edmonton Mall as an innovation stage
For West Edmonton Mall, the opening adds another high-profile experiential retailer to an ecosystem that blends shopping with entertainment. The centre reports over 30 million visits annually and houses more than 800 shops alongside attractions that range from skating and aquatic experiences to themed hotels. MINISO’s entrance near the Ice Palace positions the store in a natural flow of family traffic, and its visibility from the upper level helps with wayfinding and casual discovery.
Lui expects the location to benefit further once the area’s transit projects advance. “When the LRT opens, the bus terminal and transit terminal are expected to shift back to that entrance,” he said. “That will concentrate flow near MINISO, which should be a long-term positive.”
“We build. We ship. We grow. That’s the model, and it’s running at full speed. From entrepreneurs making their very first sale on Shopify every 26 seconds, to global icons like Estée Lauder, we’re powering growth across the full spectrum of commerce. That scale fuels relentless momentum: GMV up 32%, revenue up 32%, free cash flow margin at 18%. Retail’s busiest season is here, and, as always, Shopify merchants are built for it,” said Harley Finkelstein, President of Shopify.
Jeff Hoffmeister
“Our third quarter results show what’s possible when merchant ambition and success meet Shopify’s disciplined execution,” said Jeff Hoffmeister, Chief Financial Officer of Shopify. “We’re not just growing—we’re delivering consistent growth and profitability, quarter after quarter. Q3 was a standout quarter with revenue growth and free cash flow margins both surpassing our robust Q2 performance.”
For the fourth quarter of 2025, Shopify said it expects:
Revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis;
Gross profit dollars to grow at a low-to-mid-twenties percentage rate on a year-over-year basis;
Operating expense as a percentage of revenue to be 30% to 31%;
Stock-based compensation to be $130 million; and
Free cash flow margin to be slightly above Q3 2025.
Rajay Shah, President, (left) and Sujay Shah, CEO of Scale Foods
Shashi Foods Group, one of North America’s key players in spice, grain, and cereal manufacturing, has unveiled a new $95-million flagship processing facility in Vaughan, Ontario, and officially rebranded as Scale Foods.
This unites its portfolio of companies, including Shashi Foods, Smile Natural Foods, and New York Spice, under a single, industry-leading banner.
With this rebrand and major investment, Scale Foods is raising the bar for end-to-end manufacturing, quality, and innovation across North America’s food supply chain. Family-owned since 2006, Scale Foods is now positioned as a one-stop, vertically integrated supplier for the continent’s most trusted food and retail brands. From spices, herbs, and seasonings to breakfast cereals, granola, muesli, and oatmeal, the company delivers purity and consistency across every aisle, explained the company.
Sujay Shah
“Scale Foods is the result of hard work and relentless drive, not just to grow, but to do business the right way,” said Sujay Shah, CEO of Scale Foods. “This new state-of-the-art production facility and headquarters represents the next chapter of growth. We’re proud to offer unmatched product purity, reliability, and global reach, all rooted in the values we’ve held for nearly twenty years.”
Shah has been recognized as an EY Entrepreneur of the Year finalist and Indo-Canada Chamber of Commerce Entrepreneur of the Year, while driving the company’s growth into a vertically integrated North American leader in spices, grains, and cereals.
The company said the rebrand comes with the launch of the $95-million, state-of-the-art production facility in Vaughan, Ontario, employing more than 150 people and “pushing the boundaries of what food manufacturing looks like in North America. It’s the only true end-to-end site of its kind, importing raw ingredients from 40+ countries worldwide and handling everything in-house: steam-sterilizing, milling, grinding, blending, baking, and packaging across industrial, foodservice, and retail formats. This allows unmatched control, consistency, and purity at every stage of the supply chain.”
“The rebrand unites the group’s brands and divisions under one bold identity, giving partners and customers more value, clearer alignment, and stronger trust. And Scale Foods isn’t stopping there; the company is gearing up to roll out new consumer-facing brands in the year ahead.”
“We’ve always believed in building for the long term,” added Shah. “Uniting under the Scale Foods name allows us to step out from behind the scenes and share our story with the world, while staying true to the values that got us here.”
The company was founded in 2006.
“The rebrand was about unifying everything we’ve built over nearly two decades. We had multiple divisions, Shashi Foods, Smile Natural Foods, and New York Spice, all operating successfully, but under different names. It was time to bring them together under one cohesive brand that truly represents who we are today: a vertically integrated, North American leader in spices, grains, and cereals,” said Shah.
“Scale Foods reflects our growth and our philosophy. “Scale” isn’t just about size; it’s about balance, precision, and progress. It’s a statement that we’re built for the future, ready to keep raising the bar for purity, transparency, and innovation across the food supply chain.
Shah said vertical integration has been at the core of the company’s success.
“We wanted to own every step, from importing to steam sterilizing, milling, blending, baking, and packaging, because it gives us control over purity, quality, and consistency. In an industry where most companies outsource at least one part of their process, that control is rare,” he said.
“By investing in this structure, we eliminate risk, improve traceability, and deliver unmatched freshness to our customers. It’s also how we future-proof the business. Supply chains have become unpredictable globally, so being vertically integrated allows us to stay agile and reliable no matter what’s happening in the world.”
Remaining family-funded has given the company the freedom to grow at its own pace and stay true to its values.
“We’re not solely driven by quarterly targets or short-term gains; we’re thinking in decades,” noted Shah.
“That independence has allowed us to reinvest heavily into our people, our technology, and our facility. It also means every decision we make comes from a place of integrity and long-term vision, not external pressure. We’ve built this company on trust and relationships, and being privately owned lets us protect that foundation.”
Photo: Scale Foods
He said the facility is both a milestone for the company and a signal of what’s possible for Canadian manufacturing.
“At a time when many companies are moving production offshore, we’re doing the opposite. We’ve invested locally because we believe in Canada’s potential to lead in food innovation and quality,” he shared.
“Our Vaughan headquarters is one of the most advanced facilities of its kind in North America. We’ve created hundreds of skilled jobs and are continuing to grow to 200+, strengthening our regional supply chain, and setting a new benchmark for transparency and capability in the Canadian food sector.
“At Scale Foods, we view growth through the lens of performance, partnership, and purpose. Our reputation has been built on relationships grounded in respect, consistency, and shared standards. In a market that prizes authenticity and sustainability, we remain focused on what endures: precision, integrity, and excellence in everything we do.”
“We delivered another quarter of responsible growth in Q3, highlighted by further share gains, continued same-store transaction growth and leverage on our supply chain investments,” said Greg Ramier, Chief Executive Officer of Pet Valu. “I am incredibly thankful for our people, whose dedication to serving our customers creates a meaningful point of difference in today’s environment.
“Our stores and digital channel are well set as we head into the holiday season, supported by a robust commercial plan that will thrill pet parents, while providing everyday value they can count on.
“With a great team, strong assets, and a clear strategy, Pet Valu is well positioned to deliver memorable moments and trusted expertise to devoted pet lovers, while driving long-term growth and value for all our stakeholders.”
Third Quarter Highlights
System-wide sales were $373.9 million, an increase of 4.4% versus Q3 2024. Same-store sales growth was 2.3%.
Revenue was $289.5 million, up 4.9% versus Q3 2024.
Adjusted EBITDA was $63.6 million, down 1.5% versus Q3 2024, representing 22.0% of revenue. Operating income was $41.9 million, up 3.9% versus Q3 2024.
Net income was $24.9 million, up 7.4% versus Q3 2024.
Adjusted Net Income was $27.6 million or $0.40 per diluted share, compared to $29.9 million or $0.41 per diluted share, respectively, in Q3 2024.
Opened 16 new stores and ended the quarter with 849 stores across the network.
Free cash flow was $24.7 million, compared to $30.8 million in Q3 2024.
Officially opened the new Calgary distribution centre.
Subsequent to Q3 2025, the Board of Directors of the Company declared a dividend of $0.12 per common share.
The company said it expects revenue between $1.175 and $1.185 billion, Adjusted EBITDA between $257 and $260 million, Adjusted Net Income per Diluted Share between $1.63 and $1.66 and Net Capital Expenditures of approximately $45 million in 2025.
Pet Valu is Canada’s leading retailer of pet food and pet-related supplies with over 800 corporate-owned or franchised locations across the country. It is headquartered in Markham, Ontario and has distribution centres in Brampton, Ontario, Surrey, British Columbia and Calgary, Alberta.
The $65 billion is the direct GDP from the industry. The full GDP impact from direct, indirect, induced channels is $131 billion. This is the total impact which includes the arts and culture supply chain and spending from the employees throughout the supply chain.
The research, commissioned by Business / Arts in partnership with the Canada Council for the Arts, demonstrates that Canada’s creative industries contribute not only to social cohesion, community and Canadians’ sense of meaning and purpose, but drive measurable economic growth and regional development.
Aubrey Reeves
“The arts and culture sector enriches every aspect of Canadian life. It fuels economic growth, attracts talent, fosters belonging, and strengthens our communities,” said Aubrey Reeves, President and CEO of Business / Arts. “With the release of the Artworks report, we are demonstrating culture’s measurable impacts and making a clear, evidence-based case for continued investment in the creative economy that keeps Canada competitive and connected.”
Over the past three years, GDP stemming from the arts and culture sector has grown almost 8%, outpacing Canada’s overall economic growth of 4%. Meanwhile, Canadian international trade in cultural goods and services reached an all-time high in 2022, with $25 billion sold to foreign customers. Cultural exports have doubled since 2011, with top categories including visual and applied arts, audiovisual and interactive media, and written and published works, said the Chamber.
Key economic impact findings:
The arts and culture sector supports 13 jobs for every million in output, which is more than oil and gas, manufacturing, or agriculture.
Since 2011, the sector has outpaced growth in key industries including oil and gas, wholesale trade, retail trade, construction, and manufacturing.
Economic impact is highest in Ontario, Quebec and British Columbia, supporting hundreds of thousands of jobs and over $100 billion in GDP.
The sector generates an estimated $17 billion in federal and provincial tax revenue.
Despite these exceptional economic returns, funding challenges threaten the sector’s continued growth. With typical arts organizations relying on equal parts government grants, earned revenue and private donations, declining support from public and private sources creates significant pressure. The federal government’s allocation to arts, culture and heritage is declining as a share of total federal spending, while Canadian private contributions lag at 0.8% of income — below both North American (0.94%) and global (1.04%) averages, according to a news release.
Andrew DiCapua
“The arts and culture sector generates $29 in economic activity for every dollar in federal investment— that’s an extraordinary return in addition to the social benefits that the sector generates,” says Andrew DiCapua, Principal Economist at the Canadian Chamber of Commerce. “Yet we’re seeing concerning trends in both public and private funding. If we want to maintain Canada’s cultural competitiveness and harness this sector’s full economic potential, we need sustained, strategic investment.”
The report also reveals significant social benefits, with higher per-capita arts grants generally associated with increased community sense of meaning and purpose. The arts build social cohesion, support newcomer integration, increase employability and improve skills development while positively impacting residential and property sectors.
With cultural exports at record highs and economic returns outpacing traditional industries, strategic investment in Canada’s arts and culture sector represents both an economic opportunity and a cultural imperative for maintaining Canada’s global competitiveness, say officials.
Canadian travel and lifestyle brand Monos has unveiled a striking new collaboration with Brooklyn Coachworks, the New York-based automotive studio renowned for restoring vintage Land Rover Defenders. The partnership has produced a one-of-a-kind Land Rover Defender 90 finished in Arles Blue alongside a coordinated Arles Blue Collection of premium Monos luggage.
To mark the launch, Monos has opened a North America-wide contest offering one winner the restored Defender, airfare and accommodations for a two-night stay in New York City, and a complete set of matching luggage. The campaign generated overwhelming interest, drawing more than 166,000 entries on the first day and surpassing 1.2 million entries to date from Canada and the United States.
The Monos Arles Blue Collection and custom Defender represent a meeting of two design philosophies. Brooklyn Coachworks’ custom-built Defender features a natural black mohair canvas soft top, saddle tan Italian leather interior, and a restored TD5 engine paired with a five-speed manual transmission. Every element of the vehicle has been rebuilt or refinished by hand, with Monos detailing integrated throughout, including embroidered seats, engraved metal plates, and custom trim elements that give the off-road classic a distinctive modern identity.
The Defender’s deep Arles Blue paint finish, a nod to the French town of Arles, extends to Monos’ accompanying luggage collection. Each suitcase echoes the vehicle’s tone and craftsmanship, with vegan leather accents, saddle tan interiors, and a high-gloss finish that mirrors the Defender’s refined exterior.
The Arles Blue Collection Launches in Canada and the U.S.
To coincide with the collaboration, Monos introduced its new Arles Blue Collection, a limited-edition lineup of luggage designed in the same colour palette as the custom Defender. The release includes six sizes from the brand’s Classic series, from carry-ons to full-sized checked luggage, as well as coordinated packing cube sets.
Each piece in the Monos Arles Blue Collection is constructed from aerospace-grade polycarbonate made with partially recycled materials. The suitcases feature TSA-accepted combination locks, whisper-quiet 360-degree wheels, and an anti-microbial lining made from 100% recycled polyester.
The collection officially launched on September 15, 2025, and is available exclusively through Monos’ online store and at the brand’s retail locations in Toronto and Vancouver. Prices range from $335 CAD for the Carry-On to $475 CAD for the Check-In Large.
Image: Monos
From Vancouver to the World: Monos’ Rapid Growth
Founded in 2018 in Vancouver by Victor Tam, Hubert Chan, and Daniel Shin, Monos has quickly become one of Canada’s most successful global lifestyle brands. The company was built around the Japanese concept of mono no aware, meaning “the beauty of transient moments,” and this philosophy has shaped its focus on intentional design and mindful travel.
Monos’ founders set out to create a line of travel goods that emphasize durability, sustainability, and timeless design rather than trend-driven aesthetics. Its luggage collections are made with German Makrolon polycarbonate, recycled fabrics, and high-performance components, supported by a lifetime warranty and a 100-day trial for all customers.
The company’s growth has been extraordinary. After launching online as a direct-to-consumer business, Monos expanded into the U.S. market, now accounting for about 75% of total revenue, and achieved $150 million in sales in 2024, a dramatic rise from just $8 million in 2020.
Monos store on Ossington Avenue in Toronto. Photo: Ste Marie Studio
Expanding Retail Presence in Canada and the U.S.
Monos began its move into physical retail in 2022, opening its first store in Vancouver. A Toronto boutique followed in June 2024, located at 111 Ossington Avenue in the city’s Little Portugal neighborhood. Designed as a creative and experiential hub, the store has served as a testing ground for future retail concepts focused on community engagement and design immersion.
In 2025, Monos accelerated its U.S. retail expansion with store openings on Newbury Street in Boston and Abbot Kinney Boulevard in Los Angeles, both among the most recognizable lifestyle retail districts in North America. Additional stores are opening in Chicago’s Fulton Market, New York City, and Washington, D.C. by the end of the year.
The Chicago store, at 2,800 square feet, introduces a new in-store concept called “Postcard” — a hospitality-driven space offering locally curated snacks, beverages, and cultural programming. The initiative signals Monos’ intent to redefine traditional retail by merging commerce, community, and experience under one roof.
Looking ahead, Monos plans to open eight U.S. stores by the end of 2025 and aims to reach 40 locations worldwide by 2030.
