One of the interesting debates that arises within mainstream media and kitchen table discussions alike is which party – grocers or global consumer packaged goods companies (CPG) – make more money? There is a lot of finger pointing when the cost of food and packaged goods increases as to whom is to blame and why.
In Canada, we are in a period of rising food inflation, not to the extent we felt during the pandemic but noticeable none the less.
Bruce Winder
There are a number of factors that have put upward pressure on grocery prices of late: tariffs, geopolitical events, weather changes & crop yields, labour costs, transportation costs & the need to expand profit margins.
I thought I would explore the last part of these factors: expanding profit margins. Which partner in the industry makes more money? Has it changed recently?
Methodology
I reviewed 3 years worth of income statements (2022, 2023 & 2024) from several global CPG companies and recorded the gross margin %, operating margin % and net income % to see how profitable they are and did the same for the 3 big Canadian grocers. I also looked at trends to see what was happening over the 3 years.
I reviewed the financials of the following CPG companies: Proctor & Gamble (P&G), Unilever, General Mills, Coca-Cola, Nestlé, Pepsi Co & Mondelēz. Some heavy hitters. I then did the same for Canada’s 3 largest grocers: Loblaw, Empire & Metro.
Findings
If I look at the 3 year simple average for the 7 CPG firms, they had a gross margin rate of 46.1 % while the 3 grocers had a gross margin rate of 25.8%. As a reminder, gross margin is the initial profit that a company makes calculated as net sales minus cost of goods sold. Clearly, the CPG companies are significantly more profitable than the grocers are within this metric.
Now, lets look at operating margin. The 3 year average of the 7 CPG companies was 17.6 %. The 3 grocers posted a 6.6% operating margin, about 38% of the packaged goods firms. Operating margin is the profit a company makes when subtracting selling, general & administrative costs from gross margin and is sometimes called EBITDA or earnings before interest, taxes, depreciation & amortization.
Finally, we work our way down to net income margin %. The 3 year average of the 7 CPG companies was 14.2%, while the 3 grocers delivered a 3 year average of 3.5% – about 25% of the margin rate of the CPG firms. Net income margin is operating margin minus interest, taxes, depreciation & amortization.
It is the true profit a company makes when subtracting all expenses from net sales. This means that for every $ 100 that each party sells, CPG firms make $ 14.2 dollars in profit while grocers make $ 3.5 dollars in profit.
Trends
Now, let’s look at trending across the 3 years. That is, have these metrics increased, stayed the same or decreased over time?
When we look at the 7 CPG firms, their average gross margin rate increased by + 280 bps. That means that what they charge grocers (or consumers if selling directly) has increased significantly more than what their costs of product is. The grocers average gross margin rate increased also but only by + 50 bps.
Operating margin was up + 20 bps for CPG firms & up + 10 bps for grocers. Net income % was up + 20 bps for CPG firms and roughly flat for grocers.
Key Takeaways
When looking at the 3 metrics together, one can conclude that the 7 CPG companies make a lot more profit, as a % than the 3 grocers. Full stop.
The gross margin rate from the 7 CPG companies has significantly expanded over the 3 year period. Much greater than the nominal growth of the 3 grocers.
Implications
Because grocers are often the last point of contact in the food and packaged goods value chain, they get the blame more often than not. I remember during the pandemic when inflation was running hot Canada’s big 3 grocers got some significant flack from consumers and governments alike.
Using an ice hockey analogy, grocers are the goalies and CPG companies are the forwards and defense. When a goal is scored against the team, everyone looks at the goaltender. The forwards may not have back checked and the defense may have been flat footed but it doesn’t matter – yell at the goalie!
I think the simple analysis presented above shines a light on where the true profitability in this sector lies and which party could be using price increases as a means to enhance margins. Maybe we shouldn’t blame the goalie after all?
Dollarama at The Tenor in Toronto (Image: Dustin Fuhs)
Retail took a front seat in this year’s Kantar BrandZ Canadian ranking, helping lift total brand value across the Top 40 by 10 percent to US$211.8 billion. The result marks a post-pandemic high and outpaces Canada’s GDP growth in the first half of 2025, underscoring the resilience of brands that meet shoppers where they are on price, convenience and experience. Kantar’s consumer research adds further context, noting that 56 percent of Canadians plan to buy more local products and services, a measurable tailwind for banners headquartered in Canada.
Speaking with Retail Insider, Scott Megginson, President of Kantar Canada, framed the performance against decades of BrandZ learning. “Powerful brands always outperform the stock markets. Strong brands do not fall as far in a downturn, and they bounce back faster,” he said. “We saw it in SARS, the financial crisis and COVID, and we are seeing it again in 2025.” His point lands squarely in Canadian retail, where value grocers and discount chains have outpaced the market in a year when shoppers have been stretching dollars across the basket.
Scott Megginson
Value retailers set the tone
Kantar highlights retail’s contribution at 11 percent of total Top 40 value, or US$24.1 billion, and notes that none of the 11 retail brands in the ranking lost value even as national retail sales slipped about 1 percent in 2025. Anxiety around the cost of living remains elevated, with 29 percent of Canadians reporting high or severe economic stress, which has sharpened demand for banners that combine price credibility with a consistent in-store and digital experience.
The year’s retail standouts illustrate the point. Dollarama advanced 42 percent in brand value to US$7.4 billion, placing ninth overall. Maxi rose 46 percent, buoyed in part by its expansion outside Quebec into New Brunswick. No Frills climbed 35 percent, supported by a growing footprint and an expanded fresh range to meet weekly-shop needs.
“Maxi grew its brand value by 46 percent. Dollarama has been on a tear since we began the Canadian ranking in 2019, consistently meeting consumer needs and being top-of-mind,” Megginson said. “No Frills posted 35 percent growth. The value retailers are really differentiating in Canada by delivering what shoppers need at the right price.”
Kantar’s data quantifies the dynamic. Brands perceived as offering low prices grew by an average of 22 percent, while those seen as expensive declined by 7 percent. That pricing perception was most visible in grocery, where price-led formats gained traction without abandoning experience. The report singles out No Frills for its continued focus on a clear, high-value proposition that resonates across regions.
Maxi store. Image: Loblaw
The “elbows up” effect that favours homegrown banners
Kantar’s consumer tracking this year found a pronounced buy-local tilt amid global policy shifts and tariff debates. Megginson said Canada ranked among the top markets for retaliatory sentiment, with two-thirds of consumers signaling an intention to support Canadian brands. “We coded the Canadian and U.S. brands in our dataset and compared them,” he explained. “Canadian brands grew in their brand equity, which we call demand power, while American brands overall were on a negative trajectory.” That shift helped underpin the strong performance of many domestic retailers.
There were exceptions. Megginson noted Costco as a non-Canadian banner with standout equity, boosted by a membership model, breadth of offer and a rising cohort of younger members. “It is meaningful, it meets needs, it is salient, and it differentiates in important ways,” he said, acknowledging the warehouse club’s role in shaping value expectations across grocery, general merchandise and discretionary categories.
Apparel holds its ground as Aritzia surges
While grocery and discount dominated the retail story, apparel delivered a clear signal that distinctiveness still commands a premium. Aritzia was named the fastest riser in the entire ranking, up 55 percent in brand value to US$2.1 billion, driven by U.S. expansion, ecommerce and a strategy centered on everyday luxury that broadened its appeal beyond boutique roots.
“Not all growth is about low price,” Megginson said. “There are brands like Aritzia that deliver distinct value, and consumers will pay a premium for that when the brand is meaningful and different.”
Lululemon remains Canada’s third most valuable brand at US$15.8 billion, reflecting how far the company’s global expansion and category leadership have carried the brand, even through a tougher trading year.
Together, Aritzia and Lululemon illustrate BrandZ’s framework of Meaningful Difference, which links relevance and distinctiveness to long-term value creation. Kantar reports that brands increasing their Meaningful Difference grew at double the rate of those that declined, a finding with obvious implications for fashion retailers navigating a cautious consumer.
Canadian-developed off-price banners continued to perform well too. Winners held the No. 23 position and grew 19 percent, while HomeSense moved up four places to No. 22 with 29 percent growth. Megginson attributed the momentum to the “treasure-hunt” experience, which keeps shoppers engaged and reinforces distinct brand cues that make the trip enjoyable and repeatable.
Aritzia and JD Sports at CF Richmond Centre. Image: Cadillac Fairview
Inside grocery’s strategy shift
The playbook that worked in 2025 combined sharper value with clearer brand promises. Megginson pointed to decisions across the market that favoured strong, well-positioned banners over experiments that risked confusing shoppers. He referenced a recently shelved pilot for Loblaw’s No Name retail concept that did not meet the full spectrum of needs, contrasting it with the steady growth of established value formats. “There is untapped territory for many Canadian retailers to build on their brand equity,” he said. “The brands that focus on both value and differentiation will lead the way.”
That observation cuts to the core of Kantar’s view of brand as an enterprise asset. “If value retailers really spent a little more time looking at their brand, they could create so much more value, be even stronger, and build more loyalty,” Megginson said. He emphasized that brand and customer experience must operate as a single system. “One plus one equals three when brand and customer experience come together.”
Pharmacy’s return and the sustainability spotlight
Beyond grocery and apparel, Jean Coutu re-entered the Top 40 at No. 40 with US$614 million in brand value. Kantar credits the pharmacy chain’s focus on convenience, personalized loyalty and a broadened product strategy aimed at category needs that go beyond prescriptions. The re-entry signals the ongoing importance of pharmacy in Canadian retail, where health, wellness and convenience intersect.
Kantar also named Bonterra the Most Sustainable Canadian Brand of 2025, citing sustainability embedded across product development, manufacturing, materials, packaging and partnerships with organizations such as Veritree and 4ocean.
While not a Top 40 entrant by value, Bonterra appears in Kantar’s “brands to watch,” alongside London Drugs and Polar Ice Vodka, as an example of how sustainability and local relevance can position brands for future gains.
Telecom’s recalibration, with lessons for retail
Telecom Providers represent the second-largest category by value at 16 percent or US$33.9 billion. Several incumbents faced headwinds, yet Vidéotron grew 11 percent, aided by infrastructure investment, integrated telecom and content offers, and a customer-centric approach. Kantar credits Freedom Mobile as a disruptive force that contributed to lower prices nationwide.
The telecom story mirrors retail’s: investment in infrastructure and customer experience, plus clear value delivery, tends to correlate with stronger brand equity and pricing power over time.
Financial services still anchor the ranking, but retail drives the narrative
Financial Services brands continue to dominate the Top 40’s total value at US$121.7 billion or 57 percent of the index. RBC remains No. 1 at US$46.7 billion after a 31 percent gain, with TD second at US$24.1 billion and CIBC up 33 percent to join the Top 10. The sector’s momentum reflects both financial performance and sustained investment in client experience and brand marketing.
“It is the only valuation study that does consumer surveys as well as a financial analysis,” Megginson said, underlining BrandZ’s method for connecting consumer preference to enterprise value. For retailers, the takeaway is that consistent brand investment pays off when the macro picture turns, because equity acts as a buffer and an accelerator.
Brand equity as a durable asset in Canadian retail
Megginson noted that brand value can persist beyond store closures when equity remains in the public imagination. He referenced the enduring resonance of the Hudson’s Bay name and the recent monetization of intellectual property, which underscores what credible brand assets can command. “There is latent equity that will probably hold for years to come,” he said. For retail operators, the lesson is practical. Whether the strategy is value or premium, equity built through clear assets, reliable experience and purposeful positioning gives retailers more degrees of freedom when conditions change.
Kantar’s ranking also reminds Canadian companies that there is headroom abroad. The Top 30 Canadian brands generate, on average, 31 percent of revenue from overseas markets, well below peers in France at 85 percent and Germany at 75 percent. Even so, Aritzia and Intact Insurance are pushing outward, showing that distinctive Canadian offers can scale beyond the home market.
Retailers considering cross-border growth face a familiar checklist: clarify the value story, translate the experience, reinforce distinctive codes, and keep the brand central to every capital decision.
The retail takeaway for 2025
Canadian retail’s message this year is crisp. Value banners are winning share with disciplined pricing and consistent experiences. Apparel brands with strong differentiation are still commanding premiums. Pharmacy is reasserting its role with loyalty and convenience. And across categories, Canadian banners enjoy a home-field edge supported by an “elbows up” preference to buy local. Within that landscape, the Kantar BrandZ Canadian brands story is not only one of financial value. It is about equity built patiently through clear promises and delivered daily at shelf, online and at checkout.
“Brands are a company’s most valuable asset,” Megginson said. “There is more value to create when retailers focus on brand and customer experience together.” The data backs him up. In 2025, as wallets tightened, retail brands that combined value with distinctiveness grew fastest. For Canadian retailers, the path into 2026 is to keep that balance, deepen brand cues that shoppers love, and build the kind of equity that holds up in any cycle.
Mastermind Toys in Montreal. Photo: Mastermind Toys
Mastermind Toys has officially entered the Quebec market with the opening of its first store in downtown Montreal, marking a major step in the company’s national expansion strategy. The 6,900-square-foot, two-level store, branded “Lajoué signé Mastermind Toys x Coco Village,” opened on October 18, 2025, inside Cours Mont-Royal, with prominent corner frontage at Peel Street and De Maisonneuve Boulevard. A Coco Village location will also open on October 23 at Promenades St-Bruno, as part of the company’s growing regional footprint.
The Quebec entry represents a milestone moment for the Toronto-based toy retailer, which now operates 48 stores across Canada. The Montreal flagship combines Mastermind’s legacy of educational and creative play with Coco Village’s high-end, Quebec-born children’s furniture and toy brand, acquired in 2024.
Marcello Piane
“This is a first for us,” said Marcello Piane, Vice President of Store Operations at Mastermind Toys, in an interview with Retail Insider during opening day. “We’re right in the heart of downtown Montreal, where we know there’s a lot of tourist traffic. People have been stopping by all morning, excited to see what Lajoué is all about.”
The retailer chose its downtown location strategically. “It’s got good street access, mall access, and it’s right near the metro, which makes it convenient for customers to come in and out,” Piane explained. The Peel Street flagship has both an exterior entrance and interior access through Cours Mont-Royal, which also houses Harry Rosen, EB Games and other premium retailers.
The store’s corner visibility and proximity to key city events, such as Montreal’s annual Santa Claus Parade, which passes near the location, add to its community presence. “We want to work with the mall to create experiences even outside the store,” said Piane. “It’s about engaging customers who are coming downtown or just passing by, giving them a reason to stop, play, and see who we are.”
Mastermind Toys in Montreal. Photo: Mastermind Toys
“Lajoué”: A Brand Tailored for Quebec
To establish its presence in Quebec, Mastermind Toys introduced a bilingual identity for its Quebec stores. The name “Lajoué,” derived from the French word “jouer,” meaning “to play,” serves as the localized brand banner, always accompanied by the tagline signé Mastermind Toys.
“La Joué means to play, to have fun,” said Piane. “We attached that name to our brand to make it relatable here. People in Montreal may not know what Mastermind is yet, so Lajoué helps them connect with what the store offers.”
The branding reflects both a legal and cultural adaptation to the Quebec retail landscape. “Nobody here would know what Mastermind is and what it’s all about,” Piane added. “This way, people can connect the dots around the type of store we have and the products we carry.”
Coco Village at Mastermind Toys in downtown Montreal. Photo: Mastermind Toys
Inside Montreal’s New Toy Flagship
The downtown Montreal store spans 4,400 square feet on the lower level and 2,500 square feet upstairs, featuring distinct merchandising zones for different age groups and product categories.
The main floor offers trending and collectible items such as LEGO, Pokémon trading cards, and Jellycat plush toys, alongside puzzles, crafts, and novelty candy. “We have items for everyone, from infants to preschoolers, to teens, and even adult collectors,” said Piane. “We see a lot of customers coming in looking for things they grew up with, like Superman, Batman, and DC collectibles, and we make sure to have something for them too.”
Mastermind Toys in Montreal. Photo: Mastermind Toys
Upstairs, the store integrates Coco Village, the Quebec-born brand now part of Mastermind’s portfolio. The product line features sustainably designed wooden toys, balance bikes, and educational play furniture that blend seamlessly into home interiors. “Coco Village is high-end and unique,” Piane said. “You can only get it in our stores or online through us. It’s something very desirable for parents who want toys that are both functional and beautiful.”
The integration of Coco Village reinforces Mastermind’s identity as a purveyor of “play with purpose.” Piane described the concept as “fun meets learning,” where every item offers developmental value alongside entertainment.
A Playful Customer Experience
Mastermind Toys’ Quebec expansion emphasizes experiential retailing and personal service. Each store employs trained “Play Experts” who guide customers through product selections and educational recommendations. “We train our team to understand who you’re shopping for, what the age is, and what kind of play experience would be meaningful,” Piane explained.
The company also continues its signature free gift-wrapping service, a feature beloved by families. “When somebody goes to an event with a gift wrapped by Mastermind or La Joué, it feels special. It shows thoughtfulness,” said Piane.
As part of its omnichannel strategy, the Montreal store will support buy-online, pick-up-in-store options, allowing customers to shop digitally while still enjoying an in-person experience. “You can browse our website, add items to your cart, and pick them up within hours,” Piane said.
Rapid Buildout and Upcoming St-Bruno Opening
Remarkably, Mastermind Toys completed the Montreal store’s construction in just 18 days. “We took possession 18 days ago and quickly turned it around—new floors, paint, lighting, and a full assortment,” Piane noted. “It’s been incredible to see what the team accomplished in such a short time.”
A Coco Village store is also set to open on October 23 at Promenades St-Bruno, southeast of Montreal. Both locations will hold grand opening celebrations on November 1, coinciding with the rollout of Mastermind’s new holiday pop-up boutiques at Holt Renfrew.
Holt Renfrew Pop-Up Boutiques
Starting November 1, Mastermind Toys will debut five in-store pop-ups inside Holt Renfrew locations across Canada — two in Toronto (Bloor Street and Square One), one in Montreal, one in Calgary, and one in Vancouver.
“We’ll be like a store within a store,” said Piane. “It’s a great opportunity to work with Holt Renfrew and reach new customers during the holiday season. Each location will have a unique assortment designed for that market.”
These pop-ups will run through late December, extending Mastermind’s reach into luxury department store environments. The collaboration underscores a growing crossover between premium retail and experiential toy merchandising in Canada.
Mastermind Toys in Montreal. Photo: Mastermind Toys
A New Chapter for Mastermind Toys
Mastermind’s Quebec debut builds on a broader transformation under new ownership. The company was acquired in early 2024 by Unity Acquisitions Inc., led by Joe Mimran, Frank Rocchetti, and David Lui, after entering creditor protection the previous year. The acquisition preserved 48 stores and over 85% of staff, providing a foundation for the company’s revitalization.
In May 2025, John Bayliss was appointed CEO to lead Mastermind’s renewal. A former Walmart Canada executive, Bayliss has positioned the company’s turnaround around innovation, design, and community engagement.
Recent initiatives include the Newly Renovated Mastermind store launched in August at the Shops at Pickering City Centre, featuring sensory discovery tables, improved sightlines, and modernized branding and a curated assortment. “Pickering was a chance to refresh the look and feel,” said Piane. “We introduced glass façades, lower sightlines, and better lighting so you can see right through the store.
The company has also renovated multiple stores across Ontario, including Etobicoke, Bayview Village, Richmond Hill, and Yonge Street, with plans to update its Beaches location in Toronto in early 2026.
King Living showroom in Toronto. Photo: King Living
Australian luxury furniture brand King Living has opened its first showroom in Toronto at 1400 Castlefield Avenue, adding a prominent international name to the Castlefield Design District’s growing roster of high-end home and interior retailers. The 12,000-square-foot space is conceived as a destination for design-minded shoppers, interior designers, and renovators, bringing the brand’s modern sofas, modular furniture systems, lighting, and accessories to Canada’s largest market. With a focus on in-person consultations and product customization, the store positions itself as both an inspiration gallery and a working studio where clients can plan entire rooms around the brand’s Australian-designed collections.
The opening marks the next chapter in King Living’s Canadian expansion. The brand entered the country in 2019 with a two-level store on Granville Street in Vancouver, followed by a 2024 opening at Southcentre Mall in Calgary. Toronto, which opened in mid-2025, extends the brand’s footprint across three of Canada’s most design-aware cities. For Ontario, the Castlefield address becomes the only retail location operated by King Living in the province as of 2025, aligning the company with a cluster of suppliers, showrooms, and trades that attract architects, designers, and homeowners from across the Greater Toronto Area.
Ali Baker of Avison Young is the master broker across Canada and the US for King Living, and negotiated the Toronto lease deal.
King Living showroom in Toronto. Photo: King Living
Modular design, Australian attitude
King Living is recognized for its modular design language and engineering-led approach, especially in sofas built on steel frames with removable covers and components that can be reconfigured over time. Collections such as the Aura Sofa embody the brand’s philosophy of long-life furniture that adapts to evolving spaces. The Toronto showroom presents these systems in generous vignettes that emphasize flexibility across living, dining, and bedroom, with an expanded selection of lighting and accessories that complete the home.
The brand’s service model features private consultations that begin with space planning and fabric selection, then extend to finish choices and accessory curation. In an area where many purchases are highly considered, the store functions as both a product library and a problem-solving studio. The result, especially for customers investing in premium furnishings, is a guided process that moves from inspiration to installation through a single touchpoint.
A gallery-like build, tailored to the brand
The Toronto store was delivered by BUILD IT, a construction firm specialized in high-end retail build-outs. The project transformed two former adjacent units into a single, corner-anchored retail presence with an entirely refreshed exterior and a sculpted interior designed to frame, rather than compete with, the product offering.
“What really sets this store apart are the custom details tailored specifically for the King Living brand,” said Reuben Barkin, VP of Operations at BUILD IT. “We designed integrated millwork and display units that feel more like sculptural extensions of the architecture than typical retail fixtures. The precision of the finishes, from flush reveals to hidden fasteners and seamless transitions, reflects the same craftsmanship as the furniture itself.”
Inside, the build emphasizes clean geometry, streamlined transitions, and a restrained palette that keeps the furniture as the focal point. Surfaces in off-whites, warm greys, and charcoal establish a calm base, while selective dark tones and refined metallics create contrast. The approach resists ornamentation in favour of material honesty and fine detailing, a choice that supports King Living’s modernist ethos.
“We anchored the palette in neutrals so the furniture remains the hero,” Barkin explained. “Lighting was a key tool to dramatize clean forms and premium finishes. We used crisp, directional accent lighting to highlight key pieces and architectural elements, while ambient lighting preserves a calm, even base level.”
King Living showroom in Toronto. Photo: King Living
Lighting for consistency, day and night
One of the store’s defining characteristics is its controlled lighting environment. Rather than relying on the abundant daylight that many furniture galleries favour, the space uses a subdued interior lit with concealed strips and targeted accents. The result is a consistent viewing experience across day and night, with light directed to sculpt forms and textures in a way that remains true to the brand’s gallery-like presentation.
“The space is very dark and very subdued inside, and then there is careful spotlighting,” noted Barkin. “They wanted to control the lighting elements to create a consistent environment. That way the furniture reads the same, whether you visit during the day or in the evening.”
This decision is as much technical as it is aesthetic. By standardizing light levels and colour temperature, the team ensures fabrics, leathers, and finishes present accurately for customers making high-value decisions that often hinge on nuance.
The blade wall, engineered as sculpture
A recurring brand element across King Living showrooms is a vertical “blade” wall that serves both as a visual signature and as an architectural device to shape circulation and sightlines. In Toronto, the build introduces two sections of blades, each approximately 11.5 feet high and 16 feet wide. The components are engineered for consistency, using solid-core wood precisely shaped by a multi-axis CNC process, then veneered in oak and pressed with custom forms to achieve uniform curvature.
“The blade walls are a consistent feature in King Living showrooms,” said Barkin. “Each blade’s core is shaped for perfect uniformity, then veneered with oak and pressed to match the curve. They perform like sculpture, but they are also part of the store’s architecture.”
These elements do double duty. Visually, they create rhythm and depth. Functionally, they segment the large floorplate into distinct room settings without closing off space, preserving a sense of openness that suits the brand’s modular storytelling.
King Living showroom in Toronto. Photo: King Living
Exterior transformation and a bold corner identity
The most visible change to the property lies on the outside. A previously light-coloured stucco façade has been re-imagined with darker, more saturated cladding and strong signage that establishes the brand’s presence from the street and parking lot. The entrance was relocated to create a clearer arrival sequence, and a new signage tower anchors the corner with bold, simple branding that reads “KING” in large, luminous letters.
“The reface of the tired exterior breathed new life into this corner-anchored unit,” Barkin said. “Before you even step inside, the store creates a striking first impression. The branding starts right from the parking lot to pull you in.”
This exterior work required careful planning and sequencing, including surface preparation, cladding installation, and coordination of structural supports for awnings and signage. According to BUILD IT, the overhaul was the project’s most challenging component, made more complex by the need to remove prior branding while preserving the integrity of the base building.
Collaboration across time zones
King Living’s internal property team, led by Michael O’Connor, engaged Studio Presber Architecture + Design to lead the design. Principal Lara Presber, AAA, AIA, CPHD, WELL AP, provided the architectural direction and detailing. Although the design studio is based in Calgary and the client team operates from Australia, the project maintained strong momentum through weekly Owner-Architect-Contractor meetings and daily progress tracking.
“Communication flowed even with teams in Calgary and Australia,” Barkin said. “Through the technology we use, it felt like they were boots on the ground every day. It was a very smooth project.”
BUILD IT first became involved in May 2024 after a referral through the brand’s real estate broker, who required a full as-built survey to support space planning and permitting. Six months later, with construction documents finalized, BUILD IT won the competitive bid and began work on demolition, re-demising, interior partitions, custom millwork, decorative lighting, and the façade refresh. The total schedule ran roughly four months, with key exterior sequences timed to avoid winter conditions and align with the brand’s opening plan.
King Living showroom in Toronto. Photo: King Living
A space that lets the product breathe
The interior layout privileges circulation and negative space. Furniture groupings are framed across long sightlines, allowing customers to understand the proportions and possibilities of each modular system. This spacing strategy serves both function and brand: it slows the pace of the visit, encourages conversation, and invites clients to imagine how components can evolve with their homes.
“King Living’s pieces tend to have breathing room around them,” Barkin said. “In the layout, we allowed generous aisles and sightlines, letting each piece command its own space. The store reads like a gallery, and the furniture is the hero.”
To support the display strategy, the construction relies on tight tolerances and fine joinery. Seams, reveals, and fasteners disappear into the background. The effect is understated and exacting, which complements the sculptural lines of the product.
Northern Super League design by Hillberg & Berk. Image: Hillberg & Berk
Canadian jewellery brand Hillberg & Berk is adding sparkle to a major milestone in Canadian sports. The Regina-based company has been named the Official Jewellery Partner of the Northern Super League (NSL) Playoffs and Final, aligning its message of empowerment with the launch of Canada’s first professional women’s soccer league.
The partnership marks a defining moment both for Hillberg & Berk’s brand story and for women’s sports in Canada, linking two organizations that share a mission of visibility, confidence, and community.
“This partnership celebrates the spirit, strength, and personality of our athletes,” said Marianne Brooks, Vice President of Partnerships for the NSL. “Hillberg & Berk’s mission to help Canadians shine aligns beautifully with our athletes’ journeys. The thoughtful gifting experience they’ve created will make the NSL Final even more memorable for everyone involved.”
A Celebration of Canadian Excellence in Sport
The inaugural NSL Final will take place November 15, 2025, at BMO Field in Toronto. The event represents the culmination of a groundbreaking first season for the six-team league, which includes clubs from Halifax, Montréal, Ottawa, Toronto, Calgary, and Vancouver.
Before kickoff, fans will gather for NSL Fan Fest, an outdoor celebration of Canadian women’s sports that will feature live entertainment, giveaways, and fan engagement experiences. Hillberg & Berk will play a central role in the festivities, bringing its signature style to the event through interactive experiences and exclusive prizes.
The collaboration continues Hillberg & Berk’s growing presence in the sports world following its partnerships with the Canadian Olympic Committee and the Professional Women’s Hockey League (PWHL) earlier this year.
Exclusive Keepsakes for the League’s First Finalists
In true Hillberg & Berk fashion, the NSL partnership goes beyond sponsorship—it’s about storytelling through design. Each member of the two finalist clubs will receive an “Ultimate Winning Necklace”, featuring a Kick Charm, a personalized jersey number, and an initial charm, creating a unique piece that celebrates both the athlete and the achievement.
As part of the brand’s “Share Your Sparkle” initiative, each player will also be given a pair of the company’s signature Sparkle Ball™ earrings, not for themselves, but to gift to someone who has played a meaningful role in their journey—be it a parent, coach, mentor, or loyal supporter.
“The ‘Share Your Sparkle’ movement has been our favourite tradition since the beginning of Hillberg & Berk,” said Rachel Mielke, the company’s Founder and CEO. “It’s about gifting our iconic Sparkle to deserving individuals as a symbol of strength and light. We’ve had the honour of sharing sparkle with incredible women across Canada, and we can’t wait for the NSL to be part of that movement.”
Fans Get Their Own Sparkle
Fans attending the NSL Final will also have a chance to take home a piece of history. Immediately following the playoff match, Hillberg & Berk will release limited-edition “Kick Charm Necklaces”, designed in the colours of the finalist teams.
Proceeds from the sale of the necklaces will go directly toward supporting the Northern Super League’s growth and its community initiatives across Canada. The charms are intended as wearable symbols of pride, celebrating both the sport’s breakthrough and the country’s progress in championing women’s athletics.
A Continued Commitment to Women in Sport
For Hillberg & Berk, the NSL partnership reinforces a longstanding dedication to empowering women through sport, design, and storytelling. Earlier in 2025, the brand launched its Play for More campaign, a purpose-driven initiative that raised funds for the Girls Forward Foundation, spotlighting the steep drop-off rates among girls in sports participation.
The campaign underscored a powerful reality:
By adolescence, 50% of girls stop playing organized sports.
80% of girls who play sports report higher self-esteem and positive body image.
94% of women in executive-level positions played sports growing up.
Through these efforts, Hillberg & Berk aims to help close the participation gap while celebrating the achievements of Canadian women athletes at every level.
“We’ve seen our products worn by female athletes across sports for years, often without any official partnership,” said Mielke. “This natural connection between our brand and women in sport inspired us to formalize these relationships and give back to the community that has supported us.”
From Prairie Start-Up to National Brand
Founded in Regina, Saskatchewan, in 2007, Hillberg & Berk has evolved from a small home-based venture into one of Canada’s most recognized jewellery brands. Mielke originally launched the company under the name Urban Pearl Accessories before rebranding to its current identity, drawing inspiration from her grandmother’s maiden names.
The company’s breakthrough came in 2008 when Mielke appeared on CBC’s Dragons’ Den, securing investment from Saskatchewan entrepreneur W. Brett Wilson. The brand quickly gained traction for its vibrant, accessible designs and philanthropic focus.
Hillberg & Berk’s popularity surged after Queen Elizabeth II was spotted wearing its custom pieces, solidifying the brand’s reputation for craftsmanship and meaning. Today, it operates from its Regina headquarters with 15 retail stores across Canada and continues to expand nationally.
Hillberg & Berk Orchard Park in Kelowna (Image: Hillberg & Berk)
Jewellery with a Purpose
Hillberg & Berk’s collections combine artistry with impact. Its Sparkle Ball™ earrings, necklaces, and charms are crafted in sterling silver and gold, often incorporating hand-set crystals or gemstones. Prices remain accessible, with most pieces under $250, making the brand both aspirational and inclusive.
Beyond its products, Hillberg & Berk maintains a deep commitment to community. Through its “1% for Women” initiative, the brand donates a minimum of one percent of annual sales to organizations supporting women’s empowerment and advancement. Partners have included Dress for Success Vancouver, Health Sciences Centre Foundation, and several local shelters and educational initiatives.
Mielke says this blend of purpose and beauty defines the company’s identity. “From the very beginning, our mission has been to empower women to feel confident and celebrated,” she said. “We want our jewellery to carry meaning—whether it’s honouring an achievement, expressing gratitude, or connecting to a bigger story.”
A Growing National and International Footprint
Hillberg & Berk’s influence continues to expand beyond retail. In early 2025, the company announced its role as the Official Jewellery Partner of Team Canada through the Milano Cortina 2026 and Los Angeles 2028 Olympics, a four-year partnership with the Canadian Olympic Committee.
The collaboration includes a custom Team Canada Sparkle Ball™ and commemorative athlete rings designed to celebrate Canadian pride and the power of women in sport.
“It’s incredible to see how far we’ve come from being a small prairie business,” said Mielke. “To now be partnering with organizations like the Canadian Olympic Committee and the Northern Super League—it’s a full-circle moment for us. These partnerships remind us that when women support women, everyone shines brighter.”
Hillberg & Berk plans to grow its retail presence to 17 stores nationwide by the end of 2025, alongside expanded e-commerce operations and wholesale partnerships that will reach customers across North America.
Wingstop is bringing its bold flavours westward with a flagship location set to open at Calgary’s CF Chinook Centre, marking a significant milestone in JPK Capital’s growth strategy.
The upcoming Chinook location will be the company’s largest in Canada at 5,200 square feet and is expected to open by the end of Q1 2026. While timelines remain fluid due to a “significant overhaul to the exterior,” franchise partner Matt Jenkyns confirmed the site is being developed as the brand’s Canadian flagship.
Matt Jenkyns
“Our location at the Chinook Centre will be Wingstop’s first flagship in Canada,” said Jenkyns, Chief Operating Officer, Wingstop Canada at JPK Capital. “Alongside our 12 crave-worthy flavours, we are serving up a new design centered around elevating the experience for our fans.”
The store will debut a completely reimagined design — the first of its kind in Canada — inspired by JPK Capital’s recent expansion into Australia.
Jenkyns, who attended the May opening in Sydney, said the brand returned to Canada determined to raise the bar.
“Despite being only three years old in Canada, we wanted to reinvest into elevating the experience for our guests,” he said.
“What we’re unveiling at Chinook will be the first true reflection of that new vision.”
The Chinook flagship is part of a wider push into the Calgary market and beyond, with other locations opening at Deerfoot Meadows and on 17th Avenue SW. Future sites are being scouted in Calgary’s northwest and southwest.
This western expansion marks Wingstop’s first move outside Ontario since entering Canada in June 2022 with a location at Bloor West Village in Toronto. The brand currently operates 15 Canadian stores and expects to have 19 open by year-end, with new sites coming to London, Hamilton, Toronto, and Oshawa.
Image: Wingstop Canada
“In Ontario, we’re sprawling out by roughly 200 kilometres in all directions,” said Jenkyns. “Our 15th location was in Kingston, right off Queen’s University campus.”
The Canadian roadmap includes a minimum commitment of 100 units, with plans to break ground in other parts of Canada within the next year. The strategy emphasizes high-visibility, high-traffic real estate, with Jenkyns citing partnerships with Cadillac Fairview and as part of the flagship rollout.
“Our objective in some of these mall locations is to have both interior and exterior-facing units,” he noted.
While core locations typically range from 2,400 to 2,800 square feet, the Chinook store’s expanded footprint reflects its status as a showcase for the brand’s elevated experience.
“The craveable menu and experience at our restaurants have carved out a special place for Wingstop in Canada – not just participating in cultural happenings, but driving them.” said Jenkyns. “We’ve positioned ourselves as a cultural hotspot, tailored to a Gen Z audience.”
Ahead of the Chinook opening, Wingstop plans to host a VIP launch event with a full unveiling of the new store design, offering early access to media and local influencers.
Founded in 2017 by entrepreneur Joe Poulin, JPK Capital is a single-family office focused on long-term value creation through investments in hospitality, technology, and insurance. With a commitment to seeding and scaling iconic brands globally, JPK Capital holds the exclusive Master Development Rights for Wingstop in Canada and Australia through its investment platform, Honey Garlic Holdings. Led by experienced investors and operators, HGH provides strategic oversight, operational excellence, and exceptional guest experience, positioning itself as a leading platform for Wingstop in key international markets. The company owns and operates all Wingstop restaurants in Canada since its inception in 2022 and is planning to open more than 200 locations across Canada and Australia over the next decade, delivering on Wingstop’s vision to Serve the World Flavour.
As Canadian consumers return to stores following the pandemic, retailers face growing pressure to offer seamless integration between online and in-person shopping experiences, says a Deloitte Canada executive.
Although technology has sparked new ways to shop in the retail sector, 80% of sales still take place in brick-and-mortar stores. Meaning? Physical stores are here to stay. But retailers don’t always live up to their customers’ evolved expectations for shopping experiences, like personalized service and convenience, said the report.
The company’s research reveals:
82% of customers want to be able to see and feel a product in store before deciding to buy.
Only 35% of retail executives believe that their staff has the tools and information needed to personalize customer experiences.
60% of shopping begins online while 80% of sales happen in store, making integration across channels more critical than ever.
Gilani said many companies have made significant strides in enhancing their online platforms, offering features such as one-click checkout and visualization tools. But with more shoppers returning to physical stores, expectations are evolving.
“People are really longing for in-person store experiences,” Gilani said. “They want to use their senses—touch, feel—and have a seamless experience as they’re shopping in the store.”
She added that regardless of geography, consumers expect consistency.
Photo: Andrea Piacquadio
“If you browse something online and think, ‘I really like this chair, but I want to see it in person,’ you expect that the inventory will be there,” she said. “You expect the store associate will be able to answer all your questions and place an order seamlessly.”
That consistency, Gilani emphasized, depends heavily on accurate, real-time data and backend system integration.
“You go to a store and the associate says the online inventory isn’t accurate—that’s where the experience gets frustrating,” she said. “Consumers have access to so much information now. Are your store associates equally equipped?”
While online shopping continues to grow, Gilani said physical stores play a unique role in brand engagement and loyalty—particularly among younger consumers.
“People are looking for experiences that you don’t get online,” she said, citing the example of fragrance retailer Glossier, which creates immersive, sensory in-store environments. “Gen Z and Gen Alpha are going to come there, take selfies or videos, and put it on TikTok. Everybody else is looking for that experience.”
Photo:
Ron Lach
She said the future of retail isn’t about choosing between online and in-store, but about unifying them.
“It’s not about online or store,” Gilani said. “It’s about creating a unified experience irrespective of the channel.”
Gilani also noted that most customer journeys now begin online, even if they end in-store.
“If you’re starting a journey online—say, you’re looking for a pair of denims—you might go to the store to try them on, and end up buying something else as well,” she said. “Sometimes the reverse is true—you discover something in the store and later buy it online.”
When asked whether any Canadian retailers have introduced in-store navigation tools—such as augmented reality maps—Gilani pointed to Canadian Tire’s system that displays aisle numbers. However, she said more advanced solutions would require stronger data infrastructure.
“Having the user experience is straightforward but you need real-time, accurate data,” she said. “If your systems aren’t connected and the data feed is batch-fed overnight, you’re going to get stale data.”
She added that automated backend processes—such as automatic inventory replenishment or discounting soon-to-expire items—could free up associates to better serve customers.
“That’s what we do with our clients,” Gilani said. “Let’s clean your foundation, make your data clean, and connect your systems. Only then can you deliver these experiences in a meaningful way.”
Entrance to the University of Toronto Bookstore at 214 College Street in downtown Toronto. Photo: Craig Patterson
A potential strike is on the horizon at one of Canada’s most prominent academic publishing and retail institutions. Members of the Canadian Union of Public Employees (CUPE) Local 3261, representing workers at the University of Toronto Press (UTP) and the University of Toronto Bookstore, have requested a “no board” report from the Ontario Labour Relations Board following months of negotiations. The move signals that, if no agreement is reached, workers could be in a legal strike position in early November.
Union members voted overwhelmingly in favour of strike action, with more than 90 percent supporting the mandate. Negotiations between the union and management are set to continue on October 29, as both sides attempt to reach a deal before a potential disruption to one of Canada’s leading academic publishing and retail networks.
According to CUPE 3261 President Luke Daccord, the central issues reflect challenges faced by warehouse, distribution, and retail workers across the country. “The issues here are no different than we see for warehouse and distribution or retail workers anywhere: the rising cost of living, instability faced by part-time workers, the need for decent health benefits and sick days,” said Daccord. “Our goal is to reach a deal that provides more stability for the workers, allowing improved operations at UTP and the bookstore for publishers and retail customers.”
The local represents more than 100 employees across UTP’s warehouse and distribution operations and the University’s retail bookstore network. Members have cited rising living costs and job insecurity as key concerns, particularly for part-time staff who experience unpredictable scheduling and limited benefits.
The University of Toronto Bookstore functions like a department store on campus. The two-level store is enormous, featuring various rooms in a heritage building on College Street. Photo: Craig Patterson
The Role of the University of Toronto Press
Founded in 1901, the University of Toronto Press has grown into Canada’s largest scholarly publisher and one of the most influential university presses in North America. Operating as a nonprofit organization affiliated with the University of Toronto, UTP publishes over 250 new titles annually and maintains an active catalogue of more than 10,000 books and 80 academic journals.
Beyond publishing, UTP is also a cornerstone of Canada’s academic book distribution system. Its Distribution Division handles logistics for over 260 publishers worldwide, operating warehouses in Toronto and Buffalo and distributing approximately 4 million books each year. This extensive reach has made UTP a vital link in Canada’s publishing supply chain, connecting independent publishers to national and international markets.
In recent years, UTP has sought to modernize operations through its Strategic Plan 2023–2026, which emphasizes digital innovation and global expansion. The press also announced a new publishing partnership in 2025 with the Canadian Pharmacists Journal, beginning January 2026. A potential strike, however, could disrupt both publishing and distribution activities, delaying shipments and academic releases across Canada.
Sephora kiosk at the University of Toronto Bookstore at 214 College Street in Toronto. Photo: Supplied
The University of Toronto Bookstore’s Retail Reach
The University of Toronto Bookstore, operating as the retail arm of UTP, serves a large and diverse academic community across the university’s three campuses: St. George, Mississauga, and Scarborough. Established alongside the press in 1901, the bookstore provides essential academic materials, technology products, and branded merchandise to more than 95,000 students and 15,000 faculty members.
Located in the historic Koffler Student Services Building at St. George and College Streets, the flagship store is a familiar landmark to generations of students and alumni. The bookstore also collaborates with well-known brands, offering licensed University of Toronto apparel through partnerships with Nike, Roots, Adidas, and Under Armour.
Beyond retail, the bookstore has played an active cultural role within the university and the broader literary community, hosting events for local and national authors and participating in the Toronto International Festival of Authors. The impact of a strike could also affect campus events and revenue during the busy fall academic term.
Second floor inside the University of Toronto Bookstore at 214 College Street in Toronto. Photo: Craig Patterson
Union Representation and Structure
CUPE 3261 represents more than 1,000 service, maintenance, hospitality, and retail workers across the University of Toronto’s campuses. Its membership includes caretakers, food service workers, groundskeepers, drivers, athletic staff, and the warehouse and bookstore employees at UTP.
The UTP and Bookstore bargaining units within CUPE 3261 are divided into three main groups: a full-time warehouse unit, a part-time warehouse unit, and a part-time retail unit. For the first time in several years, these groups coordinated bargaining efforts in 2025, seeking greater collective leverage. Although management declined to meet at a single bargaining table, the union maintained unified coordination across all units.
Union leaders argue that the issues under negotiation, particularly wage increases and benefit improvements, are essential to retaining experienced staff and maintaining consistent service levels. The workers’ demands include inflation-matching wage adjustments, improved job stability for part-time employees, expanded health coverage, and guaranteed sick days.
Main floor school supplies department at the University of Toronto Bookstore at 214 College Street in Toronto. Photo: Craig Patterson
A Push for Fairer Working Conditions
Throughout 2025, CUPE 3261 has focused on achieving stronger employment standards across all sectors of university operations. The “Good Jobs at U of T” campaign, organized jointly with faculty and student associations, has called for an end to outsourcing and for more equitable treatment of university employees.
At the Press and Bookstore, these concerns have translated into calls for more predictable scheduling, stable hours, and recognition of the professional expertise required in both academic publishing and retail service. While some progress has been made in recent years through joint committees and local advocacy, union leaders argue that wage stagnation and part-time instability remain unresolved issues.
For many workers, the prospect of a strike represents a last resort. “Our members have shown strong support for this action, but our goal remains a fair agreement,” Daccord said. “We want to ensure that UTP and the bookstore can continue operating effectively while respecting the people who make that possible every day.”
Both sides have agreed to resume bargaining on October 29. With a legal strike position possible in early November, time remains for an agreement that addresses workers’ concerns and maintains continuity for publishers, authors, and students.
Running to Nov. 2, the campaign invites customers to donate at the checkout of participating Loblaw banner stores. The company has pledged to match all in-store donations up to $2 million. Donations can also be made online at pcchildrenscharity.ca.
Funds raised will support the Charity’s national Power Full Kids™ program, which delivers meals and food education to students in roughly 2,200 schools across the country.
“With the generous support of our customers and Loblaw’s matching commitment, these funds will make a significant impact in the fight against child food insecurity, helping the Charity reach even more children through the Power Full Kids™ program.”
The need for food support has been increasing. According to data from the University of Toronto’s PROOF research program, 2.5 million children under 18 across Canada’s ten provinces lived in food-insecure households in 2024 — up from 2.1 million the year before. Of those, about 1.9 million children experienced moderate to severe food insecurity.
“In 2024, our program provided more than 997,000 Canadian children at nearly 2,200 schools nationwide with meals and snacks. We are immensely grateful for Loblaw’s continued partnership and the generosity of its customers during ‘Get to Give Days,’ which enables us to expand our reach and empower more children with the nourishment they need to succeed.”
The Power Full Kids™ program also includes food education components, teaching children how to grow and cook food while promoting healthy habits and life skills.
“The Power Full Kids™ program is invaluable to our school community,” said Jay Poitras, principal at Clarksdale Public School in Burlington, Ont. “It not only ensures our students have access to nutritious food, removing a significant barrier to learning, but also fosters deeper connections between staff and students. When children are well-fed, they are better able to focus, engage, and truly thrive in their educational journey, building confidence and essential life skills for their future.”
According to the Charity, 100 per cent of donations go directly to feeding students across the country. The organization aims to reach one million children annually by 2025.
Cineplex Inc. has signed a definitive agreement to sell its digital place-based media division, Cineplex Digital Media (CDM), to U.S.-based Creative Realities Inc. (CRI) for $70 million in cash.
In a recent press release, the company said the transaction is expected to close in the coming weeks, pending regulatory approvals and other customary closing conditions.
CRI will acquire all issued and outstanding common shares of CDM. Cineplex said the sale will strengthen its balance sheet and provide capital for share buybacks, debt reduction, and general corporate purposes, subject to restrictions under its current debt agreements.
“The strength of the offer, followed by a thorough diligence process, positioned Cineplex to capitalize on a timely opportunity to divest and unlock meaningful value,” the company stated.
Cineplex also announced it will continue as the exclusive advertising sales agent for CDM-operated digital-out-of-home networks across Canada under a long-term agreement included in the deal.
Ellis Jacob
“Over the past 16 years, Cineplex Digital Media has grown to be an industry leading and award-winning digital solutions company, operating some of the largest digital networks across North America,” said Ellis Jacob, president and CEO of Cineplex.
“As we continued to grow CDM, we had said we would remain open to an opportunistic and strategic sale. CRI’s strong offer and this accretive transaction will provide us with meaningful capital to continue to deliver value for our shareholders.”
