“Today’s results are the payoff from bold bets we made years ago,” said Harley Finkelstein, President of Shopify. “The investments we’re making now will fuel our next chapter. At Shopify, innovation never stops. No matter how good the numbers look, there’s always a new frontier in commerce—and we’ll continue to lead the way.”
Jeff Hoffmeister
“Shopify delivered another outstanding quarter, with both GMV and revenue growth rates accelerating in North America, Europe, and Asia Pacific, quarter over quarter. Europe was a particular source of strength, where GMV grew 42% on a constant currency basis,” said Jeff Hoffmeister, Chief Financial Officer of Shopify.“Merchants of every size—from first-time founders to global brands—are choosing Shopify to grow their businesses and their success is what is driving our success.”
2025 Outlook
For the third quarter of 2025, Shopify said it expects:
Revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis;
Gross profit dollars to grow at a low-twenties percentage rate on a year-over-year basis;
Operating expense as a percentage of revenue to be 38% to 39%;
Stock-based compensation to be $130 million; and
Free cash flow margin to be in the mid-to-high teens.
Shopify is a leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, BevMo, ButcherBox, Carrier, JB Hi-Fi, Meta, SKIMS, Supreme, Vuori, and many more.
CELI on Queen Street West in Toronto, August 2025. Photo: Dustin Fuhs/6ix Retail
Toronto-based fine jewelry brand CELI is redefining experiential retail with the launch of a private outdoor patio behind its flagship store at 753 Queen Street West. The newly unveiled space, described as an urban sanctuary, marks what could be a first for the Canadian jewelry industry—a speakeasy-style oasis designed to foster community, creativity, and lifestyle-driven engagement beyond traditional retail.
The initiative reflects CELI’s ambition to move beyond transactional experiences and create environments where customers can celebrate milestones, connect, and immerse themselves in the brand. “When we first saw the space, we dreamed of building something that brings people together,” said Chau Lui, co-founder of CELI, in an interview with Retail Insider. “We wanted a place for sharing moments and dreaming big. It’s an extension of our brand values and who we are.”
Sisters Trang Wong and Chau Lui, co-owners of CELI and Paris Jewellers.
The concept transforms an underutilized rear courtyard into a hidden retreat. Guests access the patio through CELI’s showroom before emerging into a lush, intimate space anchored by a striking central tree. Seating areas, an oversized bar, and carefully curated furniture contribute to the atmosphere, while a small decorative pool adds a calming element.
“I’ve always loved being by the water,” Lui shared. “It gives me a sense of calm and peace, so we added a pool to the back. You can’t swim in it,” she laughed, “but you can sit by the edge, enjoy a drink, and relax.”
The patio operates on two models: Thursdays are open to the public, offering a co-working environment or a place to meet friends, while private event bookings are available on other days. According to Lui, bookings began immediately after launch. “We had our first event scheduled the day after we announced it,” she said.
Reservations can be made through CELI’s website, and the brand emphasizes flexibility for clients hosting private events.
Freedom and Flexibility for Private Events
Unlike traditional event venues with rigid vendor requirements, CELI’s patio offers full creative control to hosts. “There’s no mandatory catering partner or beverage provider,” Lui explained. “If you want to bring in cookies, balloons, or your favourite wine, you can. We wanted this space to feel personal and adaptable.”
The discreet nature of the venue adds to its appeal. From the street, passersby have no indication that an outdoor retreat exists behind CELI’s pale blue storefront. “Even when you’re inside the store, you can’t see it,” said Lui. “It feels like a private sanctuary, which is perfect for intimate events or high-profile gatherings where privacy matters.”
For CELI, the patio is more than an aesthetic upgrade; it represents a culture-driving initiative. The brand aims to use the space for events aligned with its values, including women-led pop-ups, networking sessions, and community activations. “We’re passionate about supporting female entrepreneurs and creating opportunities to give back,” said Lui. “It’s an honour to think customers will host their milestones here. We want to be part of those stories.”
The approach underscores CELI’s broader positioning as a lifestyle brand. “Jewelry is central to what we do, but it’s not the only story,” Lui noted. “This space allows us to build connections and experiences that go beyond product.”
Patio at CELI at 753 Queen Street West in Toronto. Rendering supplied
Experiential Retail for a Younger Audience
CELI’s Queen Street West location, its first physical store after launching an e-commerce platform in late 2024, was strategically chosen for its vibrant, youthful demographic and strong appetite for experiential retail. “The neighbourhood is full of people who value creativity and community,” said Lui. “They want more than a transaction; they want an experience.”
Experiential retail concepts have gained traction globally, with luxury and specialty retailers incorporating cafés, lounges, and event spaces into their store designs. CELI’s patio brings this trend to Toronto’s jewelry market in a distinctive way, blending hospitality and retail in an outdoor environment.
From Paris Jewellers to CELI: A Legacy Evolves
CELI represents the next chapter for co-founders Chau Lui and Trang Wong, who also lead Paris Jewellers, one of Canada’s largest family-owned jewelry chains with more than 20 locations nationwide. The sisters grew up in the industry, learning the business from their parents, who immigrated from Vietnam and opened their first store in St. Albert, Alberta, in 1987.
Paris Jewellers has become a household name, but CELI was designed as a boutique concept tailored to Toronto’s urban clientele. The Queen Street West flagship features European-inspired interiors, a bridal suite for private consultations, and champagne service. The product mix includes modern fine jewelry, custom engagement rings, and both natural and lab-grown GIA-certified diamonds.
“Our heritage gave us the foundation, but CELI is about reimagining what fine jewelry retail can look like,” said Lui. “It’s about inclusivity, ethical sourcing, and creating meaningful experiences.”
Patio at CELI at 753 Queen Street West in Toronto. Rendering supplied
Innovation and Omnichannel Strategies
The launch of the patio is part of a broader strategy to position CELI as an innovator in retail experience. Insights from the Queen Street location are influencing operations at Paris Jewellers as well. “We’re learning so much here,” said Lui. “CELI operates paperless, and we’re implementing automated workflows and improving the custom design process. These innovations will roll out across Paris Jewellers later this year.”
CELI’s focus on customization has been a key learning. “A lot of our business comes from customers designing their perfect engagement ring,” Lui explained. “We’ve streamlined the process to make it as easy as possible, and those efficiencies are shaping our future strategies.”
While expansion details remain under wraps, Lui confirmed that growth is on the horizon. “We talk about it every week,” she said. “It might not look like what you expect, but it’s going to be exciting.”
In the meantime, CELI is concentrating on maximizing the potential of its Toronto flagship and outdoor sanctuary. “This patio is just the beginning,” said Lui. “We want it to become a space for connection, celebration, and creativity, just like our brand.”
Claire's at Willowbrook Mall in Langley (July 2021). Photo: Lee Rivett.
Claire’s Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries, the operator of Claire’s and ICING stores across the United States, announced Wednesday that it has commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware to “maximize the value of its business.”
Its Canadian affiliate operating stores across Canada also intends to commence proceedings in Canada under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice, it said in a news release.
“These proceedings will enable Claire’s to immediately commence the monetization process for its assets to maximize value for the business, while continuing an active and comprehensive review of strategic alternatives, including discussions with potential strategic partners that began prior to the filings,” said the retailer.
Chris Cramer
“This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders,” said Chris Cramer, CEO of Claire’s. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
“I’d like to express my gratitude for our employees, who have continued to work diligently in a constantly evolving consumer landscape to deliver amazing products and experiences for our customers. We remain committed to serving our customers and partnering with our vendors and landlords in other regions during this time.”
Claire’s said its retail stores in North America will remain open and continue to serve customers while the company continues to explore all strategic alternatives.
“Through the filing of customary “first day” motions with the U.S. Court and the Canadian Court, Claire’s intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits,” it said.
“Claire’s U.S. intends to seek approval for a consensual use of cash collateral to ensure it has the liquidity necessary to support its operations.”
Additional information regarding the Chapter 11 proceedings is available at www.omniagentsolutions.com/claires. Court filings and information regarding the claims process are available at www.omniagentsolutions.com/claires, by calling the company’s claims agent, Omni Agent Solutions, toll-free at (888) 202-5971 (U.S.) or (747) 293-0183 (International) or by sending an email to ClairesInquiries@OmniAgnt.com.
Additional information regarding the company’s CCAA proceedings and related court-filed materials is available at the court-appointed monitor’s website at www.ksvadvisory.com/experience/case/claires, by calling KSV Advisory at +1 (844) 249-2665, or by emailing at claires@ksvadvisory.com.
Kirkland & Ellis LLP is serving as legal counsel to Claire’s. Houlihan Lokey is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor. Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel to Claire’s.
“As malls face headwinds as a result of e-commerce growth and social commerce growth particularly for younger customers, Claire’s was left behind.
“Tariff costs and consumer sentiment didn’t help either. This is their second bankruptcy filing in 7 years and I fear this could be the end for this retailer.
“As the father of two Gen-Z women, I will always have a fond recollection of shopping at Claire’s back in the 2000’s and 2010’s.”
In a move to streamline operations and elevate the digital customer experience, Home Société Group has amalgamated its three e-commerce websites under one unified online platform. The decision, according to President Walid Laaraba, was a natural evolution of the company’s brand and retail strategy.
The company has launched a newly rebranded and consolidated e-commerce website, mustsociete.com.
Designed to mirror the experience of visiting the brand’s large-format stores in Toronto, Montreal, Quebec City and Ottawa, the refreshed platform brings together the company’s full portfolio–including Maison Corbeil, MUST, Jardin de Ville, Galerie du Meuble and Home Société–into one elevated and intuitive digital space.
Walid Laraaba
“For us, it was a natural move,” said Laaraba during a recent conversation while driving from Quebec City to Montreal. “When you look at our positioning and our strategy as an organization, we aim to be a leader in the furniture market and beyond. We focus on designing high-quality, internationally recognized brands in the furniture industry.”
Previously operating multiple e-commerce sites for its five brands, the retailer realized it was offering the same core value across separate digital platforms. “It didn’t make sense for us to have three different websites offering essentially the same value proposition and brand values,” said Laaraba. “All five of our brands share the same DNA—design-first principles and internationally recognized quality.”
Laaraba said the move was driven by two key reasons. “First of all, in terms of marketing efficiency, sales growth opportunity online, let’s combine our three websites under one umbrella so our consumers can have a better experience overall and find what they want in one website.”
The second driver came from how consumers already shop in Home Société’s physical stores. “You have all our brands in one stop shop,” he said. “So for example, you go to Home Société in Ottawa, you have a Must section, a Maison Corbeil section, the Jardin de Ville section. Even in Montreal in our Maison Corbeil stores, we can also find some Must product. Actually, we have a similar concept in all our stores.”
That same cross-brand experience, Laaraba noted, is already how customers behave in-store. “Consumers are already shopping like that, doing cross-shop between our brands. So why don’t just do it online?”
Though Laaraba declined to share exact figures, he did say the online channel is “growing.” When pressed on the proportion of total sales, he noted: “We are closing the gap to be close to the 10% ish.”
Despite changing market conditions post-COVID, online shopping remains highly relevant. “We are in 2025,” said Laaraba. “I think that online plays a critical and a crucial role in the customer journey in any industry.”
Having worked across sectors such as grocery and fashion before joining Home Société, Laaraba pointed out the unique challenges of selling furniture online. “Fashion is over 25% contribution of the online versus brick and mortar. Others are more complex like furniture… just the price of the product is different versus fashion. Consumers need to think, they need to fit the product in their house.”
Still, the web plays a major role in how shoppers make decisions. “Even if consumers are not buying online the majority — they prefer stores — over 90% of the customer journeys start online,” he said. “They pre-shop online before going to the store. So I mean, e-comm is not only a sales tool, but also a tool that consumers use to pre-shop and to start choosing what they want to buy.”
Laaraba also shared optimism about current market conditions. “For us, it’s better this year than last year, for example.”
Walid Laraaba
Home Société has not been impacted by recent U.S. tariffs. “We are fortunate enough to not have any supplier from the U.S., so we’re not impacted by the tariffs,” he said. “And we don’t sell in the U.S. We carry on mainly European brands and some Asian, very well established brands.”
He acknowledged some temporary consumer hesitancy during geopolitical shifts, but said that has now calmed. “We had some drop in volume during the announcement of Trump because I think people in Canada were a little bit scared about what’s going to be the future of our economy… but I think now things are getting stable.”
The furniture industry, closely tied to the housing market, has seen some steadiness in Home Société’s core region. “Here in Quebec, the housing sales are stable. The furniture industry is stable.”
When it comes to what today’s consumers are seeking, Laaraba highlights that quality, design, and international credibility are key. “We target consumers who prioritize high-quality, design-driven products and internationally recognized brands. While we’re not in the same mass market category as companies like IKEA, we focus on customers who truly want to combine exceptional design with lasting quality.”
The customer experience is also key. “In our stores, we don’t just sell products. We create decor. We help consumers to redecorate their home,” said Laaraba. “We take the time with each consumer.”
Customization is another core differentiator. “You can choose any tissue, any colour. You take any product in our store, we can customize it for you. We can change anything in the product.”
Laaraba emphasized that this e-commerce launch is not just a digital upgrade—it’s a foundational shift in how the company serves its customers. “This e-commerce platform is a huge milestone for our business,” he said. “We are focusing on our DNA instead of having five different brands. At the end of the day, they are sharing the same value proposition, same DNA.”
The goal, he said, is clear: “Let’s combine all that under one umbrella and be one big monster online potentially. And if this works, let’s refocus potentially in the future on our stores as well. But for sure, the goal is to improve our customer experience online. That was the first step.”
Spotify has officially launched its dynamic Canvas ad format in Canada, and Shoppers Drug Mart is one of the first retailers to adopt the visually enhanced experience. The campaign marks a major milestone in how retailers engage with consumers through digital audio.
Ann Piper, Head of Sales for North America at Spotify, said Shoppers Drug Mart is” our first retailer and first brand in Canada to utilize our Canvas format. The value of that is they’ve been working with us on the audio side, and we have the unmatched reach there. What Canvas does is allow a visual experience to accompany that.”
“It’s a way for them — because they’re a brand that has multiple products — it’s a way for them to actually showcase these products when you’re actually listening to the ad,” she added. “When you go back into the app, you actually see these visual experiences.”
Ann Piper
Spotify’s integrated format is already showing significant results. “We see better performance when audio and visual and video are together in a campaign,” said Piper. “We see purchase intent increase by 27% and we see incremental sales by 66%.”
Asked to explain what the campaign looks like from a consumer’s perspective, Piper described Spotify as a “Daily Companion.”
“You go into Spotify to listen to music or podcasts or even audio books. And so Shoppers Drug Mart as a retailer — it’s a really great place to have that companion side for when you might be on the go… So it’s a way for them to have their message play when someone is listening,” she said.
“In this campaign in particular, they’re going to have friends and family events, they’re going to have different offers going into the summer . . . there’s nine different campaigns that go through October,” Piper explained.
This context-sensitive advertising creates a high-engagement environment. “The value that we find is it’s a really great way and a time of receptivity,” said Piper. “You have someone who’s engaging in Spotify for what we call really nutritious content. So they’re in that mindset of being entertained… and this is a good time for skincare, or SPF for the summer, or maybe some other things that may be good for me.”
“Really, you want advertising to be shown up in a way where someone has their attention. They’re either recalling that or in this particular case… driving in store or driving to Shoppers Drug Mart dot com.”
“At the end of the day Shoppers Drug Mart… they’re in the business of driving sales and so there’s different ways that they need to make sure that customers know about their promotions as well as new customers know about their promotions.”
Beyond Shoppers Drug Mart, Spotify works with other major retailers, though this particular initiative marks a first. “Shoppers Drug Mart is our first to take advantage of this Canvas unit, which is a bigger, new creative way that Spotify continues to show innovation in terms of the fan experience,” Piper said.
She added that retailers are also tapping into Spotify’s Ad Exchange, another innovative ad tech tool. “The value of that is it allows customers like Shoppers Drug Mart to bring their own data and targeting to be able to buy, create, and measure within Spotify,” said Piper. “We’ve seen about 64% growth in advertisers utilizing Spotify Ad Exchange.”
Piper also offered a deeper look into Spotify’s Media Mix Modeling (MMM) research, which shows high ROI for advertisers. “A couple of things that we’re finding — for retailers and even a lot of different brands — have what we call MMM, media mix modeling, that they do,” she said. “They take different levels of data sources to understand how their campaigns are performing.”
“We’re seeing that… for every dollar that I’m putting in Spotify, I’m getting a return on that dollar plus,” she added. “We deliver 20% incremental reach over radio, 25% over TV, and 21% over social.”
Photo: Spotify
Shoppers Drug Mart’s use of Canvas and Ad Exchange tools is a continuation of their partnership with Spotify and parent company Loblaw. “Shoppers Drug Mart is an example of that kind of a continuation of how we work with Loblaws and that team,” said Piper.
In addition to retail, Piper highlighted Spotify’s Loud and Clear initiative, which supports artists by ensuring transparency around payouts and streaming data.
“One of the research projects that we do is called Loud and Clear,” she said. “We wanted to highlight Canada because the number of Canadian artists who generated over $50,000 Canadian, $100,000, $500,000 and over $1 million from Spotify alone in 2024 has more than doubled since 2017.”
She continued, “The royalties generated by Canadian artists from Spotify alone reached nearly $460 million Canadian, and that’s up 5% year over year… and approximately 40% of all royalties generated by Canadian artists on Spotify were from independent artists or labels.”
In a strong endorsement of Canada’s global reach in the music industry, Piper concluded: “92% of all royalties generated by Canadian artists on Spotify in 2024 were from listeners outside of Canada, placing Canada as one of the leading markets for exporting music globally.”
Spotify approached the company with what LaRosa called “a unique opportunity.” She explained that “first, it was a beta that basically translated into now an opportunity we could test.”
The test came in the form of a Super Redemption Event, a recurring promotional program at Shoppers Drug Mart. “It’s a promotional event that’s focused on communicating value to customers where you can redeem PC Optimum points and receive extra value on your purchases,” said LaRosa. “So essentially it’s an awareness window to stretch your points further than usual — what Canadians get — for that.”
According to LaRosa, the timing was strategic. “We took advantage of it during Canada Day long weekend, in store and online,” she said.
When asked why the retailer decided to pursue this collaboration, LaRosa pointed to the potential for scale. “We do a regular promo events, but when Spotify came to us with this unique beta, we were like you know, it’s interesting to see how we can get scale with a lot of Canadians during a very busy weekend,” she said. “To really convert them from going obviously to their weekend enjoyable events, but just try to get them in-store and to buy.”
She added that the team at Loblaw embraces experimentation. “We love doing test-and-learns and just really pushing ourselves to try new things, just to see if we get the conversion rates the same — or if not stronger — from it,” said LaRosa.
Spotify’s involvement brought with it a fresh format. “This different format that Spotify has — which they were never able to sell, this unit that they had — we’re just looking for ways to break through, just trying to see if we get the same conversion rates that we have, or if not stronger,” said LaRosa. “Just to drive that top-of-mind awareness, get people to shop — which is really the opportunity to do there.”
The results? According to LaRosa, they were more than promising.
“What we do on our end is, we have a test and control,” she said. “We have our PC Optimum database. We can see then after those audiences who were targeted if they went into store to buy, and we saw a significant lift from that.”
LaRosa confirmed that “it was probably one of our most successful events this year so far, which is amazing.”
For LaRosa and her team, cutting through the digital noise is a key objective. “Again, it’s just breaking through some of that noise and clutter just to find ways to showcase to Canadians: this is the best opportunity from a promo stand to redeem your points,” she said. “And partnering with people like Spotify just to help us break through on that — we just really did it to its core.”
Continued growth and community giving are part of Realstar Hospitality’s long-term strategy.
The Canadian master franchisor for Days Inn, Motel 6, and Studio 6 has supported both national and local charities through donations, volunteer efforts, and hands-on involvement. A recent initiative saw a franchisee of Days Inn sponsor the Winnipeg MS Walk in 2024 and match $12,000 raised through a charity barbecue for MS research. Realstar also works to combat human trafficking through staff training programs, further solidifying their commitment to community welfare.
Realstar Hospitality’s VP of Marketing, Ally Wesson said the company has a significant footprint across the country. “There’s over 100 Days Inns, and there’s over 30 Motel 6s and Studio 6s combined,” said Wesson. “We are (present) from coast to coast.”
Ally Wesson
Growth continues to be part of the company’s long-term strategy. “It really depends. Some years we open more than others,” she said. “This year we’ve got quite a few new construction Studio 6s coming. Studio 6 is the extended-stay brand, sister brand of Motel 6.” Days Inn continues to see steady interest as well. “We have consistently more coming through the pipeline,” she added.
But Realstar’s mission goes well beyond franchising and development. Community engagement is a core value for the brand.
“Connecting to the community is extremely important for whatever business you’re in, but also, it’s just the right thing to do,” said Wesson. “Giving back allows us to help Canadians facing difficult times, and as a brand, it’s really core to our key values. We love giving back and community support.”
One of Realstar’s flagship initiatives is through its Days Inn brand’s partnership with Food Banks Canada. “We have a three-year partnership now with Food Banks Canada,” Wesson shared. “It’s a national charity that works to support all food banks across Canada within their network.”
That partnership expanded this year with new support for After the Bell, a program designed to help kids who lose access to school food programs during summer. “For kids, obviously the last day of school is great because it marks the beginning of summer, but it also means for those who need it, they lose access to the school-funded food banks programs that run during the school year,” said Wesson. “After the Bell actually prepares food packages and food packs to help with that gap of food insecurity over the summer.”
Photo: Food Banks Canada website
Beyond food insecurity, Realstar also prioritizes anti-human trafficking awareness and training across all its brands. “For all of our brands—both Motel 6, Studio 6, and Days Inn—we require that all of the hotels be certified in anti-human trafficking training,” Wesson stated.
The training schedules vary slightly by brand. “For Days Inn, they have to restart that training every two years. And for Motel 6, they actually do it every year.”
Wesson emphasized that the training programs have been in place for years. “Days Inn is part of the Wyndham Hotel family of brands. And then Motel 6 and Studio 6 are part of G6 Hospitality,” she explained. “So both of those—we run their training to get all of our hotels certified. And it’s been going on at least for over five years now.”
What makes Realstar’s impact even more meaningful, Wesson added, is the company’s franchise model and the people behind the properties. “We’re really fortunate because our brands are franchise brands, which means community-owned and operated,” she said. “Our owners from both brands are extremely generous and work with their own local charities.”
“Not only do we have these overarching national charities that we work with corporately, but our owners are working within their local communities—and they do some really amazing things.”
Headquartered in Toronto, Realstar Hospitality continues to grow its national footprint while strengthening ties to the communities it serves—one franchise at a time.
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.
“We are pleased to report another strong quarter of growth for CT REIT. In a busy Q2, we expanded our portfolio with two new investments totaling over 250,000 square feet and renewed 10 Canadian Tire store leases,” said Kevin Salsberg, President and Chief Executive Officer, CT REIT.
“We also continue to advance our Environmental, Social and Governance (ESG) priorities and are proud to have recently published our fourth annual ESG reportthat highlights our approach, progress and achievements.
“Additionally, with the recent announcement of the significant retrofit that will be undertaken at our Canada Square property in midtown Toronto, anchored by a new 20-year office lease with Canadian Tire Corporation, and the successful completion of our $200 million Series J unsecured debenture issuance, we continue to improve the quality of our portfolio and successfully execute our core strategy.”
New Investment Activity
CT REIT announced two new investments which will require an estimated $66 million to complete. The investments are, in aggregate, expected to earn a going-in yield of 7.55% and represent approximately 252,000 square feet of incremental gross leasable area.
The table below summarizes the new investments and their anticipated completion dates:
Property
Type
GLA (sf.)
Timing
Activity
Calgary (Northpointe at Country Hills), AB
Third Party Acquisition
201,000
Q3 2025
Third party acquisition of a Canadian Tire anchored property
Saskatoon East, SK
Intensification
51,000
Q4 2026
Expansion of a Canadian Tire store
CT REIT invested $45 million in previously disclosed projects that were completed in the second quarter of 2025, adding 142,000 square feet of incremental GLA to the portfolio as detailed in the table below.
Property
Type
GLA (sf.)
Timing
Activity
Peterborough, ON
Intensification
32,000
Q2 2025
Expansion of a Canadian Tire store
Kingston, ON
Land Lease / Development
110,000
Q2 2025
Development of a new Canadian Tire store
Financial Highlights
Net Income – Net income was $103.0 million for the quarter was in line with the same period in the prior year.
Net Operating Income (NOI) – Total property revenue for the quarter was $149.8 million, which was $5.3 million or 3.7% higher compared to the same period in the prior year. In the second quarter, NOI was $118.9 million, which was $4.0 million or 3.4% higher compared to the same period in the prior year. This was primarily due to the acquisition, intensification and development of income-producing properties completed in 2024 and 2025, which added $3.1 million, and rent escalations from Canadian Tire leases, which contributed $1.7 million.
Same store NOI was $115.0 million and same property NOI was $115.8 million for the quarter, which were $1.8 million or 1.6%, and $2.5 million or 2.2%, respectively, higher when compared to the prior year. Same store NOI increased primarily due to the increased revenue derived from contractual rent escalations. Same property NOI increased primarily due to the increase in same store NOI noted, as well as from the intensifications completed in 2024 and 2025.
Funds from Operations (FFO) – FFO for the quarter was $81.2 million, which was $1.8 million or 2.3% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. FFO per unit – diluted (non-GAAP) for the quarter was $0.342, which was $0.005 or 1.5% higher, compared to the same period in 2024, due to the growth of FFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).
Adjusted Funds from Operations (AFFO) – AFFO for the quarter was $76.1 million, which was $1.8 million or 2.4% higher than the same period in 2024, primarily due to the impact of NOI variances discussed earlier, partially offset by higher interest expense and lease surrender revenue earned in Q2 2024. AFFO per unit – diluted (non-GAAP) for the quarter was $0.320, which was $0.005 or 1.6% higher, compared to the same period in 2024, due to the growth of AFFO exceeding the growth in weighted average units outstanding – diluted (non-GAAP).
Distributions – Distributions per Unit paid in the quarter amounted to $0.231, which was 3.0% higher than the same period in 2024 due to an increase in the rate of distributions which became effective with the monthly distributions paid in July 2024.
CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada. Canadian Tire Corporation, Limited, is CT REIT’s most significant tenant.
Joe D’Addario, who co-founded Nature’s Emporium and has served as President and more recently its CEO for over 30 years, will transition into the role of Chair of the Board. In this new position, he will continue to provide vision and oversight, supporting the next phase of growth while upholding the company’s mission to inspire healthy and sustainable living, said the company.
Joe D’Addario
“This marks an exciting new chapter for Nature’s Emporium. Steve brings an impressive blend of leadership, vision, and purpose that aligns perfectly with who we are and where we’re headed. I’m excited about the capabilities he brings to our team. As I step into the role of Chair, I look forward to supporting our long-term growth and helping ensure we continuously elevate the value we deliver to our employees, customers and communities.” – Joe D’Addario, Co-Founder & Chair of the Board, Nature’s Emporium LP
Hollingsworth brings over two decades of experience in health and wellness, most recently as President of Genuine Health. Known for his focus on team culture, innovation and consumer trust, Steve is set to lead Nature’s into an exciting new chapter.
Steve Hollingsworth
“It’s an honour and a privilege to be entrusted with leading an organization with such deeply rooted ties to the communities it serves as Nature’s Emporium. I am genuinely excited to help Nature’s push the boundaries on what a health & wellness retailer can do for its customers,” said Hollingsworth.
This leadership transition reflects the company’s continued commitment to operational excellence, community connection, and customer care, while positioning the business for long-term growth in an evolving retail landscape, it stated.
Nature’s Emporium, founded in 1993, believes eating well means living better. It has six locations across Ontario (Newmarket, Woodbridge, Maple, Burlington, Toronto and Oakville).
Outdoor clothing and equipment retailer, Mountain Warehouse, with 45 stores in Canada, has partnered with retail industry charity the Retail Trust to support further the mental health and wellbeing of its global workforce.
With more than 4,500 colleagues in the UK, Europe, New Zealand, Australia and North America, Mountain Warehouse said its teams will now have access to a wide range of wellbeing resources through the Retail Trust. This includes confidential counselling for themselves and their families, manager training to support their teams, a variety of discounts and rewards, and a virtual GP service available to UK-based colleagues.
Mountain Warehouse said it will also benefit from access to the Retail Trust’s happiness dashboard, a generative AI-powered platform designed to track wellbeing trends, identify mental health pressures, and evaluate the effectiveness of support strategies.
Karen Bandoh
“We’re incredibly excited to launch this new partnership and to stand alongside more than 200 of the UK’s leading retailers in a united effort to drive meaningful change. Providing better, free, and confidential support services to our colleagues around the world is a vital step in helping them grow in their careers while caring for their wellbeing and their families. After all, life’s mountains don’t end at the store door,” said Karen Bandoh, people director at the Mountain Group.
“This partnership also gives us a strong platform to advocate for better conditions across the sector and to make a lasting, positive impact. We’re proud to be part of the change the Retail Trust is leading.”
Mountain Warehouse is the UK’s largest outdoor retailer, with over 290 stores nationwide and 400 stores globally. Founded in 1997 by Mark Neale, the retailer now serves over five million outdoor-loving customers yearly.
Photo: Mountain Warehouse
Chris Brook-Carter
“Mountain Warehouse is one of the world’s leading outdoor retailers, so this new partnership will bring the Retail Trust’s support to thousands more retail colleagues both in the UK and internationally. This is an important time for any retail employer to invest in their people’s wellbeing, especially ahead of the increased footfall and sales expected during the autumn and winter months. We’re working closely with Mountain Warehouse to identify those most in need of support and to ensure every colleague understands how to protect and manage their wellbeing,” said Chris Brook-Carter, chief executive of the Retail Trust.
The Retail Trust has been caring for and protecting the lives of people working in retail from 1832 onwards.
