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Restoration or Preservation? How Appraisers Evaluate Authenticity in Classic Cars

If you own a classic car, you’ve probably faced this question at least once: should you restore it to perfection, or preserve it as it is? Both paths have value — and both affect how an appraiser sees your car.

An appraisal isn’t just about the paint or the shine. It’s about how your car’s story, originality, and workmanship come together to define its worth. At Auto Appraisal Network, certified appraisers look at these details every day, and the decisions you make about restoration or preservation can change your car’s appraised value more than you might think.

Why authenticity matters so much

When it comes to classic cars, “authenticity” isn’t just a buzzword. It’s what separates a good car from a great one in the eyes of collectors, insurers, and appraisers.

Authenticity comes down to three main questions:

  1. Is it original? (factory specs, numbers-matching engine, OEM parts)
  2. Is it complete? (all major components intact and true to model year)
  3. Is it documented? (ownership history, restoration records, photos, invoices)

An appraiser studies these details to determine how much of your car’s soul — the parts, paint, and paperwork — still reflect what left the factory. A fully original car in fair shape can sometimes be worth more than a restored one that’s been heavily modified.

Preservation: keeping history alive

Preservation means keeping the car as close to its original condition as possible. Think of it as maintaining history rather than rewriting it.

If your car still has its original paint, interior, or drivetrain, preservation is often the smarter route. It’s about gentle maintenance — protecting finishes, preventing rust, and repairing only when necessary.

Appraisers usually see preserved cars as time capsules. The value often comes from their authenticity, even with a few flaws. A small dent or faded seat can be a badge of honesty — proof the car has lived a real life.

Preserved vehicles are especially prized when:

  • They have matching numbers (engine, transmission, and chassis).
  • They come with original documentation, like the bill of sale or window sticker.
  • They show consistent patina — natural aging that adds character.

That said, preservation has limits. If a car’s condition threatens its structural integrity or safety, appraisers won’t reward “authentic rust.” In that case, restoration isn’t just optional — it’s necessary.

Restoration: bringing life back with skill and care

Restoration is about bringing a classic back to its former glory — but the key is doing it right.

An appraiser can tell the difference between a careful, historically accurate restoration and a quick cosmetic job. They’ll look at workmanship, paint quality, mechanical accuracy, and whether the parts match the model’s specifications.

A top-quality restoration can raise a car’s value dramatically. For example, a 1969 Camaro restored with correct OEM parts, original color codes, and documented receipts can earn top appraisal scores. On the other hand, if that same Camaro has aftermarket seats, modern wheels, and a custom stereo, the appraiser may classify it as a “modified” vehicle — which appeals to a different market and usually brings a different value range.

Restoration also depends on documentation. Keep photos of every stage, from teardown to final polish. Keep receipts for parts, labor, and materials. These details help appraisers verify the work and justify a higher value.

One trade-off with restoration is cost vs. return. Full restorations can easily exceed the resale value of the car, especially for mid-tier models. A report by Hagerty found that some owners invest more in restorations than they can ever recoup when selling. But for passion projects or family heirlooms, that’s not always the point.

When “too much restoration” hurts value

There’s a line between restoration and over-restoration.

A fully repainted, re-chromed, and re-upholstered car might look flawless — but if it’s glossier than it ever was from the factory, appraisers may deduct for lack of authenticity. Some collectors even prefer light patina because it feels more “real.”

For instance, replacing original upholstery with brand-new leather might improve comfort but erase history. Likewise, switching to modern electronic ignition or disc brakes improves drivability but moves the car away from its original specification.

The key is balance. Restore what you must, preserve what you can. That’s what most professional appraisers recommend.

How appraisers judge authenticity

When evaluating a classic, appraisers usually follow a few consistent steps:

  1. Visual inspection — Body panels, paint texture, interior trim, and engine bay details.
  2. Component verification — Checking casting numbers, VINs, and date codes for originality.
  3. Historical research — Comparing the car to production data, factory records, or model guides.
  4. Documentation review — Looking at ownership history, service receipts, or restoration photos.
  5. Market analysis — Reviewing recent sales of comparable vehicles in similar condition.

Each step helps confirm how true the car is to its factory origins. The closer it stays to that original blueprint, the stronger its authenticity rating.

Why documentation matters as much as metal

You can’t rebuild history after it’s gone. That’s why paperwork matters.

According to a 2024 study by SharpSheets, documented provenance can increase a collectible car’s market value by 10–25% compared to an undocumented example of the same model.

Appraisers put serious weight on proof. Even small details — like a handwritten note from a prior owner or a photo from a car show in the ‘80s — can confirm authenticity and affect value. If you’re restoring, keep everything. If you’re preserving, document every oil change and inspection.

So, restoration or preservation?

There’s no one-size-fits-all answer. It depends on your car’s condition, history, and your goals.

  • Choose preservation if your car is mostly original, solid, and complete.
  • Choose restoration if your car is deteriorating or missing key components.
  • Aim for documentation no matter what — because that’s what holds the story together.

Remember, an appraiser isn’t judging your car just for looks. They’re measuring how faithfully it tells its own story — through metal, paint, and paper.

Final thought

Your classic car is more than a machine; it’s a record of time. Whether you keep it original or restore it to perfection, the best thing you can do is protect its story with care and proof.

Authenticity doesn’t mean perfection — it means honesty. And that’s what every good appraiser looks for.

RONA becomes first home improvement retailer to partner with DoorDash

RONA+ Charlemagne (Image: RONA)

RONA inc., one of Canada’s leading home improvement retailers, operating and servicing over 425 corporate and affiliated stores, is now partnering with DoorDash, a leading local commerce platform, to offer on-demand delivery in as fast as an hour.

This partnership spans nearly 200 RONA+ and RONA corporate stores located in seven provinces and over 150 cities across the country. RONA is now the first home improvement and construction retailer on DoorDash in Canada.

Catherine Laporte
Catherine Laporte

“This partnership builds upon our desire to better meet customers’ expectations in terms of speed, as well as our commitment to making home improvement more accessible and providing a seamless, more connected customer experience. By teaming up with DoorDash, RONA is offering a solution that reflects consumers’ new shopping habits and is further positioning itself as a leader in the industry,” said Catherine Laporte, Chief Digital and Marketing Officer at RONA.

Kyra Huntington
Kyra Huntington

“We’re proud to welcome RONA to DoorDash as the first home improvement and construction retailer on our platform in Canada,” said Kyra Huntington, General Manager of DoorDash Canada. “This significant milestone underscores customer expectations for quick and convenient on-demand delivery of more than just restaurants. We’re looking forward to saving a panicked trip to the store when time is of the essence for home improvement projects and bringing a broader selection of seasonal and household items to customers’ doorsteps.”

Customers can search for RONA on DoorDash’s app or website, then browse an extensive selection of thousands of items per store including tools, hardware, cleaning supplies, seasonal and home decor, small appliances, and more, so long as they can be safely delivered by car, and quickly receive their order at home or on the job site.

DashPass customers can also enjoy $0 delivery fees and reduced service fees on orders of $20 or more from RONA orders made on DoorDash.

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

Since its founding in 2013, DoorDash has expanded to more than 40 countries.

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Krispy Kreme looks to expand cafe concept to Calgary market

Krispy Kreme Cafe Rendering
Krispy Kreme Cafe Rendering

Krispy Kreme Canada, building on the success of its Factory Theatre Hub launched earlier this year in Calgary, is now looking for opportunities to expand its presence in the market with cafe locations which would serve as satellite stores across the city, particularly in geographies that are farther away from its hub. 

And the brand is looking to launch its donuts  in Costco in 2026 in the market.

Levi Hetrick, CFO and Head of Growth for Krispy Kreme Canada, said the brand has been very well received since opening its location in the south part of Calgary.

Across Canada, there are 23 locations with the most recent opening at the Eaton Centre in Montreal.

“We have two formats with Krispy Kreme in Canada. There’s the theatre hub, and then the cafe. And the theatre hub is where all the donuts for the market are made every single day. That’s where we make everything from scratch, and you can watch the donuts coming down the conveyor and all that. It’s sort of a fun experience,” explained Hetrick.

“Then we have the cafes. And a cafe is just another convenient outlet where we ship the donuts there twice a day. These are currently mostly in Toronto and Montreal. And then we’re opening our first one in Vancouver later this year. These are anywhere from really small like 400 square feet without seating up to call it maybe 1,500, 1,600 square feet with seats, but with the full donut lineup, coffee, frozen beverages.”

Levi Hetrick
Levi Hetrick

Hetrick said the company’s history of cafes have been urban in pedestrian-heavy locations.

“Calgary is a little different because it’s not quite such a pedestrian-oriented city. So when we’re thinking about cafes and Calgary, we’re thinking about maybe a couple of in-line spaces, but more drive-thru type cafes. The way that we’re looking for the real estate is identifying areas that are not currently convenient to get to our theatre hub,” explained Hetrick.

“The idea is to be able to hit these major retail nodes where people are already going for shopping for other reasons and then it’s convenient for them to come by the Krispy Kreme.

Michael Kehoe

Michael Kehoe, Broker of Record with Fairfield Commercial Real Estate, is the exclusive real estate broker for Krispy Kreme Canada in the Calgary market. “I am looking forward to helping the team at Krispy Kreme Canada build on their successful grand opening in Calgary this past June. New suburban satellite locations are in the works as the search for free-standing cafe pad or end-cap drive-thru locations in the 800 -1,200-square-foot range continues across the city. These new locations will be supported by the free-standing ‘Hot Light Factory’ hub location at 9629 Macleod Trail South that opened this past in June.”

“I would say, if we have four or five locations in addition to the hub, that’s a great opportunity for us and for Calgary,” added Hetrick.

In Toronto, the brand has three hubs and nine cafes.

In Vancouver, it has one hub and a cafe opening before the end of the year.

“Vancouver is a tricky real estate market, to be honest, it’s just trying to find locations where the rent makes sense is much more challenging. So we’re looking across all of Vancouver right now, but have just found the one location so far,” said Hetrick.

The hubs make the donuts for the cafe locations as well as the company’s fundraising program and its wholesale presence with Costco, one of Krispy Kreme’s main partners. 

Photo: Krispy Kreme
Photo: Krispy Kreme

“We’ve been with them for a long time in Ontario and Quebec. We just recently launched in Vancouver, and recently in Edmonton, and then early next year, we’ll look at doing Costco in Calgary too. And that program is somewhat unique. We call it a road show program. We’re there for a period of two weeks, sort of a limited time only offer at a slight discount to retail. And then we won’t be back again for, call it three months or so,” added Hetrick. “It’s another type of convenience play.

“In addition to Costco, we are looking at a partnership with Loblaws. We just piloted with them in Ontario, and it seems to be going well. This would be a very similar program to what I just mentioned in Costco . . . Still early days. Got to figure out how that’s going to play out, but I think that’s a great one. And then I’d be remiss if I didn’t mention our fundraising program. It is the other kind of channel for us, and it’s a really great, great program, I think, for us and for the local charities or sports organizations and things where they purchase the donuts at a discount and then they sell for  full price or whatever they choose, and keep the profits.”

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Krispy Kreme Expands in Montreal with 2 New Stores

Krispy Kreme Doughnuts Gears Up for Nationwide Expansion in Canada with Innovative Store Formats [Interview]

Loblaw reports revenue growth of 4.6% in Q3

Gatik autonomous delivery truck in front of a Loblaws store. Image: Loblaw

Loblaw Companies Limited announced Wednesday its unaudited financial results for the third quarter ended October 4, 2025, saying it delivered another quarter of consistent operational and financial performance.

The combination of everyday value offerings, personalized PC Optimum loyalty rewards, impactful promotions, and new store openings drove higher levels of customer engagement. Canadians recognized its differentiated value, quality, service, and convenience across its nationwide network of stores and digital platforms, driving sales growth of $857 million in the quarter, said the grocery retailer.

It said the Food Retail business attracted more customers and larger baskets, resulting in both the Super Market and Hard Discount banners outperforming their peer group on tonnage market share growth in the quarter. The company said its Hard Discount and Real Canadian Superstore banners again outperformed conventional stores, benefitting from the consumer shift to value. The company opened 19 Maxi and NoFrills stores in the quarter, bringing discount options to more communities across the country.

In Drug Retail, Pharmacy and Healthcare Services contributed to strong results, led by specialty drug growth. Front store sales momentum continued in cosmetics and over-the-counter categories, which were only partially offset by the previously announced strategic exit from certain electronics items. Loblaw remains on track with its full-year plan to open approximately 76 new stores and 100 new pharmacy clinics, opening 47 new stores and 55 new pharmacy clinics year-to-date, providing access to affordable, quality groceries and healthcare to underserved communities across Canada, it explained.

“Our innovative customer programs and new store openings are delivering the value, quality, service and convenience that Canadians want, now more than ever,” said Per Bank, President and Chief Executive Officer, Loblaw Companies Limited. “Our focus on retail excellence allows us to deliver on our commitments to our customers and invest for future growth, while delivering strong financial results.”

Photo- Per Bank LinkedIn
Photo- Per Bank LinkedIn

2025 THIRD QUARTER HIGHLIGHTS

  • Revenue was $19,395 million, an increase of $857 million, or 4.6%.
    • The sale of Wellwise by Shoppers (“Wellwise”) was completed in the first quarter of 2025. Revenue related to Wellwise in the third quarter of 2025 was nil (2024 – $27 million). Excluding the impact of revenue related to Wellwise, revenue increased by 4.8%.
  • Retail segment sales were $19,082 million, an increase of $823 million, or 4.5%.
    • Food Retail (Loblaw) sales were $13,588 million, an increase of 4.8%, and same-store sales increased by 2.0%.
    • Drug Retail (Shoppers Drug Mart) sales were $5,494 million, an increase of 3.8%, and same-store sales increased by 4.0%, with pharmacy and healthcare services same-store sales growth of 5.9% and front store same-store sales growth of 1.9%.
  • E-commerce sales increased by 18.0%.
  • Operating income was $1,376 million, an increase of $55 million, or 4.2%.
  • Adjusted EBITDA was $2,217 million, an increase of $148 million, or 7.2%.
  • Retail segment gross profit percentage was at 31.1%, an increase of 20 basis points, primarily driven by improvements in shrink.
  • Net earnings available to common shareholders of the Company were $794 million, an increase of $17 million or 2.2%.Diluted net earnings per common share were $0.66, an increase of $0.03, or 4.8%. The increase included the impact of charges related to the wind-down of the Theodore & Pringle optical business of $22 million.
  • Adjusted net earnings available to common shareholders of the Company were $828 million, an increase of $61 million, or 8.0%.
  • Adjusted diluted net earnings per common share were $0.69, an increase of $0.07 or 11.3%.
  • Net capital investments were $682 million, which reflects gross capital investments of $685 million, net of proceeds from property disposals of $3 million.
  • Repurchased for cancellation 6.8 million common shares at a cost of $381 million. Free cash flow(²) from the
  • Retail segment was $325 million.
  • In the third quarter of 2025, the Company completed a four-for-one stock split of its outstanding common shares. The stock split was implemented by way of a stock dividend, with shareholders receiving three additional common shares for each common share held. The stock split was effective at the close of business on August 18, 2025, for shareholders of record as of the close of business on August 14, 2025. All share and per share amounts presented herein have been retrospectively adjusted to reflect the stock split.

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Canadian consumers drawn to redemption of loyalty awards: AIR MILES

Photo: Anastasia Shuraeva
Photo: Anastasia Shuraeva

A new 2025 Holiday Outlook report  from PwC shows that consumers are entering the season with tighter budgets, with overall holiday spend expected to decline 5% and Gen Z cutting back the most at 23%. 

At the same time, gift cards and other flexible redemption options are gaining traction as shoppers seek value while maintaining generosity.

Recent data mirrors these shifts: younger consumers are overwhelmingly drawn to cash-like and digital rewards, while older generations continue to save for higher-value categories such as merchandise and travel. Families emerge as the most active redeemers across household types, reinforcing PwC’s point that households with dependents are the engine of holiday spend. November remains the peak redemption month across generations, underscoring the importance of loyalty as part of the holiday shopping cycle.

Jason Beales, Chief Strategy & Commercial Officer from AIR MILES, said “we are certainly seeing a migration towards eVouchers amidst the economic turmoil.”

“Many collectors are leaning upon loyalty programs for those looking to mitigate Canadian cost – AIR MILES has countless options to choose from as a means to alleviate day-to-day spending pressures. When getting more granular, some brands are prolific across all age categories; for example, the same top two brands happen to prevail, irrespective of age,” he explained.

Jason Beales
Jason Beales

“That said, younger demographics definitely seem to migrate towards eVouchers of brands which lean more discretionary in nature, including food delivery, apparel, and/or makeup. Overall, eVoucher redemptions are up over 60% year-over-year– almost certainly attributable to the degradation of the economy in 2025.”

Digital redemptions are quick, frictionless, and a means to fulfil instantaneous gratification for your efforts of engaging with a loyalty program, added Beales. 

“These also come at smaller denominations than grander pursuits (like travel or larger merchandise offerings) and thus can be redeemed in a more frequent cadence for those who want to really lean in on the fruits of their labour. We at AIR MILES have seen the $20 denomination remain highest in demand. One can certainly see a connection between cash-proxy redemptions and age as well; as Canadians get older, they are

more predisposed to merchandise and travel instead of cash redemptions, like eVouchers,” he noted.

“Also important to note that those who redeem for eVouchers are also far more likely to be engaged in digital communications (Gen Z are specifically overrepresented in app usage), thus spinning the flywheel faster.”

The retail landscape is getting increasingly competitive; loyalty programs have become table stakes in an effort to gain customers, let alone, not outright losing them, said Beales. 

“We believe loyalty frameworks no longer need to be a blanket program inclusion; rather, we see loyalty currencies as being a powerful tool poised to be deployed in times of business need. One can pulse value up materially when needed – be it inventory management, amplification of a key promotional period seasonally, or even a gust at the end of a languishing quarter. 

“At BMO AIR MILES we are luckily able to communicate with more than 15 million distinct Canadians, so any and all types of customers are able to be reached when value is to be conveyed. That said, we certainly have an over-abundance of the “family” demographic in our stable; an asset to be leveraged for brands seeking consumers across all age categories.”

Beales said November’s redemption peak only heightens the urgency and importance for businesses of conveying the right concise message, via the appropriate channel.

“Be it reaching youth by digital means, or the elderly amidst physical coalition assets, it is imperative to capture mindshare, or wallet share will fall to the wayside,” he said.

“National brands should lean into those programs that can amplify their cohesive cross-country messaging, while regional/local promotions should be focused and targeted via available data-empowered optimization. In sum, whatever age or geography is applicable to a brands’ needs, we have the capabilities to execute the delivery of value –especially when layering on the opportunity to discern who’s shopping at the competition,” added Beales.

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Foodtastic Seeks Franchisees as It Expands Across Canada

Photo: Mario Toneguzzi
Photo: Mario Toneguzzi

Foodtastic, one of Canada’s growing restaurant franchise companies, is actively seeking new franchisees to support its rapid expansion. CEO Peter Mammas said the company currently operates 26 brands with more than 1,000 locations nationwide.

While Foodtastic maintains fewer than 30 corporate locations, the majority of its outlets are franchised, spanning roughly seven or eight of its brands. The company aims to attract franchisees who can commit to long-term growth and success within the system.

Mammas said the ideal franchisee combines financial readiness with operational know-how. “Somebody with restaurant experience to start with. That’s a good starting point,” he said. “They obviously need the capital. They have to be hardworking, honest, and organized. We do some pre-screening to make sure they’re doing it for the right reasons and are motivated to succeed.”

He added that franchisees often start small before expanding into multiple units. “The good ones open one store, like what they’re doing, make money, and then open a second and third store. These single operators often evolve into experienced multi-unit operators,” Mammas said, noting that the company actively supports this progression with guidance and operational frameworks.

Image: Peter Mammas

The company has shifted its focus toward quick-service restaurants in recent years, in part because of rising construction costs for full-service locations and broader economic conditions. “Construction costs have gone way up for full-service brands,” Mammas said. “So we’re seeing a pivot toward quick service, which costs about $600,000 to $700,000 to build.”

He added that quick-service franchises offer a more accessible entry point for prospective franchisees while allowing for faster expansion.

Foodtastic is also exploring innovative dual-concept locations, combining two complementary brands under one roof to maximize space and operational efficiency. Mammas cited Second Cup coffee as a successful example. “Second Cup is probably the best duo concept because people come in for coffee and also grab food. It complements the food portion of system franchises,” he said.

Mammas said dual-concept locations also create operational synergies, including shared storage, freezers, and coolers, making units more profitable for franchisees. He added that careful pairing of brands is essential. “You don’t want to open one concept and add another one that’s going to cannibalize it. You want another one that’s going to actually help it sell,” he said.

Looking ahead, Mammas said Foodtastic plans an aggressive growth strategy. “We’ll probably open about 80 stores in 2025, increasing to about 120 in 2026,” he said. “We’re constantly looking to grow, acquiring new concepts. A couple are currently under LOI (Letter of Intent), which we’ll announce in the new year. We’re a hungry company. We love what we do, want to grow, and will continue acquiring concepts and building stores.”

He said franchisees are central to the company’s growth strategy. “It takes a lot for anyone to run a restaurant: hard work, dedication, and support,” Mammas said. “They have to get into a system that provides the support they need financially, operationally, and in marketing. That gives them the best chance to succeed.”

Mammas said he expects franchising in Canada’s restaurant sector to continue growing. “Franchise restaurants are taking over more and more of the dollar because of the marketing, experience, and support that come with a franchise,” he said. “Banks like franchising better. The success rate is higher. I see the franchising segment just continuing to grow.”

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Hush expands brand presence with experiential activations in Canada and the U.S.

Photo: Hush
Photo: Hush

Hush, the weighted blanket and sleep accessories brand, has focused on expanding its presence both in Canada and the United States through experiential activations and strategic growth, according to Jean Vashisht, vice-president of business development at Sleep Country Canada, the brand’s parent company.

Founded in 2018 by two entrepreneurs, Hush originally aimed to create weighted blankets to assist children with sensory challenges. The brand gained early attention on the television show Dragons’ Den before catching the eye of Sleep Country CEO Stewart Schaefer.

Jean Vashisht
Jean Vashisht

“Stewart saw that this really was a differentiated brand, not just the product at the time, but it was a disruptor brand. It was a direct-to-consumer brand that really tapped into community and branding and had a very different aesthetic than what you would see with Sleep Country,” Vashisht said.

Sleep Country acquired Hush in a multi-year process, with the founders departing in April 2023. Vashisht said the brand continues to operate largely online, with only a few temporary or in-store activations.

“We did a pop-up store in Yorkdale three years ago, which I was part of. The founders were still involved at the time,” she said. The store, 2,500 square feet in size, included on-site embroidery and a sensory room. “It did well during the holiday season and exposed the brand to many people who didn’t know it before.”

Hush also operates a store-in-store in Laval, Quebec, though it has no standalone stores. The brand’s products are occasionally available at Sleep Country stores, primarily accessories. Vashisht said Hush’s direct-to-consumer model allows the company to adapt quickly to market changes.

“That’s the beauty of D2C versus bricks-and-mortar. You can adapt and adjust extremely quickly. Need to change a promotion or the assortment? Focus on different products? You can do it easily,” she said.

In the United States, Hush has focused on strategic growth beginning in 2025. “We’ve been in the U.S. for a few years, but not strategically. In 2024, we focused on growing the brand, broadening our assortment, and expanding geographically. We wanted to make our U.S. presence more intentional,” Vashisht said.

Photo: Hush
FORT LAUDERDALE, FLORIDA – JULY 20: Pitbull beats the heat at the Hush Cooling Oasis to celebrate the brand’s Iced Cooling Sheets at Barrier Island on July 20, 2025 in Fort Lauderdale, Florida. (Photo by Michael Simon/Getty Images for Hush)

Experiential activations have been central to Hush’s strategy. The Cooling Oasis in Fort Lauderdale, Florida, showcased the brand’s ice sheets in a climate-controlled environment, complete with a DJ and dance floor. “It wasn’t just a traditional store; it was experiential to stand out,” Vashisht explained. American rapper Pitbull was part of the experience.

Hush has also sponsored the Pillow Fight Championship in North America with MMA fighters fighting with pillows, aligning with the brand’s fun and disruptive identity. “We became the title sponsor for North America. It aired live on ESPN and got buzz on social media, YouTube, SportsCenter, and even some celebrities commented,” Vashisht said.

The brand remains primarily Canadian-focused, with approximately 95 per cent of its sales in Canada. Vashisht said there is significant potential for growth in both markets.

“Canada still has room for growth. It’s a young business. The U.S. is very early-stage, but there’s a lot of potential,” she said.

Photo: Hush
Photo: Hush

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Shake Shack Canada launches on Uber Eats in Toronto

Shake Shack at Union Station in Toronto. Photo: Shake Shack

Shake Shack Canada is now available for delivery in Toronto straight to people’s doorsteps through the Uber Eats app with the new Vaughan Mills location joining the lineup soon. 

The partnership expands Uber Eats Canada’s restaurant selection, giving Torontonians convenient access to Shake Shack, which has been a go-to dining destination since its launch in Canada in 2024. Customers can order the full menu, including fan favourites like ShackBurgers, Crinkle Cut Fries and hand-spun Shakes, through the Uber Eats app, according to a news release.

Lola Kassim
Lola Kassim

“Uber Eats is giving Canadians more restaurant options and making it easier to enjoy the foods they love without leaving home,” said Lola Kassim, General Manager of Uber Eats in Canada. “Welcoming Shake Shack to the Uber Eats platform allows us to expand our premium restaurant selection and bring a fan-favourite international brand to more diners across Toronto and the GTA.”

“Toronto has embraced Shake Shack with incredible enthusiasm since we arrived last year,” said Billy Richmond, Business Director at Shake Shack Canada. “We’re excited to partner with Uber Eats to bring our signature ShackBurgers, crinkle cut fries and more to doors across the GTA. From a quick lunch to a family dinner or a casual weekend bite, enjoying the signature flavours and quality ingredients Shake Shack is known for has never been easier.”

Formed in 2023, Shake Shack Canada is a partnership between Toronto-based private investment companies Osmington Inc. and Harlo Entertainment Inc. Its vision includes opening at least 35 locations across the country, with locations now open at Yonge & Dundas, Union Station, and Yorkdale Shopping Centre, Kitchen Hub Castlefield, Square One Shopping Centre, Yonge & Eglinton and Vaughan Mills. 

Since the original Shack opened in 2004 in NYC’s Madison Square Park, the company has expanded to over 640 locations system-wide, including over 400 in 34 U.S. States and the District of Columbia, and over 225 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

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Double Click: Shopify Inc. Q3 2025 Earnings: Bruce Winder review & commentary

Shopify. Photo: smithandandersen.com

I listened to the Shopify Inc. (NASDAQ & XTSE: SHOP) Q3 2025 earnings call on November 4th. The call was hosted by Harley Finkelstein (President) & Jeff Hoffmeister (CFO).

GAAP Financials (all in $ USD)

Shopify posted Q3 revenue of $ 2.84 billion, up + 32% from last year. Within this, subscription solutions revenue was $ 699 million, up + 14.6 % & merchant solution revenue which was $ 2.145 billion, up + 38% from last year.

Revenue growth was due to increased penetration of Shopify Payments by + 65% & increased adoption of payments around the world. Also contributing to growth was expanded partnerships with PayPal & Klarna, offset by lower payment adoption in Europe.

Total cost of revenues was $ 1.45 billion or 51%. This was made up of subscription solutions at $ 128 million or 18.3% of revenue & merchant solutions which was $ 1.325 billion or 61.8% of revenue.

Gross margin rate was 49% vs. 52% last year. This was due, in part, to a revenue mix change from subscription solutions to merchant solutions. It was also a result of an increase in payments as this business delivers lower initial margin.

Gross profit for the quarter was $ 1.391 billion, up + 24% year over year.

Operating expenses were $ 1.048 billion, up 26% vs. Q3/24. This was mainly due to increases in sales & marketing, R & D and much larger transaction and loan losses. In Q3 Shopify saw higher losses in it’s payment business & it’s capital business.

According to management, Shopify’s operating expenses have dropped as a % of revenue over the last few years as follows: 2023 – 45%, 2024 – 39%, 2025 – 37%. This was achieved mostly with disciplined headcount management as the overall number of employees has been flat to down. At the same time, productivity has increased through automation, AI, tools & more.

Income from operations was $ 343 million, up + 21.2% over last year or 12.1% of revenue.

Net income was $ 264 million or 9.3% of revenue, down – 68% from last year. This was mostly due to a net unrealized gain on equity and other investments of $ 512 million in Q3/24 vs a loss of -$ 62 million this year.

Diluted EPS for the quarter was .20 cents, down from .64 cents in Q3/24.

CAPEX was $ 6 million in Q3.

Total cash & cash equivalents at the end of Q3 was $ 2.414 billion. Net cash provided by operating activities was $ 513 million, up + 21.3 % over last year.

Other Metrics

Gross merchandise volume (GMV) was $ 92 billion & grew 32% in Q3. The company has grown GMV by + 20% or more for 9 consecutive quarters. The growth was driven primarily by North America.

Q3 monthly recurring revenue (MRR) grew by + 10% based on growth in Plus plans.

Free cash flow margin was $ 507 million or 18% of revenue in Q3. Shopify discussed how it has consistently achieved steady cash flow margin over the last few years.

Bruce Winder
Bruce Winder

Management Commentary

Finkelstein kicked off the call with several key points regarding:

  1. AI, Agentic AI & the Sidekick agent
  2. The evolution of commerce
  3. International expansion
  4. Offline B2B channels

He said that “every 26 seconds a new entrepreneur makes their 1st sale on Shopify.” Finkelstein said that Shopify is “not just growing our piece of the pie, we are growing the pie.” He indicated that Shopify is balancing growth with profitability.

AI

The President says there are 3 ways he thinks about the evolution of AI:

  1. How AI will help merchants sell everywhere
  2. How AI will help merchants operate smarter
  3. How Shopify as a company will use AI to build better

Sell Everywhere

Shopify discussed how Agentic commerce is being used from search to conversation.

On the last earnings call Finkelstein discussed the Commerce for Agents tool. He also discussed the Universal Cart & the Checkout Kit tool.

The objective for Shopify is to make it easier for AI agents to shop on a merchants store on a buyers behalf.

There are 3 layers to Agentic commerce from end to end:

  1. Product Discovery – ChatGPT partnerships, Perplexity & other partners. Shopify’s goal is to power discovery for all AI agents & set a new standard for the industry.
  2. Purchasing Experience – Universal Cart & Checkout Kit make shopping seamless. Used with ChatGPT & Microsoft Co-Pilot, making in-chat shopping flows possible.
  3. Post Purchase Journey – helps agents keep shoppers engaged & informed. Examples include: order status, returns, support & reorder prompts.

The company discussed how it’s integration with OpenAI has already begun & that traffic has increased 7x for merchants using AI. Shopify indicated that based on their research, 64% of respondents said they would use AI to shop. It is very early, but Shopify said that they are “laying the rails” for Agentic AI or conversational commerce.

Different permutations will emerge as agentic commerce evolves. Shopify sees it’s role as preparing merchants for whatever path wins. The company wants to get merchants ready for agentic commerce just as they are for online, physical stores, B2B or where ever commerce goes next.

Finkelstein says “we are everywhere commerce is happening & we aim to get there first.”

Merchants Using AI to Operate Smarter

Sidekick is an example – a purpose built agent. In Q3, 750,000 shops used Sidekick for the 1st time. The agent has had almost 100 million conversations with merchants relating to analytics, SEO and more.

Build Better Products

Shopify monitors “signals” & data within it’s ecosystem to build & ship solutions for merchants. Then they scale quickly. An example of this monitoring is Scout, a voice of the customer tool. This internal Shopify agent scans hundreds of millions of signals (examples of a signals include: support tickets, usage data, actions & prompts) & is used by management to answer questions in seconds, grounded in evidence, that used to take weeks.

Key Takeaway: AI is not just a feature at Shopify, it is central to Shopify’s engine that powers everything the company builds.

Other Key Products & Growth Areas

Shopify Payments – reaching 65% penetration of GMV

Shop Pay – had + 67% growth in Q3.

Shopify wants to own checkout which includes: taxes, shipping, inventory, payments in any currency, bundles, subscriptions & compliance with regulations.

These apps are “like a well made watch” says Finkelstein. They execute well at scale and keep it simple for partners.

The President said “every upgrade shipped in Q3 cut friction & put merchants in reach of new markets.”

Merchants using Global-e can now offer Shop Pay as part of the payments process.

Shopify has a partnership with Klarna – the buy now, pay later company.

Shop Pay Installments has been launched in the UK after a successful launch in Canada earlier in 2025.

International

Shopify sees a “significant” runway ahead, especially internationally. The international division saw GMV grow + 40% in Q3 & represented 21% of Shopify global revenue in the quarter (up from 18% – 2 years ago).

Shopify has lower adoption rates outside of North America. Europe in particular offers growth prospects.

Shopify point-of-sale (POS) system Shopify Payments launched in 3 new countries in Q3.

Shopify Tap to Pay launched in 7 additional countries.

Shopify Capital has doubled it’s footprint since the beginning of the year & added Ireland and Spain in Q3.

The Shopping App expanded in 16 countries.

Offline GMV grew + 31% in Q3 as new brands joined this part of Shopify’s business.

B2B grew GMV + 98% in Q3.

Tariffs

Shopify’s cross border GMV is about 15% of it’s total, with US inbound GMV about 7%. The company has seen price increases from merchants but they have started to slow since Q2/25.

Management Guidance

Q4

  • Revenue growing mid-to-high 20% year over year
  • Gross profit $ growing low-to-mid 20% year over year
  • Operating expense to be between 30% to 31% of revenue
  • Free cash flow slightly above Q3

Share Price Dynamics

On the Nasdaq exchange, SHOP opened November 4th at $ 166.32. On November 5th shares opened at $ 158.34, down – 4.8%. As of writing on November 7th, the stock is down about – 9.2 % over the last 30 days but up +73.8% over the last year. SHOP is up + 42.3 % over the last 5 years.

On the XTSE exchange, SHOP opened November 4th at $ 236.19. On November 5th shares opened at $ 224.88, down – 4.8%. As of writing on November 7th, the stock is down about -8.2% over the last 30 days but up + 77.3% over the last year. SHOP is up + 54.4% over the last 5 years.

My Commentary

Shopify continues to post strong growth and appears to be moving in the right direction from an innovation perspective, particularly as it relates to AI. The world is changing quick though and Shopify must continue to move with it.

Net income was down significantly due to an unrealized gain last year on equity & other investments which put a dark cloud on an otherwise solid quarter.

One risk could be Shopify’s reliance on smaller sellers. If the economy softens, will consumers gravitate to large discounters that don’t use Shopify as a provider? Also, will consumers simply buy less? Particularly with US tariffs increasing costs and inflation.

The other risk is that if Agentic commerce grows significantly, will Shopify and their merchants need to compensate agent providers for transactions? Or will these AI companies try and replicate Shopify’s business model with their new found place in the consumer purchase process?

More from Retail Insider:

Canadian Retail News From Around The Web For November 12, 2025

Canadian Retail News From Around The Web

News at a Glance

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.

Aggressive discounts and patriotism drive Canada’s holiday shopping season (BNN)

Why retailers are offering early Black Friday sales with deep discounts (Global)

PayPal launches ‘Pay in 4’ service in Canada with Home Depot, Sephora as early users (Digital Commerce 360)

Amid ‘Buy Canadian’ push, small alcohol producers say trade barriers remain (MSN)

Investor Outlook: Leon’s delivers earnings boost as furniture sales, cost control drive margins (BNN)

Real Canadian Superstore rolls out new holiday push: “The Invitation” (Grocery Business)

Major Asian grocery store adding new location in Richmond city centre (Re: Sungiven Foods: VIA)

Popular B.C. breakfast spot that started as a food truck opens its first location in Toronto (Re: Yolks: Toronto.com)

Zenari family legacy blooms again in Little Italy (Taproot Edmonton)

Ontario’s biggest Scandinavian Christmas market is located less than hour outside Toronto (Streets of Toronto)

New shopping centre to serve Manitoba’s fastest-growing bedroom communities (Winnipeg Sun)

How a Toronto screenwriter is turning cafes into movie libraries, one shelf at a time (Toronto Today)

Suspect sought after chocolate bars stolen from Scugog grocery store, loss prevention officer pepper-sprayed (CTV)