Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 48 hours.
Canadian consumers are heading into the 2025 holiday season with tighter budgets, high expectations for deals, and growing reliance on artificial intelligence for personalized shopping experiences. According to Salesforce insights, Cyber Week will be the pivotal period for retailers to capture attention, while loyalty programs and targeted discounts will play critical roles in driving sales.
Retail Insider spoke with Caila Schwartz, Director of Consumer Strategy & Insights at Salesforce, to explore how Canadian shoppers are planning for the holiday season, what categories are likely to shine, and how AI is changing the way people discover and purchase products.
Caila Schwartz
The global consumer has faced economic challenges in recent years, but Canadian shoppers appear more cautious than their international counterparts. “The Canadian consumer does not feel as much optimism in spite of these economic hardships as other regions,” Schwartz explained.
This lack of optimism is translating into more disciplined shopping habits. Consumers are planning purchases carefully, budgeting with precision, and timing buys around major discount events. “Where I see the Canadian consumer in 2025 is very similar to where I saw the global and U.S. consumer last year—being very conscious on spend and waiting for those deal events,” Schwartz said.
Cyber Week, which includes Black Friday and Cyber Monday, remains the most critical period for both retailers and shoppers. Salesforce expects Canadian consumers to use this window not only for holiday gift buying but also to splurge on big-ticket purchases they have postponed.
Cyber Week: The Prime Opportunity for Retailers
“Cyber Week is the best time of the year to get the Canadian shopper’s attention,” Schwartz said. Beyond gifting, shoppers are expected to prioritize higher-ticket items such as appliances, luxury apparel, handbags, and furniture. These categories performed strongly during Cyber Week last year, reversing weaker sales in the months leading up to the holidays.
Promotional strategies will be crucial, though retailers face a new reality: the traditional sitewide discount may be on the decline. “One of our predictions is about promotionality,” Schwartz noted. “The rate of orders transacting at checkout with a promotion code is decreasing. We’ll probably see fewer sitewide deals and more intentional discounting, such as codes applied to specific categories or one-time personalized offers.”
Rising tariffs and supply chain costs are putting pressure on margins, making precise discounting essential. “Retailers will need to be strategic. We anticipate personalized promotions becoming a bigger play,” she added.
Value Drivers: Price, Free Delivery, and Loyalty Programs
When it comes to deciding where to shop, Canadian consumers remain value-driven. Free delivery ranks as the number-one factor influencing purchase decisions, followed by lower prices. Interestingly, while global shoppers prioritize product quality in the third spot, Canadians place loyalty programs there instead.
“A loyalty program is another play on value,” Schwartz explained. “Being able to stack points, get special access to sales, or exclusive discount codes through loyalty programs is a major motivator for Canadian consumers.”
This trend is fueling increased consolidation of purchases across fewer retailers. “Shoppers are trying to stack discounts and loyalty benefits,” said Schwartz. “If I can get all of my household shopping done from one vendor and earn points, that’s better value for me than spreading it across multiple retailers.”
Salesforce data shows that the rate of repeat buyers has grown year-over-year, reinforcing this shift toward loyalty-driven consolidation.
AI Is Transforming Holiday Shopping Behaviour
Artificial intelligence is becoming a game-changer for retail, influencing both e-commerce and in-store experiences. Salesforce predicts that AI-powered tools, including popular large language models (LLMs) like ChatGPT and Perplexity, will impact $260 billion in global digital sales and $1.6 trillion in global in-store sales in 2025.
Consumers are using AI in innovative ways, sometimes even while standing in a store aisle. “We’re seeing shoppers upload shelf photos into ChatGPT and ask questions,” Schwartz said. “Younger shoppers, particularly Gen Z and millennials, are leading this trend.”
The implications for retailers are significant. “The number one question I hear from brands is: how do I show up in those searches?” Schwartz said. Content and social media strategies are critical, as AI tools draw from diverse sources, including TikTok videos and consumer sentiment analysis, when generating recommendations.
Personalization is a key driver of AI adoption. “Consumers say these tools give them the best personalized recommendations,” Schwartz explained. “They’re uploading information about themselves and asking for tailored suggestions they can’t get anywhere else, not even from a store associate.”
Holiday Forecast and Key Dates
Although Salesforce will release official holiday forecasts for Canada later this summer, Schwartz expects the three-week period spanning the week before Cyber Week and the week after to be the most critical. “Once those deals ended last year, activity fell off a cliff,” she said. “Consumers plan for this time frame. If you’re not in front of them when they’re ready to buy, you may miss the sale entirely.”
Retailers are encouraged to launch promotions early and maintain momentum through the shipping cutoff window. Beyond pricing and promotions, optimizing delivery options and leveraging loyalty programs will be essential to capturing consumer attention during the compressed shopping period.
The rise of AI is shaping the future of retail beyond the holidays, creating a new battleground for consumer attention. As Schwartz put it, “It’s probably the fastest adoption of a new technology in commerce we’ve ever seen.”
Apple reported fiscal third quarter 2025 results on Thursday, posting revenue of $94.0 billion, an increase of 10% year over year, alongside diluted earnings per share (EPS) of $1.57, up 12%.
The quarter ended June 28, 2025, and marks a June-quarter revenue record for the company, according to CEO Tim Cook.
“Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment,” Cook said in a statement.
Apple attributed its performance to strength across key hardware and services categories, along with international demand. Cook also pointed to the company’s June developer conference as a strategic milestone, citing a new software design refresh across Apple’s platforms and additional Apple Intelligence features announced at WWDC25.
Chief Financial Officer Kevan Parekh said the quarter’s results reflected broad operational strength, including continued growth in Apple’s installed base.
“We are very pleased with our record business performance for the June quarter, which generated EPS growth of 12 percent,” Parekh said. “Our installed base of active devices also reached a new all-time high across all product categories and geographic segments.”
Apple also declared a cash dividend of $0.26 per share, payable August 14, 2025, to shareholders of record as of August 11, 2025.
The company is scheduled to host its fiscal Q3 2025 earnings call on July 31 at 2:00 p.m. PT, with a live webcast available via Apple’s investor relations site. A replay will remain available for approximately two weeks.
While Apple did not provide additional financial breakdowns in its release, the results highlight ongoing momentum in its premium device ecosystem as the company continues to deepen software and artificial intelligence integration across iPhone, Mac, and services-based revenue streams.
For decades, mannequins in Canadian stores served a simple function: neutral, static forms designed for ease and cost efficiency. Today, that is changing dramatically. “It used to be a neutral mannequin with legs straight, arms straight, little soldiers all in a row,” said Leif Anderson, CEO of Montreal-based Gender Mannequins, in an interview with Retail Insider.
This uniform approach was driven by practical considerations. Identical mannequins were easier to manufacture, dress, and maintain. They aligned with the minimalist retail aesthetic that dominated global fashion for years. But as Anderson notes, minimalism’s reign is coming to an end.
Leif Anderson
“Over the last 10 years, minimalism became too much the norm, and it’s getting a little boring,” he explained. “You’re definitely starting to see some of the more adventurous retailers breaking out.”
Moving Toward Storytelling and Personality
Retailers are increasingly using mannequins to create storytelling vignettes that connect emotionally with shoppers. These displays replace static rows with dynamic groupings designed to resemble real-life scenarios.
Anderson observes that this trend is well established in Europe and is now arriving in Canada — though, as he points out, “Europe is always about three years ahead.”
The difference is striking. Instead of oval-headed mannequins in neutral poses, stores are experimenting with sculpted features, diverse ethnic representations, and even interactive layouts. “All this creates a storytelling dynamic,” Anderson said. “It attracts the customer in a different way.”
Inclusivity and Realistic Body Types
Beyond aesthetics, inclusivity is reshaping mannequin design. While slim, model-like forms remain common, brands are increasingly adding plus-size mannequins and realistic proportions to reflect consumer diversity.
“Plus size is important. I always encourage it,” Anderson said, citing examples such as Reitmans and Knix, which have embraced multiple body types in their displays. His company even offers mannequins with mid-range proportions, neither ultra-thin nor plus-sized, ideal for lingerie and swimwear presentations.
These shifts matter because representation resonates with consumers, reinforcing brand values of authenticity and inclusivity.
Mannequins display. Image via Gender Mannequins
Colour Trends and Materials: Goodbye Glossy White
Colour is another major change. “The white mannequin is dead. Dead, dead,” Anderson declared. Today’s mannequins feature soft greys, alabaster tones, and finishes that harmonize with a store’s overall palette.
Glossy finishes, once a hallmark of luxury, have been abandoned in favour of matte and fabric-covered surfaces. Fabric mannequins paired with articulated wooden arms are a current favourite among premium retailers, offering warmth and texture that complement minimalist interiors.
Luxury brands often lead these shifts. “Right now there seems to be a huge wave of the fabric-covered mannequin with articulated arms,” Anderson said. “They’re everywhere, and they’re beautiful.”
Luxury vs. Mass Market Approaches
While high-end retailers push boundaries, fast fashion chains typically adopt trends more cautiously. Still, as consumer expectations evolve, even mainstream brands recognize the need for visual storytelling and differentiation.
Anderson notes that companies with fewer physical stores, focusing on strong flagships rather than sprawling networks, are investing heavily in in-store presentation. “Instead of having 300 stores, they’ll have 20 great stores with great visual impact,” he said. “That emotional imprint is what brings people back, even when they shop online.”
Mannequins display. Image via Gender Mannequins
Window Displays: A Resurgent Art Form
After years of neglect, window displays are making a comeback. “Minimalism was very strong, but now you’re seeing people start to make those little pockets of storytelling,” Anderson said. He credits Simons, Canada Goose, and Holt Renfrew as Canadian leaders in visually striking displays.
International players like Uniqlo also stand out for using volume and colour to create bold, inviting windows. These efforts matter because street-facing displays remain a powerful tool for capturing attention and drawing customers inside.
Environmental Challenges of Mannequin Lifecycle
One challenge rarely discussed is what happens when stores close. The recent closure of Hudson’s Bay locations, for example, flooded the secondary market with thousands of mannequins. While bargain hunters snapped up inventory, Anderson warns that repurposing mannequins isn’t as simple as it sounds.
“The problem with secondhand mannequins, especially if you’re buying in bulk, is huge,” he said. “To refurbish a mannequin costs a minimum of $250. It’s like getting a car painted, you need the same facility.”
Many of these mannequins, damaged or outdated, ultimately end up in landfills, highlighting sustainability concerns in visual merchandising.
Mannequins display (Louis Vuitton at Saks Fifth Avenue NYC). Image via Gender Mannequins
The Business Case: Why Mannequins Matter
Beyond aesthetics, mannequins drive sales. According to Anderson, a garment displayed on a mannequin can sell 30% more than the same piece on a hanger. Conversely, poor-quality displays can hurt sales by the same margin.
“Bad displays can hurt your sales by 30%,” he cautioned. “Having an ugly mannequin with a scratch on its face will hurt your sales. Having something beautiful will increase them.”
This underscores why leading retailers are hiring specialized visual teams, a practice that declined in recent decades but may soon return. “You could feel it coming back,” Anderson said, noting that some brands are once again investing in dedicated window dressers and visual specialists.
Looking Ahead: European Influence and Canadian Adoption
What’s next for Canada? Expect more sculpted heads, ethnic diversity, and mannequins posed in movement — walking, running, even interacting. Anderson points to New Balance’s new flagship on Montreal’s Sainte-Catherine Street as a prime example of European-style visual merchandising making its way to Canada.
“These mannequins have character,” he said. “They use sculpted heads with sculpted hair, different colours, and very ethnic-looking faces, which are super popular in Europe right now.”
As retailers work to differentiate themselves in an increasingly digital landscape, the role of physical store design and by extension, mannequins, will only grow. Visual storytelling, inclusivity, and craftsmanship are no longer optional. They are central to the retail experience.
Payroll employment in retail trade increased by 5,600 (+0.3%) in May. The largest contributors to the increase were building material and supplies dealers (+2,500; +1.9%), health and personal care retailers (+2,500; +1.1%) and clothing and clothing accessories retailers (+2,000; +1.2%). These gains were partially offset by a decline of 1,800 (-1.8%) in department stores, reported Statistics Canada on Thursday.
“Prior to the increase in May, payroll employment in the retail trade sector had recorded a cumulative decline of 16,700 (-0.8%) from January to April. The decline over this period was attributable to grocery and convenience retailers (-6,000; -1.4%), building material and supplies dealers (-3,500; -2.6%) and warehouse clubs, supercentres and other general merchandise retailers (-3,000; -1.8%),” it said.
Statistics Canada said the number of employees in Canada receiving pay and benefits from their employer—measured as “payroll employment” in the Survey of Employment, Payrolls and Hours—increased by 15,300 (+0.1%) in May, after edging up 14,600 (+0.1%) in April. On a year-over-year basis, payroll employment was up 43,300 (+0.2%) in May.
“Monthly increases in payroll employment in May were recorded in health care and social assistance (+6,200; +0.3%), retail trade (+5,600; +0.3%) and construction (+1,200; +0.1%). These gains were partially offset by declines in manufacturing (-6,400; -0.4%), administrative and support, waste management and remediation services (-3,500; -0.4%) and wholesale trade (-2,900; -0.3%). The remaining 14 sectors were little changed,” explained the federal agency.
“Meanwhile, job vacancies in Canada fell by 20,400 (-4.1%) in May to 478,200, extending the decline recorded in April (-17,400; -3.4%). This was the lowest level of job vacancies recorded since October 2017 (459,800). On a year-over-year basis, job vacancies were down by 89,700 (-15.8%) in May 2025.”
Year over year, job vacancies were down in 12 sectors in May. The largest declines were recorded in health care and social assistance (-27,200; -21.4%), accommodation and food services (-10,300; -16.3%) and retail trade (-9,300; -16.7%), said the report.
Real gross domestic product (GDP) edged down 0.1% in May for the second consecutive month, as goods-producing industries declined while services-producing industries were essentially unchanged, reported Statistics Canada on Thursday.
“The retail trade sectorcontracted 1.2% in May, as activity in 7 of 12 subsectors decreased,” said the federal agency.
“Motor vehicle and parts dealers (-4.8%) contributed the most to the monthly decline, reflecting lower activity for new and used car dealers and partially offsetting the increases recorded in the previous two months. The subsector was on an upward trend during most of the second half of 2024. Despite posting its third decline in five months in 2025, the activity in May 2025 was 7.8% above the June 2024 level.
“Food and beverage stores (-2.5%) and gasoline stations (-3.1%) further contributed to the decline in retailing activity in May.”
The goods-producing industries edged down in May, driven primarily by a contraction in the mining, quarrying and oil and gas extraction sector, while the manufacturing sector expanded in the month. The services-producing industries were essentially unchanged, as real estate, rental and leasing and transportation and warehousing posted increases while retail trade and public administration contracted. Overall, 7 of 20 industrial sectors expanded in May, explained Statistics Canada.
“Advance information indicates that real GDP increased 0.1% in June. Increases in retail trade and wholesale trade were partially offset by a decrease in manufacturing. Owing to its preliminary nature, this estimate will be updated on August 29, 2025, with the release of the official GDP by industry data for June,” said the federal agency.
“With this advance estimate for June, information on real GDP by industry suggests that the economy was essentially unchanged in the second quarter of 2025. The official estimate for the second quarter will be available on August 29, 2025, when the official estimate of GDP by income and expenditure is released.”
Statistics Canada recently reported that retail sales decreased 1.1% to $69.2 billion in May. Sales were down in three of nine subsectors and were led by decreases at motor vehicle and parts dealers, reported Statistics Canada on Thursday.
Core retail sales—which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers—were relatively unchanged in May. In volume terms, retail sales decreased 1.4% in May, noted the federal agency.
“Feedback from respondents for May highlighted the effects of trade tensions between Canada and the United States on Canadian retail businesses. Supplementary questions asked to respondents show that 32% of retail businesses were impacted by the trade tensions in May, compared with 36% in April. The most common impacts in May were price increases, change in demand for product and increased expenses for raw materials, shipping or labour,” said Statistics Canada.
“Lightspeed is winning where it matters — we added high-quality locations, increased ARPU, and delivered solid top-line growth with expanded margins,” said Dax Dasilva, Founder and CEO.
“We’re seeing strong impact from our product innovation and go-to-market execution, and our focused strategy is gaining traction and delivering profitable growth”.
Asha Bakshani
“Lightspeed had a great start to the year with revenue and gross profit exceeding our previously-established outlook,” said Asha Bakshani, CFO. “Our strong Adjusted EBITDA growth is evidence of the leverage we are seeing in our business model as well as our relentless operating efficiency, allowing us to invest in our business while also delivering higher profitability.”
First Quarter Financial Highlights
(All comparisons are relative to the three-month period ended June 30, 2024 unless otherwise stated):
Total revenue of $304.9 million, an increase of 15% year-over-year.
Transaction-based revenue of $204.6 million, an increase of 18% year-over-year.
Subscription revenue of $90.9 million, an increase of 9% year-over-year.
Net loss of ($49.6) million, or ($0.35) per share, as compared to a net loss of ($35.0) million, or ($0.23) per share. After adjusting for certain items, such as share-based compensation, the Company delivered Adjusted Income of $7.9 million, or $0.06 per share, as compared to Adjusted Income of $16.1 million, or $0.10 per share.
Adjusted EBITDA of $15.9 million versus Adjusted EBITDA of $10.2 million.
Cash flows from operating activities of $12.4 million as compared to cash flows used in operating activities of ($14.2) million, and Adjusted Free Cash Flow used of ($1.7) million as compared to Adjusted Free Cash Flow used of ($3.0) million.
As at June 30, 2025, Lightspeed had $447.6 million in cash and cash equivalents.
“Lightspeed remains confident in its ability to execute its strategy of focusing on retail customers in North America and hospitality customers in Europe and expects to increase Customer Locations within these growth engines while focusing on retaining revenue in its other markets,” said the company which was founded in Montreal in 2005.
“The Gildan Sustainable Growth (GSG) strategy continues to drive solid financial performance, as evidenced by our record second quarter results, driven by strong net sales growth of 12% in Activewear. As we navigate through the current fluid operating environment, we are focusing on what we can control, which is allowing us to continue to strengthen our competitive position and drive profitable top line growth. Moreover, our performance reflects the agility and resilience of our low-cost vertically integrated business model which remains the cornerstone of our ability to deliver long-term value for our stakeholders” said Glenn J. Chamandy, Gildan’s President and CEO.
Highlights
Record net sales of $919 million, up 6.5% vs. the prior year
Gildan recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights and is once again included on TIME’s World’s Most Sustainable Companies list
Operating margin of 21.7%, adjusted operating margin1 of 22.7%
GAAP diluted EPS of $0.91 and record adjusted diluted EPS1 of $0.97
Cash flow from operations of $188 million and free cash flow1 of $154 million
Capital returned to shareholders of $145 million through share repurchases and dividends
Company reaffirms its full year 2025 guidance including the impact of tariffs, while narrowing its adjusted diluted EPS1 2025 guidance range
Photo: Gildan Activewear website
“Net sales were a record $919 million, up 6.5% over the prior year, in line with previously provided guidance of midsingle digit growth. Activewear sales of $822 million were up 12% driven by higher sales volumes and, to a lesser extent, favourable product mix and higher net prices. We continued to see market share gains in key growth categories and a positive market response to our recently introduced new products which feature key innovations, including our new Soft Cotton Technology. Furthermore, complementing solid sales to North American distributors, we observed continued momentum with National account customers, driven by our strong overall competitive positioning and as we continued to benefit from recent changes in the industry landscape,” said Gildan.
“International sales decreased by 14.1% year over year, primarily due to demand softness in certain markets. Separately, Hosiery and Underwear sales were $96 million, down 23.3% versus the prior year, mainly owing to lower sales volumes and unfavourable mix, as the category experienced continued broader market weakness during the quarter.”
The company said it generated gross profit of $289 million, or 31.5% of net sales, versus $262 million, or 30.4% of net sales, in the same period last year representing a 110-basis point improvement, which was primarily driven by lower raw materials and manufacturing costs as well as favourable pricing.
Net sales for the first six months of the year ended June 29, 2025, were $1,630 million, up 4.6% versus the same period last year.
“We’re executing with precision, from bold storytelling to smarter retail moves, and it’s showing up in results. I’m optimistic about the momentum we continue to see as we deliver more relevant product and run a tighter, more focused business.”
First Quarter Fiscal 2026 Business Highlights
Notable highlights from its first quarter included the following:
Launched its Spring-Summer 2025 collection through a highly stylized campaign, featuring styles that embody a fresh aesthetic while staying true to its heritage. Apparel was the fastest growing category within this collection.
Launched the second Snow Goose capsule with a striking summer campaign set in the deserts of Utah.The expedition featured celebrity guests and other influencers, including its star campaigner Lara Stone. The campaign is building brand momentum, supported by our 360-degree marketing approach, which continues to resonate strongly with consumers.
Strengthened its presence in key markets, including two temporary store conversions, bringing the total permanent store count to 76.
Showcased its new store design concept in its newly renovated Amsterdam store with elevated finishes, statement ceiling artwork, and a dedicated VIP space for a more luxurious experience.
Published its fiscal year 2025 Impact Report , which provides an update on the progress of its sustainable impact strategy.
Achieved a 9% reduction in Scope 1 emissions and a 25% reduction in Scope 3 emissions year-over-year. It also invested in 10 renewable energy projects to fully match its Scope 2 emission in fiscal 2025.
First Quarter Financial Highlights All Year-Over-Year Comparisons Unless Noted
Total revenue increased 22.4% to $107.8m, up 21.5% on a constant currency basis .
DTC revenue increased 23.8% to$78.1m, or up 22.8% on a constant currency basis driven by DTC comparable sales growth of 14.8% and revenue from non-comparable stores.
Wholesale revenue increased 11.9% to $17.9m or 11.3% on a constant currency basis primarily due to timing of shipments and increased demand from our wholesale partners.
Other revenue increased 31.1% to $11.8m or 30.0% on a constant currency basis due to higher number of Friends & Family events.
Gross profit increased 25.9% to $66.2m. Gross margin for the quarter was 61.4% compared to 59.7% in the first quarter of fiscal 2026 primarily due to higher margin contribution from its European knitwear facility. Pricing, product mix and channel mix did not have a significant impact on a year-on-year basis.
Selling, general and administrative (SG&A) expenses were $224.9m, compared to $149.5m in the prior year period. The increase in SG&A was primarily driven by a one-time financial award of $43.8m (32.0m USD) resulting from the resolution of an arbitration with a former supplier. Additionally, the company incurred costs to expand the global retail network, increased marketing spend with Spring-Summer 25 and Snow Goose campaigns, and invested in product design and merchandising.
Operating loss was $(158.7)m, compared to $(96.9)m in the prior year period.
Net loss attributable to shareholders was $(125.2)m, or $(1.29) per basic and diluted share, compared with a net loss attributable to shareholders of $(77.4)m, or $(0.80) per basic and diluted share in the prior year period.
Adjusted EBITA was $(106.4)m, compared to $(96.0)m in the prior year period.
Adjusted net loss attributable to shareholders was $(88.2)m, or $(0.91) per basic and diluted share, compared with an adjusted net less attributed to shareholders of $(76.1)m, or $(0.79) per basic and diluted share in the prior year period.
Balance Sheet Highlights
Inventory of $439.5m for the first quarter ended June 29, 2025, was down 9% year-over-year, reflecting higher demand and its continued proactive approach to managing inventory, said the retailer.
“The Company ended the first quarter of fiscal 2026 with net debt of $541.7m, compared with $765.9m at the end of the first quarter of fiscal 2025. This reduction was mainly due to higher cash balances and lower borrowings from our credit facilities compared to the previous year. We began the fiscal year with a larger cash balance, supported by disciplined working capital management and cash generated from operating activities in recent quarters,” it said.
“Our shopping centre portfolio continues to perform very well with NOI growth coming from strong rental revenue growth and percentage rent, and rising cost recoveries,” said Patrick Sullivan, President and Chief Operating Officer. “Leasing momentum remains robust with strong tenant demand across our portfolio, including demand for our HBC boxes. We are in advanced discussions with strong covenant, high-quality national retailers, including large format tenants.”
Patrick Sullivan
“With the acquisition of Lime Ridge Mall, Primaris has acquired approximately $1 billion of market leading enclosed shopping centres in 2025, driving our portfolio quality significantly higher with same store sales productivity totaling $784 per square foot,” said Alex Avery, Chief Executive Officer.
Alex Avery
“Disciplined capital allocation remains a core focus, and we demonstrated its benefits through asset capital recycling and NCIB activity, driving strong financial and operating results, while also delivering transformative changes to our portfolio.”
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 14.8 million square feet, valued at approximately $4.9 billion at Primaris’ share.
Quarterly Financial and Operating Results Highlights
$150.8 million total rental revenue;
+5.5% Same Properties Cash Net Operating Income growth;
+5.7% Same Properties shopping centres Cash NOI growth;
+6.7% weighted average spread on renewing rents across 407,000 square feet;
+5.5% Funds from Operations per average diluted unit growth to $0.445;
52.6% FFO Payout Ratio;
$50.4 million in net income;
$5.0 billion total assets;
5.8x Average Net Debt to Adjusted EBITDA;
$584.0 million in liquidity;
$4.4 billion in unencumbered assets; and
$21.43 Net Asset Value per unit outstanding.
Business Update Highlights
Increased guidance for 2025 Cash NOI and FFO per unit to $340 to $345 million and $1.74 to $1.79 per unit fully diluted , respectively;
Acquired Lime Ridge Mall in Hamilton, Ontario for total consideration of $416 million, adding 791 thousand square feet to the portfolio;
Sold Lansdowne Industrial, an industrial centre in Peterborough, Ontario for $9.9 million;
Published its inaugural Green Finance Framework, under which it may issue green bonds, green loans or other related financial instruments;
Issued $200 million aggregate principal amount of senior unsecured debentures maturing June 25, 2033 at a fixed annual interest rate of 4.835% for the financing of eligible green projects as described in the Trust’s June 2025 Green Finance Framework; and
Purchased for cancellation 2,664,000 Trust Units under the Trust’s NCIB program at an average price per unit of approximately $14.98, representing a discount to NAV per unit of approximately 30.1%.
