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 14.2 million square feet, valued at approximately $4.5 billion at Primaris’ share.
Quarterly Financial and Operating Results Highlights
$150.2 million total rental revenue;
+9.4% Same Properties Cash Net Operating Income** (“Cash NOI”) growth;
+10.2% Same Properties shopping centres Cash NOI** growth;
+7.8% weighted average spread on renewing rents* across 224,000 square feet;
+13.3% Funds from Operations** (“FFO”) per average diluted unit growth to $0.439;
52.8% FFO Payout Ratio**;
$31.1 million in net income;
$4.6 billion total assets;
5.7x Average Net Debt** to Adjusted EBITDA**;
$648.5 million in liquidity*;
$4.0 billion in unencumbered assets; and
$21.40 Net Asset Value** (“NAV”) per unit outstanding.
Business Update Highlights
Reaffirms 2025 guidance after accounting for the anticipated departure of The Hudson’s Bay (“HBC”);
Acquired a 50% interest in Southgate Centre in Edmonton, Alberta and a 100% ownership interest in Oshawa Centre in Oshawa, Ontario adding 1,639 thousand square feet of gross leasable area (“GLA”) to the portfolio;
Disposed of two enclosed shopping centres, a professional centre and 4 acres of excess land;
Issued $200 million aggregate principal amount of senior unsecured debentures at a fixed annual interest rate of 4.468%;
Repaid the outstanding principal amount of $133.1 million on the Series B senior unsecured debentures that matured March 30, 2025;
Entered into a $100 million three-year unsecured bilateral non-revolving term facility; and
Reported total normal course issuer bid (“NCIB”) activity since inception of the Trust of 11,834,409 Trust Units repurchased at an average price of $14.09, or a discount to NAV** per unit of approximately 34.2%.
Patrick Sullivan
“Our shopping centre portfolio continues to perform very well in 2025, with NOI growth coming from strong rental revenue growth and percentage rent, increasing occupancy, and rising cost recoveries,” said Patrick Sullivan, President and Chief Operating Officer. “Since June of last year, Primaris has transacted on approximately $1.2 billion of real estate, driving our portfolio quality significantly higher with same store sales productivity totaling $768 per square foot. We are very quickly moving towards our ambition of becoming the first call for retailers looking to grow and expand their footprint in Canada.”
Rags Davloor
Chief Financial Officer, Rags Davloor added: “Primaris has nearly reached our three-year target of acquiring over $1 billion in assets, while maintaining industry leading leverage metrics. With unencumbered assets of $4 billion and no debt maturing until 2027, we have reduced refinancing risk, with significant access to liquidity. Our commitment to maintaining an extremely well capitalized balance sheet positions Primaris as a highly credible transaction counterparty, at a time when accessing large scale capital has been challenging.”
Alex Avery
“Disciplined capital allocation is the foundation of our strategy. We have demonstrated its benefits through asset capital recycling and NCIB activity, driving strong financial and operating results, while also delivering transformative changes to our portfolio,” said Alex Avery, Chief Executive Officer. “We are increasing our relevance with retailers, and establishing a profile as an attractive buyer of large, high-quality assets. The changes we have made to the business are designed to deliver higher internal growth, which drives higher NAV per unit growth, higher FFO per unit growth and ultimately, consistent sector-leading distribution per unit growth.”
In-place occupancy increased 1.2% from March 31, 2024 to 93.2% at March 31, 2025.
Due North, the Canadian-based leader in self-contained refrigerated merchandising solutions, has announced the launch of three new units under its QBD and Minus Forty brands. The announcement comes just ahead of the NAMA Show 2025, a major vending and convenience retail industry event set to take place in Las Vegas from May 7 to 9.
The new models mark a significant step in Due North’s “Idea to Aisle” promise—a corporate initiative aimed at helping customers accelerate the path from concept to in-store execution. According to the company, the newly unveiled merchandisers are designed to meet modern retail needs by combining performance, merchandising adaptability, and ease of maintenance with best-in-class energy efficiency.
“Our ‘Idea to Aisle’ promise focuses on helping our customers capture opportunities faster—with proven technology and ready-to-deploy solutions,” said Sean McGrann, Chief Commercial Officer at Due North. “These new models reflect our commitment to moving at the speed of retail.”
Canadian-Made Innovation Backed by ENERGY STAR®
Sean McGrann, Chief Commercial Officer of Due North
Due North, which manufactures its products in Canada, has consistently earned ENERGY STAR® accolades for its equipment’s sustainability performance. The company operates manufacturing facilities in Brampton, Ontario, and Stayner, Ontario, where both QBD and Minus Forty product lines are produced. The company has increasingly emphasized environmental responsibility, aligning its innovation roadmap with energy-saving goals across its portfolio.
The three new units now being introduced are no exception. Engineered with advanced insulation and high-efficiency cooling components, the merchandisers are built to reduce operating costs while improving product visibility and access—two critical concerns for retailers operating in micro markets, foodservice settings, and high-traffic convenience retail.
“Our engineering team prioritizes performance that retailers and brands can rely on, day after day,” said McGrann. “From energy efficiency to ease of maintenance, every detail is built to help maximize uptime, sales, and merchandising flexibility.”
Overview of the New Refrigerated Merchandisers
The three models cater to a range of uses, from beverage and grocery sales to fresh grab-and-go and pet food merchandising. Each unit incorporates Due North’s patented Cooling Deck, a technology developed to simplify service and reduce downtime.
1. QBD: Three-Door Cooler (Sliding and Swing Door Options)
Use Case: Beverage, Grocery, Micro Market, and Foodservice Retail
Highlights: The unit offers either sliding or swing doors, ideal for retailers managing limited floor space. The Cooling Cassette Deck allows for fast, low-cost maintenance, improving operational longevity and reliability.
2. Minus Forty: 48” Open Air Merchandiser
Use Case: Fresh Grab-and-Go, Grocery, Micro Market, Foodservice, and Convenience Retail
Highlights: Available in both standard and shallow-depth versions, this open-air unit is geared toward high-impulse sales. It features strong refrigeration performance that can support a mix of beverages and perishables while preserving freshness and visual appeal.
3. Minus Forty: 23 Cubic Feet High-Capacity Cooler
Use Case: Beverage, Pet Food, Grocery, and Micro Market Merchandising
Highlights: Building on the success of the existing 22-cubic-foot model, this new cooler offers 20% more pack-out space with the same footprint. The added capacity translates to greater inventory flexibility without sacrificing square footage—an important feature for modern compact retail formats.
Image: Due North
Positioned for Growth in Micro Market and Convenience Sectors
The launch of the new merchandisers aligns with broader growth trends in unattended retail formats and small-footprint convenience stores. The micro market category, which blends vending and open-shelf retailing in workplace and institutional settings, has seen rapid expansion across North America—particularly in the wake of shifting consumer demand for contactless, fresh, and convenient food access.
Due North is well-positioned to capitalize on this market evolution. Its products are already widely used by retailers, vending operators, and foodservice providers seeking reliable, energy-efficient, and aesthetically flexible refrigeration solutions.
“We’re seeing strong momentum in the micro market and convenience sectors,” noted McGrann. “Retailers are looking for flexible, modular refrigeration solutions that can adapt to evolving floor plans and consumer expectations. These three models check all those boxes.”
“Idea to Aisle”: A New Chapter for Due North
The newly launched products represent the first major SKUs released under the “Idea to Aisle” customer promise—a strategic commitment from Due North to bring new innovations to market faster and in closer alignment with customer needs.
According to the company, the initiative reflects an internal reorganization aimed at increasing speed-to-market through product modularity, engineering agility, and a streamlined development pipeline.
This reorientation toward agility was previewed earlier this year when Due North introduced its “EH Fridge” program—an initiative to design and manufacture commercial refrigeration units that support Canadian retailers with rapid turnaround and customizable features. That program was detailed in Retail Insider in April and is seen as a complementary effort to the broader “Idea to Aisle” promise.
A Strong Presence at the NAMA Show
All three new merchandiser models will be featured at Booth #2639 during the NAMA Show in Las Vegas. The event, hosted by the National Automatic Merchandising Association, is expected to draw thousands of industry professionals across vending, micro market, coffee service, and convenience sectors.
Due North’s booth will offer product demonstrations, consultations with its commercial team, and interactive displays showcasing how the company’s refrigeration systems can be configured for various store formats.
“NAMA 2025 is the perfect venue for us to showcase the power and flexibility of our latest designs,” said McGrann. “We invite attendees to come experience how our technology supports real-world retail needs—whether that’s a high-volume grocery aisle or a tightly configured micro market.”
A Canadian Brand Scaling Globally
With more than 20 years of experience and a growing presence across North America, Due North has cemented its reputation as a go-to provider of high-quality refrigerated display solutions. The company serves a wide customer base including major grocers, CPG brands, convenience store chains, and independent operators.
The integration of Canadian manufacturing with scalable design has become a core differentiator for the company. Unlike many competitors that rely heavily on offshore production, Due North emphasizes domestic engineering and fabrication, a move that resonates with customers concerned about global supply chain disruptions, tariffs, and speed to market.
Looking Ahead
The launch of these three new units signals a new phase of product development for Due North—one that is grounded in engineering excellence, customer-centric design, and market responsiveness.
With the “Idea to Aisle” promise now driving its go-to-market strategy, the company is doubling down on its commitment to being more than a manufacturer—it’s positioning itself as a partner in retail innovation.
“At the end of the day, it’s about helping our customers grow,” McGrann said. “Whether they’re launching a new store, piloting a fresh category, or scaling an entire merchandising program, we’re here to help them get there faster—and smarter.”
Ryan McInerney, CEO of Visa. Image: Screen shot from the Visa April 30, 2025 presentation in San Francisco
Visa is redefining the future of commerce with the unveiling of Visa Intelligent Commerce, a sweeping new initiative announced Wednesday, April 30, during a live product showcase in San Francisco. The payments giant introduced a host of innovations designed to power artificial intelligence-driven commerce, enable seamless payments for AI agents, and expand financial accessibility across the globe through new tools for mobile wallets and micro-sellers.
For Visa, this marks a bold step into a commerce landscape that is rapidly shifting toward autonomous digital transactions and real-time consumer personalization. The announcement reflects years of groundwork built on Visa’s global payments network, now fused with artificial intelligence, tokenization, and privacy-first personalization to support what executives describe as “agent-led commerce.”
“This is a world we all want to live in—and now, we can,” said Ryan McInerney, CEO of Visa, addressing a live studio audience and global livestream. “We are on the verge of a seismic shift in how people shop, buy, and engage with commerce. With Visa Intelligent Commerce, we are delivering secure, AI-driven payments designed to work at scale, globally, with trust at the core.”
Building the Foundation for AI-Driven Commerce
Visa’s vision for Intelligent Commerce is rooted in a reimagined payments infrastructure built on what the company calls its “Visa as a Service” stack. Jack Forestell, Visa’s Chief Product Officer, explained that the stack integrates Visa’s global connectivity, APIs, authentication layers, and personalization tools into a single platform that empowers both consumers and businesses—whether they are a small fintech in Nairobi or a global bank in London.
“Digital money isn’t just about being faster,” said Forestell. “It’s about being better—safer, more reliable, and smarter. Our role is to bring these capabilities together so any business, any platform, can operate at scale from day one.”
Visa now processes over 630 million transactions each day. Since 2000, it has handled more than 3.3 trillion payments globally—each with hundreds of data points. The company is now turning that rich data into contextual insight, using AI to detect behavioural rhythms in commerce, whether it’s an evening spike in Ramadan spending or a tourist making a tap payment in a foreign city. These insights underpin the company’s new personalization features, helping both buyers and sellers enjoy more relevant, seamless transactions.
Visa Intelligent Commerce: From Vision to Reality
At the centre of the announcement was the formal launch of Visa Intelligent Commerce, a unified solution that enables AI agents to complete transactions securely on behalf of users. Forestell demonstrated how Visa is solving one of the most pressing challenges in the emerging agent-based economy: how to empower AI tools with payment capabilities while preserving trust, control, and security.
“When your AI agent plans a trip to Miami or buys a fishing reel on your behalf, it needs to do more than browse,” Forestell said. “It needs to transact. But to do that, it must have the tools and guardrails to spend your money securely—with your permission and only on your terms.”
To make this possible, Visa has developed five interlocking services: AI-ready cards with tokenization and authentication; secure agent-enabled payment flows; personalization powered by consent-based data sharing; and APIs that verify purchase intent and deliver contextual payment data at the moment of transaction. Together, they allow users to give agents specific purchasing authority while retaining full visibility and control over their transactions.
“Without the payment, there’s no commerce. There’s just browsing,” said McInerney. “Our technology enables the magic to continue—seamlessly and securely.”
Trust and Transparency at the Core
Trust emerged as a recurring theme throughout the presentation, especially in the context of AI. “This is new territory,” said Forestell. “We are giving agents the ability to access your money. That means ensuring not only that they’re secure, but that they’re acting only on your behalf—and only within the permissions you’ve granted.”
Visa’s approach involves binding a tokenized version of a user’s card directly to their AI agent. This means the token can only be used within that agent environment, offering an added layer of security. Users must also authenticate themselves before granting their agent access, and consent can be revoked at any time.
The personalization engine was another highlight. Visa demonstrated how insights derived from a user’s own transaction history—without sharing raw data—could vastly improve AI-driven commerce. For example, an AI assistant planning a trip to Miami for a user who dislikes the beach might suggest motorsport activities or a Post Malone concert, based on past purchases.
“Our goal is not just to make commerce faster,” said Forestell, “but to make it fit you better. The power of personalization, if done responsibly, is transformative.”
Collaborations with AI Leaders
Visa’s move into AI commerce is backed by a growing list of collaborators that include OpenAI, Perplexity, Microsoft, Anthropic, and Mistral. Each is contributing to the effort to make agent-led shopping safe, intuitive, and scalable. Sarah Friar, CFO of OpenAI and former CEO of Nextdoor, appeared in a pre-recorded interview to share her perspective.
“We love what Visa is doing,” Friar said. “They’re not just solving technical challenges, they’re addressing the human ones—trust, transparency, and usability. Those are the things that will make this work at scale.”
Friar emphasized that OpenAI’s own products, including browser-based agents already capable of booking flights or reserving rides, often stall at the point of payment. “It’s at that moment that the experience breaks down,” she said. “Visa is helping build the bridge.”
Expanding Access: Visa Pay and Visa Accept
Alongside its AI-focused products, Visa also announced new tools aimed at increasing payment access in developing markets and among micro-sellers. Visa Pay allows mobile wallet users to spend anywhere Visa is accepted, effectively expanding local apps into global payment vehicles. Initial rollouts are planned with Line Pay in Taiwan, ZaloPay in Vietnam, Maya in the Philippines, and Woori Card in South Korea.
For small sellers without hardware terminals, Visa Accept turns an NFC-enabled smartphone into a tap-to-pay terminal with no additional hardware. “If you’re a street vendor in Guatemala or Vietnam and you have a smartphone and a bank account, you can accept Visa payments in minutes,” said McInerney.
These tools reflect Visa’s ongoing commitment to financial inclusion and digital accessibility, a theme that remains central to its global strategy.
Additional Innovations: Digital Identity, Flex Credentials, and Stablecoins
Visa also provided updates on several other key initiatives. Its Flexible Credential product, which allows users to toggle between debit, credit, and other funding sources from a single card, is gaining traction globally. New partnerships with Klarna and Liv were announced, along with integrations in Europe and the U.S.
The company reaffirmed its goal of reaching 100% tokenization of digital transactions, a move aimed at reducing online fraud. Visa is also piloting biometric-based payment passkeys and enhanced data-sharing protocols to improve authorization rates and cut down on transaction declines.
On the stablecoin front, Visa revealed that it has already processed over $225 million in USDC settlements and expects to cross $1 billion in volume within 12 months. Through its tokenized asset platform, Visa is now helping banks like BBVA issue their own stablecoins—a move that could signal a broader transition toward programmable money.
Looking Ahead: Bringing Everyone Along
To close the event, Oliver Jenkyn, Visa’s Group President of Global Markets, highlighted the company’s commitment to working closely with its partners—from banks and merchants to AI platforms—to bring Visa Intelligent Commerce to life in local markets.
“This is not just a Silicon Valley project,” said Jenkyn. “From Johannesburg to Singapore to Toronto, our teams are working with yours to make this vision real.”
Jenkyn emphasized that the success of agent-led commerce depends not just on technical feasibility, but on widespread adoption. “We need to bring everyone with us,” he said. “Not just developers and fintechs, but people like my retired mother in rural Canada, or your artist friend in Cairo. That’s what it will take.”
CF Carrefour Laval in Montreal. Photo: Cadillac Fairview
Cadillac Fairview continues to dominate Canada’s retail real estate landscape, placing nine of its shopping centres among the top 20 highest-performing malls in the country, according to the 2024 ICSC Canadian Mall Property Performance List. The landlord’s strong showing reaffirms its status as a leader in the sector, outpacing major competitors in terms of sales per square foot and overall portfolio consistency across multiple provinces.
In an interview with Retail Insider, Lillian Tummonds, Senior Vice President of Retail at Cadillac Fairview, emphasized that the company’s longstanding presence in the upper tier of the ICSC rankings is no coincidence.
Lillian Tummonds
“We continue to listen to our customers,” said Tummonds. “We know that people go to certain shopping centres because of the location and the offerings. If those offerings don’t resonate, they won’t come.”
CF Toronto Eaton Centre, CF Pacific Centre, and CF Richmond Centre Rank in the Top Five
Among Cadillac Fairview’s most notable performers in the 2024 ICSC study were CF Toronto Eaton Centre, CF Pacific Centre in Vancouver, and CF Richmond Centre. CF Toronto Eaton Centre ranked second in Canada with sales per square foot of $1,500, up $43 over the previous year. CF Pacific Centre came in third with $1,454 per square foot, a year-over-year increase of $130 — one of the strongest gains in the national survey. CF Richmond Centre placed fourth overall at $1,359 per square foot, marking another standout year for the downtown Richmond shopping destination.
These strong results were bolstered by CF Chinook Centre in Calgary, which ranked fifth with $1,336 per square foot, up $28 from the previous year. CF Sherway Gardens in Etobicoke also made the top 10, reporting $1,160 per square foot despite a year-over-year decline of $73.
Other Cadillac Fairview malls performing strongly included CF Carrefour Laval at $1,140 per square foot, CF Polo Park in Winnipeg at $1,120, CF Masonville Place in London at $1,094, CF Market Mall in Calgary at $1,090, and CF Fairview Mall in Toronto at $1,063. Most of these centres saw year-over-year gains, with CF Polo Park up $90 and Fairview Mall up $66, showing that CF’s mid-market and regional malls are also posting significant productivity growth.
Main floor of CF Pacific Centre in downtown Vancouver. Photo: Cadillac Fairview
Reinventing the Retail Experience
According to Tummonds, Cadillac Fairview’s success is rooted in a deeply consumer-centric approach. “We try to build community experiences. You’re not just going there to shop. You might also go for a meal, meet friends, or take in an activation,” she said. “We’re always reinvesting in our centres to make sure they look and feel great when people are there. We try to emulate what our shoppers expect — from the moment they arrive to the time they leave.”
CF Toronto Eaton Centre, which remains Canada’s most visited mall, continues to evolve with the redevelopment of the former Nordstrom space. That area will soon house La Maison Simons and Eataly, which Tummonds said will contribute to making the property a “destination” shopping experience. Despite ongoing construction along Queen Street, the centre saw a 3.2 percent year-over-year increase in sales, signalling a steady recovery in downtown foot traffic.
At CF Richmond Centre, Cadillac Fairview is actively densifying the site with residential strata and rental units. The centre’s performance, which secured it fourth place nationally, reflects both a successful retail mix and the momentum from new mixed-use development. “We just welcomed the owners of the new strata units to phase one,” said Tummonds. “Again, we’re building community around the shopping centre.”
CF Richmond Centre in Richmond, BC. Photo: Cadillac Fairview
Expanding Through Pop-Ups and Strategic Leasing
Cadillac Fairview is increasingly embracing shorter-term leases and pop-up retail as part of a broader leasing and marketing strategy. Tummonds noted that these activations not only animate the shopping centres but also serve as test grounds for potential long-term tenants. One example she cited was Vessi, which began as a pop-up at CF Toronto Eaton Centre and has since expanded into a longer-term arrangement.
Pop-up experiences are often tied to seasonal or cultural programming, helping create a unique and memorable atmosphere. Tummonds said these initiatives are important both for community engagement and as a way to showcase retail innovation. “We try to incorporate these activations into the overall experience,” she explained. “It complements our events during the holidays, such as Lunar New Year.”
Holt Renfrew at CF Pacific Centre in downtown Vancouver. With the closure of Hudson’s Bay and the recent shuttering of Nordstrom, Holt Renfrew is the only large-format store of its kind left in downtown Vancouver. Photo: Cadillac Fairview
Culinary Strategy Plays a Key Role
In recent years, Cadillac Fairview has placed growing emphasis on food and beverage offerings across its portfolio. This includes the introduction of Japanese coffee brand %Arabica at both CF Toronto Eaton Centre and CF Richmond Centre. At CF Markville, Cadillac Fairview recently welcomed Chinese restaurant Auric King, while T&T Supermarket at CF Fairview Mall continues to serve a diverse and loyal customer base.
Eataly, the Italian food hall concept, is another central pillar of Cadillac Fairview’s culinary strategy. Already open at CF Sherway Gardens and CF Shops at Don Mills, Eataly will soon launch its fourth Toronto location at CF Toronto Eaton Centre — making Toronto home to more Eataly locations than any other city globally, tied with Tokyo.
Tummonds emphasized that food is no longer just a supplementary offering in malls but a core part of the experience. “It’s a great offering and it draws people in. We’re excited about how that category continues to grow,” she said.
CF Sherway Gardens in Toronto. Photo: Cadillac Fairview
Leveraging Insights and Data to Stay Competitive
Another major advantage for Cadillac Fairview is its use of shopper data and market research to inform merchandising decisions. “We spend a lot of time analyzing our customer base at each centre — what brands they’re looking for, what categories they’re interested in,” said Tummonds. “That helps us ensure we’re always making the right decisions for each location.”
This data-driven strategy has helped Cadillac Fairview secure top-performing tenants and maintain a curated mix of retailers aligned to local needs. It has also allowed CF to navigate the continued reshaping of the Canadian retail environment — including the decline of anchor department stores.
CF Chinook Centre in Calgary. Photo: Cadillac Fairview
Adapting in the Wake of Anchor Store Departures
As department stores continue to exit malls across the country, including recent closures by Nordstrom and the uncertain future of Hudson’s Bay, Cadillac Fairview is actively planning how to reimagine large-format spaces.
Tummonds said the company has “a task force looking at all angles” and is working closely with leasing and development teams to identify new opportunities.
“We’ve survived Simpsons, Eaton’s, Woodward’s, Target, Sears, and now Nordstrom,” said Tummonds. “We’ve done this before and we’ll do it again. Look what we’re doing at TEC — re-demising the Nordstrom box for Simons and Eataly. We’re continuing to evolve, and we’ll find new ways to use those spaces.”
Cadillac Fairview owns the Queen Street Hudson’s Bay building in Toronto and is currently evaluating potential redevelopment strategies for the site. Cadillac Fairview bought the block for $650 million over a decade ago.
A National Portfolio That Continues to Outperform
Cadillac Fairview’s dominance in the 2024 ICSC rankings is not confined to one region or flagship property. With strong performances in Ontario, British Columbia, Alberta, Manitoba, and Quebec, the company’s portfolio-wide consistency underscores the effectiveness of its operational strategy.
In contrast, Oxford Properties had two malls in the top 10 — Yorkdale Shopping Centre and Square One Shopping Centre — while Ivanhoé Cambridge, though still competitive, placed fewer malls among the top-performing nationally. Cadillac Fairview’s results confirm its leading position in Canadian retail real estate by a considerable margin.
“We’re proud of the performance of our centres,” said Tummonds. “But more importantly, we’re proud of the experience we’re building for Canadians across the country. Our focus has always been — and will continue to be — on the customer.”
As Canada’s retail industry continues to evolve post-pandemic, labour and staffing remain front and centre for businesses grappling with shifting economic realities, worker expectations, and technological change. From declining job vacancies to an industry-wide push for skills-based hiring, 2025 is shaping up to be a transformative year for the retail workforce.
According to the latest data from Statistics Canada, employment fell by 29,000 (-1.0%) in wholesale and retail trade in March, partly offsetting an increase of 51,000 in February. On a year-over-year basis, the number of people working in wholesale and retail trade was little changed in March.
According to Statista, there were approximately 2.2 million retail trade employees in Canada in 2024, a slight decrease compared to the previous year.
Still, there is a degree of optimism brewing in the sector. Major retailers like Loblaw and Walmart Canada are investing heavily in workforce development. Earlier this year,Loblaw announced a $1.5 billion investmentaimed at creating over 7,500 jobs across Canada, while Walmart Canada committed an additional $68 million toward wage increases and employee training.
Photo by Pavel Danilyuk
These investments are being viewed as strategic moves to not only improve operations but to also attract and retain talent in a tight labour market. As inflation begins to ease and consumer confidence stabilizes, retailers are positioning themselves for a more sustainable growth trajectory.
But it’s clear there remains a wave of uncertainty.
Hudson’s Bay, Canada’s oldest retailer, is undergoing a significant restructuring that will see the closure of its 80 department stores, including 13 Saks OFF 5TH locations and three Saks Fifth Avenue stores across the country. This decision, approved by an Ontario court in March is part of a broader effort to address financial challenges such as reduced consumer spending, trade tensions, and declining downtown traffic.
Approximately 9,364 employees have been affected.
Bruce Winder
Retail analyst and author Bruce Winder said that during the pandemic, retailers faced a labour shortage and utilized a combination of technology, temporary foreign workers (TFWs) and international students to help fill the gap.
“Since then, as the economy has slowed and governments have tightened up policy on both TFWs and international students, retailers have tried to lower labour costs to offset higher costs-of-goods-sold and lower demand. Some have reduced hours of individual employees or are simply operating with less staff. At the same time, employee expectations have been reduced as work is harder to come by in this high unemployment market. Social media will continue to be a venting ground for retail employees to call out employer bad actors. Retention strategies are needed less in an over-supply labour market,” he explained.
Winder said skills-based hiring may bring lower formal education levels to the retail sector and open up a larger potential labour pool.
“As retailers hire more based on what you can demonstrate versus your education or title, barriers to entry for employees will be reduced. As large value-based retailers adapt to using more technology, some will assist employees with reskilling,” he said. “One must also contemplate the continued migration of employees from working at brick-and-mortar stores to e-commerce operations as the natural shift to online continues as demographics change.”
As legacy retailers like Hudson’s Bay exit the industry (or become reincarnated as smaller entities) we will see a temporary over-supply of retail workers who will either be re-deployed at other retailers, retire or change industries, added Winder.
“As Hudson’s Bay 9,000 + employees lose their jobs, there will be a ripple effect on other product and service businesses as these workers temporarily spend less. The exit of Hudson’s Bay could create additional construction jobs within commercial real estate as The Bay’s stores become repurposed.”
Winder said AI is changing the way retail operates in many ways. Most retailers are using AI to screen resumes and some are using AI to administer first interviews.
“AI can also be used to scrape social media and other digital footprints as part of the employee vetting process. Other areas such as scheduling, labour deployment and performance management/optimization are also using AI to improve results,” he explained.
“AI bots and AI agents, by definition, will reduce the number of frontline employees needed. These same tools can train new employees to get them up-to-speed quicker. The opportunities to use AI are almost limitless. Challenges include “paralysis by analysis” as some retailers may be overwhelmed with the amount of data at their fingertips and the fear of existing employees of being replaced with AI.”
“The work culture is critical, and it has to be a great place to work and earn an income. It’s tough to recruit employees when business is slow and not interesting. That means fewer hours and unpredictable incomes,” he said.
“Retailers need to make it incumbent upon themselves to decide how they want to serve the public and then build their talent strategies around that. In my view, the labour shortages are more severe because there isn’t enough upward mobility in pay or roles. However, that could all be mitigated by developing ways for employees to continue to develop their skills and even participate in a brand’s success.
“Retailers can also tailor benefits and incentives to reflect the needs of part-time and gig-economy workers, adapting to today’s fluid employment preferences.”
As AI agents handle most transactional tasks, human-centred skills like empathy, adaptability, and relationship-building will become retail’s most valuable asset, explained Minakakis.
“Skills-based hiring will redefine frontline roles to ensure consistent execution. Retailers that overlook this will find themselves invisible behind their customers’ AI filters. Personalized and customized in-store experiences are becoming premium touchpoints,” he said.
“The future of retail isn’t just digital, it’s deeply human, supported by smarter training and reskilling pathways that empower workers to deliver something AI can’t. As it relates to reskilling, there is a cost associated with that and creating consistency; the retailers who have those financial and training capabilities will be stronger for it.”
Minakakis has always viewed retailing as an art, and if your art of retailing is not appealing, you face the same challenges as HBC and others who failed before them.
“Business failures displace thousands of employees and bring about more open commercial real estate in the retail sector every year. The larger-scale closures can also create structural shifts within existing large retailers who look for ways to mitigate business costs through the use of technology, so that more resources are directed toward keeping a brand relevant. That means the demand for talent will also evolve into less headcount within home offices which is inevitable, however some of those savings in productivity need to be redistributed to the frontlines where experiences and transactions matter,” he said.
“The loss of anchor tenants can impact smaller retailers who don’t have the brand drawing or even staying power. It is a big challenge to recruit a tenant in centers that are in more regional settings, and less foot traffic will make it even harder to replace large tenants.
“However, the loss of one more major retailer, while not good news, does make some of the displaced workers available for new opportunities. And retailers who are looking to improve their talent base should be pursuing this available talent.”
Photo by Andrea Piacquadio
Minakakis said businesses in general may be using AI for scheduling and defining tasks that need to be completed and when, particularly in logistics and distribution hubs.
“With respect to recruitment, hiring from resumes comes with risks of bias and privacy issues. AI can help move away from static training models and create more on-demand learning, which would be advantageous if it can also lead to some kind of accreditation with third-party programs that can be leveraged by all retailers. But what AI can’t do is determine human behaviours, personal and cultural fit,” he said.
“I should point out that AI can enhance workplace productivity, strategic direction, innovation, and customer experiences in terms of insights with the right resources. And as I have been sharing with others about organizational redesign. Organizations will redefine work in three categories: creators, solvers, and executors; therefore, recruiting will likely form this way as well, especially in the retail sector.
“Retailing has many moving parts. You can create a great brand story, have a team of talented people, the right location, merchandise, and messaging. But if one of these is out of synch, everything is.”
Looking ahead, the industry is expected to continue its embrace of technology-driven staffing models, including AI-assisted recruitment, employee engagement platforms, and predictive analytics for scheduling and inventory management. These tools are being leveraged to boost efficiency and respond to the modern worker’s expectations for meaningful, tech-integrated employment.
In summary, Canadian retail in 2025 is a sector in transition. The challenges are real—labour shortages, retention issues, shifting customer expectations—but so are the opportunities. As businesses continue to invest in people, technology, and forward-thinking practices, the sector is poised not just to recover, but to redefine what retail work looks like in the years ahead.
Top Trends to Watch:
Decline in retail job vacancies, hitting an 8-year low
Growth in skills-based hiring practices
Increased investment in employee reskilling over new hires
Prioritization of wellness and work-life balance to boost retention
Strategic job creation by national chains like Loblaw and Walmart Canada
Greater use of AI in hiring and workforce development
Retail may be changing, but one thing is clear: people remain its most valuable asset.
Specsavers at Sherwood Park Mall (Image: Sherwood Park Mall / Primaris REIT)
Specsavers, the globally recognized optical retailer, continues to make significant strides in Canada, surpassing 150 store locations and establishing itself as a formidable presence in the country’s eyewear and eyecare market.
“As of today, we have 153 Specsavers locations operating across four provinces in Canada—British Columbia, Alberta, Ontario and Manitoba,” said Bill Moir, Managing Director of Specsavers Canada. “It’s been an exciting journey since we launched in Canada in 2021, and we are incredibly proud of how quickly we have grown and the teams that are serving our customers and patients.”
Bill Moir, Managing Director of Specsavers Canada
The Canadian rollout, Moir noted, has met and even exceeded original expectations. “We’re on track and happy with our progress. Thanks to the commitment of our optometry partners, retail partners, and teams across the country, we have been able to quickly deliver tangible results,” he said. Specsavers has now achieved brand awareness of over 85%, positioning it among the most recognized optical brands in the country.
A Clear Market Strategy
Central to Specsavers’ success is its differentiated market positioning. “Our purpose is to change lives through better sight,” said Moir. “What sets us apart is how we combine quality, affordability, and advanced clinical care.”
Every Specsavers location is equipped with optical coherence tomography (OCT) technology, providing advanced 3D eye scans as part of every standard eye exam. Glasses start at $69, including single-vision lenses, making high-quality eyewear accessible to a broad base of Canadians.
Another unique aspect is Specsavers’ humorous advertising approach. “The relatability of our ‘Should’ve gone to Specsavers’ brand platform makes the important topic of eye health more approachable, in a way Canadians haven’t experienced before,” Moir explained.
Urban centres such as Toronto and Vancouver have been major contributors to growth, but Moir emphasized that strong demand exists everywhere. “We have seen excellent traction in suburban and smaller markets where access to care has traditionally been more limited,” he said.
Canadian Consumers Respond Enthusiastically
“We’ve been blown away by the response of Canadians,” said Moir. “Our value proposition is clearly resonating with people who want high-quality eyecare and eyewear at an affordable price point, especially at a time when Canadians are under financial pressure.”
Campaigns featuring astronaut Chris Hadfield have also boosted visibility and engagement. “Our partnership with Chris Hadfield is exceeding our expectations,” Moir added.
Photo: Specsavers Canada
Store Design Tailored for Canada
Specsavers’ Canadian stores maintain the brand’s global standards while incorporating some local adaptations.
“Our Canadian locations are similar to the Specsavers format seen globally—clean, modern spaces that are designed with both the clinical and retail experience in mind,” said Moir. Enhancements include upgraded lighting, frame displays, and signage optimized for Canadian consumers.
“Every Specsavers location is equipped with the latest technology to deliver high-quality eyecare services,” Moir said, noting that stores are co-owned by a Retail Partner and an Optometry Partner to ensure both clinical excellence and outstanding customer service.
“It’s absolutely vital,” Moir said of the in-store experience. “From the moment a customer walks in the door to when they pick up their new glasses or contact lenses, we want the experience to feel easy, supportive and exceptional.”
Omnichannel Growth: Bridging Physical and Digital
While eyecare is inherently personal, Specsavers is increasingly leveraging digital tools. “We’re seeing strong growth from online bookings, appointment reminders, and customers browsing frame styles online,” said Moir.
Virtual Try-on tools allow customers to preview frames from home, helping streamline their visits.
“Digital tools are an extension of the in-store experience,” Moir explained. “Before a visit, customers can book exams and virtually try on frames. During the visit, we use digital tools to assist with product selection and precise measurements. Afterward, we’re enhancing services like order tracking and prescription history.”
Photo: Specsavers Canada
Ambitious Growth Plans
Looking ahead, Specsavers plans to maintain its aggressive expansion. “We expect to grow to well over 200 locations over the next 12-24 months, putting us on track to care for 1 million Canadians in 2025,” Moir shared.
Expansion will continue across existing provinces with new stores opening shortly in Bradford, Ontario, and Vancouver. Moir also hinted at future possibilities. “There’s still plenty of opportunity within our existing provinces, but we will expand into other provinces in the future as our brand awareness and customer demand grow,” he said.
As for Quebec and Northern Canada? “We are always focused on expanding access to care,” Moir affirmed, adding that consumer demand will drive the next phase of growth.
Understanding the Canadian Consumer
“We’ve found that Canadians are very responsive to our purpose-driven approach,” said Moir. “Compared to other markets, there’s a heightened focus on transparency and inclusivity, which aligns well with our values.”
Specsavers’ combination of quality and affordability is winning over Canadian customers who are increasingly discerning. “Canadians are prepared to shop around for the best products, so our value proposition is proving very successful,” he added.
Photo: Specsavers Canada
Building a Best-in-Class Workplace
Adding to its achievements, Specsavers was recently named one of Canada’s best places to work, ranking as the highest among retailers and 11th across all industries nationally.
“It’s an incredible honour,” said Moir. “It’s a true reflection of our people and the culture we’ve built together—rooted in collaboration, respect and care.”
Specsavers’ purpose-driven culture played a major role in this distinction. “At Specsavers, our purpose is to change lives through better sight and that mission is at the core of our culture,” said Moir. A notable 88% of retail employees agreed that their work has special meaning.
“Respect and inclusion are at the heart of everything we do,” Moir continued, pointing to the company’s receipt of the “Respect Award” as a particularly gratifying recognition.
Investing in People
Specsavers supports employee growth through comprehensive onboarding, training, and career development opportunities. “We offer structured development programs and clear pathways for growth,” said Moir. For optometry partners, the focus is on providing the technology, systems, and business support needed to deliver exceptional patient care.
Attracting and retaining talent remains a priority. “Our purpose-driven approach is a major draw,” said Moir. “People want to work for a company that shares their values.”
Specsavers was also recently recognized as one of the best workplaces to grow a career in Canada by LinkedIn, underscoring its commitment to employee success. “We provide competitive compensation, professional development opportunities, and a workplace where people feel respected and valued,” said Moir. “That’s why so many of our team members choose to grow their careers with Specsavers.”
A Bright Future Ahead
Founded in 1984 by Doug and Mary Perkins in Guernsey, Specsavers has grown into a global brand with over 2,700 stores worldwide. Its entry into Canada in 2021 marked a major step in the company’s international expansion strategy, backed by a $100 million investment.
With its partnership-driven model, commitment to clinical excellence, and focus on community engagement, Specsavers is well on its way to achieving its goal of serving one million Canadians by 2025 — and cementing its place as a leader in the country’s optical retail market.
Walmart Canada is launching its first pharmacy clinic in St. Catharines, Ontario, with additional clinics opening later this year.
“The new in-store clinic space will enhance our licensed pharmacists’ ability to provide direct consultations and healthcare services within their expanded scope of practice to our St. Catharines patients, beyond dispensing medication via the pharmacy. The opening of these clinics continues to highlight Walmart Canada’s commitment to enhancing access to affordable, personalized care for Canadians while delivering best-in-class patient care,” said the company in a news release on Wednesday.
“With the convenience of the pharmacy clinic and pharmacy services under one roof, patients will benefit from a one-stop-shop experience for their healthcare needs. Each of the new pharmacy clinics will be located adjacent to an existing pharmacy within a Walmart Canada store, ensuring the seamless integration of pharmacy clinic and pharmacy services. Similar to a walk-in medical clinic, they’ll provide patients the ability to meet with licensed pharmacists who can treat minor ailments (UTIs, cold sores, allergies, skin conditions, etc.), conduct point of care testing (blood pressure, HbA1C, cholesterol, etc.), and offer medication management and support. Patients are welcome to schedule an appointment online or walk in.”
Alex Hurd
“One in 5 Canadians don’t have a family doctor or nurse practitioner they see regularly. Our Walmart pharmacy clinics will help close this gap by becoming an easy access point for our pharmacists to provide non-urgent consultations and services beyond dispensing medications,” said Alex Hurd, VP Health Services.
“Our goal is to help ease the strain on emergency departments and traditional walk-in medical clinics. This is a significant step for the healthcare needs of the communities we serve, and we look forward to continuing to provide our customers with affordable and accessible healthcare.”
Kiran Basra
“We’re excited to offer a new level of accessible healthcare to our patients,” said Kiran Basra, Senior Director, Pharmacy and Field Operations. “We’ve been granted a unique opportunity here in Canada with the expanded scope of practice for pharmacists. By leveraging our pharmacists’ expertise, we’re able to make a lasting impact on our patients by providing more personalized and effective healthcare solutions so they can continue to save money and live better.”
Located at the Walmart Supercentre at 420 Vansickle Road, the St. Catharines pharmacy clinic will operate Monday to Sunday, 10 a.m. to 6 p.m. Services provided will include:
The RCC said this honour is presented to a distinguished industry leader whose vision and impact have reshaped the retail landscape. Roberge is being recognized not only for his outstanding business leadership, but also for his lasting contributions to elevating Quebec’s fashion industry and strengthening Canada’s presence on the global retail stage.
“François’s career has always been about more than building a retail business — it’s been about leading with heart, purpose, and a bold vision for innovation and creativity,” said Diane J. Brisebois, President and CEO of RCC. “As la Vie en Rose marks 40 years, it stands not only as a Canadian success story, but as a testament to François’ values of entrepreneurship grounded in community, excellence guided by empathy, and a legacy that will inspire generations to come.”
Raised on a farm in Quebec and born into a family of merchants, François Roberge began his career in retail behind the wheel of a delivery truck for Boutiques San Francisco. In 1996, he acquired la Vie en Rose and began a thoughtful transformation of the brand, relocating its headquarters to Montreal and charting a course for growth. Under his leadership, la Vie en Rose expanded internationally, entering the Saudi Arabian market in 2004, acquiring Bikini Village in 2015, and launching into the United States in 2024. Today, the brand is recognized as a global leader in intimate apparel, with over 400 stores across 20 countries and a team of more than 5,000 employees, said the RCC.
Diane J. Brisebois. Image: Retail Council of Canada
“Roberge’s impact extends well beyond the success of la Vie en Rose. As the founder of the non-profit organization MMODE, he has played a pivotal role in positioning Quebec as a global fashion hub—driving international growth while championing local talent. In 2002, he established the Roses of Hope Foundation, which has since contributed over $4 million to breast cancer research and women’s wellness initiatives. More recently, his philanthropic efforts have expanded to include environmental causes, raising $1 million for nature conservation in 2024, with plans to match that support again in 2025,” said the national organization.
Capping off the first day of RCCSTORE25, Canada’s premier retail conference, the Excellence in Retailing Awards Gala will celebrate the industry’s top performers. Taking place June 3–4, 2025, RCCSTORE25 will feature 75+ expert speakers and draw retail leaders from across North America and beyond.
Founded in 1985 and headquartered in Montreal, la Vie en Rose is Canada’s leading specialty lingerie retailer. It has more than 400 locations worldwide.
Retail is Canada’s largest private-sector employer with over 2.3 million Canadians working in the industry. This sector is a major economic contributor, generating more than $93 billion annually in wages and employee benefits. In 2024, core retail sales (excluding vehicles and gasoline) exceeded $507 billion. RCC members account for more than two-thirds of these core retail sales and 95 per cent of the grocery market. The RCC membership extends across the country, embracing over 54,000 storefronts in diverse formats such as department, grocery, specialty, discount, independent retailers, online merchants, and quick service restaurants.
During the quarter, Loblaw said it continued its focus on providing Canadians with quality, value, service, and convenience, across its coast-to-coast network of stores and digital platforms.
“Strong customer response to everyday value offerings, personalized PC Optimum™ loyalty offers, and impactful promotions drove continued sales momentum and market share gains, underpinned by positive unit sales and larger baskets in Food Retail. In Drug Retail, pharmacy and healthcare services performed well, reflecting continued strong growth in prescription volumes and specialty drugs,” it said in a news release.
“Front store sales were strong across beauty categories and reflected an extended cough, cold and flu season, partially offset by the exit from certain items in the electronics category. Delivering against its capital investment plans to open approximately 80 new stores and 100 new clinics in 2025, the Company brought Hard Discount banners to five new communities and opened four new pharmacies with expanded clinics in the quarter, and opened a second T&T Supermarket in downtown Toronto.”
Per Bank
“We will continue to support Canadian companies and brands, highlight Canadian-made products in our stores, and deliver value across our network,” said Per Bank, President and Chief Executive Officer, Loblaw Companies Limited. “Our commitment to retail excellence is resonating with customers and allowed us to deliver consistent financial results.”
2025 FIRST QUARTER HIGHLIGHTS
Revenue was $14,135 million, an increase of $554 million, or 4.1%.
Retail segment sales were $13,837 million, an increase of $547 million, or 4.1%.
Food Retail (Loblaw) same-stores sales increased by 2.2%.
Drug Retail (Shoppers Drug Mart) same-store sales increased by 3.8%, with pharmacy and healthcare services same-store sales growth of 6.4% and front store same-store sales growth of 0.9%.
E-commerce sales increased by 17.4%.
Operating income was $906 million, an increase of $45 million, or 5.2%.
Adjusted EBITDA was $1,591 million, an increase of $47 million, or 3.0%.
Retail segment gross profit percentage was 31.5%, a decrease of 10 basis points.
Net earnings available to common shareholders of the Company were $503 million, an increase of $44 million or 9.6%.
Diluted net earnings per common share were $1.66, an increase of $0.19, or 12.9%.
Adjusted net earnings available to common shareholders of the Companywere $570 million, an increase of $33 million, or 6.1%.
Adjusted diluted net earnings per common share were $1.88, an increase of $0.16 or 9.3%.
Net capital investments were $191 million, which reflects gross capital investments of $246 million, net of proceeds from property disposals of $55 million.
Repurchased for cancellation 2.49 million common shares at a cost of $457 million. Free cash flow used in the Retail segment was $264 million.
Quarterly common share dividend increased from $0.513 to $0.5643 per common share, an increase of 10%, marking the fourteenth consecutive year of dividend increases.
RETAIL SEGMENT
Retail segment sales in the first quarter of 2025 were $13,837 million, an increase of $547 million, or 4.1%.
Food Retail (Loblaw) sales were $9,787 million and same-store sales grew by 2.2% (2024 – 3.4%).
The Consumer Price Index as measured by The Consumer Price Index for Food Purchased From Stores was 2.6% (2024 – 2.6%) which was in line with the Company’s internal food inflation; and
Food Retail traffic was flat and basket size increased.
Drug Retail (Shoppers Drug Mart) sales were $4,050 million, and same-store sales grew by 3.8% (2024 – 4.0%), with pharmacy and healthcare services same-store sales growth of 6.4% (2024 – 7.3%) and front store same-store sales growth of 0.9% (2024 – 0.7%).
Pharmacy and healthcare services same-store sales growth was 6.4% (2024 – 7.3%), led by specialty prescriptions. On a same-store basis, the number of prescriptions increased by 2.3% (2024 – 4.0%) and the average prescription value increased by 4.4% (2024 – 2.0%).
Front store same-store sales growth was 0.9% (2024 – 0.7%). Front store same-store sales growth was primarily driven by higher sales of beauty and over-the-counter (“OTC”) products, partially offset by the decision to exit certain low margin electronics categories.
Loblaw said it will “continue to execute on retail excellence while advancing its growth initiatives with the goal of delivering consistent operational and financial results in 2025. The Company’s businesses remain well positioned to meet the everyday needs of Canadians.”
In 2025, the company’s results will include the impact of a 53rd week, which is expected to benefit adjusted net earnings per common share growth by approximately 2%. On a full-year comparative basis, excluding the impact of the 53rd week, the company said it continues to expect:
its Retail business to grow earnings faster than sales;
adjusted net earnings per common share growth in the high single-digits;
to continue investing in our store network and distribution centres by investing a net amount of $1.9 billion in capital expenditures, which reflects gross capital investments of approximately $2.2 billion, net of approximately $300 million of proceeds from property disposals; and
to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.
In the first quarter of 2025, 10 food and drug stores were opened and 4 food and drug stores were closed. Retail square footage was 72.3 million square feet, a net increase of 1.0 million square feet, or 1.4% compared to the first quarter of 2024.
Hudson's Bay store at Guildford Town Centre in Surrey, BC. Photo: Apple Maps
As the dismantling of the Hudson’s Bay Company accelerates under court supervision, a Toronto-based investment firm has stepped forward with a bid that blends patriotism with strategic asset play.
Urbana Corp., led by CEO Thomas Caldwell, has confirmed its intent to acquire the Hudson’s Bay Company brand name and historic Royal Charter. If successful, Caldwell said the firm would donate the 1670 Charter to a museum in Canada.
“The Charter should be back in Canada. There are no ifs and buts,” Caldwell told the Financial Post. “It’s not like our constitution, but it’s not far off. It is the genesis of enterprise and trading and growth in Canada.”
Founded in 1670, the Hudson’s Bay Company is North America’s oldest commercial corporation. But after filing for creditor protection last month owing more than $1 billion, HBC is being forced to liquidate its assets, including store leases, fixtures, intellectual property, and a vast archive of more than 4,400 historic items, many tied to Canada’s colonial and commercial development.
A Strategic Bid with Nationalist Undertones
Caldwell, whose firm manages around $500 million in assets, noted that while acquiring the brand could yield licensing or retail opportunities, the primary motivation is to protect Canadian heritage. Urbana Corp., which is listed on the TSX, has experience investing in both public securities and private equity.
Carl Boutet
Retail expert Carl Boutet said the move was “unexpected,” describing Urbana as “out on left field” in a process otherwise dominated by retail entities and business operators.
“They’re not a retail operator. They’re more of an equity firm,” Boutet said in an interview. “But there’s a growing sense of cultural urgency around the Charter in particular. This is good PR for Urbana, no doubt — but also a smart asset play if they can license the brand or partner with someone else who wants to retail it.”
Interest Surges in Brand, Real Estate, and Artifacts
As the April 30 bid deadline looms, more than 60 bids have been submitted for Hudson’s Bay store leases alone. Multiple Canadian shopping centre landlords are said to be among the suitors, especially those looking to reclaim anchor spaces or repurpose properties.
Some Hudson’s Bay boxes require significant upgrades, as investment has been lacking for years. Saks Fifth Avenue’s Canadian real estate is also said to have seen considerable interest in particular, given that stores are newer and better maintained.
The Queen Street flagship Hudson’s Bay in Toronto, for example, needs tens of millions of dollars in plumbing upgrades. The deteriorating infrastructure has already impacted Saks operations, with its main floor restaurant Lena shuttered due to water issues.
Boutet said that even if someone were to acquire both the brand and store leases, the business model remains deeply challenged.
“The idea of decoupling the intellectual property from the physical store network makes a lot of sense,” he said. “Trying to revive both at once is just too heavy a lift.”
Liquidation at Hudson’s Bay Queen Street in Toronto, April 25, 2025. Photo: Craig Patterson
Chinese Billionaire Weihong Liu in Toronto Scouting Stores
One of the most talked-about figures circling Hudson’s Bay is Weihong Liu, a Chinese billionaire who has been rumoured to be exploring a 30-store acquisition strategy. Liu was in Toronto over the weekend, visiting the Queen Street Hudson’s Bay store and Yorkdale Shopping Centre. Her movements were shared on Chinese social media platform RedNote, where she has a sizable following.
While Liu has not commented publicly, Boutet said she may be the only bidder interested in acquiring both the brand and a significant number of leases.
“She could be aiming to take over a sizable footprint and run a leaner version of the department store concept,” Boutet explained. “But that comes with enormous cost and risk, especially considering landlords previously declined to reinvest under the former HBC management.”
Liquidation success: empty shelves at the Hudson’s Bay store in downtown Montreal on Monday, April 28. Photo: Maxime Frechette
Urbana’s Motives: History and Business
While Urbana’s focus appears to be the brand and Charter, rather than the retail operations, Boutet believes their move may offer a glimmer of hope for a Hudson’s Bay 3.0.
“If they acquire the IP, they could license it to someone like Simons, or even collaborate with a digitally native brand that wants to build on the heritage. There’s still value in the name — but only if you can do something fresh with it.”
Urbana’s stock surged more than 6% following news of its bid. The company confirmed on its website that its decision to pursue the HBC brand and Charter was tied to its interest in preserving Canadian business history.
“They’re publicly traded, so it’s all on the record,” said Boutet. “They had $497 million in other assets on their last balance sheet and $45 million in liabilities. So they’re well positioned to make a bid.”
Liquidation at Hudson’s Bay Queen Street in Toronto, April 25, 2025. Photo: Craig Patterson
What Happens Next?
The court has not yet indicated whether the Royal Charter will be protected from auction, although several parties have urged it be treated as a nationally significant artifact. So far, the Charter remains available to the highest bidder, subject to final judicial review.
“There’s nothing more historically important in the asset list than that Charter,” Boutet noted. “If anything should be preserved, it’s that.”
Meanwhile, many observers believe a piecemeal breakup of HBC is the most likely outcome. “You’ll have separate winners for real estate, brand IP, and artifacts,” said Boutet. “And that’s not necessarily a bad thing. It might be the clean break this company needs to evolve.”
He added, “The real question now is whether anyone can bring forward a compelling vision — not just to own these assets, but to do something meaningful with them.”
