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Cadillac Fairview Dominates Canadian Mall Productivity Rankings

By
Craig Patterson
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CF Carrefour Laval in Montreal. Photo: Cadillac Fairview

Cadillac Fairview continues to dominate Canada’s retail real estate landscape, placing nine of its shopping centres among the top 20 highest-performing malls in the country, according to the 2024 ICSC Canadian Mall Property Performance List. The landlord’s strong showing reaffirms its status as a leader in the sector, outpacing major competitors in terms of sales per square foot and overall portfolio consistency across multiple provinces.

In an interview with Retail Insider, Lillian Tummonds, Senior Vice President of Retail at Cadillac Fairview, emphasized that the company’s longstanding presence in the upper tier of the ICSC rankings is no coincidence. 

Lillian Tummonds

“We continue to listen to our customers,” said Tummonds. “We know that people go to certain shopping centres because of the location and the offerings. If those offerings don’t resonate, they won’t come.”

CF Toronto Eaton Centre, CF Pacific Centre, and CF Richmond Centre Rank in the Top Five

Among Cadillac Fairview’s most notable performers in the 2024 ICSC study were CF Toronto Eaton Centre, CF Pacific Centre in Vancouver, and CF Richmond Centre. CF Toronto Eaton Centre ranked second in Canada with sales per square foot of $1,500, up $43 over the previous year. CF Pacific Centre came in third with $1,454 per square foot, a year-over-year increase of $130 — one of the strongest gains in the national survey. CF Richmond Centre placed fourth overall at $1,359 per square foot, marking another standout year for the downtown Richmond shopping destination.

These strong results were bolstered by CF Chinook Centre in Calgary, which ranked fifth with $1,336 per square foot, up $28 from the previous year. CF Sherway Gardens in Etobicoke also made the top 10, reporting $1,160 per square foot despite a year-over-year decline of $73.

Other Cadillac Fairview malls performing strongly included CF Carrefour Laval at $1,140 per square foot, CF Polo Park in Winnipeg at $1,120, CF Masonville Place in London at $1,094, CF Market Mall in Calgary at $1,090, and CF Fairview Mall in Toronto at $1,063. Most of these centres saw year-over-year gains, with CF Polo Park up $90 and Fairview Mall up $66, showing that CF’s mid-market and regional malls are also posting significant productivity growth.

Main floor of CF Pacific Centre in downtown Vancouver. Photo: Cadillac Fairview

Reinventing the Retail Experience

According to Tummonds, Cadillac Fairview’s success is rooted in a deeply consumer-centric approach. “We try to build community experiences. You’re not just going there to shop. You might also go for a meal, meet friends, or take in an activation,” she said. “We’re always reinvesting in our centres to make sure they look and feel great when people are there. We try to emulate what our shoppers expect — from the moment they arrive to the time they leave.”

CF Toronto Eaton Centre, which remains Canada’s most visited mall, continues to evolve with the redevelopment of the former Nordstrom space. That area will soon house La Maison Simons and Eataly, which Tummonds said will contribute to making the property a “destination” shopping experience. Despite ongoing construction along Queen Street, the centre saw a 3.2 percent year-over-year increase in sales, signalling a steady recovery in downtown foot traffic.

At CF Richmond Centre, Cadillac Fairview is actively densifying the site with residential strata and rental units. The centre’s performance, which secured it fourth place nationally, reflects both a successful retail mix and the momentum from new mixed-use development. “We just welcomed the owners of the new strata units to phase one,” said Tummonds. “Again, we’re building community around the shopping centre.”

CF Richmond Centre in Richmond, BC. Photo: Cadillac Fairview

Expanding Through Pop-Ups and Strategic Leasing

Cadillac Fairview is increasingly embracing shorter-term leases and pop-up retail as part of a broader leasing and marketing strategy. Tummonds noted that these activations not only animate the shopping centres but also serve as test grounds for potential long-term tenants. One example she cited was Vessi, which began as a pop-up at CF Toronto Eaton Centre and has since expanded into a longer-term arrangement.

Pop-up experiences are often tied to seasonal or cultural programming, helping create a unique and memorable atmosphere. Tummonds said these initiatives are important both for community engagement and as a way to showcase retail innovation. “We try to incorporate these activations into the overall experience,” she explained. “It complements our events during the holidays, such as Lunar New Year.”

Holt Renfrew at CF Pacific Centre in downtown Vancouver. With the closure of Hudson’s Bay and the recent shuttering of Nordstrom, Holt Renfrew is the only large-format store of its kind left in downtown Vancouver. Photo: Cadillac Fairview

Culinary Strategy Plays a Key Role

In recent years, Cadillac Fairview has placed growing emphasis on food and beverage offerings across its portfolio. This includes the introduction of Japanese coffee brand %Arabica at both CF Toronto Eaton Centre and CF Richmond Centre. At CF Markville, Cadillac Fairview recently welcomed Chinese restaurant Auric King, while T&T Supermarket at CF Fairview Mall continues to serve a diverse and loyal customer base.

Eataly, the Italian food hall concept, is another central pillar of Cadillac Fairview’s culinary strategy. Already open at CF Sherway Gardens and CF Shops at Don Mills, Eataly will soon launch its fourth Toronto location at CF Toronto Eaton Centre — making Toronto home to more Eataly locations than any other city globally, tied with Tokyo.

Tummonds emphasized that food is no longer just a supplementary offering in malls but a core part of the experience. “It’s a great offering and it draws people in. We’re excited about how that category continues to grow,” she said.

CF Sherway Gardens in Toronto. Photo: Cadillac Fairview

Leveraging Insights and Data to Stay Competitive

Another major advantage for Cadillac Fairview is its use of shopper data and market research to inform merchandising decisions. “We spend a lot of time analyzing our customer base at each centre — what brands they’re looking for, what categories they’re interested in,” said Tummonds. “That helps us ensure we’re always making the right decisions for each location.”

This data-driven strategy has helped Cadillac Fairview secure top-performing tenants and maintain a curated mix of retailers aligned to local needs. It has also allowed CF to navigate the continued reshaping of the Canadian retail environment — including the decline of anchor department stores.

CF Chinook Centre in Calgary. Photo: Cadillac Fairview

Adapting in the Wake of Anchor Store Departures

As department stores continue to exit malls across the country, including recent closures by Nordstrom and the uncertain future of Hudson’s Bay, Cadillac Fairview is actively planning how to reimagine large-format spaces. 

Tummonds said the company has “a task force looking at all angles” and is working closely with leasing and development teams to identify new opportunities.

“We’ve survived Simpsons, Eaton’s, Woodward’s, Target, Sears, and now Nordstrom,” said Tummonds. “We’ve done this before and we’ll do it again. Look what we’re doing at TEC — re-demising the Nordstrom box for Simons and Eataly. We’re continuing to evolve, and we’ll find new ways to use those spaces.”

Cadillac Fairview owns the Queen Street Hudson’s Bay building in Toronto and is currently evaluating potential redevelopment strategies for the site. Cadillac Fairview bought the block for $650 million over a decade ago. 

A National Portfolio That Continues to Outperform

Cadillac Fairview’s dominance in the 2024 ICSC rankings is not confined to one region or flagship property. With strong performances in Ontario, British Columbia, Alberta, Manitoba, and Quebec, the company’s portfolio-wide consistency underscores the effectiveness of its operational strategy.

In contrast, Oxford Properties had two malls in the top 10 — Yorkdale Shopping Centre and Square One Shopping Centre — while Ivanhoé Cambridge, though still competitive, placed fewer malls among the top-performing nationally. Cadillac Fairview’s results confirm its leading position in Canadian retail real estate by a considerable margin.

“We’re proud of the performance of our centres,” said Tummonds. “But more importantly, we’re proud of the experience we’re building for Canadians across the country. Our focus has always been — and will continue to be — on the customer.”

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SPECIAL REPORT: The State of Labour and Staffing in Canadian Retail: Navigating Change Amid Emerging Trends

By
Mario Toneguzzi
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Photo by Andrea Piacquadio
Photo by Andrea Piacquadio


As Canada’s retail industry continues to evolve post-pandemic, labour and staffing remain front and centre for businesses grappling with shifting economic realities, worker expectations, and technological change. From declining job vacancies to an industry-wide push for skills-based hiring, 2025 is shaping up to be a transformative year for the retail workforce.

According to the latest data from Statistics Canada, employment fell by 29,000 (-1.0%) in wholesale and retail trade in March, partly offsetting an increase of 51,000 in February. On a year-over-year basis, the number of people working in wholesale and retail trade was little changed in March.

According to Statista, there were approximately 2.2 million retail trade employees in Canada in 2024, a slight decrease compared to the previous year.

Still, there is a degree of optimism brewing in the sector. Major retailers like Loblaw and Walmart Canada are investing heavily in workforce development. Earlier this year, Loblaw announced a $1.5 billion investment aimed at creating over 7,500 jobs across Canada, while Walmart Canada committed an additional $68 million toward wage increases and employee training.

Photo by Pavel Danilyuk
Photo by Pavel Danilyuk

These investments are being viewed as strategic moves to not only improve operations but to also attract and retain talent in a tight labour market. As inflation begins to ease and consumer confidence stabilizes, retailers are positioning themselves for a more sustainable growth trajectory.

But it’s clear there remains a wave of uncertainty. 

Hudson’s Bay, Canada’s oldest retailer, is undergoing a significant restructuring that will see the closure of its 80 department stores, including 13 Saks OFF 5TH locations and three Saks Fifth Avenue stores across the country. This decision, approved by an Ontario court in March is part of a broader effort to address financial challenges such as reduced consumer spending, trade tensions, and declining downtown traffic. 

Approximately 9,364 employees have been affected.

Bruce Winder

Retail analyst and author Bruce Winder said that during the pandemic, retailers faced a labour shortage and utilized a combination of technology, temporary foreign workers (TFWs) and international students to help fill the gap. 

“Since then, as the economy has slowed and governments have tightened up policy on both TFWs and international students, retailers have tried to lower labour costs to offset higher costs-of-goods-sold and lower demand. Some have reduced hours of individual employees or are simply operating with less staff. At the same time, employee expectations have been reduced as work is harder to come by in this high unemployment market. Social media will continue to be a venting ground for retail employees to call out employer bad actors. Retention strategies are needed less in an over-supply labour market,” he explained.

Winder said skills-based hiring may bring lower formal education levels to the retail sector and open up a larger potential labour pool. 

“As retailers hire more based on what you can demonstrate versus your education or title, barriers to entry for employees will be reduced. As large value-based retailers adapt to using more technology, some will assist employees with reskilling,” he said. “One must also contemplate the continued migration of employees from working at brick-and-mortar stores to e-commerce operations as the natural shift to online continues as demographics change.”

As legacy retailers like Hudson’s Bay exit the industry (or become reincarnated as smaller entities) we will see a temporary over-supply of retail workers who will either be re-deployed at other retailers, retire or change industries, added Winder.

“As Hudson’s Bay 9,000 + employees lose their jobs, there will be a ripple effect on other product and service businesses as these workers temporarily spend less. The exit of Hudson’s Bay could create additional construction jobs within commercial real estate as The Bay’s stores become repurposed.”

Winder said AI is changing the way retail operates in many ways. Most retailers are using AI to screen resumes and some are using AI to administer first interviews.

“AI can also be used to scrape social media and other digital footprints as part of the employee vetting process. Other areas such as scheduling, labour deployment and performance management/optimization are also using AI to improve results,” he explained.

“AI bots and AI agents, by definition, will reduce the number of frontline employees needed. These same tools can train new employees to get them up-to-speed quicker. The opportunities to use AI are almost limitless. Challenges include “paralysis by analysis” as some retailers may be overwhelmed with the amount of data at their fingertips and the fear of existing employees of being replaced with AI.”

George Minakakis. Photo: LinkedIn.

George Minakakis, Founder and CEO of the Inception Retail Group, said Canadian retailers should shift from transactional employment models to more purpose-driven, flexible, and employee-centric strategies. 

“The work culture is critical, and it has to be a great place to work and earn an income. It’s tough to recruit employees when business is slow and not interesting. That means fewer hours and unpredictable incomes,” he said.

“Retailers need to make it incumbent upon themselves to decide how they want to serve the public and then build their talent strategies around that. In my view, the labour shortages are more severe because there isn’t enough upward mobility in pay or roles. However, that could all be mitigated by developing ways for employees to continue to develop their skills and even participate in a brand’s success.

“Retailers can also tailor benefits and incentives to reflect the needs of part-time and gig-economy workers, adapting to today’s fluid employment preferences.”

As AI agents handle most transactional tasks, human-centred skills like empathy, adaptability, and relationship-building will become retail’s most valuable asset, explained Minakakis. 

“Skills-based hiring will redefine frontline roles to ensure consistent execution. Retailers that overlook this will find themselves invisible behind their customers’ AI filters. Personalized and customized in-store experiences are becoming premium touchpoints,” he said. 

“The future of retail isn’t just digital, it’s deeply human, supported by smarter training and reskilling pathways that empower workers to deliver something AI can’t. As it relates to reskilling, there is a cost associated with that and creating consistency; the retailers who have those financial and training capabilities will be stronger for it.”

Minakakis has always viewed retailing as an art, and if your art of retailing is not appealing, you face the same challenges as HBC and others who failed before them. 

“Business failures displace thousands of employees and bring about more open commercial real estate in the retail sector every year. The larger-scale closures can also create structural shifts within existing large retailers who look for ways to mitigate business costs through the use of technology, so that more resources are directed toward keeping a brand relevant.  That means the demand for talent will also evolve into less headcount within home offices which is inevitable, however some of those savings in productivity need to be redistributed to the frontlines where experiences and transactions matter,” he said.

“The loss of anchor tenants can impact smaller retailers who don’t have the brand drawing or even staying power. It is a big challenge to recruit a tenant in centers that are in more regional settings, and less foot traffic will make it even harder to replace large tenants.

“However, the loss of one more major retailer, while not good news, does make some of the displaced workers available for new opportunities. And retailers who are looking to improve their talent base should be pursuing this available talent.” 

Photo by Andrea Piacquadio
Photo by Andrea Piacquadio

Minakakis said businesses in general may be using AI for scheduling and defining tasks that need to be completed and when, particularly in logistics and distribution hubs. 

“With respect to recruitment, hiring from resumes comes with risks of bias and privacy issues. AI can help move away from static training models and create more on-demand learning, which would be advantageous if it can also lead to some kind of accreditation with third-party programs that can be leveraged by all retailers. But what AI can’t do is determine human behaviours, personal and cultural fit,” he said.

“I should point out that AI can enhance workplace productivity, strategic direction, innovation, and customer experiences in terms of insights with the right resources. And as I have been sharing with others about organizational redesign. Organizations will redefine work in three categories: creators, solvers, and executors; therefore, recruiting will likely form this way as well, especially in the retail sector.

“Retailing has many moving parts. You can create a great brand story, have a team of talented people, the right location, merchandise, and messaging. But if one of these is out of synch, everything is.”

Looking ahead, the industry is expected to continue its embrace of technology-driven staffing models, including AI-assisted recruitment, employee engagement platforms, and predictive analytics for scheduling and inventory management. These tools are being leveraged to boost efficiency and respond to the modern worker’s expectations for meaningful, tech-integrated employment.

In summary, Canadian retail in 2025 is a sector in transition. The challenges are real—labour shortages, retention issues, shifting customer expectations—but so are the opportunities. As businesses continue to invest in people, technology, and forward-thinking practices, the sector is poised not just to recover, but to redefine what retail work looks like in the years ahead.

Top Trends to Watch:

  • Decline in retail job vacancies, hitting an 8-year low
  • Growth in skills-based hiring practices
  • Increased investment in employee reskilling over new hires
  • Prioritization of wellness and work-life balance to boost retention
  • Strategic job creation by national chains like Loblaw and Walmart Canada
  • Greater use of AI in hiring and workforce development

Retail may be changing, but one thing is clear: people remain its most valuable asset.

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Specsavers Expands Rapidly in Canada, Exceeding Growth Targets

By
Craig Patterson
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Specsavers at Sherwood Park Mall (Image: Sherwood Park Mall / Primaris REIT)

Specsavers, the globally recognized optical retailer, continues to make significant strides in Canada, surpassing 150 store locations and establishing itself as a formidable presence in the country’s eyewear and eyecare market.

“As of today, we have 153 Specsavers locations operating across four provinces in Canada—British Columbia, Alberta, Ontario and Manitoba,” said Bill Moir, Managing Director of Specsavers Canada. “It’s been an exciting journey since we launched in Canada in 2021, and we are incredibly proud of how quickly we have grown and the teams that are serving our customers and patients.”

Bill Moir, Managing Director of Specsavers Canada

The Canadian rollout, Moir noted, has met and even exceeded original expectations. “We’re on track and happy with our progress. Thanks to the commitment of our optometry partners, retail partners, and teams across the country, we have been able to quickly deliver tangible results,” he said. Specsavers has now achieved brand awareness of over 85%, positioning it among the most recognized optical brands in the country.

A Clear Market Strategy

Central to Specsavers’ success is its differentiated market positioning. “Our purpose is to change lives through better sight,” said Moir. “What sets us apart is how we combine quality, affordability, and advanced clinical care.”

Every Specsavers location is equipped with optical coherence tomography (OCT) technology, providing advanced 3D eye scans as part of every standard eye exam. Glasses start at $69, including single-vision lenses, making high-quality eyewear accessible to a broad base of Canadians.

Another unique aspect is Specsavers’ humorous advertising approach. “The relatability of our ‘Should’ve gone to Specsavers’ brand platform makes the important topic of eye health more approachable, in a way Canadians haven’t experienced before,” Moir explained.

Urban centres such as Toronto and Vancouver have been major contributors to growth, but Moir emphasized that strong demand exists everywhere. “We have seen excellent traction in suburban and smaller markets where access to care has traditionally been more limited,” he said.

Canadian Consumers Respond Enthusiastically

“We’ve been blown away by the response of Canadians,” said Moir. “Our value proposition is clearly resonating with people who want high-quality eyecare and eyewear at an affordable price point, especially at a time when Canadians are under financial pressure.”

Campaigns featuring astronaut Chris Hadfield have also boosted visibility and engagement. “Our partnership with Chris Hadfield is exceeding our expectations,” Moir added.

Photo: Specsavers Canada

Store Design Tailored for Canada

Specsavers’ Canadian stores maintain the brand’s global standards while incorporating some local adaptations. 

“Our Canadian locations are similar to the Specsavers format seen globally—clean, modern spaces that are designed with both the clinical and retail experience in mind,” said Moir. Enhancements include upgraded lighting, frame displays, and signage optimized for Canadian consumers.

“Every Specsavers location is equipped with the latest technology to deliver high-quality eyecare services,” Moir said, noting that stores are co-owned by a Retail Partner and an Optometry Partner to ensure both clinical excellence and outstanding customer service.

“It’s absolutely vital,” Moir said of the in-store experience. “From the moment a customer walks in the door to when they pick up their new glasses or contact lenses, we want the experience to feel easy, supportive and exceptional.”

Omnichannel Growth: Bridging Physical and Digital

While eyecare is inherently personal, Specsavers is increasingly leveraging digital tools. “We’re seeing strong growth from online bookings, appointment reminders, and customers browsing frame styles online,” said Moir. 

Virtual Try-on tools allow customers to preview frames from home, helping streamline their visits.

“Digital tools are an extension of the in-store experience,” Moir explained. “Before a visit, customers can book exams and virtually try on frames. During the visit, we use digital tools to assist with product selection and precise measurements. Afterward, we’re enhancing services like order tracking and prescription history.”

Photo: Specsavers Canada

Ambitious Growth Plans

Looking ahead, Specsavers plans to maintain its aggressive expansion. “We expect to grow to well over 200 locations over the next 12-24 months, putting us on track to care for 1 million Canadians in 2025,” Moir shared.

Expansion will continue across existing provinces with new stores opening shortly in Bradford, Ontario, and Vancouver. Moir also hinted at future possibilities. “There’s still plenty of opportunity within our existing provinces, but we will expand into other provinces in the future as our brand awareness and customer demand grow,” he said.

As for Quebec and Northern Canada? “We are always focused on expanding access to care,” Moir affirmed, adding that consumer demand will drive the next phase of growth.

Understanding the Canadian Consumer

“We’ve found that Canadians are very responsive to our purpose-driven approach,” said Moir. “Compared to other markets, there’s a heightened focus on transparency and inclusivity, which aligns well with our values.”

Specsavers’ combination of quality and affordability is winning over Canadian customers who are increasingly discerning. “Canadians are prepared to shop around for the best products, so our value proposition is proving very successful,” he added.

Photo: Specsavers Canada

Building a Best-in-Class Workplace

Adding to its achievements, Specsavers was recently named one of Canada’s best places to work, ranking as the highest among retailers and 11th across all industries nationally.

“It’s an incredible honour,” said Moir. “It’s a true reflection of our people and the culture we’ve built together—rooted in collaboration, respect and care.”

Specsavers’ purpose-driven culture played a major role in this distinction. “At Specsavers, our purpose is to change lives through better sight and that mission is at the core of our culture,” said Moir. A notable 88% of retail employees agreed that their work has special meaning.

“Respect and inclusion are at the heart of everything we do,” Moir continued, pointing to the company’s receipt of the “Respect Award” as a particularly gratifying recognition.

Investing in People

Specsavers supports employee growth through comprehensive onboarding, training, and career development opportunities. “We offer structured development programs and clear pathways for growth,” said Moir. For optometry partners, the focus is on providing the technology, systems, and business support needed to deliver exceptional patient care.

Attracting and retaining talent remains a priority. “Our purpose-driven approach is a major draw,” said Moir. “People want to work for a company that shares their values.”

Specsavers was also recently recognized as one of the best workplaces to grow a career in Canada by LinkedIn, underscoring its commitment to employee success. “We provide competitive compensation, professional development opportunities, and a workplace where people feel respected and valued,” said Moir. “That’s why so many of our team members choose to grow their careers with Specsavers.”

A Bright Future Ahead

Founded in 1984 by Doug and Mary Perkins in Guernsey, Specsavers has grown into a global brand with over 2,700 stores worldwide. Its entry into Canada in 2021 marked a major step in the company’s international expansion strategy, backed by a $100 million investment.

With its partnership-driven model, commitment to clinical excellence, and focus on community engagement, Specsavers is well on its way to achieving its goal of serving one million Canadians by 2025 — and cementing its place as a leader in the country’s optical retail market.

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Walmart Canada launches in-store pharmacy clinics in Canada

By
Mario Toneguzzi
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Walmart Canada store. Photo: Getty Images

Walmart Canada is launching its first pharmacy clinic in St. Catharines, Ontario, with additional clinics opening later this year.

“The new in-store clinic space will enhance our licensed pharmacists’ ability to provide direct consultations and healthcare services within their expanded scope of practice to our St. Catharines patients, beyond dispensing medication via the pharmacy. The opening of these clinics continues to highlight Walmart Canada’s commitment to enhancing access to affordable, personalized care for Canadians while delivering best-in-class patient care,” said the company in a news release on Wednesday.

“With the convenience of the pharmacy clinic and pharmacy services under one roof, patients will benefit from a one-stop-shop experience for their healthcare needs. Each of the new pharmacy clinics will be located adjacent to an existing pharmacy within a Walmart Canada store, ensuring the seamless integration of pharmacy clinic and pharmacy services. Similar to a walk-in medical clinic, they’ll provide patients the ability to meet with licensed pharmacists who can treat minor ailments (UTIs, cold sores, allergies, skin conditions, etc.), conduct point of care testing (blood pressure, HbA1C, cholesterol, etc.), and offer medication management and support. Patients are welcome to schedule an appointment online or walk in.”

Alex Hurd
Alex Hurd

“One in 5 Canadians don’t have a family doctor or nurse practitioner they see regularly. Our Walmart pharmacy clinics will help close this gap by becoming an easy access point for our pharmacists to provide non-urgent consultations and services beyond dispensing medications,” said Alex Hurd, VP Health Services.

“Our goal is to help ease the strain on emergency departments and traditional walk-in medical clinics. This is a significant step for the healthcare needs of the communities we serve, and we look forward to continuing to provide our customers with affordable and accessible healthcare.”

Kiran Basra
Kiran Basra

“We’re excited to offer a new level of accessible healthcare to our patients,” said Kiran Basra, Senior Director, Pharmacy and Field Operations. “We’ve been granted a unique opportunity here in Canada with the expanded scope of practice for pharmacists. By leveraging our pharmacists’ expertise, we’re able to make a lasting impact on our patients by providing more personalized and effective healthcare solutions so they can continue to save money and live better.”

Located at the Walmart Supercentre at 420 Vansickle Road, the St. Catharines pharmacy clinic will operate Monday to Sunday, 10 a.m. to 6 p.m. Services provided will include:

  • Select minor ailment consultations (UTI, cold sores, allergies, skin conditions, etc.)
  • Select vaccinations and immunizations
  • Medication Therapy Management (MTM)
  • Prescription renewal
  • Health testing (blood pressure, HbA1C, cholesterol, etc.)
  • Wellness counselling (smoking cessation, lifestyle counseling, etc.)
  • Chronic condition management support (heart disease management, asthma and COPD management, medication reviews, etc.)

Walmart Canada has more than 400 stores nationwide serving 1.5 million customers each day.

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François Roberge to receive Retail Council of Canada’s Lifetime Achievement Award

By
Mario Toneguzzi
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François Roberge to receive Retail Council of Canada’s Lifetime Achievement Award (CNW Group/Retail Council of Canada)

The Retail Council of Canada (RCC) has announced that François Roberge, President and CEO of la Vie en Rose, will be honoured with the Lifetime Achievement Award at this year’s Excellence in Retailing Awards. 

François Roberge
François Roberge

The RCC said this honour is presented to a distinguished industry leader whose vision and impact have reshaped the retail landscape. Roberge is being recognized not only for his outstanding business leadership, but also for his lasting contributions to elevating Quebec’s fashion industry and strengthening Canada’s presence on the global retail stage.

“François’s career has always been about more than building a retail business — it’s been about leading with heart, purpose, and a bold vision for innovation and creativity,” said Diane J. Brisebois, President and CEO of RCC. “As la Vie en Rose marks 40 years, it stands not only as a Canadian success story, but as a testament to François’ values of entrepreneurship grounded in community, excellence guided by empathy, and a legacy that will inspire generations to come.”

Raised on a farm in Quebec and born into a family of merchants, François Roberge began his career in retail behind the wheel of a delivery truck for Boutiques San Francisco. In 1996, he acquired la Vie en Rose and began a thoughtful transformation of the brand, relocating its headquarters to Montreal and charting a course for growth. Under his leadership, la Vie en Rose expanded internationally, entering the Saudi Arabian market in 2004, acquiring Bikini Village in 2015, and launching into the United States in 2024. Today, the brand is recognized as a global leader in intimate apparel, with over 400 stores across 20 countries and a team of more than 5,000 employees, said the RCC.

Diane J. Brisebois. Image: Retail Council of Canada

“Roberge’s impact extends well beyond the success of la Vie en Rose. As the founder of the non-profit organization MMODE, he has played a pivotal role in positioning Quebec as a global fashion hub—driving international growth while championing local talent. In 2002, he established the Roses of Hope Foundation, which has since contributed over $4 million to breast cancer research and women’s wellness initiatives. More recently, his philanthropic efforts have expanded to include environmental causes, raising $1 million for nature conservation in 2024, with plans to match that support again in 2025,” said the national organization.

Photo: La Vie En Rose

The 2025 Lifetime Achievement Award will be presented at Retail Council of Canada’s Excellence in Retailing Awards Gala on June 3 at the Toronto Congress Centre.

Capping off the first day of RCCSTORE25, Canada’s premier retail conference, the Excellence in Retailing Awards Gala will celebrate the industry’s top performers. Taking place June 3–4, 2025, RCCSTORE25 will feature 75+ expert speakers and draw retail leaders from across North America and beyond.

Founded in 1985 and headquartered in Montreal, la Vie en Rose is Canada’s leading specialty lingerie retailer. It has more than 400 locations worldwide.

Retail is Canada’s largest private-sector employer with over 2.3 million Canadians working in the industry. This sector is a major economic contributor, generating more than $93 billion annually in wages and employee benefits. In 2024, core retail sales (excluding vehicles and gasoline) exceeded $507 billion. RCC members account for more than two-thirds of these core retail sales and 95 per cent of the grocery market. The RCC membership extends across the country, embracing over 54,000 storefronts in diverse formats such as department, grocery, specialty, discount, independent retailers, online merchants, and quick service restaurants.

Loblaw reports revenue growth of 4.1% in Q1

By
Mario Toneguzzi
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Loblaws store. Image: Loblaws

Loblaw Companies Limited has announced its unaudited financial results for the first quarter ended March 22, 2025,

During the quarter, Loblaw said it continued its focus on providing Canadians with quality, value, service, and convenience, across its coast-to-coast network of stores and digital platforms.

“Strong customer response to everyday value offerings, personalized PC Optimum™ loyalty offers, and impactful promotions drove continued sales momentum and market share gains, underpinned by positive unit sales and larger baskets in Food Retail. In Drug Retail, pharmacy and healthcare services performed well, reflecting continued strong growth in prescription volumes and specialty drugs,” it said in a news release.

“Front store sales were strong across beauty categories and reflected an extended cough, cold and flu season, partially offset by the exit from certain items in the electronics category. Delivering against its capital investment plans to open approximately 80 new stores and 100 new clinics in 2025, the Company brought Hard Discount banners to five new communities and opened four new pharmacies with expanded clinics in the quarter, and opened a second T&T Supermarket in downtown Toronto.”

Per Bank
Per Bank

“We will continue to support Canadian companies and brands, highlight Canadian-made products in our stores, and deliver value across our network,” said Per Bank, President and Chief Executive Officer, Loblaw Companies Limited.  “Our commitment to retail excellence is resonating with customers and allowed us to deliver consistent financial results.”

2025 FIRST QUARTER HIGHLIGHTS

  • Revenue was $14,135 million, an increase of $554 million, or 4.1%.
  • Retail segment sales were $13,837 million, an increase of $547 million, or 4.1%.
    • Food Retail (Loblaw) same-stores sales increased by 2.2%.
    • Drug Retail (Shoppers Drug Mart) same-store sales increased by 3.8%, with pharmacy and healthcare services same-store sales growth of 6.4% and front store same-store sales growth of 0.9%.
  • E-commerce sales increased by 17.4%.
  • Operating income was $906 million, an increase of $45 million, or 5.2%.
  • Adjusted EBITDA was $1,591 million, an increase of $47 million, or 3.0%.
  • Retail segment gross profit percentage was 31.5%, a decrease of 10 basis points.
  • Net earnings available to common shareholders of the Company were $503 million, an increase of $44 million or 9.6%.
  • Diluted net earnings per common share were $1.66, an increase of $0.19, or 12.9%.
  • Adjusted net earnings available to common shareholders of the Company were $570 million, an increase of $33 million, or 6.1%.
  • Adjusted diluted net earnings per common share were $1.88, an increase of $0.16 or 9.3%.
  • Net capital investments were $191 million, which reflects gross capital investments of $246 million, net of proceeds from property disposals of $55 million.
  • Repurchased for cancellation 2.49 million common shares at a cost of $457 million. Free cash flow used in the Retail segment was $264 million.
  • Quarterly common share dividend increased from $0.513 to $0.5643 per common share, an increase of 10%, marking the fourteenth consecutive year of dividend increases.

RETAIL SEGMENT

  • Retail segment sales in the first quarter of 2025 were $13,837 million, an increase of $547 million, or 4.1%.
    • Food Retail (Loblaw) sales were $9,787 million and same-store sales grew by 2.2% (2024 – 3.4%).
      • The Consumer Price Index as measured by The Consumer Price Index for Food Purchased From Stores was 2.6% (2024 – 2.6%) which was in line with the Company’s internal food inflation; and
      • Food Retail traffic was flat and basket size increased.
    • Drug Retail (Shoppers Drug Mart) sales were $4,050 million, and same-store sales grew by 3.8% (2024 – 4.0%), with pharmacy and healthcare services same-store sales growth of 6.4% (2024 – 7.3%) and front store same-store sales growth of 0.9% (2024 – 0.7%).
      • Pharmacy and healthcare services same-store sales growth was 6.4% (2024 – 7.3%), led by specialty prescriptions. On a same-store basis, the number of prescriptions increased by 2.3% (2024 – 4.0%) and the average prescription value increased by 4.4% (2024 – 2.0%).
      • Front store same-store sales growth was 0.9% (2024 – 0.7%). Front store same-store sales growth was primarily driven by higher sales of beauty and over-the-counter (“OTC”) products, partially offset by the decision to exit certain low margin electronics categories.

Loblaw said it will “continue to execute on retail excellence while advancing its growth initiatives with the goal of delivering consistent operational and financial results in 2025. The Company’s businesses remain well positioned to meet the everyday needs of Canadians.”

In 2025, the company’s results will include the impact of a 53rd week, which is expected to benefit adjusted net earnings per common share growth by approximately 2%. On a full-year comparative basis, excluding the impact of the 53rd week, the company said it continues to expect:

  • its Retail business to grow earnings faster than sales;
  • adjusted net earnings per common share growth in the high single-digits;
  • to continue investing in our store network and distribution centres by investing a net amount of $1.9 billion in capital expenditures, which reflects gross capital investments of approximately $2.2 billion, net of approximately $300 million of proceeds from property disposals; and
  • to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.

In the first quarter of 2025, 10 food and drug stores were opened and 4 food and drug stores were closed. Retail square footage was 72.3 million square feet, a net increase of 1.0 million square feet, or 1.4% compared to the first quarter of 2024.

Related Retail Insider stories:

Urbana Bids to Buy Hudson’s Bay Brand and Royal Charter

By
Craig Patterson
-
Hudson's Bay store at Guildford Town Centre in Surrey, BC. Photo: Apple Maps

As the dismantling of the Hudson’s Bay Company accelerates under court supervision, a Toronto-based investment firm has stepped forward with a bid that blends patriotism with strategic asset play.

Urbana Corp., led by CEO Thomas Caldwell, has confirmed its intent to acquire the Hudson’s Bay Company brand name and historic Royal Charter. If successful, Caldwell said the firm would donate the 1670 Charter to a museum in Canada.

“The Charter should be back in Canada. There are no ifs and buts,” Caldwell told the Financial Post. “It’s not like our constitution, but it’s not far off. It is the genesis of enterprise and trading and growth in Canada.”

Founded in 1670, the Hudson’s Bay Company is North America’s oldest commercial corporation. But after filing for creditor protection last month owing more than $1 billion, HBC is being forced to liquidate its assets, including store leases, fixtures, intellectual property, and a vast archive of more than 4,400 historic items, many tied to Canada’s colonial and commercial development.

A Strategic Bid with Nationalist Undertones

Caldwell, whose firm manages around $500 million in assets, noted that while acquiring the brand could yield licensing or retail opportunities, the primary motivation is to protect Canadian heritage. Urbana Corp., which is listed on the TSX, has experience investing in both public securities and private equity.

Carl Boutet

Retail expert Carl Boutet said the move was “unexpected,” describing Urbana as “out on left field” in a process otherwise dominated by retail entities and business operators.

“They’re not a retail operator. They’re more of an equity firm,” Boutet said in an interview. “But there’s a growing sense of cultural urgency around the Charter in particular. This is good PR for Urbana, no doubt — but also a smart asset play if they can license the brand or partner with someone else who wants to retail it.”

Interest Surges in Brand, Real Estate, and Artifacts

As the April 30 bid deadline looms, more than 60 bids have been submitted for Hudson’s Bay store leases alone. Multiple Canadian shopping centre landlords are said to be among the suitors, especially those looking to reclaim anchor spaces or repurpose properties.

Some Hudson’s Bay boxes require significant upgrades, as investment has been lacking for years. Saks Fifth Avenue’s Canadian real estate is also said to have seen considerable interest in particular, given that stores are newer and better maintained.

The Queen Street flagship Hudson’s Bay in Toronto, for example, needs tens of millions of dollars in plumbing upgrades. The deteriorating infrastructure has already impacted Saks operations, with its main floor restaurant Lena shuttered due to water issues.

Boutet said that even if someone were to acquire both the brand and store leases, the business model remains deeply challenged.

“The idea of decoupling the intellectual property from the physical store network makes a lot of sense,” he said. “Trying to revive both at once is just too heavy a lift.”

Liquidation at Hudson’s Bay Queen Street in Toronto, April 25, 2025. Photo: Craig Patterson

Chinese Billionaire Weihong Liu in Toronto Scouting Stores

One of the most talked-about figures circling Hudson’s Bay is Weihong Liu, a Chinese billionaire who has been rumoured to be exploring a 30-store acquisition strategy. Liu was in Toronto over the weekend, visiting the Queen Street Hudson’s Bay store and Yorkdale Shopping Centre. Her movements were shared on Chinese social media platform RedNote, where she has a sizable following.

While Liu has not commented publicly, Boutet said she may be the only bidder interested in acquiring both the brand and a significant number of leases.

“She could be aiming to take over a sizable footprint and run a leaner version of the department store concept,” Boutet explained. “But that comes with enormous cost and risk, especially considering landlords previously declined to reinvest under the former HBC management.”

Liquidation success: empty shelves at the Hudson’s Bay store in downtown Montreal on Monday, April 28. Photo: Maxime Frechette

Urbana’s Motives: History and Business

While Urbana’s focus appears to be the brand and Charter, rather than the retail operations, Boutet believes their move may offer a glimmer of hope for a Hudson’s Bay 3.0.

“If they acquire the IP, they could license it to someone like Simons, or even collaborate with a digitally native brand that wants to build on the heritage. There’s still value in the name — but only if you can do something fresh with it.”

Urbana’s stock surged more than 6% following news of its bid. The company confirmed on its website that its decision to pursue the HBC brand and Charter was tied to its interest in preserving Canadian business history.

“They’re publicly traded, so it’s all on the record,” said Boutet. “They had $497 million in other assets on their last balance sheet and $45 million in liabilities. So they’re well positioned to make a bid.”

Liquidation at Hudson’s Bay Queen Street in Toronto, April 25, 2025. Photo: Craig Patterson

What Happens Next?

The court has not yet indicated whether the Royal Charter will be protected from auction, although several parties have urged it be treated as a nationally significant artifact. So far, the Charter remains available to the highest bidder, subject to final judicial review.

“There’s nothing more historically important in the asset list than that Charter,” Boutet noted. “If anything should be preserved, it’s that.”

Meanwhile, many observers believe a piecemeal breakup of HBC is the most likely outcome. “You’ll have separate winners for real estate, brand IP, and artifacts,” said Boutet. “And that’s not necessarily a bad thing. It might be the clean break this company needs to evolve.”

He added, “The real question now is whether anyone can bring forward a compelling vision — not just to own these assets, but to do something meaningful with them.”

More from Retail Insider: 

Canadian Retail News From Around The Web For April 30, 2025

By
Retail Insider
-
Canadian Retail News From Around The Web

News at a Glance

Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 48 hours.

A Toronto firm wants to buy Hudson’s Bay’s brand and charter, but expects a tough contest (Financial Post)

From buffalo robes to brand-name clothes: How ads from The Bay changed over the decades (Calgary Herald)

Hudson’s Bay artifacts would be at home with prior Manitoba donations: archivists (CTV)

The future of convenience retailing (CCentral)

YYC opens first ever garden lounge for passengers in Canada (Livewire Calgary)

Peace Bridge duty-free shop goes into receivership amid plummeting traveller volumes (CityNews)

Saskatchewan Trespassing Act Designed to Address Business Disturbances (Retail Council of Canada)

Jasper Place staple Ben’s Meat and Deli moving after nearly 72 years (CTV Edmonton)

Price vs. patriotism: How to shop Canadian without blowing your budget (Newmarket Today)

Canadian Tire Grand Opening – Renovations Complete (Nanaimo News Now)

Beloved children’s bookstore in Toronto forced to move due to proposed condo development, owner says (CP24)

Bowmanville FreshCo holds grand opening of newly renovated store (Grocery Business)

Neate Donuts to Officially Open Downtown Vancouver Shop in May 2025 (Scout)

Owner of Scarborough yogurt shop accused of installing hidden video camera in washroom (Durham Radio)

Thief thanks staff as he walks out of store with nearly $900 worth of stolen booze: Guelph Police (CTV)

5 Signs Your Windows Need Replaced

By
Retail Insider
-

As the seasons change and the years roll on, the elements have their way with your home’s defense systems; one of the most neglected-yet-important elements, your windows, may also be among the most vulnerable. Windows bring aesthetic value and, when rightly operating, play a major role in energy efficiency, comfort, and security. Being aware of the signs that tell you it’s time for an upgrade-well, perhaps with modern replacement windows and doors -could save you bucks, improve your lifestyle, and protect your investment. Here are five indicators that highlight how your windows have ceased to perform their functions and may be in need of a replacement.

1. Drafts and high energy bills

Most drafts coming in or going out through your window(s) would be a pretty clear indication that your windows are not doing that great. If you feel that cold air is seeping in your premises during winter, or warm air is coming in during summer, even with windows closed and locked, it’s a pretty clear sign-bad seals. This means conditioned air is escaping while an uninvited flow of outside air comes in, interfering with your heating and cooling systems to maintain a comfortable temperature inside. Therefore, without any changes in your habits, it is likely that you see a slow upsurge or even sudden increase in your energy bills. Another thing you could do is just walk along your window frames on a windy day and feel for moving air. Drafts could be eliminated and energy consumption cut down significantly over time by replacing windows with energy-efficient types with good seals.

2. Condensation Between Glass Panes

Modern double or triple-pane windows are constructed with an airtight seal between the glass layers and usually filled with an inert gas (most commonly argon) for better insulation purposes. If you see condensation inside these panes, it is a good indicator that the seal has given way. Once the seal is impaired, moisture can enter the insulating air space and remain there, leading to a perpetually foggy or cloudy appearance that no amount of wiping off will rectify. Not only is this fog deterring your view outside, but it also implies that the gas has likely escaped and that the window is worse than useless when it comes to insulating your home. Remember: a small amount of condensation on the inner surface of the glass during humid times is normal, but constant fogging in between the panes must lead to substitution since it means the window has lost its insulating property.

3. Hard to open, close, and lock

Windows that stick, are hard to open or shut or do not lock properly are not only inconvenient but are also dangerous. Window frames can become warped, rotten (in the case of wood), or a mechanical failure could render their operating mechanisms useless over decades. Windows become cumbersome to operate, causing irritation and blocking ventilation. Safety-wise, windows that do not shut and lock tightly threaten the integrity of your home-aiding forced entries. Any window that proves difficult to operate is an unmistakable sign of failing structural integrity or mechanical parts that will need replacement to ensure function and security.

4. A Damaged Appearance to Frames and Sashes

A complete evaluation of window frames and sashes may highlight indicators of decay worthy of replacement. Look for cracked or rotting wood, warped vinyl, or damaged aluminum. The peeling paint, water stains, and mold and mildew around the window frame are also signs of potential moisture ingress within the window structure. This type of damage obviously compromises the appearance of your home and may also affect the greatest strength of a window to seal tightly against the elements, allowing drafts and possibly structural problems to the walls nearby. Therefore, visible signs of deterioration must be addressed as soon as possible by replacement windows, so that no further damage can occur and the integrity of your home’s building envelope can be maintained.

5. Too Much Noise Comes Through

Windows can hardly stand against noise, but modern well-sealed, double, or triple-glazed variants can minimize outside noise almost satisfactorily. Noticing an increase in the volume of external noise entering the home could ultimately point to broken window seals or poor single-glazing in the first place. Replacing older, less efficient windows with modern multi-pane options could help restore serenity and calmness inside, therefore increasing comfort and quality of life-especially if you live near a busy thoroughfare. Sound insulation is one of the beneficial features that new replacement windows and doors will offer.

Failing to heed these signs can lead to excessive energy bills, discomfort in one’s own home, and even safety threats. Recognizing these signs for what they are and having timely replacement windows and doors put into the home will ensure energy efficiency, a comfortable living environment, and continued security and aesthetic appeal for the Canadian homeowner.

Hakim Optical Enters Restructuring Amid Industry Challenges

By
Craig Patterson
-
Former Hakim Optical location at Bloor and Bay streets in Toronto. Photo: Hakim Optical

Hakim Optical, one of Canada’s most recognized names in eyewear retail, has filed for creditor protection under the Bankruptcy and Insolvency Act (BIA) as it faces mounting financial pressures. On April 16, 2025, Hakim Optical Laboratory Limited filed a Notice of Intention to Make a Proposal (NOI), marking a pivotal moment for the Toronto-based company founded in 1967 by Iranian Canadian entrepreneur Karim Hakimi.

The filing comes at a time of heightened competition and shifting consumer behaviours within Canada’s optical retail industry. KSV Restructuring Inc. has been appointed as the Proposal Trustee, with Bennett Jones acting as counsel for Hakim Optical, Chaitons LLP representing the Proposal Trustee, and Loopstra Nixon LLP acting for the secured creditor.

Hakim Optical’s Storied Background

Hakim Optical began with humble roots, as founder Karim Hakimi started by grinding lenses from discarded window glass after immigrating from Iran to Canada. Over the years, the business grew significantly, building a national footprint of over 160 locations (now closer to 140) and gaining widespread brand recognition thanks to the memorable “Your Eyes Can Have it All at Hakim Optical” jingle.

Karim Hakimi

Headquartered in Toronto, Hakim Optical today employs around 650 people and offers a full suite of optical products and services, including prescription eyeglasses, sunglasses, safety glasses, and eye exams through affiliated optometrists. However, despite its long-standing presence, the chain has not been immune to pressures reshaping the Canadian retail landscape.

Mounting Challenges Lead to Financial Distress

Several factors contributed to Hakim Optical’s financial difficulties. Pandemic-related closures and associated revenue losses severely impacted operations. Competition intensified with the entrance of new players such as Specsavers, coupled with aggressive discounting from large-format retailers like Costco and Walmart. In addition, shifting consumer shopping patterns towards more value-based optical retail further strained Hakim Optical’s market share.

These challenges, along with mounting debt, ultimately culminated in the company’s decision to seek protection under the BIA in an attempt to restructure its operations and liabilities.

Secured Lender Positioned as Potential Buyer

A critical element in the unfolding restructuring is the role of 1001112855 Ontario Inc., which holds a secured claim against Hakim Optical of approximately $15.8 million. Incorporated on January 10, 2025, and headquartered in Bolton, Ontario, the company is directed by Dan Cesana and Mark Cesana of the Hardrock Group of Companies, and Renzo Moser and Jonathan Soriano of Trento Kia in Toronto.

Significantly, 1001112855 Ontario Inc. is not only Hakim Optical’s senior lender but also appears to be its prospective purchaser. This dual role positions the company to acquire Hakim Optical’s assets through a pending Asset Purchase Agreement (APA), subject to court approval.

Lawrence Ophthalmic Lab Inc. Enters Protection

In a related move, Lawrence Ophthalmic Lab Inc., under the same ownership umbrella, filed its own NOI on April 22, 2025. Lawrence’s financial position mirrors Hakim Optical’s in several ways, with 1001112855 Ontario Inc. also listed as the senior secured creditor.

Lawrence Ophthalmic Lab’s unsecured creditors primarily consist of key suppliers such as Nikon Optical Canada Inc. and Satisloh North America Inc., while Hakim Optical’s extensive unsecured creditor list includes numerous landlords, suppliers, and utility companies across the country.

Image: Hakim Optical

Financial Obligations Outlined

According to the filed documents, Hakim Optical Laboratory Limited has total creditor claims amounting to approximately $25.5 million. Of that amount, $15.8 million is owed to 1001112855 Ontario Inc. as a secured creditor, while unsecured creditors account for approximately $9.7 million. The list of unsecured creditors includes numerous landlords, suppliers, and utilities, reflecting the wide operational footprint of Hakim Optical across Canada.

Lawrence Ophthalmic Lab Inc., which filed its NOI on April 22, 2025, reports total liabilities of approximately $16.9 million. Like Hakim Optical, it also lists 1001112855 Ontario Inc. as its secured creditor for $15.8 million, while unsecured creditors are owed approximately $1.1 million. Unsecured creditors in Lawrence’s case primarily include major optical suppliers such as Nikon Optical Canada Inc. and Satisloh North America Inc.

Competition Reshaping the Optical Market

Retail expert George Minakakis, founder of Inception Retail Group, provided insights into the broader context behind Hakim Optical’s restructuring. “There’s intense competition now in the Canadian eyewear market,” Minakakis said. “Specsavers’ entrance into Canada has been a game-changer.”

George Minakakis. Photo: LinkedIn.

He noted that Hakim Optical was particularly vulnerable to new entrants and intensified discounting. “With Walmart, Costco, and others aggressively expanding their optical departments, traditional players like Hakim Optical struggled to maintain market share,” he said.

“As the founder and the strategic operator of Hakim Optical, Mr. Hakim was a maverick. He should be recognized as being one of the first to provide optical retail services and eye care to the public with multiple stores,” Minakakis said. “

“However, as competition grew and became more sophisticated with higher end products, store designs, in store eyecare and service propositions, it became a bigger challenge to remain relevant.  In addition, Hakim Optical was also competing against organizations with deep marketing, merchandising, and financial capabilities.”

Weaknesses in Data Management and Revenue Impacts

A former Luxottica Senior Executive, Minakakis also added that as the world became more digitized and data a key attribute to growing one’s business. “The success attributes in this industry were contingent to communicating with customers both on new products, services, and the need for regular eye-exams. That’s in addition to having ample optometric doctor coverage,” Minakakis said. “However, optometrists are drawn to brands that have sufficient foot traffic and state of the art optometric equipment like SpecSavers and LensCrafters.”

The combination of operational fragility, increased competition, and shifts in consumer behaviour likely led to lost opportunities and revenue declines for the company.

Landlords and Vendors Impacted by Restructuring

The creditor filings reveal that Hakim Optical owes substantial sums to many landlords, including Oxford Properties, Ivanhoe Cambridge, and Cushman & Wakefield Asset Services. Utility companies such as Telus are also significant creditors, likely due to telecommunications services tied to store and operational systems.

In some cases, creditor claims may reflect lease obligations for the remaining terms rather than just unpaid arrears, suggesting an accelerated recognition of liabilities as the restructuring unfolds.

The Road Ahead for Hakim Optical

Both Hakim Optical and Lawrence Ophthalmic Lab Inc. are now navigating a court-supervised restructuring process. Finalizing the Asset Purchase Agreements with 1001112855 Ontario Inc. and seeking court approval for the sale are immediate priorities.

Creditors are currently stayed from taking action and will be invited to file claims at a later date once directed by the Proposal Trustee.

Minakakis expressed cautious skepticism about the company’s future under new ownership. “Without strong leadership, operational improvements, and a coherent brand strategy, it’s going to be very difficult for new owners to succeed,” he said.

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