While the broader economy continues to face headwinds, the restaurant industry under Jody Palubiski’s leadership is heating up.
Jody Palubiski. Photo credit: Charcoal Group
Palubiski, CEO of the Charcoal Group, oversees 18 restaurants across Southern Ontario, including the iconic Charcoal Steakhouse in Kitchener, which has been in operation since 1955. “That’s still in constant operation and it does very well — having its best year ever,” he says.
Despite economic uncertainty, rising costs of living, and changing consumer habits, Palubiski says the restaurant group is growing. “We’re still exceeding last year and feel optimistic. We’ve currently just signed off on four more leases and have three in discussion for the next two and a half years.”
He acknowledges broader challenges in the industry: “There’s a lot of uncertainty in the marketplace – a lot of noise in the media,” which he believes contributes to “some lack of consumer optimism.” Yet, restaurants, he says, continue to resonate with people.
“We’re in an industry that people love, that people aspire to. Everybody who’s ever worked in it has dreamed about owning their own place,” says Palubiski. He adds that while some chains are growing and others are pulling back, “it gets down to operation, style of restaurant, but also very largely geography and locations and all the old stuff that we’ve always looked at.”
Photo credit: Charcoal Group
The Charcoal Group has recently expanded with new Beertown locations in London and Whitby. When asked about the labour market, Palubiski says, “We’re tremendously fortunate. We are fully staffed from a culinary standpoint, from a front of the house management standpoint, from an hourly standpoint. We’re actually finding it to be a really positive job market right now.”
Attracting and retaining talent, he emphasizes, is a strategic priority. “The main thing you have to do is retain good people, create an ecosystem or an environment that can benefit everybody within it. If you do that, not only do you retain people, but word of mouth and willingness to refer their friends becomes far easier.”
Palubiski also takes a deeply personal perspective on what working in hospitality offers, particularly to young people starting their careers. “I’m a father of four. Over the years, I look at it through the eyes of my experience and as the experience of an employer, having kids enter the workforce and looking at it through their eyes as well as the eyes of a parent.”
He says the industry provides critical life skills: “Learning employability skills, being on time, looking sharp, having a winning mindset. How to be a positive team member. How to communicate effectively. That’s a great piece.”
He adds, “I want my staff to be able to greet people, look them in the eye, confidently say, ‘How are you this evening? Thank you for joining us at Beertown.’”
Photo credit: Charcoal Group
Confidence, communication, teamwork, leadership, and resilience are all traits Palubiski believes the restaurant environment can build. “We can work in a high-pressure environment and at the end of the day, come out of it, have a successful shift, high five each other — to know that you worked through pressure and came up the other side in a really positive way helps build resilience.”
And for restaurants, getting staffing right is non-negotiable. “You have to get it right,” he says. “There has to be a continued focus on attracting, onboarding, training, and positively managing the very best people in the industry and building superior teams. That’s how you do well in our industry. It is the hospitality industry, and so hospitality has to be the leading factor in those things.”
April’s retail sales data brought a wave of optimism for Canadian retailers, with overall sales up 6.1% YOY. Even discretionary spending—a category often sensitive to economic uncertainty—showed a healthy 4.2% YOY growth.
The strong retail performance in April can be attributed to a mix of strategic marketing and opportunistic shopping. A growing sense of national pride seems to be influencing buying behavior, as “Made in Canada” and “Canada-Owned” labels are becoming a focal point for both retailers and consumers. Many stores are actively promoting Canadian-made products, and this push appears to resonate with shoppers eager to support local businesses.
Additionally, the liquidation sales at Hudson’s Bay played a surprising role in driving foot traffic to shopping centres. While customers initially flocked to capitalize on discounts at Hudson’s Bay, many likely extended their visits to other retailers in the same malls. This spillover effect underscores the importance of physical retail spaces in creating opportunities for incidental purchases, even in a predominantly digital shopping era.
Not all retail categories shared in April’s success. Convenience Store sales fell -0.8% YOY, continuing a troubling trend—down nearly -5% YTD. This decline reflects deeper structural challenges within the sector.
One major issue is the overreliance on alcohol sales, which often takes up valuable shelf space that could be used for more diverse or innovative product offerings. Compounding this, further competition from pharmacy (e.g., Shoppers Drug Mart, Rexall, etc.), dollar stores, and even grocery, are encroaching on convenience stores’ territory, offering similar products—often with a stronger focus on health and wellness.
The consumer shift toward healthier lifestyles is especially problematic for traditional convenience stores, which remain rooted in their legacy of chips, candy, and sugary drinks. Without adapting to these changing preferences, convenience stores risk falling further behind in a market that increasingly values fresh, nutritious, and functional products.
The health and wellness sector continues to thrive, reshaping consumer behavior across multiple retail categories. For instance, Health and Personal Care Stores saw sales grow 7.8% YOY in April, extending a years-long trend that began during the pandemic. Consumers are clearly prioritizing self-care, with demand surging for vitamins, supplements, skincare, and other health-focused products.
Interestingly, while Beer, Wine, and Liquor Stores posted a modest 2.6% YOY increase in April, their YTD growth is just 0.7%, reflecting the longer-term decline. Many Canadians continue to be cutting back on alcohol consumption, aligning with broader health trends.
Meanwhile, cannabis retailers are flourishing, with sales up an impressive 13.7% YOY. Cannabis is increasingly viewed as a healthier alternative to alcohol in certain formats, making it a strong contender in the evolving health-conscious landscape. This shift is forcing traditional alcohol retailers to rethink their strategies to stay relevant in a market that is clearly moving toward wellness-focused alternatives.
With these impressive April retail sales results, JCWG has been thinking about:
Will an increased focus on purchasing Made in Canada products become a long term change in Canadian consumer habits?
Where will we see spikes in retail sales as Canadians travel nationally throughout the summer to keep their dollars at home?
Will the exit of Hudson’s Bay have a major effect on foot traffic to shopping centres?
How are YOU changing your merchandise planning to include more Canadian products?
Retail Sales by Product Category, Same Month Comparison
Sales for the Month of April
Apr-25
Apr-24
YOY
All Stores
70,720,899
66,646,053
6.11%
Motor Vehicle and Parts Dealers
22,204,318
19,714,570
12.63%
Gasoline Stations
5,824,240
6,320,283
-7.85%
All Stores Less Automotive
42,692,341
40,611,200
5.12%
Food and Beverage Stores
12,695,431
12,010,605
5.70%
Supermarkets and Other Grocery Stores*
9,148,749
8,660,083
5.64%
Convenience Stores
684,612
689,913
-0.77%
Specialty Food Stores
956,603
803,862
19.00%
Beer, Wine and Liquor Stores
1,905,468
1,856,747
2.62%
Health and Personal Care Stores
5,995,590
5,562,931
7.78%
All Stores Less Automotive, Food, and Pharmacies
24,001,320
23,037,664
4.18%
General Merchandise Stores
9,249,352
8,886,442
4.08%
Furniture, Home Furnishings, Electronic and Appliance Stores
3,520,621
3,414,294
3.11%
Furniture Stores
1,152,928
1,131,960
1.85%
Home Furnishings Stores
720,740
696,799
3.44%
Electronics and Appliance Stores
1,646,954
1,585,536
3.87%
Clothing and Accessories Stores
3,465,717
3,213,088
7.86%
Clothing Stores
2,684,964
2,481,128
8.22%
Shoe Stores
391,371
393,625
-0.57%
Jewellery, Luggage and Leather Goods Stores
389,381
338,335
15.09%
Sporting Goods, Hobby, Book and Music Stores
3,795,606
3,512,839
8.05%
Building Material and Garden Equipment
3,970,024
4,011,001
-1.02%
Miscellaneous Store Retailers
2,544,049
2,260,660
12.54%
Cannabis Retailers
466,698
410,519
13.68%
Retail Sales by Store Category, Year to Date Comparison
Year-to-Date Sales Ending April
Apr-25
Apr-24
YTD
All Stores
254,230,320
242,694,543
4.75%
Motor Vehicle and Parts Dealers
72,775,476
66,890,535
8.80%
Gasoline Stations
23,895,308
24,281,482
-1.59%
All Stores Less Automotive
157,559,536
151,522,526
3.98%
Food and Beverage Stores
49,106,790
47,870,237
2.58%
Supermarkets and Other Grocery Stores*
35,912,207
34,840,385
3.08%
Convenience Stores
2,521,888
2,653,054
-4.94%
Specialty Food Stores
3,399,569
3,151,939
7.86%
Beer, Wine and Liquor Stores
7,273,127
7,224,860
0.67%
Health and Personal Care Stores
23,197,328
21,607,399
7.36%
All Stores Less Automotive, Food, and Pharmacies
85,255,418
82,044,890
3.91%
General Merchandise Stores
33,075,796
31,929,863
3.59%
Furniture, Home Furnishings, Electronic and Appliance Stores
Grocery basket in a grocery store. Image: iStock/licensed
If the world was looking for a distraction from the intensifying trade tensions under Trump 2.0, the U.S.’ direct military action in Iran certainly delivers. But this is no sideshow. The escalation in the Middle East could have immediate and far-reaching consequences, especially for the global agri-food sector—and Canada is not immune.
Geopolitical volatility in the Middle East has historically triggered sharp increases in crude oil prices. Following initial Israel–Iran exchanges in June, oil prices surged over 10%, and the latest attacks suggest more turbulence ahead. Since natural gas is a core input for fertilizer production, any spike in energy markets means higher fertilizer costs. While most Canadian farmers have already secured inputs for this season, unlike the early-2022 Ukraine invasion, cost pressures will be felt later in the supply chain.
But the shutdown of Iran’s urea and ammonia plants could ripple through global fertilizer markets, tightening supply and driving up prices—especially for nitrogen-based fertilizers. Canada, though a fertilizer producer, still relies on global pricing dynamics, and higher costs could significantly impact input expenses for Canadian farmers. This could reduce planting margins for crops like wheat, canola, and corn, potentially leading to lower yields or higher food prices. If South American buyers shift demand to other suppliers like the U.S. or Trinidad, competition for fertilizer could intensify.
The Strait of Hormuz, a strategic chokepoint for one-third of global oil and gas shipments, is now even more vulnerable. Any disruption could delay fertilizer and grain shipments, elevate global logistics costs, and strain the availability of key imports like soybeans and wheat. Global supply chains, already stressed, will feel the pinch.
Currency volatility often follows regional conflict. Emerging market currencies tend to weaken, raising the cost of food and ag inputs in fragile economies. For Canada, the situation is more nuanced. Higher oil prices may support the loonie, but geopolitical instability breeds uncertainty—and markets despise uncertainty. A weaker Canadian dollar could make imported food, from produce to packaged goods, more expensive.
This confluence of factors—rising transport and input costs, potential shipping delays, currency instability—can accelerate food inflation across Canada. Our food supply chain is vast, import-reliant, and highly sensitive to energy costs. Greenhouse operators, Prairie grain growers, and livestock producers could all face margin pressure. Consumers, particularly in lower-income households and in regions like Atlantic Canada or the North, will feel the consequences most acutely.
Beyond economics, Ottawa’s diplomatic playbook will be tested. Sanctions—whether imposed by or against Canada—could further disrupt agri-food trade, as was the case in past global conflicts. Export restrictions, trade policy shifts, and new subsidies may emerge as countries scramble to stabilize domestic markets.
The global food system is deeply interconnected. What happens in the Middle East doesn’t stay there—it sends shockwaves across continents, from farm to fork. This latest escalation is a stark reminder of how vulnerable our food economy remains to geopolitical unrest. Let’s hope policymakers are paying attention—and that they keep food-insecure populations, both here and abroad, top of mind.
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 several days.
Managing a fleet eats up money fast. Telematics changes that. It’s not just GPS tracking; it’s a system that grabs real-time data from vehicles. Think location, speed, fuel use, and engine health. This tech, often a small device plugged into a vehicle’s OBD-II port, sends info to a cloud platform. Fleet managers then see everything on a dashboard, whether on a phone or computer. By tapping into this data, businesses spot ways to save cash instantly.
Cutting Fuel Costs with Smart Data
Fuel burns a hole in every fleet’s budget. Telematics helps plug that hole. It tracks how much fuel vehicles guzzle and spots bad habits like idling or speeding. For example, data might show a driver idling for hours, wasting fuel. Managers can then coach drivers to cut it out. Route optimisation is another win. Telematics suggests shorter paths, reducing miles driven. According to industry insights, this can shave significant chunks off fuel bills, sometimes overnight, as fleets adjust routes and habits based on real-time info.
Maintenance That Saves Money
Repairs can cripple a fleet’s finances. Telematics catches issues early. Devices pull diagnostic trouble codes (DTCs) straight from the vehicle’s engine. If a fault pops up, managers get alerts instantly. No waiting for a driver to notice a dashboard light. This means small problems don’t turn into big, expensive ones. Pairing telematics with software like Radius automates maintenance schedules. Odometer readings sync daily, triggering service reminders when needed. This keeps vehicles running longer and avoids costly breakdowns.
Proactive Maintenance in Action
Imagine a van hitting 5,000 miles. Telematics flags it for an oil change. The system sends a notification, and the manager schedules it before damage occurs. This proactive approach, backed by real-time data, reduces downtime. Downtime hurts profits; of course, vehicles in the shop aren’t earning money. By addressing issues fast, fleets stay on the road, keeping costs low and customers happy.
Stopping Wasteful Vehicle Use
Unauthorized vehicle use is a silent profit killer. Drivers taking company vans for personal errands rack up fuel and wear costs. Telematics puts a stop to this. It tracks where vehicles are, even outside work hours. If a truck moves when it shouldn’t, an alert pings the manager. This data, drawn from GPS and engine activity, lets fleets crack down on misuse. Using tools from www.radius.com, companies may be able to cut thousands in losses by spotting and addressing off-hours vehicle use. Real-time visibility makes all the difference.
Boosting Efficiency Across Operations
Telematics doesn’t just save on fuel and repairs. It streamlines the whole operation. By integrating with fleet management software, data flows into one place. Managers see vehicle locations, driver habits, and maintenance needs on a single dashboard. No more chasing paper logs or waiting for driver reports. This cuts admin time and errors. For instance, software can calculate cost per mile using telematics data, showing which vehicles are too expensive to keep. This helps fleets decide when to replace old trucks, saving money long-term.
Real-Time Decisions, Real Savings
Picture this: a delivery van takes a long route, burning extra fuel. Telematics spots it, and the manager reroutes the driver instantly. Or a fault code triggers, and a work order is created automatically. These quick actions, powered by live data, keep costs down. Fleet management platforms, paired with telematics, turn raw data into actionable steps. Businesses save by acting fast, not days later.
Why Telematics Is a Must-Have
Fleets of all sizes benefit from telematics. Small businesses with a few vans can cut costs just as much as big logistics firms. The tech is scalable, working with different systems. It’s not just about saving money today. It’s about staying competitive tomorrow. Telematics provides insights that spreadsheets can’t. From fuel efficiency to maintenance, every pound saved adds up. Companies ignoring this tech risk falling behind, as costs creep up unnoticed.
Getting Started with Telematics
Adopting telematics is easier than you think. Most systems are plug-and-play, with devices that connect to vehicles in minutes. Choose a provider that integrates with your existing tools. Look for ones offering strong support and compliance features, like DVSA regulation tracking. Once set up, the savings start rolling in. Real-time data means you’re not guessing—you’re deciding based on facts. For fleets wanting to stay lean and efficient, telematics is the key to unlocking those hidden savings.
Starting a business is an exciting journey—but accessing funding can be one of the biggest hurdles, especially when you’re just beginning and don’t yet have a credit profile. Traditional lenders often require a solid credit history, which new businesses typically lack. That’s where cards for businesses with no credit history can play a crucial role.
In the United States, financial institutions have begun offering innovative credit solutions specifically designed for startups and entrepreneurs. These cards not only help with day-to-day expenses but also serve as tools for building credit, establishing legitimacy, and gaining financial control.
Let’s break down what these cards are, why they matter, how to qualify, and which options are best for your business.
Why Credit History Matters for New Businesses
Credit history tells lenders how responsible you are with borrowed money. But when you’re just starting out, your business doesn’t have a credit history—making it difficult to secure loans, lines of credit, or even favorable vendor terms.
Establishing business credit with reporting to agencies like Dun & Bradstreet, Experian Business, or Equifax Business.
Separating personal and business finances to simplify bookkeeping and tax filing.
Managing startup expenses more efficiently with flexible payment options and budgeting tools.
Building credibility with suppliers, banks, and future investors.
Understanding Your Options
There are several types of cards suitable for businesses with no credit history in the U.S. Let’s explore the most accessible options:
1. Secured Business Credit Cards
These require a refundable security deposit—usually equal to your credit limit. Since there’s little risk for the issuer, they’re ideal for businesses without credit history.
Pros:
Easy approval
Builds business credit
Controlled spending
Cons:
Requires upfront deposit
Lower initial limits
Example:Wells Fargo Business Secured Credit Card
2. Business Charge Cards Linked to Personal Credit
Some companies allow you to apply using your personal credit score, bypassing the need for an established business credit history.
Pros:
No preset spending limits
Strong rewards programs
Builds both personal and business credit
Cons:
Requires good personal credit
Balance must be paid in full monthly
Example:American Express Blue Business Plus
3. Fintech & Startup-Friendly Cards
New financial platforms like Brex and Ramp offer cards that rely on factors like your business cash flow, bank balance, or revenue rather than credit history.
Pros:
No personal guarantee
No credit check
Built-in expense management tools
Cons:
Often require a U.S. business bank account
May not report to all business credit bureaus
4. Corporate Prepaid Cards
These aren’t credit cards but can help new businesses control spending, assign employee cards, and gain operational structure.
Pros:
No credit check or debt risk
Useful for budget control
Great for teams
Cons:
Doesn’t build credit
Must preload funds
How to Qualify: Step-by-Step
Even without business credit, you can still get approved. Here’s how:
1. Use Your EIN and Business Details
Apply for an Employer Identification Number (EIN) from the IRS—it’s free and helps establish your business as a separate entity.
2. Open a Business Bank Account
This is essential for fintech cards and also builds legitimacy in the eyes of lenders and card issuers.
3. Start with a Secured or Personal-Backed Card
If your business is very new, a secured card or one based on your personal credit will likely be the easiest route.
4. Maintain Responsible Usage
Pay balances in full, keep utilization low, and never miss a due date. These actions help you build business credit quickly.
Key Features to Look For
Not all cards are created equal. When researching cards for businesses with no credit history, pay close attention to:
Credit Reporting: Does the card report to business credit bureaus?
Annual Fees: Watch for high fees, especially on secured cards.
Rewards Programs: Some starter cards still offer points, cashback, or travel perks.
Spending Controls: Ability to issue employee cards and set limits is a bonus.
Interest Rates: Introductory 0% APR offers can be helpful for short-term purchases.
Tips to Build Credit Fast
Using your card wisely can help your business establish credit within months:
Pay on time—every time: Payment history is the most important credit factor.
Keep utilization low: Try not to spend more than 30% of your available limit.
Upgrade when eligible: Many secured cards allow you to upgrade to unsecured once you’ve proven creditworthiness.
Check your business credit reports: Monitor your profile with bureaus like D&B and Experian.
Final Thoughts
Securing funding and building credit can feel overwhelming in the early days of entrepreneurship—but cards for businesses with no credit historyoffer a reliable, flexible, and accessible entry point.
Whether you’re launching a freelance business, starting an e-commerce store, or setting up a tech startup, there’s a card that can help you manage finances while paving the way for future growth. Choose the right card, use it responsibly, and watch your credit—and business—build momentum.
Real-time payment processing is rapidly becoming a standard as consumer expectations shift toward immediacy and transparency. To remain competitive in 2025, businesses and financial institutions must embrace instant payment systems.
This article explores the key benefits and challenges of adopting real-time processing and why it is poised to define the future of financial services.
Digital Payment Landscape in 2025
In 2025, digital payments are a critical infrastructure component. However, the traditional batch-based systems used by many banks and financial providers struggle to keep up with the demand for immediacy.
Real-time payment processing addresses these challenges by enabling funds to be transferred, cleared, and settled within seconds. Networks like SEPA Instant in Europe, FedNow in the US, and UPI in India exemplify the global push toward faster transactions. Real-time capabilities are becoming a fundamental expectation for both consumers and businesses engaging in digital commerce, payroll, lending, and beyond.
Benefits of Real-Time Payment Processing
Improved Transaction Speed
Transactions that traditionally took hours or even days are now completed in seconds. It reduces friction in the customer journey and enhances liquidity for businesses. For B2B payments, where cash flow is often a critical factor, the ability to settle instantly can strengthen supply chain relationships and streamline operations.
Enhanced Customer Satisfaction
Whether it’s a salary payment, a refund, or a peer-to-peer transfer, users expect financial transactions to be as seamless as sending a message. Real-time processing meets this demand and builds trust and satisfaction. For financial institutions and fintech providers, meeting these expectations can improve customer retention and support brand differentiation.
Operational Efficiency and Automation
Real-time systems reduce the need for manual reconciliation, exception handling, and delayed processing windows. By integrating a robust payment reconciliation tool into their operations, online businesses can automate ledger updates, reduce errors, and minimise operational overhead. For payment orchestrators, which specialise in advanced payment infrastructure, these efficiencies translate into better scalability and agility for their clients.
Challenges to Adoption
Despite the compelling benefits, transitioning to real-time processing poses several challenges.
Infrastructure Modernisation
Legacy systems are a significant barrier. Many banks still rely on batch processing architectures that are incompatible with real-time clearing and settlement. Upgrading these systems requires significant investment in software, backend connectivity, data architecture, and cybersecurity protocols. Payment orchestration platforms like Corefy help bridge this gap by offering modular, API-driven solutions that integrate with both modern and legacy systems.
Fraud and Risk Management
Real-time processing compresses the window for fraud detection. Traditional risk assessment tools, which may analyse transactions over hours or days, must now operate in milliseconds. This shift requires more sophisticated, AI-powered fraud detection mechanisms, integrated directly into the payment flow. Financial institutions must balance the speed of instant payment systems with compliance and security.
Cross-Border Compatibility
Global payment networks are fragmented. While domestic real-time payment systems are gaining traction, cross-border interoperability remains limited. Differences in regulation, currency, and messaging standards hinder seamless international transfers. Initiatives like ISO 20022 aim to standardise messaging across global networks, but widespread adoption is still in progress.
The Strategic Imperative for Financial Institutions
For financial institutions, embracing real-time payment processing means staying in the game. Traditional banks need it to stay relevant in a market increasingly shaped by digital-native players. For fintechs and payment service providers, it’s a way to sharpen their competitive edge by offering fast and flexible services.
Adding real-time capabilities to a payment infrastructure opens the door to entirely new business models, including instant loans, on-demand insurance, or just-in-time payroll. These innovations rely on money moving immediately, not hours or days later. And in emerging markets, where mobile-first banking is the norm, real-time payments can play a major role in improving access to financial services and driving economic inclusion.
Looking Ahead: Financial Technology Trends to Watch
As we move further into 2025 and beyond, several financial technology trends are converging to support the growth of real-time payments:
Embedded finance is integrating real-time transactions directly into non-financial platforms.
Programmable money and smart contracts on blockchain platforms enable conditional, real-time disbursements.
AI-driven reconciliation tools will become essential to handle the volume and velocity of instant payments.
Cloud-native payment infrastructure will provide the elasticity and performance required to support global, always-on networks.
Payment orchestration platforms exemplify this evolution by enabling businesses to integrate and orchestrate payments across multiple providers and methods, all while supporting real-time capabilities.
Final Thoughts
Real-time payment processing marks a turning point in the evolution of financial services. It represents a shift from passive, delayed financial interactions to an active, real-time economy. While challenges around infrastructure, security, and regulation remain, the benefits in transaction speed, customer satisfaction, and operational efficiency are too significant to ignore.
Institutions that invest now in modernising their payment infrastructure and embracing instant payment systems will be best positioned to thrive in a digital-first economy.
Rendering of a fashion area in the new Ruby Liu department store. Image: Ruby Liu
Entrepreneur and real estate investor Ruby Liu says she’s not giving up — even after a major setback involving her plan to acquire dozens of Hudson’s Bay stores across Canada. A court-appointed monitor has confirmed that landlords representing 23 of 25 store leases have opposed her company’s proposed lease assignments, placing the future of the broader acquisition effort in jeopardy. Despite the rejection, Liu remains firm in her belief that she can help reinvent Canada’s struggling department store sector.
According to the Fifth Report of the Monitor, Alvarez & Marsal Canada Inc., landlords for the majority of the leases included in an Asset Purchase Agreement signed by Ruby Liu Commercial Investment Corp. in May have declined to consent to the lease transfers. These leases span key shopping centres in Ontario, Alberta, and British Columbia and were positioned to form the backbone of Liu’s new department store concept.
Following landlord meetings during the week of June 2, legal representatives for 23 properties wrote to the Monitor or to Hudson’s Bay counsel expressing opposition to the assignments. While the Liu team is continuing to provide further disclosures in hopes of turning the tide, the Monitor noted that the landlords have signaled clear resistance, at least for now.
A Vision That Extends Beyond Profit
Despite the rejections, Liu released a powerful personal statement through her company’s social media channels, defending her decision and doubling down on her long-term vision.
Weihong (Ruby) Liu
“I’m nearing sixty, and once again, I’ve chosen the road few dare to take,” Liu wrote. “Many have questioned my decision. Some say it’s reckless… But I don’t see this as a gamble.”
Liu described her plan not as a commercial play, but as a mission to revitalize Canada’s retail environment — one she views as increasingly disconnected from the communities it once served.
“This isn’t just about capital or profit. It’s about building something meaningful — something vibrant, fresh, and full of life. A place where young people can step out of the digital haze and rediscover genuine human connection.”
Her statement underscores a broader critique of Canadian shopping centres, which she argues have become stale and uninspired. She envisions multi-purpose destinations combining shopping, dining, and cultural experiences — environments that invite people back into physical spaces at a time when much of life has moved online.
Ruby Liu’s Bid for HBC Leases
The transaction at the centre of the current dispute involves 25 Hudson’s Bay store leases that Liu hoped to acquire through a court-approved lease monetization process. While the identities of the specific properties have not been publicly disclosed, the Asset Purchase Agreement was signed in tandem with a separate, more advanced agreement covering three Hudson’s Bay locations in British Columbia: Tsawwassen Mills, Mayfair Shopping Centre in Victoria, and Woodgrove Centre in Nanaimo. Those three leases are already owned by Central Walk — the property group chaired by Liu — and are expected to proceed, with court approval sought on June 23.
The Monitor confirmed that Liu’s $6 million offer for the three BC leases represented the highest value among all bids submitted through the formal lease solicitation process.
Rendering of a Ruby Liu store. Image: Ruby Liu
Limited Bidding and Widespread Lease Disclaimers
The broader Lease Monetization Process, overseen by brokerage firm Oberfeld Snowcap, failed to attract widespread interest. Of 96 Hudson’s Bay and Saks-affiliated stores nationwide, only 12 parties submitted qualified bids covering 39 locations. A full 62 leases received no offers.
To date, 59 leases have been disclaimed, with store closures and property turnover continuing through late June. The Monitor’s filings suggest that, aside from Liu’s three approved leases and one or two additional transactions under negotiation, most of the Hudson’s Bay retail footprint will be relinquished to landlords.
Liquidation Generates Strong Returns, Employees Receive Support at Court Appoints Counsel
The company’s store liquidation, completed on June 1, generated over $509.9 million in gross receipts. This included $349.3 million in owned merchandise sales, $104 million in consignment sales, $43.9 million in additional goods, and $12.7 million in FF&E sales. While merchandise performance exceeded expectations, FF&E returns fell short, and cleanout work remains ongoing in several locations.
The Court has formally appointed Ursel Phillips Fellows Hopkinson LLP as Employee Representative Counsel, with over 14,500 active and former workers now represented. Only 68 opted out. The Court has also issued a WEPPA Declaration Order, clearing the way for unpaid wage and severance claims to be filed with Service Canada.
A seven-member employee committee has also been constituted to provide input and direction to counsel as the restructuring proceeds.
Corporate Name Change on the Horizon Following Canadian Tire Deal
The Court previously approved the sale of Hudson’s Bay’s intellectual property to Canadian Tire Corporation, with a closing date expected on June 24, 2025. As part of the agreement, Hudson’s Bay entities will be required to formally change their corporate names to avoid brand confusion. Articles of amendment will be filed following transaction completion.
Cash Flow Stronger Than Forecast
From May 3 to June 13, the company reported net positive cash flow of $54.8 million, with a closing balance of $131.9 million, far exceeding the forecasted $82.5 million. This was attributed to higher liquidation sales and delayed disbursements. The company also made significant payments to its ABL and FILO lenders during the period.
Liu’s Resolve: “What I Fear Most Is Never Having Tried”
Liu’s statement ends not with defiance, but with a quiet confidence rooted in resilience. She reflects on her immigrant journey, her contributions to Canada, and her belief in creating a new future rather than waiting for permission to join the old one.
“My life has always been a battle. I’m not afraid to lose. What I fear most is never having tried,” she wrote. “So I choose to keep going. To stay bold. To keep moving forward with conviction.”
Liu acknowledges that she may never be accepted by what she calls the “mainstream,” but she sees that as an invitation to create a new one — one that reflects the diversity, courage, and creativity of modern Canada.
“I’m not here to defeat anyone. I’m here to build something better.”
With court hearings scheduled for June 23, the next chapter of Ruby Liu’s retail endeavour will soon unfold. For now, her words — and her refusal to walk away — offer a clear message: this fight is far from over.
Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
Weihong (Ruby) Liu, the billionaire real estate investor and owner of Central Walk, is poised to become one of the most influential figures in Canadian retail with her bold plan to launch a new department store chain—potentially the first time in modern retail history that a single entrepreneur has launched such a concept at scale, from the ground up.
As the Hudson’s Bay Company (HBC) exits the traditional department store market, Liu has stepped in with offers to acquire leases at up to 28 locations across Ontario, Alberta, and British Columbia.
Among them are three properties she already owns—Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria, and Tsawwassen Mills, where she placed a $6 million bid for the leases.
The new concept will bear her own name: Ruby Liu. “This is not about saving an old brand,” Liu told Retail Insider in a recent interview in Mandarin. “It’s about creating something completely new—something exciting, inclusive, and alive.”
Redefining the Department Store
Retail strategist Carl Boutet, who has closely followed Liu’s movements and visited cutting-edge malls in Asia that have inspired her, says Liu’s concept represents a seismic shift in how we think about department stores.
Carl Boutet at Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
“We need to reset our minds on what the term ‘department store’ even means,” said Boutet in an interview. “It’s no longer about a sea of product. It’s about a sea of experiences, with retail as part of a broader, curated lifestyle offering.”
Boutet says Liu’s stores will offer much more than merchandise. “Think children’s play zones, Asian supermarkets, buzzing food courts, live performances, pet grooming, jewellery repair—you name it. She’s curating energy, not just selling stuff.”
From HBC’s Collapse, a New Vision Emerges
Hudson’s Bay filed for creditor protection in March 2025, setting off a race among landlords, investors, and competitors to scoop up valuable real estate. While Canadian Tire Corporation purchased the HBC brand and IP for $30 million, Liu quietly pursued the physical leases, focusing on malls she believed had untapped potential.
In May, Liu submitted a formal bid for 28 leases, including her three Central Walk properties. She committed $6 million on her owned properties and made a further $9.4 million in deposits for the others.
Court approval is expected on June 23, at which point Liu will take possession of the three HBC-owned stores at her malls. Renovations are set to cost around $30 million for Mayfair and Woodgrove alone, with her broader renovation budget still evolving as negotiations continue.
Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
Fast Track to Opening
Liu’s team is working toward opening the first Ruby Liu stores by early November, a remarkably tight timeline. Boutet believes this “minimum viable product” strategy will allow Liu to test concepts and build excitement before fully rolling out her flagship experiences.
“She’s likely treating this as an A-B store strategy,” said Boutet. “The ‘A’ locations—like the ones in Central Walk malls—will be heavily invested in and fully built out over time. The ‘B’ stores may open faster with lighter touch renovations, allowing the brand to quickly gain visibility and attract shoppers.”
Inspiration from Asia’s Most Dynamic Malls
While Liu hasn’t revealed every detail of her plan, much of it appears to draw from Asian retail environments, especially high-concept malls in Bangkok, Seoul, and Shenzhen that integrate food, fashion, entertainment, and digital experiences under one roof.
Weihong (Ruby) Liu. Photo: Craig Patterson
Boutet, who recently visited one such mall—Bangkok’s Emsphere—at the request of Liu’s team, said it offered insight into her vision.
“Emsphere has everything: immersive food courts, limited-edition collectibles, automotive showrooms, pop-up art, and even a 6,000-seat concert venue,” said Boutet. “It’s like a retail theme park, and it feels like every floor has a new surprise.”
While the Ruby Liu stores in Canada will be smaller—typically 150,000 square feet—the emphasis on energy, variety, and community engagement is central to her strategy.
Meeting Shoppers Where They Are
Liu has been clear that her stores will be experiential and multicultural. “Hudson’s Bay failed because it didn’t value young people,” she recently told Retail Insider. “It didn’t create spaces for them to gather, and it didn’t invest in the future.”
To counter that, Liu plans to incorporate features like live stages, dynamic food halls, kids’ play areas, and possibly even VR gaming or drone retail zones.
“She’s not building retail boxes. She’s building destinations,” said Boutet. “There’s an entrepreneurial flair to this that you don’t usually see from someone stepping into a retail role for the first time.”
Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
Landlords: A Mixed Reception
Despite the scale and vision of Liu’s plans, some landlords remain skeptical. Court documents show that several mall owners submitted letters to Hudson’s Bay expressing concern about her bids. Liu herself has said that in at least one meeting, a landlord gave her only five minutes before walking out.
“She’s unconventional,” Boutet said. “She’s not using the traditional playbook. She’s using Gmail accounts for hiring, she’s moving fast, and she’s operating with instinct and agility. That scares some people.”
However, landlords with harder-to-fill locations—or those looking to revitalize tired properties—are showing more enthusiasm.
“Some understand the vision and want to ride the wave,” said Boutet. “Others are more conservative. But the ones who say yes early will benefit most.”
Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
More Than Just a Storefront
The Ruby Liu model is about building community as much as commerce. Liu has promised to prioritize former Hudson’s Bay employees for hiring and to include HBC suppliers where possible.
“She’s trying to preserve part of Canada’s retail heritage, but in her own way,” said Boutet. “She’s not bringing back The Bay. She’s creating something new.”
While some features—like play zones—may not be profit centres themselves, Boutet argues that they drive the kind of foot traffic that fuels overall sales.
“Retail isn’t just transactional anymore,” he said. “The most successful malls and stores in Asia operate like cultural centres. Ruby’s tapping into that.”
Emsphere in Bangkok, Thailand, June 2025. Photo: Carl Boutet
The Branding Challenge
The name “Ruby Liu” for a department store has raised eyebrows, but Boutet says it may be one of Liu’s smartest moves.
“Branding it with her own name conveys personality and ownership,” he said. Consumers connect with people more than corporations.”
Still, he believes the visual identity will need refinement. “The font, the logo, the brand story—it’s all 1.0 right now,” he added. “There’s room to polish. But the bones are there.”
Liu’s direct engagement with customers—including handing out money at events and meeting shoppers in line—has helped humanize the brand even before stores open.
Rendering of a Ruby Liu store at Coquitlam Centre. Image: Ruby Liu
A National Experiment in Real Time
The success of the Ruby Liu department store chain will depend not just on Liu’s vision, but on collaboration. That includes leasing partners, municipalities, suppliers, and brand operators willing to take a chance.
“Everybody has to take a risk,” said Boutet. “This isn’t a sure thing. But it’s bold. It’s imaginative. And frankly, it’s exciting.”
At a time when many are lamenting the decline of traditional retail, Liu’s plans offer a radical counterpoint—a vision built not on nostalgia, but on reinvention.
“She didn’t have to do this,” Boutet said. “She could have stuck with her three malls and gone golfing at her course. But she sees something here. She believes in it. And she’s putting real money on the table.”
Betting on Ruby
With court approval expected within days and plans already in motion for store launches this fall, the Ruby Liu department store experiment is no longer hypothetical—it’s happening.
If successful, it could mark a turning point in how Canadians shop, socialize, and experience retail. If it fails, it will still be remembered as one of the boldest gambits in Canadian retail history.
“She’s swinging for the fences,” said Boutet. “And win or lose, we need people like her in this industry.”
Retail sales increased 0.3% to $70.1 billion in April. Sales were up in six of nine subsectors and were led by increases at motor vehicle and parts dealers. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, were up 0.1% in April, reported Statistics Canada on Friday.
In volume terms, retail sales increased 0.5% in April.
“Feedback from respondents for April highlighted the effects of trade tensions between Canada and the United States on Canadian retail businesses. According to answers to supplementary questions, 36% of retail businesses were impacted by the trade tensions in April. The most common impacts were price increases, change in demand for product and supply chain disruptions. Despite six of nine subsectors posting monthly gains in retail sales, all nine subsectors saw a negative impact on sales,” said the federal agency.
Photo:
Andrea Piacquadio
The largest increase in retail sales in April was observed at motor vehicle and parts dealers (+1.9%), up for a second consecutive month. The increase was led by higher sales at new car dealers (+2.9%) and used car dealers (+2.1%). The largest decrease in the motor vehicle and parts dealers subsector was in automotive parts, accessories and tire retailers (-4.7%), explained Statistics Canada, adding that sales at gasoline stations and fuel vendors (-2.7%) decreased in April for a second consecutive month. In volume terms, sales at gasoline stations and fuel vendors increased 0.4%.
“Core retail sales edged up 0.1% in April, posting their third consecutive monthly increase. The gain was led by higher sales at sporting goods, hobby, musical instrument, book, and miscellaneous retailers (+1.0%) and furniture, home furnishings, electronics and appliances retailers (+0.8%),” noted Statistics Canada.
“Higher sales were also recorded at food and beverage retailers (+0.2%) in April. The increase in this subsector was led by gains at supermarkets and other grocery retailers (+0.4%).
“The largest decrease to core retail sales in April came from clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers (-2.2%).”
Photo: RDNE Stock project
On a seasonally adjusted basis, retail e-commerce sales increased 3.6% to $4.4 billion in April, accounting for 6.2% of total retail trade, compared with 6.0% in March, said Statistics Canada.
“Statistics Canada is providing an advance estimate of retail sales, which suggests that sales decreased 1.1% in May. Owing to its early nature, this figure will be revised. This unofficial estimate was calculated based on responses received from 53.8% of companies surveyed. The average final response rate for the survey over the previous 12 months was 90.8%,” it said.
Maria Solovieva
Maria Solovieva, Economist, TD Economics, said as expected, consumers continued front-load vehicle purchases in anticipation of price increases that are likely to come due to tariffs.
“However, core sales may be an early signal of broader consumer hesitancy in the face of trade policy headwinds. According to a supplementary by Statistics Canada survey, 36% of retail businesses reported being affected by trade tensions in April. The most commonly cited impact included price increases, change in demand, and supply chain disruptions,” she said.
“The advance estimate sets a somber tone for the second quarter. In addition, our internal credit and debit card spending data shows a meaningful softening in spending through May, suggesting that consumers tightened their purse strings. As a result, we expect real personal consumption expenditures to be flat this quarter, with consumer spending likely to contract in Q3 if U.S. tariffs continues to weigh on sentiment and job prospects.”
