Primaris portfolio seeing strong rental revenue growth in Q3, interest in HBC spaces

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October 30, 2025

Primaris Real Estate Investment Trust announced Wednesday financial and operating results for the third quarter ended September 30, 2025, indicating there is strong tenant demand across its portfolio and interest in the REIT’s empty Bay locations.

“Our shopping centre portfolio continues to perform well with strong rental revenue growth and robust leasing momentum,” said Patrick Sullivan, President and Chief Operating Officer. “Tenant demand across our portfolio is very strong, including demand for our HBC boxes. We are in advanced discussions with strong covenant, high-quality national retailers, including large format tenants and anticipate tenants to take possession early in 2026.”

“With the October acquisition of Promenade St-Bruno, Primaris’ high quality acquisitions now exceed $3.3 billion since 2021. All of these acquisitions offer strong NOI growth potential and significant excess land,” said Alex Avery, Chief Executive Officer.

“We have materially expanded and enhanced the overall quality of our enclosed shopping centre portfolio, driving the portfolio’s proforma annual same store sales productivity to $800 per square foot. Disciplined capital allocation remains a core focus for us, while driving strong financial and operating results, delivering transformative changes to our portfolio.”

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.6 million square feet, valued at approximately $5.4 billion at Primaris’ share.

Quarterly Financial and Operating Results Highlights

$159.2 million total rental revenue (net of $2.0 million negative impact from HBC);
$794 per square foot total same store sales productivity;
+0.7% Same Properties Cash Net Operating Income growth, or +1.7% adjusting for a $0.6 million operating cost accrual adjustment, or +2.1% excluding the impact from disclaimed HBC locations;
92.8% committed occupancy, 91.8% in-place occupancy (including vacancy from HBC locations of 532,000 square feet, or approximately 3.7%,) and 85.1% long-term in-place occupancy;
+5.3% weighted average spread on renewing rents across 335,000 square feet;
+5.7% Funds from Operations per average diluted unit growth to $0.443; (net of $0.016 per unit negative impact from disclaimed HBC locations);
52.6% FFO Payout Ratio (assuming exchange of all Exchangeable Preferred LP Units 48.5%;
$40.9 million in net income;
$4.9 billion total assets;
5.9x Average Net Debt to Adjusted EBITDA;
$617.6 million in liquidity;
$4.4 billion in unencumbered assets; and
$21.58 Net Asset Value per unit outstanding.

Business Update Highlights

Announces 2026 guidance with an anticipated Same Properties Cash NOI growth of 1.0% to 3.0%, occupancy of 86% to 88%, Cash NOI of $385 to $395 million, and FFO per unit fully diluted of $1.83 to $1.88;
Reiterates 2025 guidance for Same Properties Cash NOI growth of 4.0% to 5.0%, Cash NOI of $352 to $357 million, FFO per unit fully diluted to $1.78 to $1.82, and updates occupancy to 85% to 87%;
Entered into leases at three locations with disclaimed HBC spaces, including Promenades St-Bruno which was acquired on October 10, 2025, with anticipated tenant possession to occur in the first quarter of 2026;
Disposed of three strip plazas in Medicine Hat, Alberta and an open air plaza in Calgary, Alberta;
Purchased for cancellation 353,500 Trust Units under the Trust’s NCIB program for proceeds of $5.3 million at an average price per unit of approximately $15.18, representing a discount to NAV per unit of approximately 29.7%;
Developed 2026-2028 Sustainability strategic plan, following completion of the 2023-2025 plan;
Completed third annual GRESB submission achieving a score of 3 green stars, a 4 point improvement to 84;
Received Sector Leader status in the 2025 GRESB Real Estate Assessment Standing Investments Benchmark;
On October 10, 2025, Primaris acquired Promenades St-Bruno in Montreal, Quebec for aggregate cash consideration of $482.1 million and issued 11,448,599 Trust Units at a price of $14.75 per unit;
On October 9, 2025, Primaris issued $250 million aggregate principal amount of Series I senior unsecured green debentures maturing October 9, 2030, bearing interest at a fixed annual rate of 3.845% per annum;
On October 28, 2025, disclaimer notices for all remaining HBC leases were received, with a disclaimer date of November 27, 2025; and
On October 29, 2025, the Board of Trustees approved management’s recommendation to increase the distribution rate from $0.86 to $0.88 per unit per annum, or 2.3%.

“Primaris’ differentiated financial model combined with strong growth in same-property NOI, occupancy, leasing spreads and recovery ratios, and expected continued strong growth across these metrics, supports our fifth annual distribution increase,” said Rags Davloor, Chief Financial Officer.

“REITs with track records of consistent annual distribution increases have historically delivered above average total returns and been included in exclusive indices that focus on dividend growers.”

Primaris’ leasing activities are focused on driving value by actively managing the tenant and merchandising mix at its investment properties, said the company.

In-place occupancy decreased 1.6% from September 30, 2024 to 91.8% at September 30, 2025. In-place occupancy for Same Properties decreased 1.1% from September 30, 2024 to 92.0% at September 30, 2025. The disclaimed HBC leases negatively impacted occupancy by approximately 3.7% compared to December 31, 2024 and September 30, 2024, it said.

“Average in-place occupancy is calculated by averaging the occupied square feet and total GLA for each month in the measurement period. Same Properties average in-place occupancy rate for the nine months ended September 30, 2025 was 92.3%, an increase of 0.2% from September 30, 2024. However, the Same Properties average in-place occupancy rate for the three months ended September 30, 2025 decreased 1.9% compared with September 30, 2024 due to the impact of the disclaimed HBC leases.”

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Supply chain strategies for retail success today: Capgemini

By

Mario Toneguzzi

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October 30, 2025

Pressure is mounting across Canada’s retail sector at its most critical time. Ahead of Black Friday and the holiday season, retailers are struggling to protect margins, keep shelves stocked and stay competitive as inflation continues to squeeze households.

Behind the scenes, they’re starting to own key parts of their supply chain: investing in logistics, warehousing, and even bio labs. It’s a shift that will influence everything from trade policy to consumer prices.

Vinayak Madappa, Retail Advisory Partner at Capgemini Canada, said retailers have faced constant disruption over the past few years. Post pandemic aftershocks, rising tariffs, geopolitical tensions, and volatile commodity prices have made global supply chains unpredictable.

“As a result, cost pressures are mounting, especially for those reliant on imports. In a lot of instances, these added costs are being passed to consumers, which isn’t sustainable. Capgemini’s 2025 Global Supply Chain Report found that profit margins across retail have declined by up to 18% since 2020, and more than 60% of Canadian retailers now cite supply chain control as their top strategic priority for the next two years,” he said.

“At the same time, shoppers’ behaviours are changing fast. Consumers are expecting products to be available instantly, whether they’re ordering online or in-store. To meet that level of expectation, retailers need tighter control and visibility over how products move through their networks.”

Madappa said a lot of investment is going into local infrastructure. Many retailers are expanding domestic warehousing and regional distribution hubs to reduce dependence on cross-border shipping.

“Canada is in a prime position to invest and leverage the geography advantage, offering access to both Atlantic and Pacific trade routes.

We’re also seeing the rise of “digital twins” — virtual models that help retailers predict disruptions, optimize inventory, and monitor product flows,” he said.

“Capgemini has used this technology with global clients to cut waste by up to 12% and boost fulfillment accuracy by 20%. Some retailers are going further, exploring vertical integration through local partnerships or investment in areas like vertical farming and biolabs. These strategies are particularly relevant in grocery and wellness, where sustainability and transparency drive consumer trust.

“Transformation doesn’t have to start at full scale. The most successful retailers test new models in focused markets first, proving results before expanding. It’s a “start small, learn fast” mindset that keeps them agile. We’ve seen this firsthand in Capgemini-led pilot programs, where regional warehouse trials evolved into network-wide optimization within a year. All of it comes down to better control; less waste, smarter pricing, and faster response to demand shifts.”

Madappa said artificial intelligence is leading the way. Retailers are using AI to automate routine tasks, forecast demand, and plan logistics in real time. Generative AI is now being used to analyze data, improve collaboration, and model scenarios like supply shortages or sudden demand spikes.

“When paired with digital twins, it gives retailers an almost live view of their operations – allowing faster, more confident decisions. Capgemini’s 2025 Supply Chain research shows retailers using AI-driven forecasting have seen up to a 25% improvement in supply chain efficiency. The key is making sure technology and human decision-making work together,” he said.

“Many retailers are moving to hybrid cloud setups, keeping what needs to run in-store local while using the cloud for analytics and planning. It’s a balance between speed, security, and flexibility, and it only works when people are ready for it too. A big focus for us is helping retailers develop their people, not just their systems, so new technology takes hold and drives lasting impact.

“Finally, data-driven personalization continues to grow. Retailers are using customer insights to tailor offers and experiences more effectively, improving engagement and managing inventory more intelligently.”

Madappa said policy can make a real difference by supporting local infrastructure. Incentives for investment in warehousing and distribution hubs would go a long way toward strengthening Canada’s logistics network and reducing reliance on global shipping routes.

“Tax credits or grants for companies building micro-fulfilment centres or sustainable transport systems could also encourage innovation and job creation at the same time,” he said.

“When it comes to affordability, the focus should be on helping companies lower their operating costs through modernization, rather than relying solely on monetary policy to manage inflation. If businesses can bring down their costs, that stability will eventually reach consumers through fairer, more predictable pricing.”

Over time, consumers will see more consistent product availability and fewer price swings, explained Madappa.

“Localized supply chains are more stable, allowing retailers to respond faster when costs or demand change. Convenience will keep driving innovation as subscription models and smarter delivery options are growing fast and shoppers look for simplicity and reliability,” he said.

“Transparency will also become standard. People want to know what’s in the products they buy and where they come from. Retailers are responding with clearer sourcing and sustainability data. Capgemini’s 2025 Consumer Behaviour Report shows 72% of shoppers now say transparency directly influences their purchasing decisions, turning it into a true competitive advantage.

“In the end, the retailers that move early, stay adaptable, and keep consumers at the centre will be best positioned for whatever comes next.”

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Why supplier diversification is the ultimate gift for retail resilience: TradeBeyond Analysis

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Retail Insider

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October 30, 2025

By Nicole Brackett, Enterprise Account Executive, TradeBeyond

As the 2025 holiday season twinkles into view, retailers once again find themselves in a familiar tug-of-war between optimism with anxiety. The lights are bright, the shelves are stocked (or at least, they should be) but uncertainty lingers behind every barcode.

According to Accenture’s latest holiday survey, seven in ten retail executives worry about inventory shortages or late deliveries that could derail their holiday sales. On the other side of the register, Deloitte’s 40th Annual Holiday Survey shows shoppers feeling their own strain. Nearly 80% expect higher prices this season, and more than half predict a weaker economy ahead. Consumers may be cautious, but they aren’t canceling Christmas. Instead, they’re redefining what “value” means, and retailers must be ready to meet them halfway.

While consumers are tightening their belts, they still expect value, trust, and seamless experiences, even as inflation and supply chain volatility continue to test retailers’ limits.

That tension is precisely why supplier diversification has become a risk management tactic and a top strategy for modern procurement and retail resilience.

Building Resilience in a Value-Conscious Market

The 2025 holiday shopper is a pragmatist wrapped in tinsel. Deloitte’s research found that seven in ten shoppers, across all income groups, are engaging in value-seeking behavior such as:

● Trading down to affordable retailers

● Redeeming loyalty points and coupons

● Choosing private-label alternatives over premium brands

For retailers, this shift toward value creates both a challenge and an opportunity. A constrained, concentrated supplier base limits flexibility in pricing, assortment, and even speed to market. Diversified sourcing, on the other hand, offers room to maneuver, allowing retailers to offer a broader range of price points without compromising quality or ethical standards.

Think of it as a balancing act on a high wire. The more diversified your supply base, the wider your safety net becomes. Retailers who can pivot quickly between suppliers or regions can better absorb shocks, manage costs, and respond to sudden changes in consumer demand. When chaos hits, regardless of the source whether economic or political, diversified procurement ensures that the show can go on.

Balancing Cost, Risk and ESG in a New Procurement Equation

Supplier diversification is about finding the right mix of partners to balance three interdependent forces:

1. Cost Efficiency

In an economy where every dollar must stretch further, supplier diversification gives retailers leverage. By sourcing across multiple regions, retailers can hedge against inflation, negotiate better terms, and avoid bottlenecks in overburdened markets.

Nearshoring options are gaining traction too, reducing lead times and minimizing exposure to volatile freight rates, an especially smart move as shipping costs creep upward again this holiday season.

2. Risk Mitigation

When 70% of executives are bracing for stock shortages, relying on a handful of suppliers is risky and reckless. Diversification spreads exposure across regions and categories, protecting retailers from disruptions caused by political instability, natural disasters, or sudden capacity constraints. When a single port delay can derail a season’s profits, diversification is the ultimate contingency plan.

3. ESG Alignment

Today’s consumers want to know not just what they’re buying, but where it came from and who made it. Expanding supplier networks allows retailers to partner with vendors who share their values around sustainability, transparency, and fair labor practices. As shoppers increasingly vote with their wallets, ethical sourcing is a brand differentiator.

Balancing these three forces requires visibility, collaboration, and data-driven decision- making. Yet Accenture’s research reveals a troubling gap where 82% of frontline employees report that items listed as “in stock” online are often unavailable in stores.

That disconnect reflects a broader challenge of disconnected data, siloed supplier systems, and a lack of real-time insight across complex global networks.

How Technology Powers Diversification

The good news is that technology is closing gaps faster than ever. Modern digital platforms, like multi-enterprise collaboration ecosystems, connect retailers, brands, and suppliers within a single network and streamlines communication, compliance, and visibility. Artificial Intelligence and advanced analytics are reshaping procurement from reactive to predictive. With AI-driven insights, procurement teams can:

● Identify alternate suppliers or shipping routes before disruptions occur.

● Monitor production progress and compliance in real-time, across continents.

● Evaluate supplier performance based on cost, reliability, and ESG metrics.

● Model “what-if” scenarios to anticipate shifts in demand or logistics.

These capabilities only enhance human decision-making. The best technology amplifies human intelligence, giving procurement teams the power to act decisively when the market shifts. When used strategically, digital platforms transform supplier diversification from a reactive scramble into a proactive, data-informed strategy.

A Holiday Lesson in Agility

If this year has taught retailers anything, it’s that predictability is an illusion. Just-in-time procurement, once the gold standard for efficiency, has evolved into a ‘just-in-case’ sourcing, where flexibility and preparedness are crucial. Supplier diversification embodies that shift to safeguard against disruptions and to gain a competitive advantage. Retailers who invest in diversified, digitally connected supplier ecosystems can maintain stock and deliver value even when global conditions waver.

As Deloitte’s survey reminds us, shoppers this holiday season are cautious but not defeated. They’re still celebrating and spending, but doing so with sharper eyes and higher expectations. Retailers who can meet those expectations with transparency, agility, and reliability will survive the season and build trust that lasts long after the decorations come down. Ultimately, supplier diversification is a philosophy of resilience and a reminder that when the world grows unpredictable, the smartest retailers create stability instead of waiting for it.

Nicole Brackett is an accomplished sales leader with extensive experience across North American and European markets in procurement, supply chain, and SaaS. Known for driving revenue growth and building high-performing teams, she’s earned the 2023 Stevie Award and the 2022 President’s Club Award. Nicole holds an MBA from VCU and a BS from Virginia Tech. Contact her at nicole.brackett@tradebeyond.com.

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Rising costs, tight credit challenge Canadian businesses: Equifax report

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Mario Toneguzzi

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October 30, 2025

Canadian small and medium-sized business owners are feeling the strain of rising costs, slowing demand and uncertainty about managing credit, according to new research from Equifax Canada.

The Equifax Canada Small and Medium Business Owners Survey found that 43 per cent of respondents cited the cost of goods as their top concern heading into the final quarter of 2025. Another 35 per cent pointed to declining consumer demand, while about one in four named issues such as supplier product availability (26 per cent), credit availability from banks or suppliers (25 per cent) and the ability to repay government-backed loans (25 per cent).

Wages were ranked as the most significant expense for 22 per cent of those surveyed, followed by insurance, taxes and supplies, each at 13 per cent. Bank fees, interest rates and fuel costs were also identified as major pressures.

“Small businesses are being squeezed from every direction,” said Jeff Brown, head of commercial solutions at Equifax Canada.

“When wages top the list of pain points and credit conditions remain tight, owners need a crystal-clear picture of their business credit profile to negotiate better terms, manage debt, and preserve cash flow.”

Despite widespread financial pressure, many business owners reported uncertainty about managing credit. While 79 per cent of respondents said they know a business can obtain its own credit report, only 59 per cent knew how to access it.

“Most business owners believe credit matters — three-quarters say their credit report impacts their ability to borrow — yet many don’t know what’s driving their score,” said Brown.

The survey showed that 70 per cent of business owners have checked their credit report, but only 25 per cent have done so within the past month. Nearly 20 per cent said they have never checked their report. Engagement levels varied by age, with 94 per cent of owners under 35 saying they had reviewed their reports, compared to 58 per cent of those aged 35 and older.

Overall, 74 per cent of small and medium-sized business owners agreed that their credit report affects their ability to obtain financing, and 73 per cent said credit access is essential for achieving financial goals. However, only 62 per cent expressed confidence in their understanding of what influences their credit score.

“The gap between awareness and action is what stands out. The goal of Equifax is to bridge that gap with education and access to valuable insights for business owners,” Brown added.

Equifax said its Business Credit Report compiles information from banks, industry groups, collection agencies and corporate registries to help business owners make faster and more informed decisions. The company has also developed a How to Check Your Business Credit Report Guide to assist entrepreneurs.

The survey was conducted online by Leger between Oct. 3 and Oct. 6, 2025, among 100 small and medium-sized business owners across Canada.

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Salvation Army offers free donation shipping in Ontario

By

Mario Toneguzzi

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October 30, 2025

The Salvation Army Thrift Store - National Recycling Operations- — By donating to The Salvation Army Thrift Store, Canadians actively participate in extending the lifecycle of clothing and household items, reducing waste, and supporting a circular economy. (CNW Group/The Salvation Army Thrift Store – National Recycling Operations)

Ontarians can now donate gently used items without leaving home through a new free shipping program launched by The Salvation Army Thrift Store in partnership with PUDO Inc.

The initiative allows donors across Ontario to ship clothing, shoes and accessories to The Salvation Army Thrift Store at no cost. PUDO Inc. operates one of North America’s largest e-commerce pickup and drop-off networks.

“Our partnership with PUDO removes barriers for donors who might not live nearby one of our Thrift Stores,” said Tonny Colyn, national director of business development and sustainability at The Salvation Army Thrift Store. “By offering a free shipping service, we’re making it even easier for people to support their community while extending the lifecycle of usable items.”

The Salvation Army Thrift Store said the program is designed to make donating both convenient and sustainable. Donors can reuse boxes from online shopping deliveries, up to a maximum size of eight cubic feet, to ship their pre-loved items.

To participate, donors can visit www.thriftstore.ca/donation-shipping-in-ontario/ to create a free shipping label, pack their items, and drop them off at one of more than 500 PUDO point Counters across Ontario. These are located in participating convenience stores, dry cleaners and drug stores.

Donors can even reuse boxes from their online shopping deliveries — up to a maximum size of 8 cubic feet —making it both environmentally friendly and easy to participate. (CNW Group/The Salvation Army Thrift Store – National Recycling Operations)

“Donations are truly at the heart of what we do,” Colyn added. “Each bag of clothing or pair of shoes dropped off through this program helps fund local Salvation Army programs and services that provide food, shelter, and hope to those who need it most.”

The organization said the partnership with PUDO reflects its continued focus on innovation, accessibility and environmental responsibility, helping Ontarians “give with purpose, protect the planet, and support their neighbours in need.”

The Salvation Army Thrift Store (National Recycling Operations) operates 95 thrift stores across Canada. The non-profit diverted more than 80 million pounds of items from landfills last year while generating funds to support local Salvation Army programs and emergency relief efforts.

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Health Canada’s Quiet Move on Cloned Meat Could Shake Retail Trust

By

Sylvain Charlebois

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October 30, 2025

meat — Meat in a grocery store. Image: Meat

Sometimes the most significant food-policy changes happen not with a bang, but with a bureaucratic whisper.

According to Health Canada’s own consultation documents, Ottawa intends to remove foods derived from cloned cattle and swine from its “novel foods” list — the very process that requires a pre-market safety review and triggers public disclosure. Once this policy takes effect, cloned-animal products could enter the Canadian food supply without announcement, notice, or label.

From a regulatory standpoint, this looks like an efficiency measure. From a consumer-trust standpoint, it’s a miscalculation.

Health Canada’s rationale is familiar: cloned animals and their offspring are, by composition, indistinguishable from conventional ones. Therefore, the logic goes, they should be treated the same. The problem isn’t the science — it’s the silence.

Canadians are not being told that the rules governing a deeply controversial technology are about to change. No press release, no public statement, just a quiet update on a government website most citizens will never read.

Cloning, after all, is not about making food cheaper or more nutritious. It’s a genetic management tool for breeders and biotech firms — a way to reproduce elite animals with prized traits. The clones themselves rarely end up on the dinner plate; their offspring do. The benefits, if any, are indirect: perhaps steadier production, fewer losses from disease, or marginally more uniform quality.

But the consumer sees no gain at checkout. Cloning is costly and yields no visible improvement in taste, nutrition, or price. The average shopper might one day unknowingly buy steak from the offspring of a cloned cow — and pay the same, if not more, for it.

And without labels, any potential efficiencies or cost savings stay hidden upstream. When products born from new technologies are mixed with conventional ones, consumers lose their ability to differentiate, reward innovation, or make an informed choice. In the end, industry keeps the savings, while shoppers see none.

This is precisely how we became trapped in the endless GMO debate. Two decades ago, regulators and companies made the same mistake: they introduced a complex technology into the food system quietly, without giving consumers the chance to understand or befriend it. By denying transparency, they also denied trust. The result was predictable — years of confusion, suspicion, and polarization that persist to this day.

Transparency shouldn’t be optional in a democracy that prides itself on science-based regulation. Even if the food is safe — and current evidence suggests it is — Canadians deserve to know how their food is produced. Silence breeds suspicion.

The irony is that this change could easily have been handled responsibly. A brief notice, an explanatory Q&A, a commitment to review labelling once international consensus emerges — small gestures that would show respect for the public and preserve confidence in our food system.

Instead, we risk repeating an old mistake: mistaking regulatory efficiency for good governance. In a time when consumer trust in food pricing, corporate ethics, and government oversight is already fragile, the last thing Canada needs is another quiet policy that feels like a secret.

Cloning may not change what’s on your plate — but how it gets there should still matter.

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Canada’s consumer story isn’t a big spender tale: TD Bank report

By

Mario Toneguzzi

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October 30, 2025

Household spending in Canada remains more evenly distributed across income groups, unlike the U.S. where spending has become increasingly reliant on the highest earners, according to a new report by TD Bank’s Economist Maria Solovieva.

“The pickup in discretionary spending has also been broad-based, suggesting that monetary policy played a larger role in Canada. A more even spending distribution reduces the downside risk should stock markets falter, making Canada’s growth less dependent on high-income households than in the United States,” said the report.

The report said historically high stock prices have raised questions about whether the recent strength in consumer spending is driven by wealth gains among higher income households. This is what economists call “wealth effects”. Some U.S. economists have recently argued that spending growth south of the border now rests heavily on the highest earners. In Canada, however, the recent strength in consumer spending has been more broad-based across income cohorts.

“To set the stage, it’s worth recalling that personal spending in the U.S. has long been more “top-heavy”. According to the Bureau of Labor Statistics’ Consumer Expenditure Survey, the top 40% of income earners accounted for 61% of all spending in America in 2023, compared with 51% in Canada. More recent estimates by Moody’s economists suggest the gap is even wider.

“Using Financial Accounts data, Moody’s economists derive personal outlays – a broader measure that implicitly captures homeowners’ equivalent rent, social transfers in kind, donations and non-mortgage interest payments. On this basis, the top 40% of earners accounted for 80% of U.S. spending in Q2 2025. In other words, the U.S. consumer engine is increasingly fueled by the highest income households, with growth supported by gains in asset prices.”

Canada’s story stands in contrast.

“Statistics Canada’s Q2 2025 Distributions of Household Economic Accounts show that household final consumption expenditure remains more evenly spread across income groups. The top 40% accounted for 53% of household expenditures in Q2 2025. A broader measure of consumption, more aligned with Moody’s methodology, which includes services received in kind, but excludes non-mortgage interest payments and donations, places this share at 49.2%. This suggests greater weighting of spending towards middle- and lower- income groups,” said the TD report.

“There are also notable differences in the distribution of wealth, suggesting that wealth effects are more evenly spread in Canada. In the United States, wealth remains far more concentrated: the top 40% of income earners held about 85% of total wealth in Q2 2025, compared with 66% in Canada (Chart 2). In both countries, year-on-year gains in wealth were strongest among higher-income households – the top 40% saw their wealth rise almost twice as fast as those of lower- and middle-income groups. In the U.S., this concentration carried through to consumption, with spending growth among top earners outpacing other cohorts, according to Moody’s estimates. In Canada, however, similar wealth dynamics didn’t produce the same divergence in behaviour: despite faster wealth growth at the top, spending increased at roughly the same pace across the income distribution.

“When we dig deeper into Canada’s spending by category, isolating discretionary spending that would typically reveal wealth effects, the data still show a relatively even distribution across income groups. Chart 3 examines second-quarter growth over the past five years and suggests that monetary policy, rather than asset gains, played a larger role in shaping spending.”

Discretionary spending, which also includes transportation and financial services (categories that straddle essential and cyclical spending), surged in 2021 as the economy re-opened and interest rates fell to record lows, added the report.

Growth among the top 40% of households outpaced that of the bottom 40% by about 10 percentage points. By 2022, discretionary spending growth had become much more uniform – around 20% year-on-year, before downshifting to below 5% in 2023-24 as borrowing costs rose. That cooling was not confined to lower income families, the top-40% cohort moved in step, it noted.

The rebound in 2025 may partly reflect renewed wealth effects, but the fact that spending strengthened across all income groups suggests that the lagged impact of monetary policy – and perhaps easing trade tensions – played at least as important a role as asset gains. Another common driver of household spending – income growth – likely played a limited role, as it has slowed across all cohorts relative to last year and wasn’t stronger for the higher income cohorts, added TD.

“Canada’s consumer spending outperformance in Q2 helped cushion the economy against the drag from trade tensions. Statistics Canada’s Distributions of Household Economic Accounts show that households across all income distributions were active contributors to that resilience, whether supported by monetary policy or modest wealth effects,” concluded Solovieva.

“The recent acceleration in discretionary spending was also broad-based, arguing against the highest income households driving spending as has been advanced south of the border. A more even spending distribution points to less downside risk if stock markets falter. That doesn’t make Canadians immune – high debt-service ratios remain a constraint – but it does mean growth is less dependent on high-income spenders than in the United States.”

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Peak Performance Expands with Burrard Street Store in Vancouver

By

Craig Patterson

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October 30, 2025

image - 2025-10-29T160521.537 — Future Peak Performance at 813 Burrard Street in Vancouver. Photo: Peak Performance

Swedish outdoor brand Peak Performance is expanding its Canadian retail footprint with the opening of a new store in downtown Vancouver on November 29. The 4,000-square-foot location at 813 Burrard Street will mark the brand’s second store in the city, following the success of its Kitsilano concept store, which debuted in December 2023.

The new space, located in the former Arc’teryx store, is positioned within one of Vancouver’s busiest retail corridors. The opening highlights Peak Performance’s growing investment in the Canadian market and its commitment to connecting with consumers who value outdoor adventure and modern Scandinavian design.

“While the Kitsilano store was introduced as a ‘concept store,’ the new Burrard Street location takes things a step further. This isn’t just a commercial expansion, it’s a statement,” said Marcus Grönberg, Vice President of Global Expansion for Peak Performance. “Burrard represents a bold step forward for our brand in North America, offering guests the most immersive Peak Performance experience to date.”

Scandinavian Brand Expands in Canada’s Outdoor Retail Capital

The Peak Performance Vancouver store will offer an expanded product selection, including technical apparel for skiing, hiking, mountain biking, and everyday use. The Burrard Street location will also feature more colour options across the brand’s most popular lines, reflecting demand from both local and international customers.

Located steps from the Vancouver Art Gallery, the store joins a stretch of high-traffic retail that includes several premium outdoor and lifestyle brands. Burrard Street continues to attract brands seeking visibility among the city’s active, style-conscious shoppers.

In addition to its two Vancouver stores, Peak Performance operates its North American headquarters in North Vancouver, which serves as a base for regional expansion and local brand engagement.

“Our aim not only in North America but also globally is to be recognized as a leader in technical outerwear at the intersection of performance and style,” said Grönberg. “The city of Vancouver, especially the welcoming Kitsilano community, has embraced us from day one. Thanks to the incredible response, we’re proud to expand with a second location. Surrounded by mountains and just a short distance from Whistler, Vancouver is a natural home for our brand and our commitment to peak performance.”

New Arc’teryx store at 1001 Robson Street in Vancouver. Photo: Chris Pelyk

Scandinavian Design and Community Experience

The new Peak Performance Vancouver store will reflect the brand’s Scandinavian design principles, featuring bright interiors, light wood finishes, and minimalist visual displays. The design is intended to create a calm and functional space that balances aesthetics with performance-driven storytelling.

The store also aims to serve as a local hub for outdoor enthusiasts. Guests will receive technical guidance and personal advice from brand ambassadors, and the store will offer free repair services as part of Peak Performance’s sustainability commitment. The company plans to host a variety of in-person events, workshops, and community activations that celebrate the outdoor lifestyle at the core of the brand’s identity.

The Burrard Street store will be open Monday through Saturday from 10 a.m. to 8 p.m. and Sundays from 10 a.m. to 7 p.m.

To mark the opening, Peak Performance will host a rail jam event on the steps of the Vancouver Art Gallery on December 7, 2025. The outdoor event will celebrate the brand’s connection to mountain sports and Vancouver’s strong skiing and snowboarding culture. Further details about the event are expected in the coming weeks.

Arc’teryx and Roots Realign Along Burrard and Robson

The arrival of Peak Performance at 813 Burrard follows a reshuffling of major outdoor and lifestyle retailers in the area. Arc’teryx, which previously occupied the space, has relocated to a new flagship at 1001 Robson Street, at the northwest corner of Burrard and Robson. The new location, in the former Roots flagship, nearly doubles Arc’teryx’s retail footprint and enhances its capacity to host immersive, experience-driven retail programming.

Roots, which operated at Burrard and Robson for nearly 30 years, relocated earlier in 2025 to a new concept store at 919 Robson Street, near Robson Square. The new Roots store combines spaces formerly occupied by Peloton and Tesla, positioning the brand within a modernized retail environment designed to enhance customer interaction.

These moves underscore the continued transformation of Vancouver’s Burrard-Robson corridor, where brands are investing in larger, more experiential stores to meet consumer expectations for design, sustainability, and engagement.

Roots flagship store in downtown Vancouver. Photo: Brandon Artis

Strengthening a Global Outdoor Legacy

Founded in 1986 in Åre, Sweden, Peak Performance was created by skiers Stefan Engström, Peter Blom, and Christer Mårtensson, who wanted technical ski apparel that combined functionality with clean Scandinavian style. The brand quickly gained recognition across Europe and later expanded globally, known for its advanced materials, ergonomic construction, and timeless design.

Today, Peak Performance is part of Amer Sports, a global sporting goods group owned by Anta Sports, which has helped accelerate its international growth. The company’s commitment to sustainability remains central to its philosophy, with continued investment in eco-friendly materials, reduced waste, and long-lasting product design.

Peak Performance’s product range includes outerwear, base layers, and lifestyle pieces for skiing, hiking, golf, and urban use. The brand’s reputation for balancing style and performance has made it a preferred choice for athletes and outdoor enthusiasts who value versatility and craftsmanship.

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Canadian Retail Outpaces U.S. as Values and Weather Drive August Sales

By

J.C. Williams Group

-

October 30, 2025

image - 2025-10-29T154850.779 — Pandosy neighbourhood in Kelowna, BC. Photo: Tourism Kelowna

Canadian retail punched above its weight in August, with All Stores up 3.7% YOY and All Stores less Automotive, Food, and Pharmacies up 6.9% YOY. For the first time in a while, outperforming the US. The bigger story isn’t the headline; it’s the motivations behind it. August looks like a convergence of values-led shopping, domestic travel, climate, and timing.

First, Canadians are voting with their wallets. Boycotts of American businesses and a broader preference for homegrown appear to be shepherding spend back to Canadian retailers. In PwC data, 49% of respondents say they’ll choose Canadian gifts even if they cost more, 64% of boomers say they’ll generally choose Canadian products, and 53% check where products are made. That sentiment matters most in discretionary categories, which explains why the ex-auto/food/pharma cohort outperformed: those are the aisles where consumers can act on values.

Second, timing and location favored domestic retail. Back-to-school likely kept parents shopping in Canada for apparel and stationery rather than hopping south of the border. August is also a peak domestic travel month, and when people stay national, they spend national on souvenirs, apparel, and experiences that show up in discretionary lines. Layer in end‑of‑season discounts, and you get a potent cocktail of value-seeking behavior and early holiday creep as shoppers front-load gifting while prices are attractive.

Finally, the weather mattered. Canada was warmer than ever: the Okanagan logged its second-warmest August on record, and Toronto had six heat waves. Heat pushes “shoulder-season” buying patterns; people still want fresh looks for fall, but the weather nudges them to buy transitional pieces, accessories, and lightweight layers. That dynamic can lift apparel and adjacent categories ahead of calendar norms.

While we have been tracking Foodservices and Drinking Places sales, we are now beginning to report on these sales, and August showed strong growth at 7.9% YOY. The likely drivers: staycations and national tourism channeled discretionary dollars into entertainment. A dry, hot month kept patios full—another example of weather amplifying experiential spend. When consumers feel they’re “saving” by staying local, they often reallocate into meals, drinks, and live leisure, supporting restaurants and bars.

As we get further into fall, JCWG is thinking about:

Will clothing and accessories stores sustain double-digit growth through year-end?
How will Foodservices and Drinking Places benefit from the Toronto Blue Jays’ postseason—pre/post-game traffic, watch parties, and downtown spillovers?
With a rate cut, do consumers spend more in retail, or does easier credit pull dollars toward larger home purchases instead?
How are YOU preparing for the increased potential spend that a rate cut can unlock—assortment, pricing, staffing, and promotions timed to local events and weather?

Retail Sales by Product Category, Same Month Comparison

Sales for the Month of August	Aug-25	Aug-24	YOY
All Stores	72,539,057	69,932,236	3.73%
Motor Vehicle and Parts Dealers	19,694,079	19,106,184	3.08%
Gasoline Stations	6,555,873	6,867,051	-4.53%
All Stores Less Automotive	46,289,105	43,959,001	5.30%
Food and Beverage Stores	13,966,119	13,686,789	2.04%
Supermarkets and Other Grocery Stores*	9,776,064	9,479,025	3.13%
Convenience Stores	756,291	784,037	-3.54%
Specialty Food Stores	1,016,926	967,232	5.14%
Beer, Wine and Liquor Stores	2,416,838	2,456,494	-1.61%
Health and Personal Care Stores	5,879,644	5,523,059	6.46%
All Stores Less Automotive, Food, and Pharmacies	26,443,342	24,749,153	6.85%
General Merchandise Stores	9,721,686	9,171,844	5.99%
Furniture, Home Furnishings, Electronic and Appliance Stores	3,914,900	3,639,594	7.56%
Furniture Stores	1,275,820	1,221,896	4.41%
Home Furnishings Stores	744,274	688,177	8.15%
Electronics and Appliance Stores	1,894,807	1,729,521	9.56%
Clothing and Accessories Stores	4,274,570	3,827,794	11.67%
Clothing Stores	3,316,385	2,943,773	12.66%
Shoe Stores	515,358	499,499	3.17%
Jewellery, Luggage and Leather Goods Stores	442,828	384,523	15.16%
Sporting Goods, Hobby, Book and Music Stores	4,270,870	4,073,344	4.85%
Building Material and Garden Equipment	4,261,315	4,036,578	5.57%
Miscellaneous Store Retailers	2,781,652	2,671,257	4.13%
Cannabis Retailers	498,708	465,106	7.22%
Foodservices and Drinking Places	9,437,752	8,751,033	7.85%

Retail Sales by Store Category, Year to Date Comparison

Year-to-Date Sales Ending August	Aug-25	Aug-24	YTD
All Stores	549,428,844	524,055,082	4.84%
Motor Vehicle and Parts Dealers	155,965,472	144,867,742	7.66%
Gasoline Stations	49,717,302	51,981,418	-4.36%
All Stores Less Automotive	343,746,070	327,205,922	5.05%
Food and Beverage Stores	104,545,472	101,649,863	2.85%
Supermarkets and Other Grocery Stores*	74,887,851	72,340,885	3.52%
Convenience Stores	5,525,507	5,780,540	-4.41%
Specialty Food Stores	7,424,513	6,962,360	6.64%
Beer, Wine and Liquor Stores	16,707,602	16,566,079	0.85%
Health and Personal Care Stores	47,166,014	43,828,665	7.61%
All Stores Less Automotive, Food, and Pharmacies	192,034,584	181,727,394	5.67%
General Merchandise Stores	72,666,740	69,566,619	4.46%
Furniture, Home Furnishings, Electronic and Appliance Stores	28,410,182	27,129,419	4.72%
Furniture Stores	9,475,507	9,019,787	5.05%
Home Furnishings Stores	5,661,620	5,307,529	6.67%
Electronics and Appliance Stores	13,273,056	12,802,104	3.68%
Clothing and Accessories Stores	28,038,959	25,480,297	10.04%
Clothing Stores	21,778,509	19,687,680	10.62%
Shoe Stores	3,065,941	3,028,127	1.25%
Jewellery, Luggage and Leather Goods Stores	3,194,507	2,764,490	15.56%
Sporting Goods, Hobby, Book and Music Stores	30,897,021	28,715,871	7.60%
Building Material and Garden Equipment	32,021,682	30,835,186	3.85%
Miscellaneous Store Retailers	20,784,692	18,715,520	11.06%
Cannabis Retailers	3,667,443	3,352,109	9.41%
Foodservices and Drinking Places	67,252,018	63,085,524	6.60%

Ecommerce Sales

	Aug-25	Aug-24
Ecommerce Sales, YTD	31,659,722	29,348,521	7.88%
Ecommerce Sales, YOY	3,961,713	3,753,471	5.55%

Regional Sales, Year to Date Comparison

Region	Year-to-Date, 2025	Year-to-Date, 2024	YTD
British Columbia	75,594,506	70,575,477	7.11%
Vancouver	38,097,171	35,160,242	8.35%
Alberta	71,260,783	67,734,244	5.21%
Prairies*	36,453,340	34,932,491	4.35%
Ontario	203,811,703	194,646,904	4.71%
Toronto	89,950,575	87,162,773	3.20%
Québec	122,570,299	118,007,938	3.87%
Montréal	60,617,771	58,603,223	3.44%
Atlantic Canada	37,751,451	36,267,209	4.09%
Territories	1,986,767	1,890,822	5.07%

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Canadian Retail News From Around The Web For October 30, 2025

By

Retail Insider

-

October 29, 2025

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 48 hours.

‘Zellers’ returns, but the chain will have to ‘earn its keep’ with Canadian customers: retail expert (CTV)

Opinion: What we can learn from Loblaw’s failed No Name stores (Globe & Mail)

Retail Council of Canada calls for strict measures as theft crisis grows (CTV)

‘Startling’ red flag: Why the court rejected Ruby Liu’s Hudson’s Bay bid | Urbanized

Here’s when Ottawa’s first shopping mall will close and be demolished (Westgate Mall: CTV)

Inside Christian Louboutin’s Reimagined Toronto Boutique (WWD)

Richardson’s Home Hardware in Nipawin named Best Hardware Store in Canada (Northeast Now)

Red Deer residents among 51 arrested in RCMP ‘retail crime blitz’ (Red Deer Advocate)

Small Business Month: How a Toronto bookstore became a champion for social justice and community (NOW)

First-ever Tim Hortons retail store coming to Toronto in November (MSN)

Pop-Up Shop gives students a real retail opportunity (The Eyeopener)

Walmart Canada Announced as First Anchor Tenant in Taza Park West, one of North America’s Most Significant First Nation Developments (Newswire)