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Chip Wilson, founder of lululemon, blasts retailer’s succession planning

By
Mario Toneguzzi
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Entrance doors to Lululemon at Yonge and Bloor in Toronto. Photo: Craig Patterson

Chip Wilson, the Founder of lululemon athletica inc. and one of the retailers’ largest shareholders, says the company’s board has failed at succession planning and the brand needs to be revitalized.

Wilson made his comments on Friday after the company announced Thursday that Calvin McDonald plans to step down as Chief Executive Officer and member of the company’s Board of Directors, effective January 31, 2026.

“As I have communicated to members of the Company publicly and privately, lululemon needs revitalization and an infusion of new skills to get back to being a product-first company that creates real, long-term shareholder value. After overseeing years of poor decisions erode the brand and destroy shareholder value, it is clear to me that only under my increasing pressure has the lululemon Board of Directors finally started to listen,” said Wilson in a public statement.

Chip Wilson
Chip Wilson

“As one of the largest active shareholders of lululemon, I am deeply concerned about what appears to be a tremendous failure by the Board to competently plan for the future and manage an effective succession process. This latest failure in my opinion only amplifies the urgency the Company faces and the obvious need for the CEO search to be led by new, independent directors with real experience. I believe that the Board should seek the advice of individuals with specific and unique expertise, and deep knowledge of the Company, to advise on the CEO selection process.

“The Board’s praise for Calvin McDonald, a CEO who has overseen massive value destruction over the past two years, with a 62.8% drop in LULU’s share price, shows blatant disregard for its shareholders. In my view, the Board has failed to properly hold management accountable to deliver product innovation and instead has led with complacency. The erosion of premium brand value in the Company’s core markets demonstrates that the Board does not understand its target customers anymore or what will drive shareholder value at lululemon over the long term. I strongly believe in the continued strength of the lululemon brand, and I know there are several qualified CEO candidates across the retail and apparel space who can continue to build on its legacy. I hope the Board continues this constructive dialogue with me to find refreshed, experienced directors ahead of completing a CEO search.”

On Thursday, the company said McDonald and the Board are working together to facilitate a smooth transition, and he will serve as a senior advisor to the company through March 31, 2026. It said the Board is conducting a comprehensive search process in partnership with a leading executive search firm to identify the company’s next CEO.

The company also announced that Marti Morfitt, Chair of the Board, will take on the expanded role of Executive Chair, effective immediately, to ensure the continued execution of the company’s near- and long-term growth strategy during the leadership transition. In addition, Meghan Frank, Chief Financial Officer, and André Maestrini, Chief Commercial Officer, will serve as interim co-CEOs following McDonald’s transition. Both interim co-CEOs bring extensive global retail experience and proven track records of driving growth at lululemon, and will support all aspects of the business through the conclusion of the search process, said the company.

Lululemon area and Sephora kiosk in the University of Toronto Bookstore at 214 College Street in Toronto. Photo: Craig Patterson

Since joining lululemon in 2018, the company said McDonald has guided the it through a period of significant growth and innovation. Under his leadership, lululemon said it has more than tripled its annual revenues, and the company expects to generate $11 billion in annual revenue this fiscal year. It said McDonald also broadened lululemon’s global reach to over 30 geographies and grew the company’s China Mainland business into its second largest market. Additionally, it said he expanded lululemon’s product portfolio, meaningfully growing its athletic and lifestyle categories, and formally expanding into new high-demand activities such as tennis and golf. 

“On behalf of the Board and the entire organization, I want to thank Calvin for his visionary leadership building lululemon into one of the strongest brands in retail,” said Morfitt. “During his tenure, Calvin led lululemon through a period of impressive revenue growth, with differentiated products and experiences that resonated with guests around the world. We are grateful for Calvin’s numerous contributions and appreciate his continued support over the coming months to facilitate a seamless transition.

“The Board is confident in our leadership transition plan, the strength of our teams across the company, and our ability to deliver on our strategy. lululemon has a strong foundation in place, and, as we look to the future, the Board is focused on identifying a leader with a track record of driving companies through periods of growth and transformation to guide the company’s next chapter of success. While the search is underway, I look forward to working closely with Meghan, André, and the rest of the Senior Leadership Team to execute on our strategy with a sense of urgency and meaningfully drive the business forward.”

Calvin McDonald
Calvin McDonald

In a LinkedIn post, McDonald said: “After more than seven amazing years, I will step down from my role as CEO of lululemon on January 31.

“This decision was something that I, along with the Board, have been discussing and carefully considered. As we near the end of our five-year strategy, and with our strong senior leadership team in place, we all agree that now is the time for a change.

“I am incredibly proud of everything that our teams have accomplished since I joined the company in 2018. We have quadrupled our international business and tripled our total revenue to more than $10 billion, while increasing our profitability.

“We’ve driven industry leading omnichannel guest experiences, have become the #1 women’s activewear apparel brand in the U.S., and created significant growth in our men’s business. We expanded into new categories and activities, including tennis and golf. And we advanced our sustainability leadership through our Impact Agenda and strengthened our inclusive, people-first culture.

“We have a strong foundation of innovation, creativity, and connection that has transformed the athletic apparel industry and will continue to drive it forward.

“I feel confident the opportunity ahead for lululemon continues to be significant, and I will fully support the transition as an advisor to lululemon through March. And I look forward to sharing more about my next chapter as well.

“I believe we have built an outstanding and ambitious product pipeline. We have created products that don’t just meet the moment, they anticipate where our community is heading. I cannot wait for our guests to experience what’s coming.

“When I joined lululemon, I said this was my dream job. It exceeded every expectation. Thank you to everyone at lululemon who contributed to the growth and accomplishments we’ve shared, and for building something that I believe will deliver incredible value for years to come.”

Lululemon shop-in-store at the University of Toronto Bookstore at 214 College Street in Toronto. Photo: Craig Patterson

On Thursday, lululemon announced financial results for the third quarter of fiscal 2025, which ended on November 2, 2025.

For the third quarter of 2025, compared to the third quarter of 2024:

  • Net revenue increased 7% to $2.6 billion. Americas net revenue decreased 2%. International net revenue increased 33%;
  • Comparable sales increased 1%, or 2% on a constant dollar basis. Americas comparable sales decreased 5%. International comparable sales increased 18%;
  • Gross profit increased 2% to $1.4 billion and gross margin decreased 290 basis points to 55.6%;
  • Income from operations decreased 11% to $435.9 million and operating margin decreased 350 basis points to 17.0%;
  • The effective income tax rate for the third quarter of 2025 was 30.5% compared to 30.2% for the third quarter of 2024;
  • Diluted earnings per share were $2.59 compared to $2.87 in the third quarter of 2024;
  • The Company opened 12 net new company-operated stores during the third quarter, ending with 796 stores.
Bruce Winder
Bruce Winder

Retail analyst Bruce Winder said the change at the top of lululemon was expected. 

“Although McDonald took the company to new heights by tripling the retailers’ revenue, expanding internationally and launching new successful categories, shares of the firm were down about 50% this year and investors lost confidence.

“We saw signs of a troubled retailer as several senior leaders left the company over the past year or so.

“Increased competition, tariffs, a softening economy and perceived quality issues all plagued the company and made it tougher to win.

“I listened to their Q2 earnings call in September and the company acknowledged that they had missed the mark on product. Q3 results were posted this week and the US business continued to suffer while international markets fared much better.

“Former founder and majority shareholder Chip Wilson was unhappy with where the company was headed and publicly called for a change.

“McDonald can be proud of a fantastic run at lululemon but as we all know Wall Street has a short memory and sometimes changes need to happen at the top to reset confidence and utilize a new set of eyes.  The question now is who will run this Canadian champion and how will they build momentum again in the US market.”

George Minakakis
George Minakakis

George Minakakis, CEO Inception Retail Group Inc., wondered: Can anyone really predict the future? Can any retailer really predict the future? 

“Retailers and their CEOs come and go it is the nature of business.  lululemon’s stock price is down over 50% from its February highs this year,” he said, adding with no clear successor this should raise many questions about the board.

“If someone thought this brand’s trajectory was infinite, they don’t understand retail,” he explained. “The competition has grown, and the uniqueness of any brand eventually wears out.  

“And apparel is one sector where your fashion decisions are feast or famine.  I believe McDonald did well in his tenure, but the role of retail CEO’s need to be shorter and the leaders must  come with a fresh perspective because over time everything old looks new.”

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IKEA Canada opens its newest Plan and order point in Abbotsford, British Columbia (Photos)

By
Mario Toneguzzi
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IKEA Canada has officially opened its doors to customers at the new IKEA Abbotsford Plan and order point, located at 32700 South Fraser Way, Unit 80. (CNW Group/IKEA Canada Limited Partnership)

IKEA Canada has officially opened its doors to customers at the new IKEA Abbotsford Plan and order point, marking what it says is an important step in its journey to bring the brand closer to the many Canadians.

This unique location is the first of its kind in British Columbia and 11th across Canada, said the company.

Plan and order points are one of the many ways the renowned home furnishing retailer is making affordable home furnishings and services more convenient and accessible. Customers can book appointments with IKEA experts to design, order, and purchase complex home furnishing solutions for the kitchen, bedroom, living room, and bathroom. Once orders have been placed, they can be delivered to their homes or collected from the pick-up location at the Plan and order point, said the retailer.

“For those looking to instantly refresh their spaces, visitors to the Abbotsford Plan and order point, located at 32700 South Fraser Way, Unit 80, can shop a limited selection of products from the IKEA range (excluding food – sorry, no meatballs) for immediate purchase and takeaway,” it said.

Christophe Adrien, Market Manager, IKEA Coquitlam (CNW Group/IKEA Canada Limited Partnership)
Janet McGowan
Janet McGowan

“At IKEA, our vision is to create a better everyday life for the many. And for Canadians today, that means greater value, ease, speed, functionality, and sustainability. In response, IKEA Canada has been transforming to ensure we deliver an affordable, seamless shopping experience – no matter how, when, and where customers choose to shop with us,” said Janet McGowan, Market Area Manager, West Market, IKEA Canada.

“IKEA has called British Columbia home for almost 50 years. We see so much more potential in this dynamic market and are excited to continue making our products and services even more accessible to the many British Columbians.”

With a commercial area of 5,790 square feet, the Abbotsford Plan and order point features 10 kitchen display inspirations, nine bedrooms display inspirations, four bathroom display inspirations; and two living room display inspirations. A team of 10 experts are ready to offer customers advice and ideas for designing the spaces of their dreams that meet the evolving needs of life at home.

“The Abbotsford Plan and order point has been created with our customers in mind. It’s a different space where they can explore ideas, get inspired, and work with our experts to plan and design solutions that fit their home, style, and budget. We’ll guide customers through every detail, from concept to delivery, so they can create a home that truly reflects who they are,” said Christophe Adrien, Market Manager, IKEA Coquitlam. “This opening is more than just a new location. It’s a promise to Abbotsford that IKEA will continue to innovate and adapt to meet the needs of its residents. By creating jobs, supporting local initiatives, and partnering with organizations that make a difference, we are committed to building a better everyday life, not just inside homes but across this great city.”

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With a commercial area of 5,790 square feet, the Abbotsford Plan and order point features 10 kitchen display inspirations, nine bedrooms display inspirations, four bathroom display inspirations; and two living room display inspirations. (CNW Group/IKEA Canada Limited Partnership)
With a commercial area of 5,790 square feet, the Abbotsford Plan and order point features 10 kitchen display inspirations, nine bedrooms display inspirations, four bathroom display inspirations; and two living room display inspirations. (CNW Group/IKEA Canada Limited Partnership)
Alex Mitchell, CEO, Abbotsford Chamber of Commerce (CNW Group/IKEA Canada Limited Partnership)
Janet McGowan, Market Area Manager, West Market, IKEA Canada (CNW Group/IKEA Canada Limited Partnership)
IKEA Canada hosted a grand opening celebration attended by representatives from IKEA Canada, the Government of British Columbia; Abbotsford City Council, Corporate Sponsorships, and Economic Development; Abbotsford Chamber of Commerce; Archway Community Services; and partners from Leeswood Construction and Colliers. (CNW Group/IKEA Canada Limited Partnership)

Malabar Gold & Diamonds Opens Flagship Store in Ajax

By
Craig Patterson
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Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

Malabar Gold & Diamonds, one of the world’s largest jewellery retailers, has opened its third Canadian showroom with the launch of a flagship location in Ajax, Ontario, positioning the store as a cornerstone of the brand’s broader national expansion strategy. The opening reflects Malabar’s growing confidence in the Canadian market following strong early performance and marks another step toward building a coast-to-coast retail presence.

The Ajax showroom officially opened on December 6, and has been designated as Malabar Gold & Diamonds’ flagship location in Canada. Spanning more than 6,000 square feet, the store represents the company’s most significant Canadian investment to date, both in scale and in the breadth of its offering. The opening follows the brand’s initial entry into Canada in late 2023 and its subsequent expansion into British Columbia earlier this year.

Beyond Ajax, Malabar Gold & Diamonds has confirmed plans to continue expanding its Canadian store network. Future locations are planned for Calgary and Montreal, with discussions also underway for a possible additional showroom in the Vancouver area. These planned openings would extend the retailer’s footprint beyond Ontario and British Columbia and support its longer-term objective of establishing a national platform in Canada’s largest metropolitan markets.

Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

A Purpose-Built Flagship Experience in Ajax

The Ajax showroom has been designed as a destination retail environment that showcases the full scope of Malabar Gold & Diamonds’ global offering. The store houses more than 30,000 jewellery designs across gold and diamond categories, spanning over 25 exclusive Malabar brands and collections. The assortment includes a substantial bridal jewellery offering, alongside collections tailored to occasional wear, daily wear, and office wear.

In addition to its extensive merchandise selection, the Ajax flagship features a customized jewellery design facility that allows customers to create bespoke pieces with the support of in-house designers. The showroom also includes a dedicated customer lounge intended to support longer, more consultative shopping experiences, as well as ample parking to accommodate destination-driven traffic within the eastern Greater Toronto Area.

The scale and format of the Ajax location reflect Malabar’s global approach to flagship stores, which are intended to anchor regional growth and reinforce brand positioning through immersive retail environments.

Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

Strong Canadian Performance Drives Expansion

Malabar’s continued investment in Canada has been supported by strong performance at its existing locations, particularly in Ontario. Sources tell Retail Insider that the brand’s Mississauga showroom at Heartland Town Centre generates annual sales exceeding $35 million, placing it among the top-selling jewellery stores in Canada. While Malabar does not publicly disclose store-level financials, the reported figures highlight the strength of demand the brand has achieved since entering the Canadian market.

The Mississauga location, which opened in November 2023, was Malabar Gold & Diamonds’ first Canadian showroom and remains the largest jewellery store in the country by square footage. Its early success played a key role in accelerating the company’s Canadian rollout, leading to the opening of its second showroom in Surrey, British Columbia in June 2025 and now the launch of the Ajax flagship.

With two locations now operating in the Greater Toronto Area, Malabar has established a strong regional base that mirrors its expansion strategy in other global markets, where initial clustering supports brand awareness, operational efficiency, and sustained sales growth.

Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

Growing North American Footprint

Globally, Malabar Gold & Diamonds operates more than 415 showrooms across 14 countries and ranks among the top five jewellery retailers worldwide by store count. In North America, the brand now operates 10 showrooms, including seven in the United States and three in Canada.

The company’s U.S. locations span key metropolitan markets including Los Angeles, New Jersey, Dallas, Chicago, Naperville, Atlanta, and Austin. The Ajax opening coincided with the launch of a new showroom in Austin, Texas, underscoring the parallel pace of Malabar’s expansion on both sides of the border.

Chairman of Malabar Group, M.P. Ahammad, described North America as central to the company’s global growth strategy. “Our North American operations have always been a pivotal part of our international growth journey, and we are proud to expand our retail presence in the region with 2 new showrooms. The launch of our Austin & Ajax showrooms reflects our commitment to elevating India’s jewelry craftsmanship onto the world stage and advancing our ambition to become the world’s No.1 jewelry retailer. These launches also reaffirm our dedication to customers across continents who continue to place their trust in our brand. It is not merely about adding new retail spaces, but about building cultural bridges, creating new standards of transparency, and introducing the world to the unparalleled richness of Indian jewelry design. We remain focused on strengthening our global presence through responsible practices, innovation, and the unwavering values that have guided us for over three decades.”

Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

Canada as a Strategic Growth Market

Canada has emerged as a strategically important market for Malabar Gold & Diamonds, driven by both demographic factors and evolving consumer tastes. The country is home to a large and economically significant South Asian diaspora that values traditional jewellery craftsmanship, particularly in bridal and ceremonial categories. At the same time, Malabar has increasingly positioned its collections to appeal to a broader customer base seeking contemporary design, premium materials, and transparent pricing.

Managing Director of International Operations, Shamlal Ahamed, emphasized the importance of North America within the global jewellery landscape. “North America has evolved into one of the most influential and high-potential markets in the global jewelry industry. The region is home to a vibrant Indian sub-continental diaspora that deeply values traditional craftsmanship, while also attracting a growing audience of mainstream customers who appreciate the contemporary elegance and design diversity that Malabar Gold & Diamonds brings. Our expansion into Austin & Ajax reflects our deep understanding & trust in the city’s jewelry landscape and we are confident that these showrooms will go on to become a preferred jewelry shopping destination for residents.”

He added that Malabar has charted an ambitious expansion roadmap across both the United States and Canada. “Our presence in North America remains vital to our global expansion plans and to this effect, we have charted an ambitious expansion plan for both the USA & Canada. In the USA, more showroom launches are being planned across San Francisco, Seattle, Tampa, Virginia, Detroit, Houston, Charlotte, Phoenix, New York, and San Diego. In Canada, expansion is being planned to Calgary, Vancouver & Montreal in the near future.”

Malabar Gold & Diamonds in Ajax. Photo: Malabar Gold & Diamonds

Ethics, Transparency, and the Malabar Promise

Malabar Gold & Diamonds continues to emphasize sustainability, transparency, and ethical sourcing as core elements of its retail proposition. These principles are formalized through the company’s Malabar Promise, which includes transparent pricing, assured lifetime maintenance at any showroom globally, guaranteed buyback, certified diamonds, full value exchange on gold and diamond jewellery, 100 percent hallmarked jewellery, responsible sourcing, and fair labor practices.

Vice Chairman of Malabar Group, Abdul Salam K.P., reinforced the role of these commitments in the company’s growth strategy. “As we expand our footprint across North America, sustainability, responsibility, and ethical business practices remain central to our growth strategy. The jewelry industry is undergoing rapid transformation, and we believe that true leadership comes from not only offering world-class products but also doing so with unwavering integrity. The launch of our Austin and Ajax showrooms is another step in delivering a retail experience that combines global luxury with ethical value. Our customers can trust that every piece they purchase is crafted with respect for people, the environment, and the global supply chain.”

He added that Malabar continues to invest heavily in ESG initiatives across markets. “We are also investing in strengthening our ESG initiatives across markets, ensuring that our expansion brings measurable positive impact. As we grow internationally, we remain committed to fostering local relationships, creating employment opportunities, and introducing customers to world-class jewelry backed by the highest standards of responsibility and craftsmanship.”

From Kerala to a Global Jewellery Leader

Malabar Gold & Diamonds was founded in 1993 in Kozhikode, in the Indian state of Kerala, by entrepreneur M.P. Ahammed. The company began as a single jewellery showroom and has since grown into the flagship brand of Malabar Group, a privately held conglomerate with vertically integrated operations spanning retail, wholesale, manufacturing, and design.

Over the past three decades, Malabar has expanded from India into the Middle East, Southeast Asia, Europe, and North America. Key milestones include the opening of its first U.S. showroom in Chicago in 2018 and the launch of its 300th global showroom in Dallas in 2023. Today, Malabar Gold & Diamonds reports annual revenues in the range of $7.5 billion USD, placing it among the largest specialty jewellery retailers in the world.

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Dollarama Delivers Strong Q3 Results as Valuation Tightens: Stifel

By
Craig Patterson
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Dollarama (PHOTO: WWW.THECENTREMALL.COM

Dollarama continued its pattern of strong operational execution in the third quarter of fiscal 2026, delivering results that exceeded expectations across key financial metrics. According to a research report authored by Martin Landry, Managing Director at Stifel Canada, the value-focused retailer benefited from solid Canadian same-store sales growth, expanding margins, and continued momentum from its Dollarcity international business.

For the quarter, Dollarama reported adjusted earnings per share of $1.17, up 19 percent year over year. The result exceeded Stifel’s forecast of $1.08 and consensus expectations of $1.11, with higher revenues and stronger gross margins in Canada driving the upside. While investors had anticipated a solid quarter following recent share price appreciation, the results reinforced Dollarama’s ability to deliver consistent growth amid ongoing consumer value sensitivity.

Martin Landry
Martin Landry

Canadian Same-Store Sales Reach a Seven-Quarter High

A standout feature of the quarter was Canadian comparable-store sales growth of 6.0 percent, the strongest performance in seven quarters. In his analysis, Landry noted that this result surpassed Stifel’s estimate of 4.2 percent as well as consensus expectations of 4.8 percent. Growth was driven by both traffic and basket size, with transaction volumes increasing 4.1 percent and average transaction size rising 1.9 percent.

Seasonal merchandise played a meaningful role during the quarter, supported by a favorable calendar shift that extended the Halloween selling period by four additional days compared with last year. While this created an easier comparison, the report emphasized that underlying demand trends in Canada remain healthy.

Total revenues for the quarter reached $1.91 billion, representing a 22 percent increase year over year and modestly exceeding Stifel’s expectations. Australia contributed $186 million to revenue growth during the quarter, although profitability in that market remains in transition.

Margin Expansion Reflects Strong Operating Discipline

Dollarama also delivered meaningful margin expansion, particularly in its Canadian operations. Gross margin in Canada increased by 110 basis points year over year to 45.8 percent, well ahead of Stifel’s estimate of 44.7 percent. Landry attributed the improvement to a more favourable mix of seasonal merchandise and lower logistics costs.

Selling, general, and administrative expenses showed modest leverage as well. Canadian SG&A declined by 10 basis points as a percentage of sales to 14.2 percent, reflecting scale benefits as revenues increased. Excluding contributions from Dollarcity and Australia, EBITDA margin in Canada reached 32.0 percent, up 110 basis points year over year and ahead of both Stifel’s forecast and consensus estimates.

Australia, however, remained a modest drag on earnings. According to the report, the Australian business reduced quarterly earnings per share by approximately $0.03 as Dollarama continues to invest in a multi-year turnaround of The Reject Shop banner.

Dollarcity Continues to Outperform Expectations

Dollarama’s international growth continues to be led by Dollarcity, which posted its strongest earnings growth in five quarters. Dollarcity’s earnings increased 64 percent year over year, supported by sales growth of 21 percent and margin expansion driven by lower logistics costs.

Following the end of the quarter, Dollarcity opened its 700th store, a milestone that Landry described as further evidence of the banner’s growing scale and brand recognition across Latin America. Dollarcity continues to represent a meaningful long-term growth driver within Dollarama’s portfolio.

In contrast, Australia remains in the early stages of transformation. Management completed four store renovations during the quarter and is implementing a comprehensive refresh that includes new layouts, shelving, fixtures, and lighting. Landry noted that the company expects to renovate the entire store network over a four-year period, with rebranding anticipated once Dollarama controls the majority of product sourcing.

Guidance Raised as Calendar Effects Come Into Focus

In response to the strong quarter, Dollarama raised its fiscal 2026 outlook. Management now expects comparable-store sales growth of 4.2 percent to 4.7 percent, up from its previous guidance of 3.0 percent to 4.0 percent. While this represents increased confidence, the updated guidance still implies a slowdown from the 5.3 percent year-to-date pace.

The moderation is largely attributable to calendar normalization. Last year’s fiscal calendar included 53 weeks, while the current year does not. Management quantified the calendar impact at approximately 180 basis points, reflecting the shift from additional Halloween selling days in the third quarter to slower late-January days later in the fiscal year.

Gross margin guidance was also raised, with the midpoint increased by 55 basis points. However, Landry cautioned that fourth-quarter gross margins could be slightly lower year over year due to challenging comparisons.

Valuation Remains the Central Question

Despite another quarter of strong execution, Stifel maintained a HOLD rating on Dollarama shares. The firm increased its target price to $200 from $190, reflecting a roll-forward of valuation multiples applied to fiscal 2028 estimates rather than a change in the company’s underlying performance outlook.

At current levels, Dollarama shares are trading at approximately 33 times calendar 2027 earnings. In Landry’s view, the valuation already reflects significant future earnings growth, limiting the potential for further multiple expansion. While Dollarama’s scale, defensive characteristics, and international investments could justify a premium valuation, the report also highlighted the risk of multiple contraction should investor preferences shift toward more cyclical consumer stocks.

The $200 target price is based on an average of three valuation approaches, including earnings and EBITDA multiples applied to fiscal 2028 estimates, as well as a discounted cash flow analysis.

Consistency Meets Valuation Discipline

Dollarama’s third-quarter performance reinforces its reputation as one of Canada’s most consistently executing retailers. Canadian operations remain strong, Dollarcity continues to scale rapidly, and management has demonstrated discipline in guiding expectations. As Landry’s analysis makes clear, the key debate is no longer about operational strength, but about valuation discipline in a stock that has already priced in much of its future growth.

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Calgary’s Taste the City grows after Dragons’ Den boost

By
Mario Toneguzzi
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Melissa Ninaber (left) and Joanna Pariseau
Melissa Ninaber (left) and Joanna Pariseau

Taste the City, a Calgary-based startup offering prepaid, guided restaurant-hopping experiences, is gaining momentum following a national appearance on CBC’s Dragons’ Den and growing local support.

In an interview, co-founders Joanna Pariseau and Melissa Ninaber said the service is designed for people who want an evening out without planning, reservations or payment hassles. “Imagine that you don’t want to make any decisions in your evening about where to go and what to eat,” Pariseau said. “We digitally guide you via text message… all your reservations are made for you.”

Customers choose a neighbourhood and a start time, then receive a text directing them to the first stop, where a tasting item is served. After 30 to 40 minutes, another message sends them to the next restaurant. Pariseau said most outings include three to five locations, all within walking distance, and are fully prepaid, including gratuity.

Pariseau created the initial concept after returning to school during the pandemic. While studying urban sustainability and local food systems at the University of Calgary, she searched for a flexible, self-guided food-tour experience while studying abroad in Italy. She said traditional tours were expensive, scheduled and guided, prompting her to build a “digitized food tour process.” The model proved popular, she said.

Joanna Pariseau
Joanna Pariseau

Ninaber, a long-time friend from elementary school, joined as co-founder and CMO after working in marketing for a tech company. “If I can make education fun, I can definitely make food fun,” she said, adding that her background in storytelling and social media aligned naturally with the needs of the two-sided marketplace.

The pair officially launched the company in January 2024 after a beta test in late 2023. They said Calgarians have embraced the concept, particularly those wanting to explore new restaurants without the stress of planning. “People were already kind of doing this on their own,” Pariseau said. “It no longer feels like enough to just go to one restaurant for the night.”

Pariseau added that diners often return to restaurants they discover during their tours. “We’re free for the restaurants… and we’re driving people to places that they wouldn’t have normally chosen,” she said.

The co-founders said their recent Dragons’ Den appearance has significantly increased visibility. Ninaber described the experience as nerve-racking but rewarding. “The minute we walked out together on that stage, I just felt a calmness come over me and we just nailed the pitch,” she said. She added that website traffic spiked after the episode aired. “Our website was crashing because so many people were going to view it.”

Pariseau credited the University of Calgary and Platform Calgary for supporting their journey, including a public watch party and recognition as a Top 10 Startup in Calgary. She said keeping the outcome of the show secret under a months-long NDA was one of the more challenging parts of the experience.

Both founders say they see opportunity for growth beyond Calgary. “We do have a list of a thousand cities and a plan of how to get there,” Pariseau said, adding they intend to bring more technology in-house and eventually hire a technical co-founder.

Melissa Ninaber
Melissa Ninaber

Ninaber said Calgary’s size, market conditions and culture have made it an ideal launch city. She noted the “beautiful sense of pride” in Alberta for homegrown startups and said local audiences are eager to try new concepts.

The founders acknowledged the challenges facing early-stage companies seeking investment in Alberta. Pariseau said the province could improve access to early risk capital. “We get a little pigeonholed,” she said. “Alberta needs to do better at being more open to higher-risk ventures.”

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Joanna Pariseau (left) and Melissa Ninaber
Joanna Pariseau (left) and Melissa Ninaber

UFA Co-operative announces Farm and Ranch Supply store coming to Saskatchewan

By
Mario Toneguzzi
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Photo: UFA
Photo: UFA

UFA Co-operative Ltd. is launching its first Farm and Ranch Supply store in Saskatchewan in 2026 and it will be the first for the company outside of Alberta.

The new location will be situated in Emerald Park just east of Regina.

The company said the new store, located at 850 North Service Road, will offer highway visibility and convenient access from two Highway 1 overpasses. Just nine kilometres east of Regina, the site is ideally positioned to support local producers and businesses.

The five-acre development includes buildings totaling 18,600 square feet: a 9,300-square-foot Farm Store; a 4,400-square-foot Building Materials structure; a 4,500-square-foot Cold Storage building; and a compact Chem Shack.

Fred Thun
Fred Thun

“While UFA has steadily grown its petroleum offering in the province, this new store represents our first full-service farm retail location in Saskatchewan, a new chapter in our commitment to serving Western Canadian producers. We’re deeply grateful for the warm welcome from the Emerald Park community and look forward to providing the trusted products, knowledgeable service, and co-operative value that our members and customers count on,” said Fred Thun, President and CEO of UFA.

He said the expansion reflects UFA’s ongoing commitment to investing in agricultural communities and growing its co-operative across Western Canada.

UFA is based in Calgary and has been around for 116 years, serving about 150 locations across Western Canada, primarily through its petroleum business.

“We are all about agriculture and the rural community and the rural lifestyle. So everything we do is geared towards supporting agricultural customers and the rural community,” said Thun.

UFA has its petroleum business as well as a livestock business, its farm and ranch store business and a number of ancillary businesses, including crop inputs, which are all focused on the agricultural community.

Currently there are 34 farm stores across Alberta, primarily in rural communities.

“We do have farm stores in cities, but these are true to their name. They’re farm and ranch stores. So you will see things like pet food, you’ll have lots of hardware and farm supplies, there’s building materials, and we have good crop input offers as well for the hardcore farmer. But whoever you are, there’s always something that you can find at UFA because our product line ranges from clothing and gloves to pet food, to hardware, and the hard-to-find farm and ranch supplies,” explained Thun.

Each store varies in terms of its size. It depends on the community. 

“UFA has been a community hub in the communities that we’ve always served, and it’s looked different over the years. Today’s farm store looks different than it did in the 1990s or in the decades prior to that. But the mission and the mandate are still the same. The purpose of the farm and ranch store is to serve the community and the customers that are resident with it,” he said.

Thun said UFA has been growing and expanding. 

“What drives our growth? It’s all about where the customers want us. So that’s the number one criteria here, is that when we receive feedback, that we have an offer that people want and desire, that’s what’s driving us to look at the community,” he noted.

“And then we have a whole process where we go through various investigations to see what’s the right spot to be in, do the economics work, and does the market actually back up the need for a UFA farm and ranch store?”

Photo: UFA
Photo: UFA

With the departure of Peavey Mart in Regina, it’s created a void for UFA to step in.

There is likely more expansion coming to Saskatchewan.

 “I think the answer has to be yes because what we’ve seen so far is everywhere that we’ve gone, primarily with our petroleum offering—and we now have 12 sites in Saskatchewan—resoundingly, the community has responded well to our offer. And, given that, there’s just been greater demand and momentum for what UFA can offer. And I’ll be the first to admit, is when we’ve opened petroleum sites, the one question that I always get is, “When is the farm and ranch store coming?” So there has been demand for the farm and ranch store.

“When UFA looks at a community, we look first at what does the customer need and how can we meet that need, be it urban or rural.

The second thing that we do is we’re always trying to create value and benefit for the owner-member. So there’s opportunity with UFA as a cooperative to participate effectively in ownership and receive patronage.

And the thing that differentiates UFA that I’m probably most proud of is how we interact with the community. Through our recently established United Farmers of Alberta Agricultural Community Foundation (UFAACF), we invest in excess of a million dollars in local communities each year. 

“And I think that’s one of the things that is critical to our offer, and it’s one of the things that makes us relevant to the people who, and the customers who we serve.”

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Hatch’d launches 1st location, marking debut of new breakfast QSR concept in Edmonton 

By
Mario Toneguzzi
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Photo: Hatch’d
Photo: Hatch’d

Hatch’d, a new Canadian breakfast fast-casual concept, has officially opened its first-ever location in Edmonton, marking the debut of a brand designed to redefine the quick-service breakfast experience. Located at 8315 112 Street, steps from the University of Alberta and the U of A Hospital, Hatch’d introduces a thoughtfully streamlined model that emphasizes speed, quality, and flavour-forward menu development. 

Hatch’d was created in response to a growing demand for quick-service options that don’t compromise on craftsmanship or freshness. The concept focuses on operational efficiency and a curated menu, a combination that allows the team to deliver made-to-order, high-quality breakfast items with modern convenience.

The menu features all-day classics, including handheld breakfast sandwiches, burritos, bowls, and burgers. Signature items such as The Bacon Sando, Smok’d Meat sandwich, and Cali Wrapped Burrito highlight Hatch’d’s approach to balancing comfort with bold, approachable flavours. The bright, casual dining room seats 27 guests, supporting a mix of dine-in and grab-and-go traffic.

Brett Verhulst
Brett Verhulst

“Our goal with Hatch’d is to raise the bar for what quick-service breakfast can look like in Canada,” said Brett Verhulst, Brand Lead. “People want speed, but they also want food that feels crafted, flavourful, and consistent. Opening our first-ever Hatch’d here in Edmonton marks the start of that vision, and we’re excited to introduce a concept that brings more quality and creativity to the QSR breakfast category.”

The Edmonton opening also represents an early milestone in Hatch’d’s broader growth vision as the brand establishes its presence in Canada. This first location introduces guests to Hatch’d’s commitment to flavour, efficiency, and a modern approach to quick-service breakfast, showcasing the balance of convenience and craftsmanship at the heart of the concept. As the brand grows, the team remains focused on delivering a consistent, quality-driven experience rooted in community, while continuing to refine the flavours, menu innovation, and guest-first approach that define Hatch’d.

Verhulst said the new brand has been in the idea and planning stage for the past three years.

He described it as being a fast casual premium craft breakfast on the go. 

Photo: Hatch’d
Photo: Hatch’d

“We are kind of aiming to be that trendy kind of hip and cool spot where someone can come in and still get a very, very high quality breakfast, but on the go to meet their their lifestyles, whether it’s on the way to school or, you know, their morning breakfast before their office shift at nine o’clock, or for this current, this first location hitting the nurses and the doctors and the admin staff before they start their seven o’clock shift at at the hospital that we’re cross the street from,” he explained. 

Verhulst said there are negotiations taking place now for a second location in Edmonton, closer to the downtown, as well as for the Greater Vancouver Area and Calgary.

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Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d
Photo: Hatch’d

AI-powered charcuterie kiosk debuts at Calgary Co-op

By
Mario Toneguzzi
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Photo: CGS Immersive
Photo: CGS Immersive

Calgary Co-op has debuted a new AI-powered charcuterie kiosk at its Oakridge store (150–2580 Southland Dr SW). The interactive kiosk —  built in partnership with CGS Immersive and powered by its lifelike AI platform, Cicero — acts as a “charcuterie sommelier,” instantly curating personalized boards based on a shopper’s budget, party size, flavour preferences, and in-stock deli items.

With charcuterie still one of the highest-margin categories, shoppers are looking for guidance while deli teams are stretched thin. Early pilots of these types of programs show average deli tickets rising from ~$8 to $40+, with the potential for up to $70K in incremental annual revenue per kiosk footprint, said CGS.

Using natural dialogue, shoppers share their budget, guest count, and preferences. The kiosk then generates a personalized board with individually priced items, pulling from real-time store inventory. Shoppers can print the list or hand it to deli staff for assembly.

Doug Stephen, president of CGS Immersive, said the company identified two big gaps: shoppers are often intimidated by the deli counter and building a board from scratch, and associates don’t always have the time or deep product knowledge to act like a personal cheese monger for every guest. 

Doug Stephen
Doug Stephen

“Cicero Charcuterie Sommelier lets anyone answer a few simple questions – guest count, theme, budget, meat/cheese/wine focus – and instantly get a beautifully visualized, store-specific board that can be self-assembled or prepared by the deli team. With Calgary Co-op, we co-designed the experience around their assortment, brand voice, their sommelier, and entertaining occasions so that Cicero feels like a natural extension of their deli experts, not a tech bolt-on,” he said.

Stephen said traditional recommendation engines say “people who bought this also bought that”; Cicero behaves more like a virtual cheese monger and sommelier, planning an entire occasion end-to-end.

“It blends a private large language model with each retailer’s product data, pairing rules, and brand standards to design complete boards – from cheeses and meats to crackers, fruits, and wine pairings – using only in-stock items from that specific store. Because the conversation starts with human questions (Who’s coming? What are you serving? What’s your budget?), the guidance feels like an expert talking with you rather than an algorithm pushing add-ons. 

“Cicero Kiosks can plug into the retailer’s existing stack –  inventory, and in the near future POS, CRM, and loyalty systems – so every recommendation is grounded in live store data and current promotions, not static planograms. The kiosk uses session-based interactions: it captures only what’s needed to build the board (guest count, budget, taste preferences) and runs all AI reasoning inside a private, encrypted environment where customer data is never shared externally or reused to train models for other clients. We also design the experience to show shoppers why something is being suggested (e.g., “pairs with your Pinot,” “in stock today,” “fits your budget”) so it’s clear, not a black box.” 

Stephen said the company’s charcuterie pilots demonstrate that when you turn an $8 deli stop into a curated entertaining solution, tickets routinely jump into the $30 – $50+ range and can unlock up to $70,000 per square foot in incremental revenue in the deli footprint. 

Photo: CGS Immersive
Photo: CGS Immersive

“For Calgary Co-op, we’ll be watching three things closely: sustained 4–5x growth in average charcuterie and deli ticket size, net-new board occasions from shoppers who weren’t previously buying charcuterie, and incremental lift across adjacent categories like bakery and wine. As long as the kiosk is consistently driving those behaviours, it pays for itself quickly and becomes a scalable lever for perimeter growth and labour efficiency,” he noted.

“Charcuterie is just the first chapter; the same Cicero “brain” can power custom cakes, prepared meals, seafood platters, wine curation, and even full-occasion planning across the store and the retailer’s app or e-commerce channels. Our roadmap is to make every perimeter department feel like it has its best specialist on duty 24/7, supporting not only guests at the kiosk or on their phones, but also associates with training, planograms, and step-by-step assembly guidance. Longer term, I see AI turning every touchpoint into a moment of service and education: shoppers discover new foods with confidence, teams work more efficiently, and retailers orchestrate a seamless blend of human and digital expertise across hundreds or thousands of locations.” 

Why It Matters

  • High-margin category: specialty cheese carries 40–60% margins and represents a multi-billion-dollar revenue opportunity — yet many shoppers feel intimidated or unsure what to buy
  • Holiday timing: December is peak season for charcuterie boards, entertaining, and specialty food purchases
  • Staffing pressure: 92% of shoppers want signage or staff guidance, but deli teams are stretched, especially during holidays
  • Rising complexity: younger shoppers expect personalized, interactive experiences — even in traditional categories like deli

How It Works

  • Pulls real-time deli inventory
  • Curates meats, cheeses, fruits, crackers, and pairings tailored to budget and taste
  • Includes wine/cracker pairing suggestions
  • Provides printouts for self-assembly or deli pickup
  • Offers step-by-step guides to support newer/seasonal deli staff
  • Short video overview: https://vimeo.com/1091791352/1bfb698363?share=copy 
Photo: CGS Immersive
Photo: CGS Immersive

What Grocers are Seeing

Financial impact

  • Average deli tickets rising from ~$8 → $40+
  • Up to $70K incremental annual revenue per kiosk footprint
  • Cross-department lift (bakery, produce, wine)

Operational efficiency

  • Consistent recommendations regardless of staff levels
  • Reduces shopper confusion and speeds up decision-making
  • Generates category insights to inform ordering and merchandising

Enhanced shopper experience

  • Especially appealing to Millennials and Gen Z
  • Helps shoppers feel confident building a board
  • Reduces friction during high-traffic periods
Photo: CGS Immersive
Photo: CGS Immersive

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

By
Retail Insider
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Canadian Retail News From Around The Web

News at a Glance

Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.

Calvin McDonald, Canadian-born Lululemon leader, to exit company in January (CBC)

$18-million sale of HBC charter to Thomsons, Westons approved by court (The Canadian Press)

A timeline of how Hudson’s Bay has been winding down (The Canadian Press)

Grocery retailer Empire reports $159M Q2 profit, down from $173M a year ago (The Canadian Press)

Room to grow: Empire Company’s new head Pierre St-Laurent talks cross-banner expansion (Grocery Business)

Costco Q1 Fiscal 2026: Sales up 8.2%, Canada comp sales grow 9% (Grocery Business)

Dollarama reports $321.7M Q3 profit with 19 new stores opening in Canada (Grocery Business)

Lawyer says ‘everybody should apply’ for share of bread price-fixing settlement (CP24)

Manitoba moves toward Canada’s first truly competitive grocery market (Classic107)

This Toronto bakery was just crowned the best for cakes in all of Canada (Streets of Toronto)

No Frills opens in former Victoria Public Market space (Victoria News)

It’s Back: Pablo Cheese Tart Reopens in Vancouver After 3 Months (Noms)

Lululemon CEO Calvin McDonald to Exit as Board Seeks Reset

By
Craig Patterson
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Entrance doors to Lululemon at Yonge and Bloor in Toronto. Photo: Craig Patterson

Lululemon Athletica Inc. surprised investors late Thursday by pairing a strong quarterly earnings report with news of a leadership change at the top. Calvin McDonald, who has served as chief executive since mid-2018, will step down from his role and from the company’s board at the end of January. He will remain with Lululemon as a senior advisor through the end of March, the company said, as it begins a search for his successor.

The announcement came just hours after Lululemon reported results that exceeded Wall Street expectations. Earnings per share reached $2.59 for the quarter ended Nov. 2, compared with analyst estimates of $2.25, while revenue totaled $2.57 billion, ahead of forecasts of $2.48 billion. The stock initially moved higher on the earnings news and then surged more than 10 percent in after-hours trading once McDonald’s departure was disclosed.

The sequence underscored a broader truth about Lululemon’s current position. Strong quarterly performance has not been enough to ease investor concerns about the company’s longer-term trajectory. For the market, the leadership change appeared to signal a long-awaited reset.

Calvin McDonald

A Company Showing Two Different Faces

On paper, Lululemon remains a global growth story. Since McDonald took the helm seven years ago, the company has more than tripled its annual revenue and expanded its footprint to more than 30 geographies. Lululemon said it expects to generate approximately $11 billion in revenue this fiscal year, a dramatic increase from the roughly $3 billion it produced before McDonald’s arrival.

International markets have been central to that expansion. Mainland China has grown into Lululemon’s second-largest market, and new stores across Asia and Europe have continued to post solid gains. The company has also broadened its product portfolio, pushing further into lifestyle apparel and into activities such as tennis and golf, moves intended to diversify beyond its yoga roots.

Yet beneath that global growth, the company’s core business in the Americas has begun to show strain. North America remains Lululemon’s largest market, but it is also where sales momentum has softened most visibly. While international results have helped offset this weakness in consolidated figures, investors and analysts have increasingly focused on signs that the brand’s appeal at home is fading.

Shifting Consumer Tastes and Intensifying Competition

Lululemon’s early success was built on a tightly defined product offering that resonated deeply with consumers. Its leggings became a cultural staple, and its stores drew devoted customers willing to pay premium prices. Today, that dominance is far less assured.

Rivals such as Vuori and Alo Yoga have gained traction by blending performance wear with lifestyle aesthetics that appeal to a similar customer base. At the same time, broader fashion cycles have shifted, with some shoppers moving away from athleisure altogether and returning to categories like denim. In this more crowded and fluid environment, Lululemon’s once distinctive assortment has struggled to command the same loyalty.

The result has been slower growth in the Americas, a development that has weighed on investor sentiment even as the company continues to open stores overseas. International expansion has effectively masked domestic weakness, but it has not eliminated concerns about the health of the core brand.

Margin Pressure and the Tariff Hit

Compounding those challenges has been a sharp increase in costs tied to global trade policy. Lululemon has said it expects a $240 million impact on profit this year, largely due to the end of the de minimis exemption that previously allowed low-value packages to enter the United States duty-free.

For a retailer with a globally dispersed supply chain and significant cross-border shipments, the change has been particularly painful. The tariff burden has landed at a time when promotional pressure across the apparel sector remains elevated and consumers have grown more price-sensitive. Maintaining premium pricing while absorbing higher costs has become increasingly difficult.

These pressures have shown up in the company’s bottom line. In the most recent quarter, net income fell to $306.84 million, or $2.59 per share, down from $351.87 million, or $2.87 per share, a year earlier. Revenue rose, but profitability slipped, reinforcing the perception that growth has become more expensive to sustain.

Founder Criticism Moves Into Public View

If operational and financial challenges were not enough, McDonald’s tenure has also been overshadowed by unusually public criticism from Lululemon’s founder, Chip Wilson. Two months ago, Wilson, the company’s largest independent shareholder, took out a full-page advertisement in The Wall Street Journal accusing Lululemon of being “in a nosedive” and calling for urgent change.

Wilson has been particularly critical of McDonald’s strategic decisions, most notably the $500 million acquisition of the in-home fitness company Mirror in 2020. Wilson has said the deal ultimately squandered $1 billion and erased $10 billion in market capitalization. Lululemon later explored selling Mirror, then partnered with Peloton Interactive Inc. to make Peloton its exclusive digital fitness content provider before stopping sales of Mirror hardware altogether.

The founder has also taken aim at the company’s broader direction, criticizing its diversity and inclusion efforts and comparing its trajectory to that of Gap Inc., a once-dominant apparel retailer that struggled to adapt to changing consumer tastes. Although Wilson left Lululemon’s board in 2015, his continued ownership stake has ensured his critiques carry weight.

Retail analyst Neil Saunders, managing director of GlobalData, said Wilson’s attacks were among the factors behind McDonald’s exit, describing Lululemon as a brand in need of strong direction at a critical moment.

A Transition at the Top

As McDonald prepares to depart, Lululemon’s board has put an interim leadership structure in place. Chief Financial Officer Meghan Frank and Chief Commercial Officer André Maestrini will serve as co-CEOs during the transition, overseeing day-to-day operations while the company searches for a permanent successor.

The board has also expanded the role of its chairman, Marti Morfitt, who will become executive chair effective immediately. Lululemon said the move is intended to ensure continuity and execution of both near- and long-term growth strategies during the leadership change.

In a statement, the company said it is conducting a comprehensive search with a leading executive search firm to identify its next chief executive. The board said it is seeking a leader with experience driving companies through periods of growth and transformation, language that suggests an emphasis on revitalizing the brand while managing its global scale.

Market Response Reflects a Desire for Change

Investors responded swiftly to the news. Lululemon shares closed at $187.01 on Thursday, down nearly 50 percent year to date and more than 60 percent over the past two years. After the announcement, the stock jumped more than 10 percent in after-hours trading, a rally that spoke less to enthusiasm about near-term results than to relief that change was finally underway.

The reaction highlighted a broader lesson for the retail sector. Beating earnings expectations, while important, does not guarantee investor confidence if doubts persist about the underlying business. In Lululemon’s case, the market appeared to view McDonald’s departure as a necessary step toward addressing deeper issues.

Assessing McDonald’s Legacy

In his own statement, McDonald called serving as Lululemon’s chief executive the highlight of his career and said he was proud of what the company achieved during his tenure. He pointed to the brand’s global expansion and its evolution beyond yoga apparel as evidence of progress.

On LinkedIn, McDonald said his January departure had been discussed and carefully considered with the board as the company approached the end of its five-year strategy. Marti Morfitt thanked him for his leadership, describing it as visionary and crediting him with positioning Lululemon for the future.

Still, McDonald leaves behind a company at a crossroads. Lululemon has scale, brand recognition, and a global footprint that many competitors would envy. It also faces slowing growth in its largest market, rising costs, and a more competitive landscape than at any point in its history.

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