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Silk & Snow CEO Albert Chow on Growth and Expansion [Video Interview]

By
Retail Insider
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Craig Patterson and Albert Chow, co-founder & CEO at Silk & Snow, discussed the company’s origins and growth trajectory. See the full article directly below the video interview:

In a recent episode of the Retail Insider Video Interview Series, Craig Patterson spoke with Albert Chow, CEO and Co-Founder of Silk & Snow, the Canadian bedding and lifestyle brand that has become a standout success story in the country’s direct-to-consumer retail space. The conversation ranged from the company’s humble origins to its thoughtful expansion into physical retail and its strategic acquisition by Sleep Country Canada.

“We really started the business by accident,” said Chow. “In 2017, my co-founder and I were curious about the mattress-in-a-box model and began exploring the supply chain. We were shocked to discover how much of it existed right in our backyard here in Toronto.”

That discovery became the foundation of Silk & Snow’s commitment to locally sourced and ethically made products. While the brand now offers everything from bathrobes to living room sofas, that early emphasis on quality, transparency, and community-based manufacturing continues to guide its business decisions.

From Online Mattress Startup to Full Lifestyle Brand

What began as a digitally native mattress company has evolved into a full-fledged home goods brand. Chow explained how the expansion happened organically as customers sought not just better mattresses but more cohesive and thoughtfully designed home environments.

“We always had a more aesthetic, design-conscious take on what bedding and sleep products could be,” he said. “Around 2020, we started expanding into furniture and bedding, which felt like a natural progression.”

It was at that time that Silk & Snow’s curated product range grew to include bed frames, bedroom furniture, and bath essentials, offering consumers a one-stop destination for high-quality, sustainably made home goods.

The company’s ethos of sustainability and transparency also struck a chord. “We work with family-owned manufacturers who care as much about the details as we do,” said Chow. “That shared value system is really important to us.”

Strategic Acquisition by Sleep Country Canada

In early 2023, Silk & Snow was acquired by Sleep Country Canada in a deal worth $24 million upfront, with performance-based earn-outs of up to $19.45 million through 2025. Notably, the brand has continued to operate independently under its existing leadership.

“We started our conversations with Sleep Country around late 2021,” Chow recalled. “It took longer than expected, but we eventually came to an agreement. Since then, we’ve worked really well together.”

The partnership has helped Silk & Snow expand its reach across Canada and into the U.S. market, which now accounts for roughly a quarter of the brand’s revenue. While Sleep Country provides the infrastructure and national footprint, Chow and his team have retained control over branding, product development, and customer experience.

“Sleep Country’s retail and logistics footprint complements us well,” said Chow. “We’ve leaned into that to continue growing our assortment, especially on the furniture side.”

Physical Retail and Showroom Expansion

A key component of Silk & Snow’s strategy in 2025 has been expanding its brick-and-mortar presence. Although the brand launched online, it has embraced the need for in-person product experiences.

“Earlier this year we were aiming for 15 stores by year-end,” said Chow. “We’re currently at seven standalone showrooms and will hit 10 by December. That’s a big step up from two years ago, when we didn’t have a single physical location.”

Silk & Snow has also benefited from co-locating some of its stores alongside other Sleep Country brands like Casper and Endy, allowing it to maintain a flexible and scalable retail strategy.

“We’ve learned that our customers still want to touch and feel the product,” Chow said. “Online is where the journey starts, but the final conversion often happens offline.”

Navigating an Evolving Retail Landscape

Our conversation also touched on the broader state of Canadian retail, particularly in the wake of the Hudson’s Bay Company’s closure in June 2025. It was an historic and emotional loss for the country.

“I think what’s been most surprising is the strength of our category, including bedding and home goods, even as department stores like Hudson’s Bay faded out,” Chow said. “There’s still strong consumer interest, but it’s shifting toward specialty retail and direct-to-consumer experiences.”

Chow pointed out that the decline of department stores has also created opportunities for brands like Silk & Snow to fill the void, especially with customers seeking authenticity and Canadian-made products.

“What customers want now is a curated experience from brands that stand for something,” he explained. “Younger consumers especially are drawn to authenticity, transparency, and a clear brand personality.”

Building a Stronger Canadian Brand Identity

One of the recurring themes of the interview was the resilience of Canadian retail, especially among homegrown brands that focus on quality, values, and sustainability.

Chow noted a growing trend of patriotic buying that is benefiting Canadian companies like Silk & Snow. “What’s different this time is how sustained the interest in buying Canadian has been,” he said. “There’s a real sentiment among consumers to support local businesses.”

That desire for locally made goods is something Silk & Snow has built into its DNA. A significant portion of its manufacturing remains based in Canada, and the company is vocal about sourcing materials responsibly, even in its international production partnerships.

Looking Ahead: New Products, Smart Growth

When asked about upcoming product launches, Chow hinted at new bed frames, colourways in sofa collections, and other enhancements to existing product lines.

“We try to keep our collections fresh by phasing out older items and introducing updated designs,” he said. “But we’re not planning anything radically different. We want to stay true to what our customers expect from the brand.”

That sense of restraint and focus, rare in today’s fast-paced and trend-chasing market, is part of what makes Silk & Snow stand out.

“We’re proud of our Canadian roots,” Chow added. “And we’re committed to building a brand that Canadians can continue to trust and feel good about supporting.”

A Brand That’s Built to Last

In a retail environment where brands rise and fall quickly, Silk & Snow CEO Albert Chow is focused on steady, thoughtful growth. Backed by Sleep Country’s resources, the company continues to build on a foundation of Canadian manufacturing, sustainability, and direct customer connection.

“Having a strong brand is more important now than ever,” said Chow. “And I think that comes from standing for something meaningful.”

***

The Interview Series video podcasts by Retail Insider Canada are available through our Retail Insider YouTube Channel where you can subscribe and be notified when new video episodes are available.

If you prefer to listen to the audio version, it is available below:

The Interview Series audio podcasts by Retail Insider Canada are available on Apple Podcasts, Stitcher, TuneIn, Google Play, or through our dedicated RSS feed for Overcast and other podcast players. Also check out our The Weekly audio podcast where Craig and Lee discuss popular content published on Retail Insider which is part of the The Retail Insider Podcast Network.

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Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/

Canadians’ Spending Intentions Reach Record High

By
Craig Patterson
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Aritzia Yorkdale (Image: Dustin Fuhs)

Canadians’ spending intentions reached new highs in September, according to Stifel Nicolaus Canada Inc.’s latest consumer survey. The quarterly research, conducted with 300 respondents across the country, revealed that 58 percent of Canadians expect to increase their discretionary spending over the next year, a 300-basis point increase compared to July 2025.

The results mark the highest reading across the last ten surveys, underlining a broader sense of optimism among consumers despite ongoing global and domestic challenges. Notably, 17 percent of Canadians indicated they are very likely to increase discretionary spending, the strongest level seen in two years.

The increase was driven largely by female consumers, younger demographics, and lower-income households. Ontario residents recorded the highest spending intentions of the year at 58 percent, while Quebec saw the most dramatic sequential rise, increasing by 400 basis points.

According to the report, prepared by Martin Landry, Managing Director at Stifel, alongside Daryl Young, Jesse Kestenbaum, and Nicholas Ward, the results provide “an accurate snapshot of the state of the Canadian consumer.” Historically, the firm notes, these survey findings have been a reliable indicator of the financial performance of companies under its coverage.

Holiday Shopping Outlook Turns Expansionary

One of the report’s most striking findings was the shift in holiday spending sentiment. For the first time in four years, a majority of Canadians (51 percent) expect to increase their holiday shopping budgets, up 200 basis points year-over-year.

Martin Landry
Martin Landry

The upward momentum was driven in part by female respondents, whose spending intentions rose by 700 basis points compared to last year. Higher-income households also contributed to the expansionary trend, recording a 400-basis point increase. Male respondents, however, recorded a 300-basis point decline.

This development suggests that holiday shopping in 2025 may be stronger than in recent years, a positive sign for retailers across a wide range of categories. The Stifel survey positions this as a potential turning point, with holiday shopping moving into “expansionary mode”.

A Strong ‘Buy Canadian’ Sentiment

The survey also highlighted a notable cultural and political trend: the willingness of Canadians to support domestic brands amid ongoing trade tensions with the United States. One-third of respondents said they would be willing to pay more for Canadian-made products than for comparable imported alternatives.

A broader 83 percent of Canadians said they are more inclined to purchase Canadian-made goods in general, with younger demographics particularly motivated. The report notes that 100 percent of respondents aged 18 to 34 expressed concern about product origin, underscoring the importance of local identity for Gen Z and Millennials.

This sentiment is a positive indicator for well-known domestic retailers and manufacturers, including Aritzia, Dollarama, Leon’s Furniture, Groupe Dynamite, Pet Valu, and BRP.

Apparel Spending Shows Positive Momentum

The apparel category continues to be a key driver of Canadians’ spending intentions. According to the survey, 53 percent of respondents expect to increase their spending on clothing and apparel over the next 12 months, representing a 200-basis point sequential increase.

This figure is also 180 basis points higher than the average recorded across the last ten surveys, signaling above-trend momentum in the fashion space. Growth was particularly strong among young consumers and lower-income households, both of which recorded significant gains in spending expectations.

While female respondents showed a slight 200-basis point sequential decline, their intentions still remain 200 basis points above historical averages, suggesting a stable outlook for the segment. Brands such as Aritzia, Groupe Dynamite, and Gildan stand to benefit from these shifting consumer dynamics.

Dollarama at Adelaide and Peter Street in Downtown Toronto (Image: Dustin Fuhs)

Dollar Stores See Record High Spending Intentions

Perhaps the most dramatic result in the September survey came from the dollar store channel. Seventy-eight percent of Canadians said they are likely or very likely to increase their spending at dollar stores in the next year, the highest level recorded since Stifel began tracking the category.

The proportion of consumers who expect to significantly increase their spending rose by 800 basis points, with notable growth among high-income respondents and male consumers. The report highlights that high-income Canadians, in particular, appear more comfortable shopping at dollar stores, attracted by their value proposition and increasingly clean, organized store environments.

For Dollarama, the country’s dominant player in the segment, these findings underscore ongoing growth opportunities in both urban and suburban markets.

Pet Food Spending Remains Elevated, Shifts Online

The pet category continues to reflect resilience. According to the survey, 75 percent of Canadians expect to increase spending on pet food in the coming year, consistent with results from earlier this year.

While there was a 400-basis point decline in spending intentions among female consumers, young shoppers, and high-income households, this was offset by a similar increase among older consumers aged 55 and up.

Perhaps most significant is the growing shift to e-commerce in this category. Fifty-four percent of respondents now purchase pet food online, up dramatically from 33 percent in January 2023. The growth was especially pronounced among lower-income households, whose online adoption surged by 3,900 basis points. Retailers in the category can no longer afford to ignore online channels if they wish to remain competitive.

Furniture and Appliances See Rebound

The furniture and appliances sector also showed encouraging signs of recovery. Fifty-eight percent of Canadians expect to increase their spending on furniture or appliances over the next 12 months, the highest reading across the last four surveys.

The rebound was driven by sharp increases among low-income households and male respondents, each recording a 1,300-basis point rise. For retailers such as Leon’s Furniture, this trend points to renewed opportunities in the home category following several years of subdued growth.

Fendi Casa at Maison Territo at Royalmount. Photo credit: Phil Bernard

Toys, Powersports, and Other Categories

The survey found that spending intentions for toys remain stable, with 54 percent of respondents expecting to increase spending on children’s products, in line with historical averages. Interestingly, respondents aged 55 and older recorded a 700-basis point increase, suggesting that grandparents may play a growing role in toy purchases.

In the powersports category, 8.7 percent of Canadians indicated they are very likely to purchase or upgrade a vehicle such as an ATV, snowmobile, or motorcycle within the next 12 months. This result is above historical averages and reflects particularly strong intentions among older and male consumers, offsetting a slight decline among female and high-income respondents.

Protein Consumption Continues to Grow

A broader health and wellness trend also emerged from the September survey. Sixty percent of Canadians said they are likely to increase their protein intake over the next year, with younger shoppers showing the strongest momentum at 77 percent.

The report attributes part of this growth to rising interest in healthy, active lifestyles, along with the influence of GLP-1 drugs, which are reshaping dietary habits. This development is particularly positive for Canadian food producers such as Maple Leaf Foods and Premium Brands.

Artificial Intelligence in Purchasing Decisions

Artificial intelligence has become an increasingly common factor in Canadian shopping behaviour. The survey found that 54 percent of Canadians have used AI for purchasing decisions, with 74 percent of younger respondents leading adoption.

However, the future of AI in retail may be less certain. Just 45 percent of Canadians indicated they intend to continue using AI tools for shopping, leaving a majority (55%) hesitant about its long-term role in their purchasing decisions. Younger consumers, despite their high current usage, are also cautious, with only 46 percent planning to continue leveraging AI in the future.

The report suggests that retailers and consumer goods companies will need to consider these evolving behaviours in order to engage effectively with both tech-savvy and hesitant shoppers.

Air Travel Demand Stable but Cost Sensitive

The September survey also examined Canadians’ intentions around travel. Results indicate that demand for air travel remains mostly stable, with 58 percent of respondents likely or very likely to fly in the next 12 months, a modest increase from July.

Interestingly, the increase was driven by lower-income households, which saw a significant rise in their likelihood to travel. Higher-income households, by contrast, recorded a decline, reflecting shifting dynamics within the category.

At the same time, the cost of airfare continues to weigh heavily on consumer decisions. More respondents indicated they downsized or cancelled travel plans due to high airfare costs, a metric that increased by 600 basis points compared to July.

CF Toronto Eaton Centre (Image: Dustin Fuhs)

Implications for Canadian Retailers

The September findings highlight a broad-based optimism among Canadian consumers, with spending intentions rising across discretionary categories such as apparel, dollar stores, and furniture. The strength of holiday shopping expectations, coupled with the willingness to pay more for Canadian-made products, offers retailers a supportive environment heading into the final quarter of the year.

For investors and retail executives, the report provides meaningful signals. Stifel analysts note that companies such as Dollarama, Aritzia, Groupe Dynamite, Gildan, Maple Leaf Foods, BRP, and Air Canada are well positioned to benefit from these trends. Results were described as mixed for Pet Valu and slightly negative for Spin Master, given stable or declining momentum in pet and toy spending respectively.

Conclusion

Stifel’s September consumer survey paints a picture of renewed confidence in Canadian households. With record-high discretionary spending intentions, stronger holiday shopping outlooks, and ongoing trends in health, localism, and technology, retailers face both opportunities and challenges in the months ahead.

The willingness of Canadians to embrace both domestic products and value-driven formats such as dollar stores illustrates the diverse ways in which consumer behaviour is evolving. At the same time, issues such as airfare costs and hesitancy toward AI adoption underscore areas of caution.

For retailers, manufacturers, and investors alike, the survey serves as a timely barometer of market conditions. With Canadians’ spending intentions reaching historic highs, the stage is set for an active retail landscape heading into 2026.

More from Retail Insider:

How Xenia Chen Built Threads: A Canadian Hosiery Brand Disrupting the Tights Industry

By
Mario Toneguzzi
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Xenia Chen
Xenia Chen

Threads was born from Xenia Chen’s personal frustrations with the tights and hosiery shopping experience. 

The Toronto-based hosiery company launched 2018 with $10K of her own savings and no prior textiles background.

Today: 

  • ~7 years in business; 50,000+ customers
  • 250+ independent boutique stockists (entered wholesale in 2022 by design—prioritizing small, local partners)
  • 3,000+ five-star reviews and a 40–45% repurchase rate; returns <1%
  • Named “Best Tights” by The Kit; featured on Dragons’ Den; voted Best in Legwear by retailers every year since entering wholesale.
Xenia Chen
Xenia Chen

“Threads is a Canadian direct-to-consumer brand that makes hosiery, tights, and intimates for both women and men. I started it in 2018 because I was frustrated with my own tights shopping experience while working in finance. I was either spending $10 on flimsy pairs that fell apart quickly, or $70 on luxury options that still didn’t last,” said Chen.

“What makes Threads different is that every product is designed based on the feedback and input from hundreds of real wearers. Our bestselling pair of tights, The Sheer Contour, for example, have a contoured waistband, longer leg lengths, and reinforced toes…these are all the little details that people told me they wished existed, and that actually make a big difference for the comfort of the wearer. We have people every week writing in, telling us that these are the comfiest tights they’ve ever worn. Beyond the product, inclusivity is a big part of our brand: we were the first hosiery company to market directly to men, which is a large part of our customer demographic today.”

Credit: Bettina Bogar
Credit: Bettina Bogar

Chen started Threads due to a personal need. Tights were a daily part of her work wardrobe when she was working on Bay Street, but it felt like such a pain point. 

“I had tried so many different brands out there but most of them were expensive, uncomfortable and just overall unimpressive. This was very surprising to me given the fact that tights are such a wardrobe staple for women,” she said.

“When I started talking to my female coworkers, I realized they all felt the same frustration. That was the motivation for me to want to create something better: tights that lasted longer, fit better, and were priced fairly.”

Xenia Chen
Xenia Chen

Chen never thought she would be an entrepreneur. 

“I studied commerce at Queen’s and started my career in finance in investment banking right out of school. But tights were part of my daily

uniform, and I couldn’t shake how much I hated buying and wearing them,” she explained. 

“At first, it was just a side project: I invested $10,000 of my own savings for the initial production run to see if people would be interested in a more modern take on tights. The data showed me there was a real opportunity, so I started building Threads in the evenings and weekends. Eventually, in 2019, I left my job in private equity to go all in on it.

Credit: Bettina Bogar
Credit: Bettina Bogar

What have been keys to the success of this company?

“First, listening to customers from the very beginning: our designs came directly from hundreds of women (and later men) telling us what they loved and hated about traditional tights,” noted Chen.

“Second, I think remaining true to our values and what’s important to the end customer. Another thing that I think doesn’t get talked about as much is the simple act of not giving up and putting one foot in front of the other, even when it gets hard. Entrepreneurship is full of ups and downs, but sticking it out has been so important.

“My biggest piece of advice (to would-be entrepreneurs) would be to make sure you’re solving an actual problem or frustration. Your idea is most likely to work as long as you are helping improve people’s lives in some way or another.”

More from Retail Insider:

The Hidden Holiday Risk: Time lost to first-mile inefficiency: Sage (Op-Ed)

By
Retail Insider
-
Photo: Alexander Isreb
Photo: Alexander Isreb

By Rodney Manzo, Senior Director of Sage Supply Chain Intelligence

Every holiday season, retailers brace themselves for unpredictable demand, tighter margins,
and rising customer expectations. Much of the conversation centres on last-mile fulfillment —
will products get to customers quickly and affordably? But some of the biggest risks to peak performance are hiding much earlier in the supply chain.

The reality is that inefficiency in the first mile, where purchase orders are created, supplier
updates are managed, and production schedules are tracked, quietly erodes a retailer’s most
valuable resource: time.

And when operations teams lose time, they lose margin.

Quantifying the Cost of Inefficient Workflows

Rodney Manzo
Rodney Manzo

The average supply chain team spends about a third of its time on repetitive manual tasks: reconciling spreadsheets, chasing supplier emails, double-checking data across systems.

These tasks may feel like the cost of doing business, but their cumulative effect is staggering. Across a typical week, they add up to multiple lost workdays — and during peak season, those hours translate directly into slower replenishment cycles, higher freight costs, and less bandwidth to manage inevitable exceptions.

This is the “human cost” of inefficiency. Teams burn energy on administrative work instead of strategy. Skilled professionals spend hours copying and pasting data when they could be negotiating with suppliers, modeling costs, or planning promotions.

Over time, the grind leads to burnout and turnover — hidden costs that rarely show up in a spreadsheet but have a real impact on a company’s ability to deliver during the holidays.

Patterns That Keep Teams Stuck

Three common patterns emerge across retail and consumer brands that still rely heavily on
manual process:


● Fragmented visibility. Critical information is scattered across spreadsheets, inboxes,
and siloed systems. Teams spend more time collecting data than using it.
● Reactive firefighting. Delays or changes aren’t discovered until they’ve already
cascaded into late deliveries or stockouts. By the time action is taken, options are
limited.

  • Hidden labor costs. Highly skilled operations staff are bogged down in low-value work,
    making it harder to retain talent in a competitive market.
    These patterns aren’t just inconveniences; they’re vulnerabilities. During the holiday crunch,
    there can be the difference between record profits and costly stockouts.
Photo: Tiger Lily
Photo: Tiger Lily


How Leading Brands Reclaim Lost Time

The good news: leading brands are proving it’s possible to reclaim time and protect margins
without adding headcount. Rather than throwing more people at the problem, they’re rethinking
how the work gets done by:

  1. Automating routine updates. Instead of waiting on suppliers to send status updates by
    email, high-performing teams rely on automated milestone tracking and real-time
    dashboards. Information that used to take hours (or days) to chase down is now instantly
    available.
  2. Integrating data sources. By connecting procurement, logistics, and finance into a
    single source of truth, brands eliminate silos and reduce the risk of error. Teams can
    forecast more accurately, plan replenishment, and model the cost of decisions with
    confidence.
  3. Investing in proactive visibility. Rather than waiting for problems to surface, forward-
    looking teams set up alerts and run “what-if” scenarios in advance. Whether it’s a
    supplier delay or a surge in demand, they already know their Plan B (and Plan C).

By reducing manual friction, operations teams free up hundreds of hours per year that can be
reinvested in growth-oriented work: strengthening supplier partnerships, negotiating better rates,
or planning for new product launches.

Readying Operations for the Holiday Crunch

With holiday demand looming, the stakes are higher than ever. A brand that still relies on
spreadsheets risks overburdening its team and leaving margin on the table. Manual work is a
silent margin killer: every extra hour spent chasing updates is time not spent serving customers.

By contrast, brands that have built first-mile efficiency into their playbooks enter peak season
with a decisive advantage. They have more capacity to respond to fluctuations in demand,
fewer last-minute freight bills, and less risk of burnout among their operations staff.

Holiday readiness doesn’t start with the warehouse or the delivery van. It starts with the
everyday workflows that shape how quickly and accurately products move through the supply
chain.

Time as the Ultimate Competitive Advantage

At its core, supply chain management is about time — how quickly you can spot issues, adjust
plans, and deliver on customer expectations. Technology can’t eliminate volatility, but it can give
teams the foresight and speed to manage it.

This holiday season, the best gift a brand can give itself isn’t just lower shipping rates or
smoother last-mile delivery. It’s time. Time for operations teams to focus on customers, protect
margins, and make strategic decisions that drive growth.

When retailers stop burning workdays on inefficiency, they gain something far more valuable
than hours on the clock: the confidence to deliver, no matter how unpredictable the season
ahead is.

Rodney Manzo is the Senior Director of Sage Supply Chain Intelligence (formerly Anvyl), which
transforms how SMBs manage supply chain execution by bridging real-time visibility and control
to the first mile of the supply chain.

More from Retail Insider:

Starbucks Closures Signal Shift in the Third Place

By
Sylvain Charlebois
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Image: Starbucks

Starbucks’s recent announcement to close about 150 outlets across North America and eliminate 900 jobs may appear to be a straightforward corporate restructuring, but it reveals something deeper: a reconfiguration of the “third place” — the space between home and work.

For years, Starbucks successfully positioned itself as the quintessential third place, where consumers could linger with a latte, access Wi-Fi, and feel welcome in a café culture that transcended the act of buying coffee. That positioning carried real economic value. By monetizing time and space, Starbucks not only sold beverages but also offered a social utility. Today, however, the economic fundamentals of this model are being tested.

In Canada, the closures will be felt most acutely in large urban centres such as Toronto and Vancouver, where multiple high-traffic cafés are slated to disappear. Although the company is quick to note that the closures amount to just one percent of its North American network, the perception at the local level is very different. For workers, landlords, and neighbouring retailers, the absence of a Starbucks outlet reshapes consumer flows and weakens surrounding commercial ecosystems.

Starbucks pumpkin spice latte. Image: Starbucks

What explains this shift? The pandemic disrupted long-standing consumption patterns. Remote work briefly displaced the need for a daily café stop, but as more Canadians return to physical workplaces, demand for coffee and breakfast occasions has grown. Yet Starbucks is no longer the default choice. Convenience stores, independent roasters, and even fast-food competitors like McDonald’s are aggressively innovating. The economics of the morning coffee have become a battlefield — one increasingly shaped by price competition, digital loyalty ecosystems, and menu simplification.

Starbucks itself has struggled with efficiency, tightening its menu and speeding up service to satisfy grab-and-go customers. In the process, however, it has diluted the very essence of the third place: welcoming spaces. Restrictions on restroom access and less emphasis on community have eroded its experiential edge. At the same time, Canadian consumers are rediscovering local roasters. The “buy local” sentiment, often mixed with a mild anti-American undercurrent, further challenges Starbucks’s dominance in Canadian cities.

The café is also caught in broader meal-time disruption. According to Restaurants Canada, dinner revenues are sliding while breakfast and lunch traffic rise. Even McDonald’s has reported declining breakfast revenues, a sign of intensifying competition in this lucrative segment. For consumers, this means more choice; for Starbucks, it means that market share can no longer be defended solely by brand cachet.

The lesson from Starbucks’s retrenchment is not simply that one company is shrinking. It is that the economics of the third place are being rewritten. Consumers are re-evaluating where they spend their time, what experiences they value, and how much they are willing to pay for them. For communities, the implications are just as profound: fewer Starbucks outlets may mean new opportunities for local cafés, convenience chains, and alternative formats to redefine the coffee economy.

The battle for the third place is far from over. But its economics will increasingly favour those who can adapt quickly to shifting consumer habits, recalibrate the balance between experience and efficiency, and reconnect with the social role cafés once proudly played.

More from Retail Insider:

Food services sales up 0.1% in July: Statistics Canada

By
Mario Toneguzzi
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Photo: Tima Miroshnichenko
Photo: Tima Miroshnichenko

Total sales in the food services and drinking places subsector rose 0.1 per cent to $8.5 billion in July, marking the fifth consecutive monthly increase, according to new data from Statistics Canada.

The agency reported that full-service restaurants posted the largest sales growth in dollar terms, increasing by 0.4 per cent. Special food services, which include catering and mobile food services, also saw a rise of 1.4 per cent.

Meanwhile, limited-service eating places recorded the largest decline in dollar terms, falling 0.3 per cent. Sales at drinking places dropped 1.9 per cent.

Prices also continued to rise in July. Statistics Canada said non-seasonally adjusted prices for food purchased from restaurants increased 3.2 per cent compared with July 2024. Prices for alcoholic beverages served in licensed establishments rose 3.4 per cent over the same period.

Sales were up in five provinces, with Ontario leading the gains at 0.3 per cent, followed by Manitoba with a 1.0 per cent increase. British Columbia saw the largest decline in dollar terms, with sales falling 0.3 per cent.

Recently, it was reported that three in four Canadians (75%) are eating out less often due to the rising cost of living, according to Restaurants Canada’s 2025 Foodservice Facts report. That share rises to 81% for those aged 18 to 34, it said.

As a result of this pullback in dining out, the 2025 outlook for foodservice businesses is mixed. An increase in domestic tourism is driving more sales, but Canadians are spending less per capita and opting to eat at home more than they were pre-pandemic, said the national organization.

Per capita, Canadians are spending $1,035 at full-service restaurants and $1,135 at quick-service restaurants. In 2019, they were spending $1,165 and $1,150 respectively.

More from Statistics Canada:

Tre’dish launches grocery price comparison feature

By
Mario Toneguzzi
-
Photo: Tre'dish
Photo: Tre'dish

Tre’dish, a wholesale-to-consumer grocery platform based in Toronto, has launched a new app feature aimed at giving consumers more transparency in grocery pricing, while also significantly expanding its product offerings through a recent acquisition.

The company announced recently it has introduced Transparent Pricing, a tool within its app that provides real-time, geo-targeted price comparisons for individual grocery items against the three largest full-service grocery retailers in a given area. Tre’dish says the feature is designed to empower consumers with increased visibility and control over their grocery spending.

Peter Hwang
Peter Hwang

“Groceries have become one of the biggest financial stressors for Canadians,” said Peter Hwang, founder and CEO of Tre’dish. “The acquisition of Brandco Direct is a huge step forward for us. It’s about scaling up fast, giving families more value, keeping prices fair, and supporting the amazing Canadian brands we work with. We’re not waiting for traditional retail to change, we’re building something that’s new, financially disciplined, and socially impactful.”

Through the acquisition of Brandco Direct, a direct-to-consumer wholesale business, Tre’dish has expanded its product lineup from 600 to over 4,000 items, including produce, meat, dairy, household goods, and personal care essentials. The company says its pricing model—built on direct relationships with wholesalers and streamlined distribution—allows it to offer average savings of up to 25 per cent compared to traditional grocery stores and delivery aggregators.

Tre’dish says its approach eliminates conventional retail markups by working directly with suppliers and optimizing delivery routes. Unlike traditional grocers, the company claims its platform prioritizes affordability for households over profit margins.

“With Transparent Pricing, families can see exactly how much they’re saving on the same quality products they expect from top-tier grocers: not discount retail substitutes or lower-quality alternatives,” the company stated in its release. “The feature not only builds trust with consumers but also reinforces Tre’dish’s technology-first approach to grocery retail, the backbone of its competitive advantage.”

Photo: Tre'dish
Photo: Tre’dish

The company says the data gathered through Transparent Pricing will also support future enhancements to the platform, including predictive shopping baskets, intelligent product substitutions, and personalized recommendations based on household budgets and preferences.

Households in the Greater Toronto Area can access Tre’dish’s services and pricing comparisons through the company’s website at tredish.com.

More from Retail Insider:

Costco Wholesale Corp. 4th Q Fiscal 2025 Earnings Review & Commentary: Bruce Winder

By
Bruce Winder
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I listened to the Costco Wholesale Corporation (NASDAQ: COST) 4th quarter and full year 2025 earnings call on September 25th. The call was hosted by Ron Vachris (President & CEO) and Gary Millerchip (EVP & CFO).

Bruce Winder
Bruce Winder

GAAP Financials (all in $ USD)

4th Quarter Fiscal 2025

For Q4, net sales were $ 84.4 billion, up + 8% vs. last year.

Comp warehouse sales grew + 5.7% during the same time. By market, the US business was up +5.1%, Canada was up + 6.3%, and other international was up + 8.6%. E-commerce was up +13.6%.

Membership fees came in at $ 1.72 billion for Q4, up + 14% vs. last year. About half of the increase came from membership fee increases in September 2024 in both the US & Canadian markets. The other half of this growth number was a result of a combination of increase in number of members & upgrades from existing members from Goldstar to Executive plans. About half of new COSTCO members are less than 40 years of age.

Foreign exchange positively impacted sales by + .2% while gas price deflation negatively impacted sales by – .9%.

For Q4, traffic or shopping frequency was up + 3.7% world wide, while average transaction value or average ticket was up + 1.9% world wide.

Gasoline volume grew by low single digits in the quarter but comp sales were negative by mid-high single digits as the average price per gallon dropped vs. last year. Gas volume grew due to a combination of the addition of new gas stations, expansion of existing gas stations and longer hours of operation.

The retailer indicated inflation was up low to mid single digits in the quarter. Fresh & food and sundries categories had similar inflation to last year while non-food categories had higher inflation due to tariffs.

Both fresh and non-food categories were up high single digits in comp warehouse sales for the quarter. Food & sundries categories were up mid-to-high single digits. Ancillary businesses such as pharmacy, optical & hearing aids all had a strong quarter.

Specifically, COSTCO saw double digit growth in the following categories in Q4: gold & jewelry, toys, men’s apparel, consumer electronics, gift cards & more.

Digital traffic was up +27% in Q4. Within digital sales, the following categories grew sales double digit vs. last year: gold & jewelry, housewares, apparel, tires, sporting goods, majors, small electrics and lawn & garden.

Gross margin rate was 11.13% for Q4, up + 13 bps. If we take out gas price deflation, “core” GM rate was up + 3 bps. Fresh, food & sundries and non-food all enjoyed margin rate gains as supply chain cost efficiencies, lower shrink & higher Kirkland Signature (KS) mix helped. These gains were partially offset by a LIFO charge on more expensive inventory of $ 43 million in the quarter, which was a headwind of -.6 bps.

SG&A came in at $ 7.8 billion or up + 10%. This represents 9.21% of net sales, up +17 bps. 15bps of this increase was due to operations challenges including higher employee wages and increases in general liability costs for the quarter.

Operating income for the quarter was $ 3.34 billion, up + 9.8%. This represents 4% of sales, flat to Q4/24.

Q4 net income was $ 2.61 billion, up + 11% year/year. This represents 3.1% of net sales, +10 bps to Q4/24.

Income tax rate for Q4 was 25.6% vs. 24.4% last year where there was a one-time tax gain.

Diluted net income per common share was $ 5.87, up + 11% to last year.

CAPEX for Q4 was $1.97 billion.

Fiscal Year 2025

For fiscal year 2025 net sales was approximately $ 270 billion, up +8% year/year.

Comp warehouse sales were up + 5.9 %. By Market, the US was up + 6.2%, Canada was up + 5%, and other international was up + 4.8%. E-commerce sales were up + 15.6 %.

Membership fees for fiscal 2025 were $ 5.32 billion, up + 10.4% to fiscal 2024.

Gross margin rate for the year came in at 11.1 % which was up +10 bps to 2024.

SG&A for fiscal 2025 was $ 25 billion up + 9.5%. This represents 9.2% of net sales, up from 9.14% of net sales in 2024.

Operating income for the year was $ 10.38 billion, up + 11.8% to 2024. This represents 3.85% of net sales, up from 3.7% of net sales in 2024.

Net income was $ 8.099 billion, up + 10% over last year. This represents 3% of net sales, about flat to 2024.

Diluted net income per common share for the year was $ 18.21, up + 10% to 2024.

Cash & cash equivalents at the end of the quarter/year were $ 14.16 billion, up + 43%. Inventory is $ 18.12 billion, down – 3% to last year. Net cash generated from operating activities for the year was $ 13.3 billion, up + 17.6% over 2024. Cash dividend payments dropped significantly in 2025 from $ 2.18 billion this year vs. $ 9.04 billion in 2024.

Full year 2025 CAPEX came in at $ 5.5 billion. This represented an increase in CAPEX spend, which traditionally rises at the same rate as sales. 2025 CAPEX increased due to expanded new warehouses, remodels as well as land purchases for fiscal 2026 new warehouses. Capital was also spent on investments in COSTCO’s hot dog factory and coffee roasting facilities.

Management Commentary

Members

COSTCO has 81 million members as of the end of fiscal 2025 which has grown by + 6.3% vs. last year. The retailer has 145.2 million card holders which grew + 6.1 % year over year as well. COSTCO had a 93.2% member renewal rate in the the US & Canadian markets and a 89.8 % member renewal rate world wide. There has been a slight decrease in renewal rate as more members are signing up online and these members have a lower renewal rate than other members. To counter this decline, COSTCO is focusing on auto-renewal and member renewal communications.

Since June 30th, COSTCO Executive members have had additional hours to shop at warehouses in the US. COSTCO estimates this has added about + 1% to US warehouse sales since this change was made. The retailer has also added a $ 10 per month credit for Executive members if they spend over $ 150 from COSTCO using Instacart. Since these two Executive member benefits have been rolled out, the retailer has seen “meaningful” membership upgrades from Goldstar membership to Executive membership. COSTCO has 38.7 million Executive members, an increase of +9.3% year/year. Executive members represent 47.7% of all paid members and 74.2% of world wide sales.

E-commerce

COSTCO has grown market-share on “big and bulky” items bought online. The retailer offers a delivery service that not only installs the new item but takes away the old item for disposal. Costco.com personalizes it’s offers based on customer segment, including using messaging to upgrade members to more premium status (ie. Executive).

Warehouse Expansion

COSTCO opened 10 new warehouses in the 4th quarter. These included 1 relocation in Canada, the 20th warehouse in Korea, the 2nd warehouse in Sweden and 5 net new warehouses in the US. The retailer opened 24 net new warehouses in fiscal 2025 and now has 914 stores world wide. Costco plans on opening 35 warehouses in fiscal 2026 of which 5 are relocations. The retailer sees strong expansion opportunities in both domestic and international in the future.

Kirkland Signature

It is the 35th anniversary of the retailer’s Kirkland Signature (KS) private label. KS continues to increase it’s penetration of sales mix and helps drive value for members while mitigating the risk of increased tariffs through sourcing flexibility. KS typically offers members a 15-20% value benefit vs. national brands with equal or better quality. COSTCO introduced more than 30 KS items in the 4th quarter.

COSTCO has made an effort to source more KS products from the same country the item will be sold in. This helps eliminate tariffs and also lower carbon emissions.

Tariff Mitigation

COSTCO has used several techniques to mitigate tariff increases in costs. These include: moving the country of production for items, changing assortments, increasing mix of KS, consolidating buys globally & increasing domestic sourcing in country of sale. The retailer’s overall goal is to “increase member value compared to the market”. As a last resort, the retailer indicated they would raise prices but would be the last retailer in the market to do so on a given item.

Other Commentary

It is the 40th anniversary of the COSTCO $ 1.50 hot dog and soda special. In fiscal 2025, the retailer sold 245 million hotdog & soda combos. They also sold 157 million rotisserie chickens.

COSTCO has enhanced it’s US checkout process. Now, for small & medium sized transactions, staff will scan items while customers wait in line so that when they get to the cashier, they only have to pay and avoid taking every item out of the shopping cart.

The retailer has also invested in their technology roadmap. Data augmentation helps members with digital search effectiveness on costco.com and on the retailers app. The tech also keeps bots out to enhance speed.

COSTCO thanks its operators for managing through higher employee wages & longer hours through increases in efficiency & productivity. Their efforts have minimized the negative impact these initiatives have had to SG & A costs. COSTCO’s average US warehouse associate’s wage is now $ 31/hour.

COSTCO claims that this is the 15th consecutive quarter of increased member experience satisfaction scores.

Holiday 2025

The merchant team evaluated fall buys and lowered exposure to discretionary items such as Christmas trees and decor to make more room for newer items such as back yard sheds, saunas, furniture and other high-ticket goods. These are items not sold during holiday in the past.

Costco Rimouski. Image: Costco

Management Forecast

The management team indicates that despite a challenging macro-economic environment, they plan on growing market-share by offering members exciting, high quality items at great value. They did not outline a fiscal 2026 financial forecast at this time.

Share Price Dynamics

COSTCO stock closed September 25th at $ 942.20 per share. Earnings were released after the NASDAQ was closed for the day. The stock opened on September 26th at $ 917.94, down – 2.3%. Over the last month, the stock has been down – 3.6%. Over the last year the stock is up + 3.4% and up + 167.4% over the last 5 years. One of the potential concerns for COSTCO investors is that the companies price/earning (P/E) ratio is very high at over 50x. This is significantly higher than Walmart at 39x or Target at 10.2x.

My Commentary

Costco runs a very successful business with a very unique business model. It takes low margin and “make money on volume” to the extreme. One fun fact that us retail analysts like to discuss is how COSTCO’s membership fees represent about 2/3 of the retailers net income. Costco has posted impressive numbers based on their combination of value, quality and trust. Their e-commerce business is doing well and enhancements to the Executive membership program are encouraging. When I ask AI to summarize social media comments about the retailer, the results are overwhelmingly positive. Some flack about crowds and overspending appear but these comments are in the minority. Although the stock is expensive, relative to earnings, COSTCO keeps delivering.

More from Retail Insider:

Beyond Gut Feelings: How Voghion is Building an AI-Driven E-Commerce Machine

By
Retail Insider
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By Charles Kitery

In the history of business, how we manage companies is a story of constant reinvention. We’ve moved from rigid hierarchies to quality-obsessed factories, with each era bringing a new philosophy. Right now, we’re standing at the edge of another big shift—one that’s pushing us past the old days of “manager’s intuition” and into something much smarter: decisions backed by real data. Sure, everyone’s talking about AI in flashy consumer gadgets, but the real action? It’s happening behind the scenes, inside the companies themselves.

And nowhere does this matter more than in the brutal world of global e-commerce, where a few milliseconds can make or break a sale. In this game, trusting a manager’s “gut feeling” is like trying to navigate a hurricane with a busted compass. The winners will be the ones who can wrangle all that data chaos and turn it into moves that actually work. This is where Voghion, a rising star in Europe’s e-commerce scene, is making a bold bet. The company is building its entire culture around a simple but powerful mantra: “data-driven, truth-seeking, and efficiency-first.” This isn’t just corporate jargon; it’s a fundamental rethinking of how to run a company today.

The Long Road from Gut Feeling to Algorithm

To grasp what Voghion is doing, it helps to remember how we got here. The mid-20th century was all about mass production—effective, but often rigid and wasteful. But then, in the 1960s, Toyota flipped the script with Lean Production. They focused on cutting waste and actually empowering workers, which set a whole new bar for efficiency worldwide.

In response, American companies developed their own systems. Motorola’s Six Sigma, popularized by GE’s Jack Welch in the 80s, became the gold standard. It was a rigorous, data-heavy framework for stamping out defects and perfecting processes.

The next leap came with the internet. Companies like Google and Meta (and more recently, ByteDance) figured out something crucial: their most valuable asset wasn’t their code, but their data. They built entire empires on endless A/B testing and smart algorithms. For them, every click was a data point, every business decision a hypothesis to be tested. This pushed operations to a whole new level.

Voghion’s Playbook: Data as the Company’s Nervous System

Voghion has studied this history, but it isn’t just copying the past. It’s blending these decades of innovation into its own forward-looking culture. Here’s what their “data-driven, truth-seeking, and efficiency-first” mantra actually looks like in practice.

  1. An Intelligent Merchant Ecosystem (Not Just a Supply Chain)

For most e-commerce platforms, managing global suppliers is a constant headache. Voghion is swapping subjective guesswork for a dynamic, algorithmic scoring system. Picture it like a credit score, but for every merchant. They get continuously evaluated on the hard numbers: inventory levels, shipping speed, product quality, and customer reviews.

This data isn’t just for reports; it directly runs the platform:

•Smarter Traffic: High-performing merchants automatically get more visibility. It’s a simple, powerful incentive: do better, get seen more.

• Dynamic Logistics: The system keeps an eye on how things are performing and automatically figures out the fastest, cheapest way to get packages where they need to go.

•Lean Governance: This data-first approach means Voghion can manage its vast network with a lean team, spotting problems before they happen and rewarding the best performers.

2. A Culture of “Let’s Test It”

ByteDance is famous for running thousands of A/B tests a day. Voghion has embraced a similar mindset, embedding experimentation into its DNA. Instead of debating what might work in a meeting room, they test it.

These experiments cover everything:

•Marketing: Which ad headline gets more clicks? Which campaign schedule delivers the best ROI? The data decides.

•Recommendations: The personalization algorithms get constantly tweaked to make product suggestions that actually hit the mark.

•User Experience: Even something as basic as page layout or how products get sorted gets tested relentlessly to create a smoother, more intuitive experience for shoppers.

By sticking to this process, Voghion makes sure its decisions are grounded in evidence, not the personal biases that can mess up traditional management.

The Vision: From Data to True Intelligence

For Voghion, this isn’t just about optimizing what they’re doing now; it’s about building something smarter for the future. The goal is to move past simple analysis and into AI-driven prediction. Picture a company where AI isn’t just a tool sitting on the side, but the actual brain of the operation—a system that can run scenarios and figure out the best move before you’ve even spent a dime.

This is way more than just a tech upgrade; it’s a complete cultural shift. It demands a mindset where every employee feels empowered to question assumptions and dig into the data. In the cutthroat e-commerce world, Voghion is showing that real, lasting growth isn’t about jumping on every trend that comes along. It’s about building something deeper—a structural advantage through smart management.

In this age of AI, the most valuable thing isn’t just having data, but knowing what to do with it. Voghion is quietly making a powerful statement that they get this better than most.

Scraping What Matters: Building Reliable Pipelines For A JavaScript-Heavy Web

By
Retail Insider
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The web you crawl is not the web you think

Most scraping failures are not caused by clever defenses but by mismatched assumptions. The public web is overwhelmingly dynamic and layered with assets, redirects, and templates that shift without notice. JavaScript runs on about 98% of websites, jQuery still appears on roughly three quarters of them, and close to 43% of all sites are powered by a single CMS family. Add to that the modern reality that well over 90% of page loads use HTTPS, and you get a practical picture: scrapers must behave like real browsers, negotiate encrypted sessions cleanly, and cope with template-driven markup that moves around more than hand-coded pages.

A typical desktop page also pulls in a large bundle of resources. Expect roughly 70 network requests and about 2 MB transferred for a median page, with scripts and images dominating. That matters for capacity planning: if your collector opens thousands of pages per minute, you are effectively coordinating hundreds of thousands of downstream requests. Bandwidth, connection pooling, and retries are not afterthoughts; they are the backbone of delivery.

What the numbers imply for scraper architecture

Render strategy: With near-universal JavaScript, assume you will need headless rendering for at least a portion of targets. A hybrid model works well: attempt fast HTML-first extraction, promote domains to a headless queue only when selectors miss required data.

Selector design: CMS-heavy ecosystems produce recurring markup patterns. Using layout-agnostic selectors (data attributes, JSON-LD blocks, or stable IDs) reduces breakage compared to brittle nth-child chains tied to cosmetic structure.

Network efficiency: Page weight and request counts push you to aggressive caching. Cache static assets by content hash. Use HTTP/2 or HTTP/3 clients to multiplex requests and minimize connection overhead.

Compression and parsing: Because most traffic is compressed, ensure your fetch layer supports gzip and brotli. Parse compressed JSON and streaming HTML to start extraction before full download completes.

Protocol hygiene: With encrypted traffic dominant, align TLS settings with modern servers, reuse connections, and respect HTTP cache headers to avoid unnecessary fetches.

Measure scraper quality with three simple metrics

Coverage: the share of intended pages successfully fetched and parsed. Track coverage by domain and by template. When coverage dips, check whether a template changed, a script-gated section appeared, or a login expired.

Freshness: the lag between a source change and your stored copy. On dynamic catalogs, aim for hours, not days. You can approximate change probability by monitoring ETag or Last-Modified headers and focusing crawls where deltas are highest.

Fidelity: the percentage of required fields captured without manual correction. Validate fields against type and range rules, and flag spikes in nulls or defaults as a signal that a selector needs attention.

Practical workflow that holds up under change

Start discovery with a lightweight pass to map pagination, detail pages, and any in-page JSON. Schema markup often carries clean fields; harvesting JSON-LD shortens post-processing. For fast prototyping of selectors, a browser helper like instant data scrapper can accelerate the first mile before you codify a production spider.

Promote promising patterns into a modular extractor: one fetcher, multiple parsers keyed by URL rules, and a validator that enforces required fields. Keep render decisions policy-driven rather than hardcoded per site. For example, if a page returns empty on a static fetch but includes script tags and no critical content, escalate to headless automatically and record the reason.

Resilience tactics that pay for themselves

Change detection: Store compact hashes of the DOM regions you rely on. If a region’s hash shifts while the rest is stable, you likely have a cosmetic change; if everything shifts, expect a template revamp or A/B test.

Retry budgets: Separate network retries from parser retries. Network errors tend to be bursty; parser errors cluster around template changes. Throttle network retries quickly; send parser errors to a canary queue for human review.

Robots and rate limits: Read and respect robots.txt and crawl-delay directives. Even modest pacing often improves reliability by avoiding auto-mitigation triggers.

Data sanity checks: Validate IDs, prices, dates, and currencies at the edge. Reject impossible values early rather than letting them poison downstream analytics.

Observability: Capture per-domain latency, bytes, request counts, and status codes. Alert on shifts in median or p95 latency, not just hard failures.

Turning raw HTML into dependable data

After extraction, standardize fields and deduplicate with stable keys. Normalize units, currencies, and encodings immediately. Maintain a simple lineage record: source URL, fetch timestamp, parser version, and transform version. This thin layer makes rollbacks and audits trivial when a site changes or a mapper ships a bad rule.

Finally, keep humans in the loop where they add leverage. A short daily review of low-fidelity samples uncovers silent failures fast. Pair that with automatic backfills when a parser is fixed, and your pipeline recovers without scrambling.

Scraping at scale is less about brute force and more about engineering to the web you actually face: dynamic, encrypted, template-driven, and chatty. If your design reflects those realities, reliability stops being a guessing game and becomes a set of measurable, repeatable practices.

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