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Yorkdale Again Ranks as Canada’s Top Selling Mall 

By
Craig Patterson
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Yorkdale Shopping Centre in Toronto. Image: Oxford Properties

Oxford Properties Group has once again demonstrated its dominance in Canada’s retail landscape, with its portfolio of shopping centres in the Greater Toronto Area (GTA) among the leaders of the 2024 ICSC performance rankings. According to ICSC’s newly released data, the Yorkdale Shopping Centre ranks as the top-performing mall in Canada for all-store sales per square foot, posting $2,301 — more than $800 higher than any other shopping centre in the country.

Robert Horst, Vice President of Retail at Oxford Properties Group, credits the milestone to a deliberate, long-term strategy. “Yorkdale’s success as a global market leader is the result of a deliberate strategy to assemble one of the world’s best luxury portfolios,” said Horst. “This curated leasing approach has disrupted the Canadian retail landscape.”

Robert Horst, Vice President of Retail at Oxford Properties Group

Yorkdale continues to attract the world’s top luxury brands, with Dior, Maison Margiela, and Rimowa set to open in a new luxury wing in 2025. This follows the 2024 arrival of Loewe, Loro Piana, and a new Tiffany & Co. concept store in the mall. The luxury expansion coincides with Yorkdale’s 60th anniversary and includes a major redevelopment of its central corridor to accommodate growing demand from global fashion houses.

Square One and STC Show Continued Momentum

Oxford’s success isn’t limited to Yorkdale. The company’s other GTA centres also performed strongly:

  • Square One Shopping Centre in Mississauga posted $1,286 psf, up 2.2% from the previous year.
  • Scarborough Town Centre (STC) rose to $966 psf, marking a 4.3% increase.

Square One benefits from its strategic location in the rapidly densifying Square One District, where high-rise residential developments continue to fuel foot traffic. Last week Oxford announced that a YMCA would be moving into a former theatre space at the centre. “Square One and STC offer an unprecedented mix of destination brands and rightfully find their place high on this year’s list,” noted Nadia Corrado, Vice President of Asset Management at Oxford. “Increased residential developments both in Mississauga and Scarborough are poised to accelerate both population and retail performance.”

Square One’s retail lineup includes Holt Renfrew, Simons, and Rolex, as well as culinary and lifestyle anchors such as The Food District and Whole Foods. STC, on the other hand, has carved out a niche by attracting destination retailers like IKEA and Uniqlo, further solidifying its role as a regional hub east of Toronto.

New luxury wing in the Yorkdale Shopping Centre in Toronto. Photo: Craig Patterson

Other Top Performers Across Canada

While Oxford claims three of the top 25 Canadian malls by performance, other landlords also made notable showings in the 2024 ICSC report:

  • Cadillac Fairview (CF) holds several top spots, with CF Toronto Eaton Centre ($1,500 psf), CF Pacific Centre in Vancouver ($1,454 psf), and CF Richmond Centre ($1,359 psf) ranking just behind Yorkdale.
  • Ivanhoé Cambridge, often in partnership with Jones Lang Lasalle (JLL), performed strongly in Alberta and British Columbia with Southgate Centre ($1,211 psf) and Metropolis at Metrotown ($1,138 psf).
  • Primaris REIT also emerged as a steady mid-market performer, with Halifax Shopping Centre ($1,034 psf) and Conestoga Mall ($918 psf) leading in secondary markets.

A National Picture: Polarization in Performance

The data reveals a growing gap between Canada’s most productive malls and lower-tier centres. Only Yorkdale surpassed the $2,000 psf threshold, solidifying its place as Canada’s most productive mall by a significant margin. Meanwhile, a majority of properties reported sales below $1,000 psf, with over a dozen falling under $600 psf.

Ontario continues to dominate the rankings, led by Yorkdale, Square One, and CF Toronto Eaton Centre. However, strong performances in British Columbia (CF Pacific Centre, Metrotown, CF Richmond Centre) and Alberta (CF Chinook Centre, Southgate Centre) highlight regional vitality. Quebec also made a solid showing with CF Carrefour Laval ($1,140 psf) and Le Centre Eaton de Montréal ($1,141 psf), the latter enjoying a substantial 2023-24 gain of $127 psf.

Who Owns the Top Malls? A Look at Landlords

Ownership and management patterns show a concentration among a handful of players:

  • Cadillac Fairview dominates with multiple properties in the top 15.
  • Oxford Properties leads in psf average across its top three GTA centres.
  • Ivanhoé Cambridge and Primaris maintain strong regional portfolios with consistent mid-tier performance.
  • Westcliff Group and Morguard appear frequently in the mid and lower tier segments.

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Cody Aker Builds ARSENY as a New Menswear Voice in London

By
Craig Patterson
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ARSENY menswear design, image: ARSENY

Canadian-born designer Cody Aker is making his mark on the international fashion stage with his London-based label ARSENY. Born in Calgary, Alberta, far from fashion’s traditional centres, Aker has built a brand that questions identity and reshapes ideas of masculinity. His journey reflects a broader trend of Canadian creatives seeking global platforms while drawing on uniquely personal experiences.

Aker’s path to launching ARSENY began in retail, not design studios. He worked at Louis Vuitton and Prada, where he observed how luxury brands cultivate both craftsmanship and storytelling. These formative years were about more than selling garments. They introduced him to the machinery of global luxury: the codes of service, the balance of exclusivity and accessibility, and the importance of client engagement.

“Working in luxury exposed me to fashion’s systems. With ARSENY, I wanted to turn that insight towards building something values-based, critical and new,” he has said. This philosophy anchors his brand in reflection as much as aesthetics.

The guiding philosophy of ARSENY

ARSENY revolves around the principle of UNMASC — a recognition that masculinity, so often positioned as truth, is in fact a performance. Through this lens, clothing becomes a tool to reveal the constructed nature of identity rather than conceal it.

Aker’s garments are built on contrasts. A traditional roll-neck knit is unsettled by a jacquard pattern that appears to glitch between organic textures and digital pixels. Tailoring takes familiar forms but rebalances its lines, subtly shifting proportions off-centre. These are not loud disruptions but quiet interventions, inviting wearers to notice, to question, and to reinterpret.

The clothing remains wearable, resisting the trap of becoming pure concept. Aker insists that ARSENY is not about spectacle for spectacle’s sake but about creating garments that are lived in and thought through. The paradox of ARSENY lies in its ability to be experimental while remaining accessible.

Recognition within London’s fashion ecosystem

Though still an emerging label, ARSENY has already begun to register within London’s highly competitive fashion ecosystem. Aker’s work has appeared on a London Fashion Week runway, garnered support from the British Fashion Council, and earned a feature on SHOWstudio, a digital platform known for spotlighting forward-thinking fashion.

These signals matter. London is a crucible for innovation, often regarded as the most conceptually daring of the four global fashion capitals. Designers such as Alexander McQueen, JW Anderson, and Craig Green built their reputations there by interrogating identity and subverting norms. ARSENY’s arrival aligns with this lineage, situating Aker within a city known for giving young talent room to experiment.

ARSENY campaign image, image: ARSENY

London as a launchpad for Canadian designers

Aker is not alone in choosing London as the place to develop a career. The city has long attracted Canadian designers seeking both training and visibility. Erdem Moralıoğlu, born in Montreal, established his eponymous label in London after studying at the Royal College of Art, and today his brand is stocked globally. Thomas Tait, originally from Montreal, also found early recognition in London, winning the inaugural LVMH Prize in 2014.

This migration reflects both opportunity and necessity. Canada’s domestic market, while sophisticated, is comparatively small and lacks the infrastructure to support young designers at scale. London, by contrast, offers access to industry institutions, media platforms, and global buyers. Aker’s own decision to study at the University of Westminster — a program known for producing forward-looking designers — placed him within this ecosystem.

The broader menswear conversation

Aker’s work arrives at a moment when menswear itself is in flux. Over the past decade, fashion has shifted from rigid tailoring traditions toward an embrace of fluidity, comfort, and cultural commentary. Designers like Kim Jones at Dior Men and the late Virgil Abloh at Louis Vuitton pushed the boundaries of what men’s fashion could signify, blending streetwear codes with luxury craftsmanship.

ARSENY does not directly mimic those approaches but instead asks a different question: what happens when masculinity is treated not as a fixed state but as an ongoing negotiation? In this way, Aker’s brand participates in a global dialogue about identity while offering a uniquely Canadian perspective shaped by distance from fashion’s historic centres.

Balancing contradiction and openness

In interviews and statements, Aker has consistently resisted framing ARSENY as a definitive debut or as the next great disruptor. He sees fashion as “a space for becoming,” a platform where garments function as instruments for exploration rather than conclusions. This stance resists the pressure to codify a new set of rules and instead emphasizes inhabiting contradiction.

The appeal of ARSENY lies in its openness. Aker is not dictating how masculinity should look but rather inviting wearers to dwell in uncertainty. In a fashion industry often driven by trends, declarations, and absolutes, this emphasis on remaining “unfinished” is a radical form of generosity.

Canadian contributions to global fashion

ARSENY also underscores the growing influence of Canadian-born talent in international fashion. Beyond Moralıoğlu and Tait, names such as Aurora James, founder of the New York-based brand Brother Vellies, and Jason Wu, known globally for his womenswear and work with high-profile clients, have carried Canadian sensibilities abroad.

What these designers share is not a single aesthetic but a perspective shaped by Canada’s cultural plurality and geographic remove. Aker’s Calgary upbringing offered distance from fashion capitals, which in turn may have given him the freedom to question assumptions. His London base allows him to translate those questions into a global language.

Looking ahead for ARSENY

As ARSENY evolves, the label is positioning itself not through seasonal hype but through sustained inquiry. For Canadian retail watchers, this trajectory is significant. It highlights how homegrown talent is finding resonance in international arenas while maintaining connections to Canadian identity.

The road ahead will likely see ARSENY build greater visibility through shows, editorial coverage, and retail partnerships. Yet Aker remains clear that growth should not compromise the brand’s guiding principle: fashion as a space for dialogue, not prescription.

More from Retail Insider:

Adonis to Open Grocery Store in London Ontario

By
Craig Patterson
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Under construction: Adonis store in London ON. Image: Adonis

Montreal-based grocer Adonis, known for its Mediterranean and Middle Eastern offerings, is opening a new location in London, Ontario—its fifth in the province and sixteenth in Canada. The supermarket will anchor a large space at the Westwood Power Centre at Bradley Avenue and Wonderland Road South, with doors set to open by late summer 2025.

“We are very excited to expand into southwestern Ontario,” said Sherif K. El Gharbawy, Regional Director of the Adonis Groupe, in an interview. “We’ve been serving customers in the GTA and Ottawa, but London marks a new frontier for us. From what we are seeing so far, the demand is clearly there.”

Sherif K. El Gharbawy

A Large-Format Grocery Destination with a Cultural Twist

The 46,000-square-foot grocery store will be among the largest in the London region. It aims to deliver more than just a shopping trip—it’s a cultural and culinary experience, said El Gharbawy.

“When you enter our store, it’s like a discovery trip,” he explained. “You’re not just shopping; you’re learning, tasting, and connecting with traditions from across the Mediterranean.”

The store will feature departments specializing in Lebanese, Middle Eastern, North African, and broader Mediterranean foods, including an on-site pita production line capable of baking up to 15,000 pitas per day. “What we bake is what we sell, and it’s always fresh—baked just an hour ago,” El Gharbawy said.

Fresh and Local: Supporting Ontario Suppliers

Although rooted in Mediterranean culture, Adonis emphasizes local sourcing. The new London location will feature seasonal Ontario produce and 100% halal meats—a staple of the brand’s offer—sourced from leading Canadian suppliers including Cargill and Maple Lodge.

“Our halal meat offering is extremely high quality and meets rigorous certification standards,” El Gharbawy noted. “It’s not only about religious adherence—it’s about superior freshness and flavour.”

The grocer has become known for its house-made marinades as well. “A big part of our meat sales comes from marinated selections,” he added. “We have our own recipes that customers love. They sell like hotcakes.”

Under construction: Adonis store in London ON. Image: Adonis

A Human Touch: Service Counters and Community

Unlike mainstream grocers, Adonis stores feature extensive service counters, including hot food bars, bakeries, and meat and deli counters—all staffed by knowledgeable employees.

“Our concept is very hands-on,” said El Gharbawy. “You’re not just speaking to a product—you’re speaking with people who understand the culture, who can guide you through what to buy and how to use it.”

This model requires a large staff. The London location will employ more than 150 team members by opening day, with both part-time and full-time roles.

“People are our best ambassadors,” said El Gharbawy. “They represent the values and culture of Adonis. From our bakers to our butchers, we hire people who understand the richness of our offering and the importance of hospitality.”

Adonis store, image: Vergo Construction

Expansion Plans Rooted in Data

London won’t be the last stop for Adonis in Ontario. El Gharbawy shared that the company has its sights set on several growing regions based on demographic trends and Stats Canada data.

“The areas showing the most promise for cultural grocery demand include Richmond Hill, Windsor, Oakville, Burlington, and Hamilton,” he said. “We’re analyzing population growth, immigration patterns, and local demand for authentic, international food offerings.”

The retailer currently operates stores in Mississauga, Scarborough, Ottawa, and another GTA location, with a strong brand presence in Quebec, where it runs 11 locations. Its expansion into Ontario began following the chain’s acquisition by Metro Inc., one of Canada’s largest grocers.

“Metro saw the opportunity back in 2011 and brought us into Ontario,” El Gharbawy noted. “Since then, it’s been strategic growth—and the reception has been excellent.”

Under construction: Adonis store in London ON. Image: Adonis

A Grocery Concept with Purpose

Alongside fresh food and customer service, Adonis is also prioritizing sustainability. The company participates in food rescue and recovery initiatives, including the One More Bite program, food recycling, and partnerships with food rescue apps to reduce waste.

“We’re committed to being more than just a retailer,” said El Gharbawy. “We want to be part of the community, not only through our products but by doing what’s right for the environment and for those in need.”

Photo: Groupe Adonis

Local Buzz and Customer Anticipation

London residents have already begun to express excitement. According to El Gharbawy, feedback on social media and through customer channels has been enthusiastic—even from people who’ve moved away.

“We recently got a message from someone in Alberta saying, ‘Please open in Edmonton. I used to live in Mississauga and I miss Adonis—I can’t live without it,’” he laughed. “It shows we’re doing something right.”

While a move further west isn’t off the table, El Gharbawy said the focus for now is firmly on Ontario. “Let’s cover Ontario first,” he said. “Then we’ll think about Manitoba, Alberta, Saskatchewan—who knows?”

A Taste of the Mediterranean in London

For Londoners seeking a broader range of culinary options, the new Adonis store will offer something distinct. In addition to fresh produce and halal meat, customers will find prepared foods, pastries (French and Oriental), cheeses, olives, hot meals, and spice blends from across the Mediterranean world.

“People want a shopping experience that connects them to their heritage—or helps them explore a new one,” said El Gharbawy. “We offer that in a way that’s authentic, high quality, and fresh.”

While many large-format grocery chains rely heavily on self-service and standard SKUs, Adonis is betting on something different: a curated, high-touch, culturally rich shopping experience that draws repeat customers and passionate brand loyalty.

“We’re not just a store,” said El Gharbawy. “We’re a community hub. A place to connect with your roots, or discover something new.”

Under construction: Adonis store in London ON. Image: Adonis

Opening Timeline and Hiring

The London location is slated to open by late summer 2025, and hiring is currently underway. Adonis is looking for passionate, customer-focused individuals to join the team across all departments.

“We want people who can share in our mission to provide exceptional service and products,” said Éric Provost, Vice President at Adonis. “We’ve become known for our well-trained, passionate team members who make the in-store experience what it is.”

A Grocery Brand to Watch

As Canada’s population continues to grow and diversify, the rise of cultural grocery concepts like Adonis speaks to a broader trend. Customers are seeking connection, authenticity, and discovery—not just convenience.

With its latest store in London, Adonis is positioning itself as a leader in cultural food retailing, while offering a modern, service-oriented twist on traditional grocery.

“We are excited to bring Adonis’ unique offering to London and to be part of this vibrant and diverse community,” said Provost. “Providing customers with an exceptional shopping experience, quality products, and an authentic taste is what we’re all about.”

More from Retail Insider: 

Minecraft’s new interactive adventure to make Canadian debut at Square One

By
Mario Toneguzzi
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The Minecraft community gets ready to battle mobs, explore vibrant biomes and collect resources at Minecraft Experience: Villager Rescue, debuting in a stand-alone space at Square One, Mississauga starting Friday, June 20, 2025. (CNW Group/Minecraft Experience: Villager Rescue)

For the first time in Canada, the Minecraft community will have the opportunity to journey into the Overworld for a unique, in-person, interactive Minecraft experience. Created by Montreal-based multimedia creative studio, Supply + Demand, in close collaboration with Experience MOD and game developer, Mojang Studios, Minecraft Experience: Villager Rescue opens on June 20 for a limited time at Square One in Mississauga.

This epic experience invites longtime Minecrafters, new players, and families of all ages to step into the world of Minecraft and become real-life heroes on a thrilling quest that combines advanced technology with an insatiable love for Minecraft under one roof, said officials in a news release.

Kayleen Walters
Kayleen Walters

“After successful launches that have entertained tens of thousands of people in Dallas, Texas and most recently London, England, we’re excited to bring our first-ever immersive touring experience to Canada,” said Kayleen Walters, head of franchise development at Mojang Studios. “Finding ways to invite newcomers to our community, and to enable fans to express their love for Minecraft both in-game and out is always top of mind for us, and we can’t wait for Canadians to step into the Minecraft world.”  

Minecraft Experience: Villager Rescue is designed to welcome players and non-players alike and no prior knowledge of Minecraft is required to enjoy the experience. New players, creators, and longtime Minecrafters will love the opportunity to connect and reconnect with the game together in an entirely new and unforgettable way, said the news release.

“Continuing a tradition of Canadian innovation and leadership in the creation and touring of entertainment and experiences, Minecraft Experience: Villager Rescue is a ground-breaking adventure unlike any experience ever created for the global market,” said Supply + Demand’s Founder and CEO Olivier Goulet. “The collaboration between our creative and producing teams, and our partners at Mojang Studios and Microsoft, have created an entirely new form of in-person experience at the crossroads of game design, experiential storytelling, and high-tech multimedia.”

During this action-packed adventure and scavenger hunt, adventurers will enter the experience, journey through seven Minecraft realms, and help rescue the village under siege from a zombie attack, said the news release.

“Along the way, they’ll collect resources and interact with iconic mobs – some more friendly than others. Minecrafters will be able to interact with pandas and dolphins, as well as face skeletons, spiders, and – of course – creepers. Armed with only their wit and an Orb of Interaction (a glowing interactive handheld device, which guides each user through the experience), players and groups will embark on a journey in search of the resources needed to craft a life-saving potion. Upon completion, guests can celebrate their heroic feat with the purchase of a Minecraft memento at the Trading Post. In addition, players can claim a sought-after commemorative cape post-adventure as a reward for attending the experience,” it said.

Stephen Gascoine
Stephen Gascoine

“Excitement for immersive, in-person experiences in the Mississauga community is strong and growing rapidly,” said Stephen Gascoine, director, Square One Shopping Centre. “Building on the success of past activations, this is the right place to ‘spawn’ one of our most exciting quests to date. The Minecraft community is incredibly passionate and engaged, and we can’t wait to welcome these fans to Square One for the ultimate Minecraft Experience: Villager Rescue!”

Minecraft is the best-selling game of all time with over 300 million copies sold, entertaining players from around the world through gaming and the recently released blockbuster film A Minecraft Movie. Now, with Minecraft Experience: Villager Rescue spawning in the GTHA, community members can take part in this epic rescue mission and story-based experience where iconic places and mobs from the game are brought to life before their eyes, added officials.

Source: Minecraft Experience website
Source: Minecraft Experience website

Minecraft Experience: Villager Rescue will open for a limited time at Square One in Mississauga, located at 199 Rathburn Rd. W. Tickets start at $32.00. Multi-pack, group, and flex tickets are also available.

About Minecraft
Minecraft is the most popular video game of all time with a worldwide community of millions including Antarctica and the Vatican City. At its core, Minecraft is a game about placing blocks and going on adventures. The Minecraft franchise continues to reach new players through ongoing game updates, games like Minecraft Education, Minecraft Legends, and Minecraft Dungeons, a diverse line of consumer products, a growing library of in-game Marketplace content, books and a recently released major motion picture. 

About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

About Experience MOD
Experience MOD is the global producer of Minecraft Experience: Villager Rescue in collaboration with Mojang Studios. The company is a creative, producing and promoting partnership with member companies who have a proven track record of success developing and bringing innovative, engaging entertainment experiences to audiences around the world. Experience MOD’s producing partners are Supply + Demand Studio (Quebec), The 7 Fingers (Quebec), FKP Scorpio GmBH (Germany), LOS Production (France), Act 5 Entertainment (USA) and Sierra Whiskey Entertainment (USA).

About Supply + Demand
Supply + Demand is a Canadian-based full-service agency with over 20 years of experience in creative, production, and consulting services for interactive multimedia experiences and live events. The core team of 30 talented artists creates narratively driven content that captures audiences’ hearts and minds. With a network of over 150 collaborators and partners, we have the resources to bring even the most ambitious visions to life. Our productions are designed to create unforgettable and meaningful experiences that reshape human connections. We specialize in live, hybrid, and virtual experiences.

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Groupe Dynamite introduces share buyback program after ‘breakthrough’ year

By
Mario Toneguzzi
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EXTERIOR OF DYNAMITE LOCATION. PHOTO: GROUPE DYNAMITE

Groupe Dynamite Inc. has released its financial results for its fourth quarter and fiscal year 2024, which ended February 1, 2025, introducing a return of capital to shareholders via implementation of a share buyback program.

Andrew Lutfy - Photo courtesy of Carbonleo
Andrew Lutfy – Photo courtesy of Carbonleo

“Fiscal 2024 was a breakthrough year for Groupe Dynamite—one that reaffirmed the power of our brands and our vision. Our strong financial and operational results are the outcome of relentless focus, a responsive supply chain, and deep cultural relevance. Garage and Dynamite aren’t just brands—they’re platforms for confidence, creativity, and connection. As we look ahead, we acknowledge the current market uncertainty and we remain focused on staying agile, embracing change, and seizing opportunities in a rapidly evolving environment,” said Andrew Lutfy, Chief Executive Officer and Chair of the Board.

Stacie Beaver
Stacie Beaver

“Our Fiscal 2024 performance reflects the strength of our brands and the focus of our teams. We delivered on-trend collections that resonated strongly, and we activated cultural moments that sparked real engagement. From our high-impact real estate strategy to our upcoming U.S. distribution center launch, we’re continuing to build an agile, omnichannel platform designed for scale. As we head into Fiscal 2025, our growth is anchored in a clear brand flywheel: we create brand moments that drive visibility, empower ambassadors to expand reach, and reward loyal customers who fuel our momentum. This is how we win—by staying close to her world and delivering an experience that is emotionally resonant, community-driven, and impossible to ignore,” added Stacie Beaver, President & Chief Operating Officer. 

“Our top priority remains reinvesting in the business to drive long-term growth, as reflected in our FY25 capital expenditure guidance, which is primarily focused on opening new stores in high-quality real estate. In these volatile times, we are opportunistic in taking market share and securing new premier locations to strengthen our real estate portfolio. Given our strong balance sheet and robust free cash flow generation, along with the belief that the market price of the subordinate voting shares may from time to time not reflect the underlying value of the subordinate shares, we believe a Normal Course Issuer Bid provides an opportunistic way to return capital to shareholders. In this context, we see value in repurchasing shares when appropriate, while maintaining a disciplined capital structure. We believe that introducing an NCIB demonstrates our confidence in the company’s fundamentals and our commitment to delivering long-term shareholder value,” said Jean-Philippe D. Lachance, Chief Financial Officer.

Source: Groupe Dynamite website
Source: Groupe Dynamite website

The results for Q4 2024 and Fiscal 2024 reflect one fewer week compared to the results for Q4 2023 and Fiscal 2023. All comparable store data for both the quarter and the year are presented on a comparable basis of 13 and 52 weeks, respectively.

Fiscal 2024 Fourth Quarter Highlights

  • Revenue increased by 13.1% to $271.8 million in Q4 2024, compared to $240.3 million in Q4 2023. Excluding the 14th week of Q4 2023, total revenue increased by 18.8%.
  • Comparable store sales growth of 9.5% in Q4 2024, over and above comparable store sales growth of 9.8% in Q4 2023.
  • Gross margin slightly expanded by 0.1% to 59.0% in Q4 2024 compared to 58.9% in Q4 2023.
  • SG&A increased to $87.0 million in Q4 2024, compared to $74.4 million in Q4 2023, and adjusted SG&A as a percentage of sales decreased to 29.6% from 30.5% over the same period in Fiscal 2023.
  • Operating income increased by 4.6% to $50.7 million in Q4 2024, compared to $48.5 million in Q4 2023.
  • Adjusted EBITDA increased by 17.0% to $79.5 million in Q4 2024, representing an adjusted EBITDA margin of 29.2%, compared to 28.3% over the same period in Fiscal 2023.
  • Diluted net earnings per share increased to $0.28 in Q4 2024, compared to $0.27 in Q4 2023 and adjusted diluted net earnings per share increased by 18.3% to $0.33 in Q4 2024, compared to $0.28 in Q4 2023.
  • Real estate activity for Q4 2024 includes:
    • Opening of 2 gross new stores in the United States under the Garage banner
    • Closure of 3 stores: 1 in the United States under the Dynamite banner and 2 in Canada under the Garage banner
    • Completion of 1 store relocation in the United States under the Garage banner
Source: Groupe Dynamite website
Source: Groupe Dynamite website

Fiscal 2024 Highlights

  • Completed the relocation and renovation of 4 stores in the United States under the Garage banner
  • Revenue increased by 19.7% to $958.5 million in Fiscal 2024, compared to $800.8 million in Fiscal 2023. Excluding the 53rd week of Fiscal 2023, total revenue increased by 21.4%.
  • Comparable store sales growth of 12.3% in Fiscal 2024, over and above comparable store sales growth of 8.2% in Fiscal 2023.
  • Retail sales per square foot increased by 18.6% since the end of Fiscal 2023, reaching $734 in Fiscal 2024.
  • Gross margin expanded by 2.0% to 62.8% in Fiscal 2024 compared to 60.8% in Fiscal 2023.
  • SG&A increased to $313.2 million in Fiscal 2024, compared to $272.3 million in Fiscal 2023 and adjusted SG&A as a percentage of sales decreased to 31.2% from 33.7% in Fiscal 2023.
  • Operating income increased by 46.2% to $212.2 million in Fiscal 2024, compared to $145.2 million in Fiscal 2023.
  • Adjusted EBITDA increased by 39.5% to $303.3 million in Fiscal 2024, representing an adjusted EBITDA margin of 31.6%, compared to 27.1% over last year, driven by higher gross margin and operating leverage.
  • Diluted net earnings per share increased to $1.25 in Fiscal 2024, compared to $0.80 in Fiscal 2023, and adjusted diluted net earnings per share increased by 64.9% to $1.36 in Fiscal 2024, compared to $0.82 in Fiscal 2023.

Real estate activity for Fiscal 2024 includes:

  • Opening of 20 gross new stores: 17 in the United States under the Garage banner and 3 in Canada under both banners
  • Closure of 12 stores: 2 in the United States under both banners and 10 in Canada under both banners

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Annual inflation rate eases in March: Statistics Canada

By
Mario Toneguzzi
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Photo by Andrea Piacquadio
Photo by Andrea Piacquadio

The Consumer Price Index (CPI) rose 2.3% year over year in March, following an increase of 2.6% in February, according to a report released Tuesday by Statistics Canada.

The year-over-year slowdown in the all-items CPI was driven by lower prices for travel tours and gasoline in March. Excluding gasoline, the CPI rose 2.5% following a 2.6% increase (excluding gasoline) in February, said the federal agency.

Moderating the slowdown was the end of the temporary break on the Goods and Services Tax (GST)/Harmonized Sales Tax (HST) on February 15, which put upward pressure on prices for eligible products in March compared with February, it added.

On a monthly basis, the CPI rose 0.3% in March. On a seasonally adjusted monthly basis, the CPI was unchanged.

“With the end of the federal tax break on February 15, March was the first full month with GST/HST re-applied to the affected products since November 2024, resulting in upward price pressure,” explained Statistics Canada.

“Prices for food purchased from restaurants moderated the slowdown in headline inflation, rising 3.2% year over year in March after a 1.4% decline in February.

“Year over year, consumers paid 1.6% less at the pump in March following a 5.1% increase in February. The decline was largely a result of lower crude oil prices amid concerns of slowing global oil demand and slowing economic growth related to the threat of tariffs. Additionally, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) confirmed a planned increase to production.”

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In-store shopping still reigns supreme for Canadians: KPMG report

By
Mario Toneguzzi
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Photo by Ron Lach
Photo by Ron Lach

Despite the rise in online retail during the pandemic, it’s clear that the death of the physical location had been exaggerated, with six in 10 Canadians still mostly shopping at brick-and-mortar stores and finding the online shopping experience frustrating, according to a new KPMG in Canada report released on Tuesday.

The report is based on a survey of 1,522 Canadians about their retail shopping habits and found that the type of product being purchased heavily influences whether consumers decide to buy in-store or online. Most respondents said they prefer to buy electronics and clothing online, while opting to shop in-store for auto supplies, health products, and groceries, said KPMG.

Kostya Polyakov
Kostya Polyakov

“While we do expect e-commerce popularity to grow, we’re seeing a shift in retail trends post pandemic where what’s old is new again,” said Kostya Polyakov, Partner and National Consumer and Retail Leader at KPMG in Canada.

“But not all trends will be permanent across the industry. The recent retail failures underscore the importance of knowing the market and your customers. Our survey found 85 per cent of Canadians identified price as the number one factor that influences their buying decisions. They hunt for the best prices online before deciding to purchase but still want to touch and feel the merchandise. This is why it’s essential for retailers to take an omnichannel approach so they can connect with consumers no matter where and when they want to shop.

“Regardless of what they sell, businesses need to meet customer expectations for always having certain products in stock. For example, if a customer is stopping by a sporting goods store for some hockey tape, they would expect that to always be in stock, as opposed to a specific size and width of hockey skates which may need to be ordered. Consumers’ buying behaviours are influenced by their expectations of the stores they plan on visiting. Retailers who can meet this expectation and communicate accurate inventory levels with their customers will get ahead of the competition.”

The KPMG report said Canadians like a deal, with 57 per cent saying that finding a good discount is far more likely to motivate them than brand loyalty, and across most retail categories – groceries to home improvement and clothing — people are using digital platforms to compare prices.

“Though they use digital platforms to research merchandise, Canadians remain frustrated when purchasing online because of products not matching descriptions, inconvenient return processes and shipping delays, the report points out,” it said.

“Product availability and the ability to compare prices ranked high as features that would make Canadians more likely to shop online, the report says. Eighty-six per cent of consumers say they are more likely to choose retailers that effectively manage inventory and minimize out of stock items and eight in 10 feel it’s extremely or very important for retailers to have a reliable stock of products they frequently purchase.”

Katie Bolla
Katie Bolla

Katie Bolla, Partner, Customer Practice at KPMG in Canada, said loyalty programs are a great way for retailers to gain insights into customer behaviour and product demand.

“The reason retailers create loyalty programs is to really understand their customer’s buying behaviours and patterns,” said Bolla. “This allows them to plan their promotional and personalized marketing campaigns, product innovation and operational planning. Our recent survey shows most consumers are price conscious, so designing loyalty programs to better build connections and suitable offers is even more important.

“Our survey found that 90 per cent of consumers return to stores where they’ve received service from knowledgeable staff. To stay competitive, it’s critical that retailers improve the interactions between their employees and customers by providing staff with the information they need to succeed. A little technology can go a long way in accomplishing this. Front-line workers who have a tablet integrated with real-time inventory, customer or product data can better assist shoppers with the personalized help they are looking for.”

While nine in 10 consumers say they are a member of a retail loyalty program and 92 per cent agree loyalty programs influence their decision to shop at a particular retailer, nearly 50 per cent are uncomfortable with retailers sharing data about shopping habits to improve inventory management,” said the report.

“This highlights a significant concern among Canadians regarding data privacy with more than 90 per cent saying they are concerned retailers aren’t doing enough to protect their information from cyber criminals and they should be more transparent in how they protect and store customer data,” said KPMG.

“Despite these worries, poll findings show that consumers still want retailers to use data, especially when it comes to empowering their workforce. Many respondents view technology as a solution with 78 per cent agreeing that their shopping experience would improve if staff were equipped with data-driven tools.”

Key survey highlights:

  • 61 per cent of 1,522 Canadians surveyed say they mostly shop at brick-and-mortar stores
  • 57 per cent say they are frustrated with the online shopping experience (e.g., either the product is not what was advertised or returning merchandise is inconvenient or costs too much)
  • 85 per cent rank price as the top factor that influences their purchasing decisions
  • 57 per cent say “hunt for deals (e.g., comparison shopping, do more research)” best describes their shopping behaviour
  • 35 per cent say the primary reason they make a purchase in-store is the ability to try on or test products
  • 26 per cent say the primary reason they make a purchase in-store is the speed of getting the product (i.e., no shipping)
  • 16 per cent say the primary reason they make a purchase in-store is the instant gratification of getting to take the product home immediately
  • 86 per cent say they are more likely to choose retailers that effectively manage inventory and minimize stockouts (employees have access to real-time or up-to-date inventory data)
  • 79 per cent say it’s extremely or very important that retailers have a reliable stock of products they frequently purchase
  • 90 per cent say they are a member of a retail loyalty program
  • 92 per cent say loyalty programs are influential in their decision to shop at a particular retailer
  • 49 per cent say they are uncomfortable with retailers sharing data about their shopping habits to improve inventory management
  • 91 per cent say they are concerned retailers aren’t doing enough to protect their personal and financial information from cyber criminals
  • 78 per cent agree that their shopping experience would improve if staff were equipped with data-driven tools, such as inventory management, customer feedback tools, loyalty program information, and digital chat bots
  • 90 per cent say they would return to a store where they’ve received exceptional service from knowledgeable staff

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SAIL Outdoors President unveils growth-focused plan to navigate uncertain economy

By
Mario Toneguzzi
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SAIL Outdoors Storefront PHOTO: SAIL OUTDOORS

Isabelle Lemay, President and Chief Executive Officer of SAIL Outdoors Inc., unveiled Tuesday an ambitious vision to drive the company’s growth and navigate a period of economic turbulence.

Driven by a passion for innovation, Lemay presented a clear roadmap that will propel SAIL to new heights in the years to come, said the company in a news release.

Isabelle Lemay
Isabelle Lemay

“The outdoors is more than a market – it’s a passion that brings people together around shared values. After six months leading SAIL, I am convinced that our role is to support customers in their outdoor activities, regardless of their level, budget, or location,” said Lemay.

“By focusing on innovation, closeness, and responsibility, we will make SAIL the go-to ally for nature and adventure lovers, and the leading outdoor destination — stronger, more relevant, and more inspiring for years to come.”

Among the key strategic directions, Lemay plans to open eight new stores within five years, to strengthen SAIL’s presence in Quebec and Ontario, and bring its outdoor offering closer to more Canadians.

“In parallel, the company will evolve its store concepts to enhance the customer experience and better reflect the changing needs of consumers. This may include changes in store size, layout, product offering, or services,” said the retailer.

“The strategy also includes increasing the variety of products offered and the number of available brands. Striking a balance between national brands and SAIL’s private labels, SAIL and BOREALIS, the company will ensure a broader range of exclusive, high-quality products designed to meet the unique needs of outdoor activities here at home.

“Special attention will be given to highlighting customer-favoured product attributes. Canadian brands will be identified to meet the growing demand for locally made goods. SAIL is also committed to promoting and offering eco-responsible products as part of its clear goal to encourage more sustainable consumption.”

To expand its product offering, the retailer said it also plans to introduce a reSAIL pilot in-store. Launched in October 2023, reSAIL is a simple, safe, and efficient online resale platform offering a smooth experience for both sellers and buyers. Currently available exclusively online at resail.ca, the platform will soon be accessible in-store, adding a new dimension to the customer experience, it said.

“The digital space is also at the heart of this transformation. SAIL’s e-commerce site will be completely redesigned to offer a smoother, faster, and more inspiring shopping experience, both in terms of content and service,” added the retailer.

SAIL is a Quebec-based company that will celebrate its 50th anniversary in 2026. It employs more than 1,000 people at its Laval head office and in its 12 SAIL-branded stores – eight in Quebec and four in Ontario – as well as through its e-commerce platform (sail.ca), which serves customers across Canada.

Affirm and Shopify accelerate global expansion of Shop Pay installments

By
Mario Toneguzzi
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Shopify. Photo: smithandandersen.com

Affirm, the payment network that empowers consumers and helps merchants drive growth, and Shopify, a provider of essential internet infrastructure for commerce, has announced the acceleration of their global expansion plans. Shopify merchants in Canada with early access can now offer Shop Pay Installments, exclusively powered by Affirm, to shoppers, marking the product’s first availability outside the U.S.

Shop Pay Installments will become available in general access to Shopify merchants in Canada and the U.K. this summer, with cross-border commerce capabilities between the U.S., Canada, and U.K. to follow. Additionally, the companies plan to expand to Australia and Western Europe next, starting with France, Germany and the Netherlands. Affirm looks forward to engaging with all of its local constituents – shoppers, merchants, capital partners, and regulators – as the company further grows internationally, according to a news release.

Kaz Nejatian
Kaz Nejatian

“We’re thrilled to launch Shop Pay Installments in early access to Canada as our first step beyond the U.S.,” said Kaz Nejatian, COO of Shopify. “Our partnership with Affirm expands our global reach, giving shoppers the flexibility to pay over time, and drives higher conversion rates for merchants worldwide.”

Max Levchin
Max Levchin

“From day one, Affirm’s partnership with Shopify has been focused on empowering merchants to succeed by offering transparent, flexible payments that unlock purchasing power for consumers,” said Max Levchin, Founder and CEO of Affirm. “Millions of shoppers in the U.S. trust and rely on Shop Pay Installments. Today’s launch in Canada marks an exciting first step as we further extend our global presence – first with Shopify merchants, and soon after with our integrated merchants across the U.K., Europe, and Australia.”

As Shop Pay Installments launches in each new market, local merchants will be able to seamlessly activate the product directly from their Shopify admin dashboard—no additional development or technical integration required. From there, customers will be able to apply to split eligible purchases into biweekly and monthly payments. If approved, shoppers can choose from customized payment plans, with rates as low as 0% APR, and they will never encounter late or hidden fees, said the news release.

“Since its launch in 2021, Shop Pay Installments has seen widespread use, with millions of consumers actively utilizing this payment method across Shopify’s extensive merchant network in the U.S.”

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MNP Consumer Debt Index Q2 2025: Canadians see financial relief as debt concerns ease amid lower interest rates

By
Mario Toneguzzi
-
Photo by Mikhail Nilov
Photo by Mikhail Nilov

As Canadians take steps to safeguard their finances amid ongoing economic uncertainty, the MNP Consumer Debt Index—conducted quarterly by Ipsos—has rebounded to 88 points this quarter, marking a nine-point increase from the previous quarter and signaling a more optimistic outlook on personal finances.

Reflecting Canadians’ shift toward financial caution, three-quarters (74%) say they have cut back on spending due to uncertainty, with women (77%) and those aged 35-54 (81%) being the most likely to have reduced spending. Around the same proportion (73%) say they are delaying major purchases or investments, said MNP.

Grant Bazian
Grant Bazian

“The improvement we are seeing in Canadians’ feelings toward their personal finances follows two Bank of Canada interest rate cuts this year. And while uncertainty remains around U.S. tariffs, their on-again, off-again nature may be providing Canadians with some optimism for the future—especially since these tariffs have yet to make a full impact on household budgets,” said Grant Bazian, president of MNP LTD, the country’s largest insolvency firm.

“Lower interest rates, along with the budget adjustments Canadians have already made, seem to be providing some breathing room.

“In comparison to the previous quarter, the results suggest that Canadians are taking proactive steps to reduce spending and lessen their reliance on credit as they brace for potential financial challenges on the horizon.

“Four in 10 Canadians still report being on the brink of insolvency, and more than a quarter have no financial cushion, no flexibility, or wiggle room in their budgets. Individuals without a safety net will likely face economic hardship when faced with rising costs and housing expenses, or a potential loss of income.”

Lower Interest Rates Offer Relief, but Many Remain Concerned

The proportion of Canadians concerned about the impact of rising interest rates remains near the highest level on record (60%, +1pt). However, thanks in part to the interest rate reductions this year, overall concerns about the broader impact of interest rates have declined. Fewer Canadians this quarter are worried about their ability to repay debts, even if rates decrease (43%, -7pts). Nearly a quarter (24%, +4pts) now feel better equipped to absorb a one-percentage-point rate increase, while the percentage (21%, -6pts) who feel less prepared has decreased. More than half (52%, -5pts) continue to worry about falling into financial trouble if rates rise, and nearly two in five (38%, -8pts) fear that rising rates could push them toward bankruptcy, said MNP.

A majority of Canadians (81%) say the current economic uncertainty has made them more cautious about taking on new debt – a sentiment that is consistent across genders, age groups, regions and income levels. A higher proportion this quarter believes they will be able to cover living expenses in the next year without needing more credit (58%, +9pts) and fewer regret the amount of debt they have taken on (43%, -6pts).

Canadians’ net personal debt rating (positive minus negative) has rebounded 14 points from last quarter’s all-time low. Additionally, fewer Canadians (43%, -7pts) report being just $200 or less away from financial insolvency, unable to meet their bills and debt obligations each month. This is due to significantly fewer saying they are already insolvent (26%, -9pts), added MNP.

“Well over half (58%) of Canadians express heightened concern about their ability to pay off debt due to ongoing uncertainty. This concern extends to broader financial stability, with about two in five worried about the possibility of someone in their household losing their job (38%, -3pts),” it said.

Canadians Bracing for Increased Housing Costs

Two in five (44%) Canadians say they are bracing for an increase in housing costs within the next year. Renters have a higher expectation of rising costs than homeowners, with two in three (65%) expecting their housing costs to increase within the next year, and nearly one-third of homeowners (30%) agreeing their housing costs will rise. Lower income earners may be impacted the most, with half (52%) of those earning under $40,000 expecting an increase, compared to one-third (34%) of those earning $100,000 or more. Younger Canadians under the age of 55 are more likely to expect an increase compared to those 55 and older, said the MNP report.

“More than four million mortgages—roughly 60% of all outstanding mortgages in Canada—are set to renew by the end of 2026 at potentially higher rates. This is just one example of the rising expenses, compounded by ongoing economic uncertainty, that those teetering on the edge can’t afford,” noted Bazian.

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