Toronto’s dynamic food scene has added a new milestone with the inclusion of louf, a Palestinian restaurant, in Toronto Life’s prestigious 2025 Best New Restaurants list. Ranking No. 7 out of 20, louf is the first Palestinian establishment to be recognized in the magazine’s 43-year history of compiling the annual list. The announcement was made during a celebration held on May 12 at the Evergreen Brick Works.
The restaurant’s placement reflects the growing appreciation for refined, globally influenced dining in Toronto, as well as the rising profile of Palestinian cuisine. Located near Casa Loma, louf was opened in November 2024 by Chef Fadi Kattan and co-founder Nicole Mankinen, who have been intentional about integrating tradition, storytelling, and sustainability into every aspect of the restaurant.
Chef Fadi Kattan and co-founder Nicole Mankinen. Photo: louf
A Celebration of Palestinian Identity and Hospitality
“I’m proud of my co-founder and the team at louf for having all made this possible, for having made louf’s recognition from Toronto Life as part and parcel of the food scene in Toronto,” said Kattan. “Where we are the first restaurant to be proud of our Palestinian identity, to be proud of using locally sourced, sustainable Ontario produce, and to have a unique beverage list that caters with crafted nonalcoholic drinks and a beautiful selection of wines and cocktails to everyone. I am proud that louf today in Toronto symbolizes the truth of Palestinian hospitality, which is proud hospitality, welcoming everyone.”
The restaurant’s name, meaning “to turn” or “to revolve” in Arabic, signifies the cyclical nature of seasons, stories, and cultural legacies. louf has embraced that ethos by crafting a menu that reflects centuries-old Palestinian culinary techniques using fresh, locally sourced ingredients.
Photo: louf
Signature Dish Highlights Culinary Innovation
As part of Monday’s celebration, louf joined some of Toronto’s most acclaimed restaurants in showcasing its culinary approach. Chef Kattan prepared khubz bil zaatar w labaneh, a standout dish made with house-made Palestinian zaatar bread, artisanal local labaneh, Ontario-grown blood sorrel, grape molasses reduction, and sumac imported from Palestine. The dish encapsulates louf’s fusion of heritage and innovation.
“This is a watershed moment for Palestinian culinary representation in Toronto,” said Mankinen. “I am grateful to those who recognised the need to put Palestine on the culinary map in Toronto through Chef Fadi’s cuisine, and the craft of hospitality that is intrinsic to Palestinian culture.”
A Warm Welcome with Global Reach
Since its opening, louf has drawn both local and international diners eager to experience its uniquely curated hospitality. Located just steps from the city’s iconic Casa Loma, the restaurant offers more than just food—it serves stories, traditions, and cultural expression on every plate.
The ambiance is equally curated to reflect the values of openness and warmth that are central to Palestinian traditions. Every detail—from the nonalcoholic beverages to the locally sourced produce—has been crafted to ensure an inclusive and memorable guest experience.
Photo: louf
Expanding the Experience with Summer Events
As the summer season begins, louf is expanding its offerings through a series of special events and menu highlights that further showcase its culinary vision. The restaurant has opened its seasonal patio and launched multiple themed dining experiences.
On weekends, guests can enjoy a traditional Palestinian brunch. Weekday visitors are invited to the bar, where they’re served complimentary Palestinian-spiced nuts alongside a curated drink menu. Tuesday evenings are designated for steak night, where a 12-ounce Ontario-sourced striploin is basted in zaatar-infused ghee and topped with spicy shatta. Thursdays feature a $80 per-person date night menu designed to offer guests a full immersive culinary experience.
Beyond flavour, louf is committed to deepening understanding of Palestinian identity through the lens of food. Every dish is accompanied by thoughtful storytelling, whether about the origin of an ingredient or the family recipe that inspired its preparation. This narrative-driven approach helps elevate louf from simply a restaurant to a cultural touchstone within Toronto’s multicultural dining landscape.
“I’m honoured to step into the role of CEO at Mastermind Toys, a beloved Canadian brand that has inspired generations through the power of play. With 47 stores coast to coast and over 40 years of history, Mastermind Toys has become a trusted destination for families across our country.
“In our home, play has always been more than fun. It’s where imagination took flight — where our kids built their first worlds out of blocks, books, and curiosity. Watching them learn and grow through play has shaped how I see the world and reminded me that creativity, wonder, and connection are foundations for learning — and leadership.
John Bayliss
“That’s why I’m so excited to lead a company that champions purposeful play. Mastermind Toys is more than a store — it’s a place where families discover joy, and every toy has the potential to spark something big.
“Thank you to Joseph Mimran, Frank Rocchetti, Stephan Tetrault and the Unity team for the opportunity. I can’t wait to work alongside the passionate and talented Mastermind team to write our next chapter.
“Let’s inspire the next generation — one toy, one story, one gift at a time.”
Recently, Mastermind Toys, Canada’s leading specialty toy and children’s lifestyle retailer, said that entrepreneur Stéphane Tétrault has made an equity investment in the company. This private transaction established Tétrault as a partner alongside co-owners Mimran and Rocchetti.
Tétrault, a French-Canadian entrepreneur, is the founder of Imports Dragon and co-owner of McFarlane Toys, bringing deep expertise in licensing, manufacturing, and toy innovation. With over 25 years in the toy industry, he has built Imports Dragon into one of Canada’s fastest-growing toy companies and helped propel McFarlane Toys to new heights as part of its ownership team. His extensive experience developing licensed products and innovative toys will support Mastermind Toys’ growth strategy and curated assortment, said Mastermind.
In December 2023, Mastermind Toys announced that it has entered into an asset purchase agreement with Unity Acquisitions Inc. Under the terms of the transaction, Unity purchased the majority of Mastermind Toys store locations.
On November 30 of that year, Mastermind Toys obtained Court approval to conduct liquidation sales at 18 of its store locations.
Prior to that, Mastermind Toys had been in business for 39 years and had 66 stores coast-to-coast.
Court documents at the time stated: “The Mastermind Entities are currently facing financial difficulties as a result of declining sales, gross margins, increased competition, commoditization of the toy category and other macro-economic trends facing many Canadian retailers. The Mastermind Entities’ financial difficulties were exacerbated by the COVID-19 pandemic, including as a result of store closures and an increase in shoppers making online purchases.
“Despite implementing cost reduction and other initiatives to improve profitability, Mastermind LP’s revenues and profitability have declined over the past several years. The Mastermind Entities do not have sufficient cash flow or liquidity to continue running its business and do not have sufficient funds to pay their liabilities as they become due.
“The Mastermind Entities are insolvent with liabilities well in excess of $5 million and unable to meet their obligations as they come due.”
Photo: Montreal Children's Hospital Foundation website
Children’s Miracle Network is launching its annual spring fundraising campaign in partnership with Walmart Canada, inviting Canadians to make a difference for children and families in their communities.
From May 8 to June 1, customers can donate in-store or online at Walmart.ca, with 100% of funds raised going directly to local children’s hospital foundations to support specialized care, life-saving equipment, and ground-breaking research, said a news release.
Adam Starkman
“Walmart Canada associates and customers are the driving force behind this campaign, helping ensure that children’s hospitals across the country have the resources they need,” said Adam Starkman, President and CEO of Canada’s Children’s Hospital Foundations. “Since the partnership began, more than $230 million has been raised, directly benefiting the hospitals that care for children and families when they need it most.”
Walmart Canada is making a lead donation of $1 million to kick off fundraising efforts. Over the years, Walmart Canada has been the largest corporate contributor to children’s healthcare in the country, with donations funding cutting-edge medical advancements and compassionate family-centered programs, said the news release.
Rob Nicol
“Our dedicated associates and customers make this campaign a reality, and their generosity has an incredible impact on children’s hospitals across Canada,” said Rob Nicol, Vice President, Corporate Affairs and Communications, Walmart Canada. “Every dollar donated helps children receive the specialized care they need. We’re so proud to keep supporting this important cause.”
This year’s campaign features inspiring patient stories, highlighting the real-life impact of donor support. Jack, a Champion from Children’s Hospital Foundation of Manitoba, is benefiting from donor-supported surgical equipment, research, and ongoing care at Manitoba’s only children’s hospital. To learn more about Jack’s story, click here.
Walmart Canada’s flagship online store, Walmart.ca, is visited by more than 1.5 million customers daily. With more than 100,000 associates, Walmart Canada is one of Canada’s largest employers and is ranked one of the country’s top 10 most influential brands. Walmart Canada’s extensive philanthropy program is focused on supporting Canadian families in need, and since 1994, Walmart Canada has raised and donated more than $850 million to Canadian charities.
Children’s Miracle Network raises funds and awareness for 170 member hospitals, 13 of which are in Canada. Donations stay local to fund critical treatments and healthcare services, purchase pediatric medical equipment, and support research. Its various fundraising partners and programs support its mission to save and improve the lives of as many children as possible.
Global carry essentials brand LOJELhas opened its second location in Canada at Montreal’s Royalmount shopping centre.
Last fall, the brand launched its first North American store in the Kitsilano neighbourhood of Vancouver.
Kenzo Yoneno
“Montreal’s renown as a leader in sustainable and mindful urban living fully aligns with LOJEL’s progressive vision of design in support of conscious movement and lifestyles,” said Kenzo Yoneno, Chief ProductOfficer at LOJEL. “We’re forward-looking in our approach to products, studying emerging lifestyles to find problems that require new, responsible solutions.”
“With over 30 stores globally, the opening of LOJEL’s Montreal store marks a key milestone in our strategic Canadian expansion,” added Rachel Draper, General Manager, North America at LOJEL. “As one of Canada’s most popular travel hubs, with a renowned art and culture scene and support for a sustainable lifestyle, Montreal is the ideal location for LOJEL’s second Canadian store.
Rachel Draper
“Following the success of our Vancouver flagship, which also serves as our North America head office, we are thrilled to grow in a dynamic urban centre like Montreal that embraces our vision for a more sustainable future.”
Founded in 1989, LOJEL says its mission is to empower journeys through thoughtfully designed products that promote mindful movement and sustainability. Guided by three key principles—”Less, but better,” ensuring high-quality design; “Simply User-Centric,” prioritizing your needs; and “Modern Movement,” offering adaptable solutions—LOJEL delivers innovative carry essentials for all aspects of mobility, from international travel to everyday commutes, it says.
LOJEL is headquartered in Hong Kong with offices in Tokyo, Montreal, Vancouver, and Singapore, and sales locations across Australia, Cambodia, Canada, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, Taiwan, Thailand, and the UAE, with online sales in Asia and North America.
The retail said the new store’s design echoes LOJEL’s commitment to designing and producing high-quality products that simplify movement. Focusing on enabling human connection, the store resonates strongly with Royalmount’s commitment to creating a vibrant urban oasis where community, creativity, and connection thrive, it says.
Source: LOJEL
Recently, LOJEL has achieved The Climate Label Certification, verifying the brand’s investments in solutions aimed at reducing emissions and accelerating the global climate transition to net zero. This certification reassures consumers that they are choosing a brand that aligns with their values and is working to make a positive impact, it explained.
“LOJEL’s innovative products include the bestselling Cubo Collection, which offers six sizes that each feature an innovative flat-top, trunk-style opening, to allow for easy and convenient access in tight spaces. Expandable design and five internal pockets enable travelers to tailor its capacity for any last-minute packing additions. LOJEL is launching its first limited Cubo Collection colour drop, Sangria, which will be available at the Montreal store and online as of May 15. LOJEL lifestyle products have always empowered meaningful engagement in all forms of travel and movement,” it added.
Draper said the privately-owned, family-owned business “makes very thoughtfully designed products for everyday movement around carry essentials.
“We evolved from a traditional luggage brand to a brand that offers luggage, bags and accessories today, and you see us all over the globe now,” said Draper.
The company’s North American regional office is in Vancouver.
The first store in Canada opened last September in Vancouver.
Source: LOJEL
“Following our successful opening in Vancouver, we were looking to open a second location. We were intentionally looking to expand our retail footprint in Canada. We chose Montreal because the city and the consumers there really aligned with our brand’s values, specifically around creativity, being very design forward and thoughtful, sustainability driven in their every day,” explained Draper.
“And then on top of that, Royalmount, being really focused on sustainability and creating mindful customer experiences, just resonated very well with what we were looking to do as a next step.
“We’re currently very focused on where we are now, with our existing channels on ecommerce and our two stores now in Canada in Vancouver and Montreal. We are looking at expanding in the future in similar urban hubs where we can reach our customers with shared values, but right now we’re focused on our current locations.”
Source: LOJEL
Draper said the brand’s target customer is really a customer that’s looking to elevate their every day.
“Whether it’s going to the office or going on a big trip, they’re looking for products that are designed very well. We have a design for repair philosophy. Both from the long term durability standpoint, but the full circularity of the product.
“For example, with our top seller, our Cubo luggage line, if the wheels break on your luggage, those wheels can be replaced, rather than throwing out the entire luggage. And that’s something that really matters to our customers. You also just see the beautiful design, both in our products and our stores. Customers that embody and care about thoughtful design and creativity tend to be attracted to our stores, and then they tend to really align with the values around sustainability and that and the full circularity of our products.”
Source: LOJEL
Draper described Montreal as a “really cool city with one of the most dynamic travel hubs that we see in Canada, full of culture, one of the best train systems for every day travel and commuting, the sustainability leadership that you see in that city.”
“It was just a natural next step for us. We’re really excited to reach customers. We actually have our customer launch event on May 24 coming up, where we’ll use our lab that typically is for product repairs and personalization, we’ll use that lab where we have a local person that will actually be able to sew on our LOJEL patches on customers products.”
The Montreal store is 1,200 square feet while the Vancouver flagship store is about 1,800 square feet.
As head of Canada’s largest small business association, representing 100,000 independently, Canadian-owned and operated businesses from coast to coast, I’m loving the “Buy Canadian” energy and initiatives popping up across the country in response to ridiculous U.S. tariffs. Nearly four in five Canadians say supporting local Canadian businesses is more crucial now than it was a year ago and 80% are likely to choose Canadian-made products over imported ones, according to a recent survey from Interac.
While the sentiment is exactly right, it’s also leading to some confusion and unintended side effects.
Dan Kelly
Some of the “Buy Canadian” lists making the rounds on social media suggest dropping U.S. brands that are actually produced in Canada or owned by independent Canadian businesses. Examples include independent bottlers of Coke and Pepsi or franchise restaurants like independently-owned McDonald’s or Dairy Queen locations. They, too, provide local jobs, support an incredible number of local initiatives and strengthen our local economies. Many businesses operating under a U.S. banner, like franchise restaurants, are still Canadian owned and should not be caught in the crossfire.
Other lists suggest looking for Canadian-made products when shopping at giant, US-owned retailers like Costco or Walmart. Is buying a Canadian-made box of crackers at Walmart or Costco better than buying an imported box of crackers at your locally owned independent store?
And it is also important to note that many small, independent, Canadian companies are sitting on a ton of inventory imported from the U.S. I spoke to a B.C. retailer of outdoor furniture who said that while he is promoting his made-in-Canada products, he worries about the unsold inventory of U.S.-made goods, including in many categories where there aren’t many Canadian alternatives. Much of this has been pre-paid and a movement to avoid U.S.-made goods indiscriminately can actually harm Canadian-owned businesses instead of helping them.
So does this mean we should all give up on buying Canadian? Absolutely not. CFIB research found that 66 cents of every dollar spent at a local small business or locally owned franchise stays within the community. If you’re shopping at a multinational retailer, only 11 cents are recirculated back into the local economy, and even less – eight cents – if you shop at online giants like Amazon.
As a consumer, the best way to buy and support Canadian is to buy and support local. Focus first on buying from Canadian-owned retailers and restaurants. This includes locally owned franchisees. In those businesses, do seek out the goods that are made in Canada when possible. But let’s not punish Canadian small businesses sitting on U.S. made inventory. Our local businesses provide local jobs. They pay local taxes. Neighbourhood shops and restaurants are critical parts of our communities and, more than ever, they need our support.
To buy Canadian or not to buy: that’s not even a question. The choice is clear. If you want to buy Canadian – buy local.
Doors leading from Queen Street into the Hudson's Bay store in downtown Toronto. Photo: Craig Patterson
As the Hudson’s Bay Company moves through creditor protection proceedings and prepares to announce the winning bids for what remains of its once-sprawling store network, a high-profile entrepreneur is drawing attention for her ambitious vision to breathe new life into the brand. Weihong Liu, a Chinese-born Canadian billionaire investor and founder of Central Walk, has emerged as a frontrunner in the race to acquire part of the iconic retailer. If her bid succeeds, it could usher in one of the most dramatic reinventions of the Canadian department store model in decades.
While a final decision on the bid is expected within days, Liu’s growing presence in Canadian retail circles and cryptic social media posts on the Chinese-language platform RedNote have offered insight into what a new iteration of Hudson’s Bay could look like under her leadership. Though she has not publicly confirmed her full concept, the direction she has hinted at—rooted in experiential retail, omnichannel integration, and Asian-influenced merchandising—has sparked industry speculation and cautious optimism.
Weihong Liu. Image: RedNote screenshot
A Regional Retail Strategy Emerges
Liu is understood to have submitted a bid to acquire approximately 25 Hudson’s Bay stores located across British Columbia, Alberta, and Ontario. These are the three provinces that Liu’s business partner Linda Qin has referenced repeatedly on RedNote and in other communications. The bid likely also includes Hudson’s Bay’s intellectual property, which would give Liu the ability to operate stores under the iconic name and utilize its valuable branding, including the company’s multi-stripe trademark.
This geographic focus signals a departure from Hudson’s Bay’s historical national presence. Under Liu’s vision, there would be no stores operating in Quebec, Manitoba, Saskatchewan, or the Atlantic provinces. Notably, Winnipeg had been home to the company’s flagship location from 1926 until 1974, and Saskatchewan once served as a significant market for the brand. Liu’s apparent decision to forego these regions suggests a streamlined, regionally concentrated strategy that prioritizes retail performance and cultural fit over legacy.
One market that appears to be on Liu’s radar is Ottawa. In a post on RedNote, a user asked whether a Hudson’s Bay store would be opening in the city, to which Liu replied in Chinese, “Here I come.”
Retail expert Carl Boutet noted that while this concentration may appear narrow, it may reflect a pragmatic approach rooted in Liu’s existing property portfolio and her desire to build from familiar ground. “She’s clearly targeting markets where she already has traction, and where she can leverage her real estate holdings and retail relationships,” he said.
Carl Boutet
Central Walk’s Canadian Footprint
Central Walk, Liu’s real estate investment firm, has made major moves in the Canadian market since her arrival in British Columbia following the sale of a major shopping centre in China. The company owns three major shopping centres in the province: Mayfair Shopping Centre in Victoria, Woodgrove Centre in Nanaimo, and Tsawwassen Mills in South Delta. Two of those properties currently have Hudson’s Bay stores, while the third previously housed a Saks OFF 5TH.
Retail Insider confirmed that Woodgrove Centre was recently placed on the market. On March 30, Qin posted on RedNote that the sale was intended to raise funds for renovations anticipated after the acquisition of Hudson’s Bay stores. It’s a move that Boutet called “a clear signal that Liu is all-in” on transforming the chain and willing to liquidate significant assets to fund her retail ambitions.
A Visit to Toronto at a Critical Time
Weihong Lui at Toronto’s Yorkdale Shopping Centre on April 26, 2025. Image: RedNote post screen shot
Liu was in Toronto on April 26, where she visited Hudson’s Bay’s Queen Street flagship as well as Yorkdale Shopping Centre. These visits coincided with the final stages of the bid submission window, which closed on April 30.
According to industry sources, her presence in Toronto may have been tied to finalizing her 10 percent deposit and submission of a formal bid for Hudson’s Bay assets. While no official itinerary was disclosed, her activity in two high-profile properties—both of which house Hudson’s Bay stores—suggests she was assessing key real estate tied to her potential acquisition, and possibly meeting with landlords to discuss the future of the brand in those spaces.
A Vision for “New Retail”
Although Liu has not confirmed her full retail concept, her RedNote posts and past business experience offer clues. She has emphasized themes of “reviving the retail industry,” “making The Bay great again,” and bringing new energy to the Canadian shopping experience. Drawing inspiration from Chinese department stores, Liu may be preparing to launch a format rooted in what Alibaba founder Jack Ma once called “new retail”—a blend of digital and physical commerce with heavy experiential elements.
Boutet believes that Liu’s strategy is not merely about preserving a legacy brand but about reinventing it for a new generation. “If she executes even a portion of what she’s talked about, it could mark a transformative moment for department store retail in Canada,” he said. Liu confirmed on RedNote that targeting younger shoppers was a strategy for the new Hudson’s Bay.
SKP Department store in Beijing, China. The massive store is full of luxury brands and boasts sales exceeding USD $3 billion across two buildings. In comparison, Hudson’s Bay reported sales of just over CAD $1 billion in 2024 for its 80+ locations in Canada.
Chinese department stores are known for integrating supermarkets, food halls, beauty salons, and specialty services into their spaces. They also serve as omnichannel hubs where customers can shop online and pick up or return merchandise in-store, often leveraging platforms like WeChat, JD.com, or Alibaba’s Tmall. Liu could bring similar innovations to Canadian shores.
“We’re talking about everything from livestream shopping and AR try-on stations to gamified loyalty programs and in-store personalization based on behavioural data,” said Boutet. “It’s very sophisticated and very scalable—if executed correctly.”
An image from a video used by Ms. Liu on RedNote to explain the experiential elements of her vision for the new Hudson’s Bay. Image: RedNote screen shot.
Inventory, Liquidation, and Transitional Strategy
Liu’s immediate post-acquisition strategy will begin with a liquidation phase, though there is some question about how much inventory remains to be sold. According to court documents, Hudson’s Bay has already moved approximately 90 percent of its merchandise out of distribution centres. Still, Liu has signalled on RedNote that a liquidation campaign would be her first public move.
Weihong Liu tours a Hudson’s Bay store. Image: RedNote
“She could run a handful of stores over the summer purely as liquidation outlets,” Boutet speculated. “That buys her some time—time to develop a new retail concept, to negotiate with landlords, and to get fixtures and inventory in place.”
On RedNote, Liu explained that brands looking to operate within Hudson’s Bay stores would have two options: pay a base rent per square foot or contribute 20 percent of their sales revenue. This concession-based model, widely used in Asian department stores, reduces upfront risk for emerging brands while allowing the retailer to earn income tied directly to performance. Liu framed it as a flexible way to attract a wide range of vendors, particularly as she seeks to populate stores with a mix of brands that may be new to the Canadian market.
Sourcing Talent and Building Teams
Liu has already begun the process of recruiting employees for the planned stores. In a recent video on RedNote, she introduced several newly hired female employees, all Mandarin-speaking, while business partner Linda Qin stated that investor recruitment was also underway. Liu has specifically requested bilingual staff fluent in Mandarin and English.
Weihong Liu introduces new hires for Hudson’s Bay on RedNote. Image: RedNote screen shot
This staffing approach may also signal a cultural shift in store operations, with Liu possibly reimagining both the customer service and back-of-house environments. “She may choose to bolt on some existing staff to hit the ground running, but if she’s thinking of building something new, she’ll need a team that aligns with that vision,” Boutet said.
Liu has also begun assembling a network of advisors and potential business collaborators. She recently brought in Xie Xiaoqiang, a well-known retail consultant from China, who stated in Mandarin that he believes a Hudson’s Bay chain in Canada could succeed given its prime real estate holdings and Liu’s vision. In another notable meeting, Liu hosted Zhang Huarong, President of Shanghai-based Yueronghui Group, at Tsawwassen Mills. According to Liu’s posts on RedNote, the two were engaged in discussions about the future of Hudson’s Bay and its potential transformation under new ownership.
Flagships and Real Estate Complexity
A critical challenge facing Liu will be access to premium real estate. While her bid may include some flagship locations—such as downtown Vancouver or Calgary—those properties come with major costs and logistical challenges. The Queen Street flagship, for example, has known plumbing and infrastructure issues that could require tens of millions of dollars in investment to resolve.
Moreover, Cadillac Fairview owns the Queen Street building and holds a lease-backed mortgage on the property. Any new deal would likely require long-term lease commitments and substantial guarantees.
“Landlords are going to want to see a solid business plan and financial backing,” Boutet said. “It’s not just about rent—it’s about credibility and commitment.”
Rendering of a tech-focused area in a Hudson’s Bay store. Image: Ashwin Raman
Drawing from Asia’s Retail Innovations
Liu’s influence extends across real estate and retail strategy. Central Walk has recently introduced experiential elements into its Canadian centres, including robot-operated kiosks and pickleball courts. Her vision for Hudson’s Bay could follow a similar playbook, combining dining, entertainment, and specialty retail under one roof.
A first-in-Canada robotic coffee machine at Mayfair Centre in Victoria. It’s an example of innovations she is bringing to her Canadian real estate. Image via Weihong Lui’s RedNote
In China, department stores are known for their dynamic central courts, which often serve as stages for cultural performances, product launches, and brand activations. Boutet suggested Liu may bring a similar level of energy and programming to her Canadian stores. “These stores can become gathering places again—not just places to buy things,” he said.
The Role of the IP and Brand Legacy
One lingering question is how much Liu values the Hudson’s Bay brand name itself. On RedNote, a user suggested she acquire the intellectual property to protect the company’s heritage. Liu responded simply: “Learned.” Liu has noted the importance of the Hudson’s Bay name, and would likely maintain that under her ownership.
Boutet cautioned, however, that name recognition alone may not be enough to ensure success. “The brand has legacy, yes, but if what people see when they walk in doesn’t match their memories or expectations, it loses meaning,” he said. “Zellers is a good example of that. The name resonated, but the execution fell flat.”
What Comes Next?
The court-appointed monitor overseeing Hudson’s Bay’s creditor protection proceedings is expected to announce the successful bidders imminently. If Liu’s offer is accepted, Canadians will be watching closely to see whether her version of Hudson’s Bay becomes a revitalized cultural hub—or another case of unrealized promise.
“She’s either about to launch the most exciting department store project in North America—or walk into a minefield of legacy issues,” Boutet said. “It’s a high-stakes gamble, but if anyone can pull off something this bold, it might be someone like Weihong Liu.”
According to Altus Group’s Investment Trends Survey Q1 2025 results, food-anchored retail strips topped the list of the most sought-after property types, continuing a trend established in 2024.
“This enduring appeal reflects the ongoing emphasis of Canadian consumers on essential goods and services, making tenants in these centres, such as grocery stores and general merchandise retailers, relatively resilient to economic fluctuations,” said the report.
According to the Product/Market barometer, the top three preferred combinations were:
Food-anchored retail strip in Vancouver
Food-anchored retail strip in Calgary
Food-anchored retail strip in Montreal
The Altus Valuation Analysis report said: “The food-anchored retail strip remains the preferred investment by a wide margin. Investors like the stability in foot traffic and sales. The obstacle to investment is the limited inventory of those assets for sale. Owners are choosing to hold onto those assets because they are performing well. First quarter retail sales across all types of retail assets reached $1.37 billion, which was well ahead of office but trailed sales volume in both industrial at $1.85 billion and multifamily residential at $1.60 billion.”
Those concerns are another reason driving demand for more resilient food-anchored retail.
Santilli said retail has outperformed the other asset classes. There’s very positive sentiment around retail investment going forward, particularly food-anchored retail.
“We haven’t had a regional mall built in a number of years. There are other issues we can talk about with regional malls, but construction costs have limited development to mostly food-anchored retail,” she said. “Land availability and cost to build are key factors—so the inventory is right-sized for the demand in that space. That’s why that asset class is performing better than enclosed retail spaces. The food anchor remains the draw. Service-based tenants in those centres benefit from that.
Alice Dale
“So, if you’re a pharmacy or a tenant adjacent to a grocery anchor, you’ll benefit from that traffic. And that really amplified following the pandemic. People prefer to shop that way for necessities.”
Consumers are challenged these days with the cost of living and rising prices.
Dale said the impact depends on the type of retailer and the composition of the tenant mix within shopping centres.
“Needs or necessity-based tenants are still going to attract people. You might see a shift away from more discretionary spending—luxury categories—back to necessity-based categories,” she added.
“Not just luxury, but also entertainment and food. Those tenants could be strained going forward because their input costs are expected to rise as well. So, low consumer confidence leads to reduced discretionary spending. Food and hospitality—like restaurants—are sectors to watch. People will return to needs-based shopping.”
Santilli said secondary retail in secondary markets is the most challenged from an investment perspective. It’s most impacted by big-box departures—like the recent news in the retail landscape.
“Urban retail, where there’s foot traffic, is performing strongest,” he said.
‘Looking ahead at economic forecasts, Alberta will likely still outperform, despite the energy sector being impacted by tariffs. Ontario’s economic growth projections are fairly muted, so it’s on the watch list. Slow growth isn’t good for any asset class,” added Dale. “Vancouver continues to be a very sought-after investment market. Supply is fairly right-sized, and there’s a lot of foreign interest in that market. Underlying land values are also very high.”
Santilli said Alberta, particularly Calgary, is showing the strongest economic performance in Canada right now. A lot of that has to do with interprovincial migration. The population there is growing, and incomes are higher—so people can spend more. That’s positive for retail.”
Key overall highlights from the Altus report:
Across the four main property types, valuation movement was relatively muted with retail outperforming other sectors, up 4.08% compared to a year ago, followed by residential at 1.13%
Industrial values were largely flat on a 12-month basis, moving up 0.40%
Office valuations have shown signs of stabilizing over the past year with Q1 values that dipped a slight 0.48% over the prior quarter and -4.02% on a year-over-year basis
The outcome of trade policy could set the direction of valuations for certain property sectors and create more bifurcation in the market between stronger and weaker assets
Overall, investment sales volume has slowed this year, dropping from $8.5 billion in Q1 2025 compared to $10.2 billion in Q1 2024 and $12.3 billion in Q1 2023
“Will tariffs and the US versus Canada trade war change the trajectory of commercial real estate and multifamily valuations? Although overall fundamentals remain relatively stable, uncertainty is clouding the near-term outlook for valuations across property sectors,” said the report.
“Altus Group’s latest valuation data shows that Canadian commercial and multifamily values stayed the course in the first quarter. Across the four main property types, valuation movement was relatively muted with retail outperforming other sectors, up 4.08% compared to a year ago, followed by residential at 1.13%. Industrial values were largely flat on a 12-month basis, moving up 0.40% and office was the only sector that saw a year-over-year decline of 4.02%.
“The broader trendline shows less volatility and more stability in values over the past five consecutive quarters. Even office, although still choppy, is experiencing more modest valuation moves compared to the bigger declines that occurred in 2022 and 2023.”
A new chart from the Agri-Food Analytics Lab at Dalhousie University, based on the Canadian Food Sentiment Index, offers a nuanced look at the evolution of Canadian dietary habits. While some observers may see a decline in omnivorous eating as a sign that Canada is becoming a plant-based nation, the data suggests a more fragmented and pragmatic shift in consumer behaviour.
Between Fall 2024 and Spring 2025, the share of Canadians identifying as omnivores—those with no dietary restrictions—dropped from 67.6% to 60.8%. At first glance, this appears to signal a major dietary shift. However, the decline is not being absorbed by vegetarians or vegans. In fact, the proportion of self-identified vegetarians fell from 7.7% to 5.9%, and vegans increased only marginally, from 2.6% to 3.0%.
Instead, the growth is coming from flexitarian and “Other” dietary categories. Flexitarians—those who prioritize plant-based foods but still consume meat and fish—rose from 4.6% to 5.5%. The “Other” category, which now represents 11.4% of consumers (up from 9.1%), reflects a growing number of Canadians customizing their diets in ways that defy traditional labels.
Consumer Choices Reflect Flexibility, Not Ideology
This points to a key insight: the future of protein in Canada is not a zero-sum game. It is not about ideological purity or wholesale dietary conversions. It is about diversification, flexibility, and adaptation. Consumers are experimenting, not committing—shifting based on cost, availability, and cultural context.
That nuance was lost on early disruptors like Beyond Meat, which entered the market with a mission to replace meat altogether. Five years ago, its stock was trading near $200 USD. Today, it trades below $3 USD, following multiple rounds of restructuring. The message was simply misaligned with market realities.
Government policy hasn’t helped. Ottawa’s “protein play” has been, at times, disconnected from consumer preferences. A high-profile example is Aspire Food Group’s cricket-processing facility in London, Ontario. Once promoted as the world’s largest insect protein facility, the project is now in receivership, facing a $42 million bankruptcy. While the environmental rationale behind insect protein is valid—especially for animal feed—the consumer market in North America has not kept pace with the vision.
Insects may be traditional protein sources in parts of the world, but not in Canada. Food is deeply cultural, and transitions take time. Imposing unfamiliar protein formats onto a reluctant consumer base often backfires, especially when framed as moral imperatives rather than consumer choices.
Blended Products Show Promise for Broader Appeal
So where does alternative protein innovation go from here? Toward the middle. The winning formula lies in hybrid, blended products that reduce animal protein content without alienating mainstream eaters. The real gatekeepers remain price and taste. Sustainability may generate interest, but repeat purchases depend on value and flavor.
The alternative protein sector still holds potential in Canada—but only for those who align with consumer sentiment, not against it. The Canadian Food Sentiment Index underscores this reality: today’s dietary decisions are not about revolutions. They are quiet negotiations, made one plate at a time.
Upper Canada Mall in Newmarket, ON. Photo: Oxford Properties
A new consumer study conducted by AnotherStory Consulting Inc. in April 2025 reveals that while price and value remain top priorities for Canadian consumers shopping in physical stores, hidden factors such as newness, inspiration, and helpful service may offer a path to differentiation for retailers struggling to stand out in a highly competitive marketplace.
The study, which surveyed more than 1,000 English-speaking Canadians in March 2025, focused exclusively on discretionary categories, including fashion apparel, housewares, home furnishings, toys and books, and pet-related items. Sandra Duff, Principal at AnotherStory, led the project, which was prompted in part by growing commentary suggesting that the brick-and-mortar retail experience had lost relevance in a digital-first world.
Sandra Duff
Shoppers Still Favour In-Store Retail, Despite Ongoing Digital Disruption
“What was really interesting to me was that so many headlines over the last few years were proclaiming the death of the mall or the death of in-store shopping,” said Duff in an interview. “Some reports even claimed that online had ruined the physical store experience. I wanted to understand what consumers were actually looking for when they visit a store. What makes it meaningful? What sticks?”
Duff said the study sought to go beyond speculation and provide empirical data about what motivates Canadians to shop in person. Respondents were asked to self-identify as a certain type of shopper and share what drove their behaviour in-store. The findings confirmed long-standing assumptions while also challenging some widely held beliefs.
Price and Quality Remain Top Priorities for Canadian Retail Consumers
“Canadians are still very price-driven,” said Duff. “Low price came out on top in every category, which wasn’t surprising. Quality came in close behind. What was really telling, though, is that shopping being ‘fun and inspirational’ ranked second to last, and service came in dead last.”
That revelation raised further questions about Canadian consumer expectations, according to Duff. “It made me wonder whether shoppers here just have very low expectations of the retail experience,” she said. “Or maybe they’ve become used to the idea that service and experience are luxuries, not norms.”
Duff added that economic conditions have only intensified the focus on price, citing inflation, housing affordability, slower job growth, and stagnant wages as key factors. “People’s budgets are stretched. This isn’t just about being a bargain hunter—it’s about survival and practicality,” she explained.
Discounters and Big Box Retailers Dominate the Canadian Shopping Landscape
The study also captured where consumers are shopping and which formats are performing best. In the apparel category, 53 percent of respondents had visited discounters and big-box retailers such as Walmart, Old Navy, Winners, and Costco. Specialty and mall-based retailers attracted 31 percent, while only 4 percent of apparel shoppers said they had visited a department store such as Hudson’s Bay. That drop in department store traffic raises questions about the relevance of the traditional retail model, especially in the wake of high-profile closures and restructurings across the country.
Duff, who previously consulted for JCPenney in the U.S., said the decline of department stores like Hudson’s Bay is linked to multiple breakdowns—ranging from poor service and lack of inventory to uninspired product presentation.
Hudson’s Bay wing at Upper Canada Mall in Newmarket, ON. Image: Oxford Properties
Department Stores Lose Relevance Amid Changing Shopper Expectations
“The department store used to be a curated one-stop shop. You could find fashion, home goods, and even appliances all under one roof, with a level of service that made the experience worthwhile,” she said. “But over time, assortment quality diminished, staff became harder to find, and stores began to feel dated and empty.”
By contrast, discounters such as Winners and Homesense are gaining market share and consumer loyalty by offering what Duff calls “the treasure hunt effect.” These stores combine perceived value with rapid product turnover and constantly refreshed displays.
“There’s a sense of excitement walking into a Winners or Homesense,” she said. “They do a great job of curating by colour or theme, and there’s always something new. That freshness drives repeat visits, even without high service expectations.”
Retail Technology Needs to Be Useful, Not Just Trendy
The study also explored consumer attitudes toward technology in-store, a subject of growing interest among retailers seeking to modernize operations and engage younger demographics. Duff noted that over half of shoppers believe technology can improve the in-store experience, particularly when it serves practical purposes such as confirming prices, locating products, or integrating with loyalty programs. However, more advanced or experimental tech—such as virtual try-ons or off-site customer service chat—received less enthusiasm.
“The message here is that innovation has to be useful, not just shiny,” said Duff. “Retailers talk about creating the ‘store of the future,’ but customers are asking for simple solutions that help them find what they need more efficiently. Practicality beats flash.”
Retail technology. Image: Alice POS
Quadrant Analysis Reveals What Really Drives Retail Customer Loyalty
One of the most insightful takeaways from the study lies in its distinction between what shoppers say they want versus what actually drives their satisfaction. The research mapped customer attitudes into quadrants—“table stakes,” “key drivers,” and “hidden drivers.” While price, quality, and availability were expectedly strong as table stakes and key drivers, it was the hidden drivers that may hold the key to retail transformation.
“Hidden drivers are those things consumers might not say they care about—but they still influence whether someone has a good experience and returns,” Duff explained. “In apparel, for example, shoppers might claim price and quality matter most, but it turns out they also feel more satisfied when they encounter new collections, helpful staff, or inspiring displays.”
Freshness, Staff Support, and Store Ambience Make a Difference
In that sense, Duff sees an opportunity for retailers to push beyond the basics. “If you’re only competing on price, you’re not offering a compelling reason for consumers to switch from their current routine,” she said. “Newness and inspiration can be the differentiators.”
The study’s quadrant analysis revealed similar insights across other product categories. In housewares and home furnishings, the best-performing retailers are combining perceived value with enjoyable store layouts. In toys and books, freshness in inventory and availability of the latest products contribute more to satisfaction than expected.
“There’s a clear pattern,” said Duff. “Whether shoppers are buying a new outfit, a throw pillow, or a board game, they’re drawn to something that feels current. It’s about staying relevant and offering a reason to walk through the door.”
Resale retail is also a trend. “It actually showed up in the study in the toys, books, and games category, which I didn’t expect. I had assumed resale was still relatively niche, but its appearance in the data suggests it may be entering the mainstream more than we think.”
Image: Mark’s
Canadian Tire and Mark’s Emerge as Unexpected Retail Competitors
Duff also commented on emerging trends around legacy banners like Canadian Tire and Mark’s. Both appeared more frequently in shopper data than expected, especially in apparel and home.
“Canadian Tire and Mark’s are doing something very interesting,” she said. “They’ve built credibility on value and quality, and they maintain a good balance in price perception. They’re not seen as overly expensive, but they also carry trusted brands. I wonder if they could start playing the role that department stores used to fill.”
That kind of evolution, she added, would depend on their ability to combine broad product offerings with strong in-stock positions, appealing presentation, and dependable value. “What they lack in glamour, they make up for in trust,” said Duff. “For many Canadians, that might be enough.”
Retailers Must Differentiate in a Market Where ‘Good Enough’ Is the Norm
Looking ahead, Duff said retailers need to think deeply about how they’ll differentiate in a market where, paradoxically, most shoppers already feel satisfied.
“If everyone’s giving you an eight out of ten, who’s going to push to a ten?” she asked. “There’s an opportunity for someone to rise above the rest by delivering more than what’s expected. You need to check the price and quality boxes, of course—but then layer in inspiration, service, and something fresh.”
In an era where Amazon has reset price expectations and consumers are trained to hunt for value, Canadian retailers are facing a narrowing window to reassert the value of physical retail. As Duff puts it, “Customers will always tell you they want the lowest price. But if that’s all you’re giving them, you won’t win long term.”
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.
