Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Calgary’s retail scene is on the cusp of significant change as major space closures from the Hudson’s Bay Company (HBC) shake up the market. With the impending closure of several Hudson’s Bay stores, Calgary could soon see nearly one million square feet of retail space become available, marking a generational shift in the local commercial real estate landscape.
Michael Kehoe, Broker of Record with Fairfield Commercial Real Estate Services, recently discussed the seismic impact of these closures on Calgary’s retail market. According to Kehoe, the closures present a unique opportunity for property owners to repurpose large retail spaces and adjust to changing market dynamics. In the case of malls like CF Chinook Centre, Southcentre, CF Market Mall, and Sunridge Mall, landlords face the challenge of filling large, empty spaces left behind by departing department stores like HBC, a task reminiscent of the years-long effort to repurpose Sears’ space at Southcentre Mall.
However, Kehoe views this transition not as a problem, but as an exciting opportunity. “It’s not just about filling the space; it’s about reimagining these properties,” he says. The focus is shifting toward creating mixed-use developments with higher density, incorporating residential, commercial, medical, and even office spaces to meet the evolving needs of modern consumers. Kehoe highlights the rise of transit-oriented developments and the demand for diverse, innovative uses within these spaces.
Michael Kehoe
The decline of the traditional department store, once the cornerstone of malls, is a sign of broader shifts in consumer preferences. The experience-driven nature of retail is now top of mind, with entertainment, dining, and lifestyle-focused offerings increasingly becoming the centerpiece of successful retail developments. Kehoe notes that Canadian developers are well-known globally for their ability to adapt and innovate, ensuring that retail spaces will continue to evolve.
The Bay’s iconic flagship store in downtown Calgary, located at the heart of the city, is another example of this trend. The building, which sits on nearly six acres of prime real estate, has already seen four of its six floors repurposed for non-retail uses. Kehoe predicts that the building will likely see more food service and retail offerings integrated into its spaces, which will further contribute to the vibrancy of downtown Calgary.
The ongoing redevelopment of downtown, including projects like Arts Commons, the Glenbow Museum, and the Contemporary Calgary Art Gallery, is also expected to complement these changes. Kehoe believes that the repurposing of the Hudson’s Bay Building will be a key part of the transformation, adding to the city’s growing appeal.
With a variety of exciting developments on the horizon, Kehoe sees this period as an opportunity for both developers and the city of Calgary to embrace innovation, ensuring that the retail and commercial real estate markets remain dynamic and relevant for years to come.
Hudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario ToneguzziHudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.
The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.
With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.
The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.
What bankruptcy looks like
The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.
Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.
Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.
The liquidation of nearly all Hudson’s Bay Company stores marks a historic and devastating collapse for Canada’s oldest retailer. A pedestrian passes the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh
Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.
A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.
If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.
The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.
Many will lose, some will win
The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.
Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.
The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.
However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.
Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller store owners in malls vacated by Hudson’s Bay, including falling sales, defaults on mortgages and business failures.
When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.
Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.
Shoppers browse at a Hudson’s Bay in Toronto on March 17, 2025. THE CANADIAN PRESS/Christopher Katsarov
Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.
Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.
As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.
Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.
In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.
Disappointing, but not surprising
Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.
In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.
About the Authors:
Michael R. King is an Associate Professor at the Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria
Douglas A. Stuart is an Assistant Teaching Professor of Accounting at the Gustavson School of Business, University of Victoria
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 24 hours.
Founded in 1670 as a fur-trading enterprise, Hudson’s Bay grew into one of Canada’s most iconic department store chains. But with nearly all locations set to close by June 30 and its loyalty programs suspended, the future of Hudson’s Bay remains uncertain.
The retailer’s financial troubles raise broader questions about the viability of traditional department stores in an increasingly fast-paced, digitally driven retail environment.
Modernization efforts
In recent years, Hudson’s Bay attempted to modernize by blending its physical retail footprint with a growing digital presence. This included launching a revamped e-commerce platform and creating an online marketplace that allowed third-party sellers to broaden its product assortment.
But despite these efforts, Hudson’s Bay has struggled to differentiate its online platform in an overcrowded and highly competitive digital landscape, all while maintaining its physical presence.
Hudson’s Bay has struggled to differentiate its online platform in an overcrowded and highly competitive digital landscape. A pedestrian passes the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh
The large investments required in distribution capabilities has made it increasingly difficult for smaller competitors, such as Hudson’s Bay, to match the delivery speeds and product assortments of these retail heavyweights.
Ikea, Wayfair and other direct-to-consumer brands lead the online home goods and furniture market, while Canadian-based Holt Renfrew and France-based LVMH are both leaders in the luxury market.
With almost all of its stores closing and its loyalty programs suspended, the future of Hudson’s Bay is in question. While its brand recognition remains strong, it’s unclear whether it will be able to come back from the brink it’s now on.
For any struggling legacy retailer looking to survive in today’s evolving market, reinvention is essential. Department stores and legacy retailers will need to reinvent themselves across five key dimensions:
1. Reposition the brand: Canadian retailers can redefine their core value propositions, emphasizing what makes them unique. Their uniqueness may lie in their Canadian heritage, for instance. Brands like Roots and Canada Goose have been successful with this strategy.
The rapid rise of e-commerce has presented a significant challenge for traditional department stores. A shopper leaves the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh
3. Optimize physical presence: Strategic location decisions are crucial. Physical retailers must right-size their physical footprints — closing underperforming locations while reinvesting in high-traffic, high-return outlets. Future expansion should favour asset-light, data-informed models based on actual consumer demand.
4. Improve in-store experiences: To draw customers back into stores, shopping must become experiential. Immersive displays, personalized service and community-centric events could make a visit to a physical store more memorable and engaging for customers.
5. Integrating physical and digital channels: A cohesive digital and physical strategy is essential. Technologies such as augmented reality fitting rooms, virtual showrooms, click-and-collect options and AI-powered personalization could bridge the gap between online and in-store shopping.
A defining moment for Canadian retailers
Canadian retailing stands at a pivotal crossroads. The collapse of legacy department stores, the dominance of e-commerce giants and the rise of off-price and digital-first competitors all signal a permanent shift in how consumers shop.
A long legacy alone does not secure survival. As seen with the collapses of Sears, Eaton’s and now Hudson’s Bay, failure to adapt can lead to obsolescence. The retail landscape is now defined by agility, innovation and the ability to meet consumers where they are.
For retailers still standing, the lesson is clear: nostalgia is not a business model. Shoppers are now more price-conscious, convenience-driven and digitally engaged than ever before. Companies unwilling or unable to evolve will likely face the same fate as the retail giants that came before them.
About the Authors:
Xiaodan Pan is an Associate Professor at the John Molson School of Business, Concordia University
Martin Dresner is a Professor, Logistics, Business and Public Policy, at the University of Maryland
Ruifeng Wang is a PhD Student in Supply Chain Management at the University of Maryland
In recent years, pop-up shops have emerged as a vibrant force reshaping the retail landscape. These temporary stores offer a unique platform for brands to engage directly with consumers and test new markets. By leveraging their transient nature, businesses can create immersive experiences that captivate and educate potential buyers.
The trend of pop-up shops is gaining traction as a creative solution to modern retail challenges. As a consumer, you might notice these temporary stores cropping up in bustling urban centers, offering everything from fashion to food. A significant development within this trend is the strategic showcase of alternative nicotine products such as nicotine pouches. Here, the opportunity to buy VELO in Canada exemplifies how brands are using these innovative spaces to introduce their offerings to curious customers.
Strategic use of pop-up shops
Pop-up shops serve as an experimental ground for brands eager to test the waters with new product categories. By setting up short-term retail locations, companies can assess consumer interest without the long-term commitment of a permanent store. For alternative nicotine products, this strategy allows for direct interaction with consumers who are keen on exploring new options. These temporary spaces provide a platform for educating the public about nicotine pouches, encouraging informed purchasing decisions.
Moreover, pop-up shops often feature interactive displays and knowledgeable staff ready to answer questions about product benefits and usage. This engagement is crucial in demystifying alternative nicotine products for those unfamiliar with them. By fostering an environment of curiosity and learning, these shops can effectively capture the attention of potential buyers who might otherwise overlook these offerings.
The flexibility of pop-up shops also allows them to be strategically located in areas with high foot traffic, maximizing exposure to a diverse audience. This approach not only attracts a wide range of consumers but also ensures that the introduction of products like nicotine pouches is both targeted and impactful.
Opportunities for exploration and purchase
For consumers, pop-up shops offer a rare chance to explore and purchase products in an engaging setting. The temporary nature of these stores creates a sense of urgency, enticing shoppers to act swiftly before the opportunity passes. This dynamic environment encourages exploration and experimentation with new products, such as alternative nicotine offerings.
Shoppers can benefit from exclusive deals and firsthand experiences that aren’t available through traditional retail channels. By providing a platform for trial and feedback, pop-up shops play an integral role in shaping consumer preferences and purchasing behaviors. This direct interaction fosters trust between brands and consumers, enhancing customer satisfaction and loyalty.
Additionally, the temporary aspect of pop-up shops means that they can adapt quickly to changing consumer trends. This adaptability allows retailers to stay ahead of market shifts, ensuring that they are always offering relevant products that meet consumer demands.
Impact on consumer preferences
The innovative retail strategies employed by pop-up shops have a profound impact on consumer preferences and behaviors. By offering a unique shopping experience that combines education with entertainment, these temporary stores are redefining how consumers interact with brands. As a result, you are likely to find yourself more engaged and informed when making purchasing decisions regarding alternative nicotine products.
This approach not only benefits consumers but also provides valuable insights for retailers looking to expand their product lines. By observing consumer reactions in real-time, brands can fine-tune their offerings to better meet customer needs. This feedback loop is essential for ensuring that new products like nicotine pouches gain traction in competitive markets.
The top people counting systems for retail generate a massive amount of accurate data, driving business-critical decisions. They are a staple of brick-and-mortar stores. Retailers use them to create traffic heatmaps, monitor capacity, decrease wait times and track staff productivity.
While this technology is widespread, it is not always inexpensive. When looking for affordable options for retail people-counting systems, these six companies lead the rest in terms of both quality and affordability.
1. Traf-Sys
As a source of industry-leading expertise and cutting-edge technology, Traf-Sys Inc. is the No. 1 choice for the most affordable people counting systems for retail. To date, it has counted 10 billion people at over 50,000 locations, generating more than 10,000 reports generated daily. It is trusted by 2,500 clients, including Amazon Warehouse, Lego, T-Mobile and Carmax.
Traf-Sys provides image processing-based, wireless foot traffic and three-dimensional (3D) stereo video sensors. While the wide selection of hardware and software meets most retailers’ needs, you may prefer a tailored solution. This company is one of the few that offers affordable custom designs to meet store-specific key progress indicators.
You will find the most affordable people counting systems for retail by comparing quotes from various providers. Luckily, Traf-Sys offers free quotes after you complete a simple three-step form. A representative will respond within one business day, helping streamline the decision-making process.
2. V-Count
Nano from V-Count is an all-in-one flagship people-counting system. It uses AI to automatically recognize age and gender. It also offers staff exclusion. Since these features are available in one out-of-the-box solution, its pricing is competitive.
Apparently, Nano can generate returns, further increasing its value. V-Count claims it can increase profits by up to 32%, decrease wait time by 38% and increase conversions by as much as 41%. While its people counting accuracy can reach upward of 99%, its gender recognition and staff exclusion accuracy both rise to 90%.
To date, V-Count sensors have counted over 14 billion consumers in more than 128 countries. Hundreds of brands — including several Fortune 500 companies in Canada — have used it. Some of the more notable retailers include Miniso, Nespresso, Nike and Puma.
3. FootfallCam
Although FootfallCam manufactures its products in the United Kingdom, it serves other countries because it has established partners globally. It offers six distinct products designed for different environments and needs — the 3D stereo vision, millimeter wave, AI camera, passive infrared, staff exclusion and time-of-flight sensors.
FootfallCam has helped over 30,000 organizations since 2022, serving both small businesses and large enterprises. Around 2,200 retailers have seen sales revenue increase by 3% to 8% as a result. Some of its more notable clients include Walmart, Pandora, Watsons and Puma.
Like Traf-Sys, FootfallCam has embraced AI. It trains retailer-owned models on real-world information, complying with all relevant security and privacy standards. Data is masked at the source, so no personally identifiable details are collected or stored. This feature could help companies avoid regulatory or legal action, eliminating fines and costly payouts.
4. RetailNext
Well-known retailers like Ulta Beauty, Bloomingdales, Razer and Macy’s trust RetailNext for high-quality people counting systems. Today, this company serves over 560 brands, deploying upward of 100,000 sensors in 100 countries.
For over 15 years, RetailNext has offered precise people counting solutions at competitive prices. Its purpose-built, AI-powered Traffic 3.0 system is priced per sensor per month, and there are no hidden reporting, application programming interface or per-user fees. Stores can use it to accurately measure foot traffic in real time.
5. Sensource
With 22 years of developing people counting systems, Sensource can offer a broad range of affordable hardware. Retailers can use its 3D stereo video sensors to measure foot traffic. Its analytics software and machine learning technology extract patterns from the raw data. These modern solutions can achieve up to 97% accuracy.
6. Eco-Counter
Although Eco-Counter is not necessarily purpose-built for retail, retailers can still leverage its solutions for outdoor applications. Its broad range of pedestrian, cyclist and motorist tracking products can quantify the success of farmers markets, trade shows, tours, brand events and sponsored concerts. The hardware is waterproof, durable and discreet.
In its 20 years in the people counting business, Eco-Counter has installed over 20,000 systems in 55 countries. Unlike other providers, it offers temporary outdoor installations, which are generally more affordable than their permanent counterparts. It can install hardware in urban areas, tourist sites or natural spaces.
Eco-Counter products range from an AI-based multimodal counter to a battery-powered sensor. The less complex designs with long battery lives and near-real-time data transmissions may be more cost-effective than their advanced alternatives.
Choosing the Best People Counting Systems for Retail
Each of the companies above has a wide variety of people-counting products for retail stores at competitive prices. Those offering custom solutions will likely be able to align most with your budget.
Hudson's Bay store at Rockland Centre in Montreal. Photo: Tom Bombadil/Google Maps
The Hudson’s Bay Company (HBC), currently undergoing a court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA), has appointed Oberfeld Snowcap Inc. as its exclusive real estate consultant to manage the monetization of its leased store portfolio across Canada. The move is a significant step in HBC’s broader financial and operational overhaul following its March 2025 filing for creditor protection.
The engagement was formalized through a Consulting Services Agreement dated March 20, 2025, and subsequently approved by the Ontario Superior Court of Justice (Commercial List). Filed court documents provide insight into Oberfeld Snowcap’s monetization role.
A Strategic Appointment Amid Financial Turmoil
Oberfeld Snowcap, a Montreal-headquartered commercial real estate advisory firm specializing in retail, has been selected to assist Hudson’s Bay in evaluating and facilitating lease-related transactions that could generate value or reduce liabilities. The appointment followed consultations with HBC’s internal advisors and Alvarez & Marsal Canada Inc., the court-appointed Monitor overseeing the restructuring.
Jay Freedman, President of Oberfeld Snowcap
Jay Freedman, President of Oberfeld Snowcap, and Jeff Ross, Managing Director, are leading the project, leveraging their combined decades of experience in retail lease advisory across Canada.
Scope of Oberfeld Snowcap’s Engagement
Under the terms outlined in the consulting agreement, Oberfeld Snowcap is tasked with managing the lease monetization process for Hudson’s Bay’s real estate portfolio across Canada. This includes providing detailed local market insights to evaluate the value and strategic potential of individual leased locations. The firm will leverage its long-standing relationships with landlords, developers, and other stakeholders to identify and pursue opportunities for lease sales, assignments, transfers, or terminations that align with HBC’s restructuring objectives.
Jeff Ross, Managing Director, Oberfeld Snowcap
In addition to these core advisory functions, Oberfeld Snowcap may offer licensed real estate brokerage services where applicable, ensuring full transactional support if and when deals progress to execution. The firm is also responsible for supporting the negotiation of binding commercial and financial terms for lease transactions and will work collaboratively with other brokers or professionals involved in specific deals.
Court documents indicate that all offers or inquiries regarding HBC leases must be formally reported by Oberfeld Snowcap to both Hudson’s Bay and the court-appointed Monitor, Alvarez & Marsal Canada Inc. The firm must operate strictly under HBC’s direction and is not authorized to make independent decisions or representations on behalf of the retailer.
Term and Timeline of Agreement
The engagement began on March 21, 2025, and is currently set to conclude on September 30, 2025, unless extended by Hudson’s Bay in 30-day increments. Given the complexity of HBC’s lease portfolio, it remains possible that the term may be extended beyond the initial six-month period, according to court documents.
Hudson’s Bay store at Cambridge Centre in Cambridge, ON. Photo: Apple Maps
Compensation Structure
Oberfeld Snowcap’s compensation under the agreement includes both a fixed monthly work fee and a performance-based success fee. The firm will receive a monthly work fee of C$80,000, which is pro-rated for any partial months worked and capped at a total of C$240,000 (plus applicable taxes) over the initial term of the agreement. This fee is creditable against any success fees that may be earned during the engagement.
The success fee component is based on the net proceeds generated from court-approved lease transactions. Specifically, Oberfeld Snowcap will receive 10% of the net proceeds from each completed transaction, subject to a maximum of C$175,000 per lease (plus taxes). These success fees are payable only after the successful closing of a transaction, provided an invoice has been submitted. No further compensation is owed beyond these amounts, and Oberfeld Snowcap is expected to cover its own operating expenses throughout the engagement, according to court documents.
Hudson’s Bay store at Mic Mac Mall in Dartmouth, Nova Scotia. Image: Apple Maps
Monetizing Leased Store Locations Across Canada
With a substantial number of leased locations across the country, including both flagship urban stores and suburban mall sites, Hudson’s Bay’s real estate holdings represent a significant asset base. Oberfeld Snowcap’s role will be to assess the portfolio and help identify opportunities to unlock value through lease sales, transfers, assignments, or negotiated terminations. The firm is expected to evaluate each lease based on market demand, location potential, and landlord interest, with the goal of maximizing returns or reducing liabilities for HBC.
In many cases, underperforming or non-core sites could be repositioned for other retailers or redeveloped altogether. By leveraging its national network and deep industry relationships, Oberfeld Snowcap is positioned to facilitate transactions that align with Hudson’s Bay’s restructuring strategy while helping reposition prime real estate assets for future retail use.
A National Firm with Deep Market Knowledge
Founded over 40 years ago, Oberfeld Snowcap Inc. is widely regarded as one of Canada’s foremost commercial real estate advisory firms specializing in the retail sector. With a long-standing reputation for representing major retailers, landlords, and developers across the country, the firm brings a wealth of experience to Hudson’s Bay’s restructuring process. Its services span tenant representation, lease restructuring and disposition, market analytics, site selection, and strategic planning — making it well suited to manage complex real estate portfolios during times of transition.
Headquartered in Montreal, Oberfeld Snowcap maintains offices in Toronto, Calgary, and Vancouver, along with a U.S. presence in Boca Raton, Florida. The firm’s national platform enables it to deliver regionally informed insights while maintaining a unified approach to real estate strategy.
Oberfeld Snowcap’s value proposition lies in its data-driven approach, which combines real-time market intelligence with deep industry relationships. This enables the firm to identify and execute real estate strategies that create long-term value. Its client roster spans startups, national chains, and international brands, reflecting its versatility and depth in the Canadian retail landscape.
Over the coming months, Oberfeld Snowcap will work closely with HBC leadership and the Monitor to identify monetization opportunities. As court filings continue to be made public, and monetization transactions begin to close, industry observers will watch to see what happens next with the newly available spaces.
Industria Coiffure at Place Rosemère. Image: Industria Coiffure
A person’s appearance, whether they’d like to admit it or not, can often say quite a bit about them. From subtle and laid back to wild and untamed, and every look in between, appearance bears at least a small glimpse into an individual’s personality and uniqueness. And, when it comes to expressing oneself, a person’s choice of hairstyle and how they like to keep it can serve as one of the more significant ways by which they can represent themselves. As a result, the relationship between any individual and the people they trust to help them achieve their desired look is an intimate one, requiring a combination of experience, knowledge and skills. They are requisites for the role that Montreal-based Industria Coiffure easily meet. However, according to the company’s President and Co-Founder, Jean-Nicola Lapolla, supporting it all is the company’s willingness to remain on top of industry trends and styles.
Jean-Nicola Lapolla
“Hair styles, and the products that are used by professionals all over the world are constantly changing,” he says. “It requires hairstylists and retailers selling these products to be consistently aware of everything that’s happening within the industry, including all of the latest products as well as those that customers are seeking. It’s something that, as a business, we need to be completely on top of, resulting in the need for us and our team of expert hairstylists to constantly educate ourselves on anything related to developments and innovation within the world of hair style and fashion. Because of the speed at which trends occur within this industry, it’s imperative for salons and stylists to be as diligent as they can be concerning education.”
Foundational support
He says it’s one of the qualities of the company that has helped define its legacy over the years, as well as going a long way toward helping to carve its way forward. It’s a quality, among many others, that was engrained within the company when Lapolla’s father, Aldo, an immigrant hairdresser, began managing and developing the company at its original Place Ville Marie location back in the 1960s. An entrepreneur with an open mind and a love for people, Aldo Lapolla had a clear vision of what success meant for the company, adapting and evolving it with each fashion era and every change within the market. Jean-Nicola says that his father’s openminded approach and the importance he placed on communication laid the foundation for Industria Coiffure, enabling the operation to maintain its success for more than half a century.
“I grew up within the salon and the business,” says Lapolla. “Since the age of eight, I’ve been involved. When I wasn’t at school, I was at one of our locations. Whether I was sweeping the floor, manning the cash register, arranging appointments for customers, or anything else, I was actively involved and watching my father, learning every single day. It was the absolute best kind of training I could have ever wished for, preparing me to one day assume leadership of the company. He taught me the value of people and the way to treat our teams, customers of the salon and others operating in and around the industry, always stressing the importance of communication and the transfer of knowledge.”
Industria Coiffure at Place Rosemère. Image: Industria Coiffure
Customer-focus
Today, coming up on 20 years since Jean-Nicola took over the business, Industria Coiffure operates 18 locations in Greater Montreal, including locations at CF Carrefour Laval, CF Fairview Pointe-Claire, CF Promenades St Bruno and Carrefour de l’Estrie, to name a few. It’s established itself through the years as the premier high-end destination for men and women in the province of Quebec looking to fulfill their hair needs, providing exceptional hairstyling services administered by expert professionals, while also carrying an extensive range of top hair care and other products, enjoying direct partnerships with brands including L’Oréal, Kérastase, Oribe, Redken, and others. In fact, 40 to 100 per cent of the space within the majority of Industria Coiffure’s locations house products. And the reason for this, explains Lapolla, has everything to do with the customer.
“We’re here to meet the needs of each customer that enters any one of our locations,” he asserts. “And because the service that we offer is so high-touch and so intimate, it enables us to develop really close, strong relationships with our customers, allowing us the opportunity to hear firsthand from them exactly what they’re looking for and what they want to achieve with each visit. As a result, and as an extension of our education, we’re able to offer expert advice to every customer and bring the products into the store that will help them maintain their look and take proper care of their hair. We’re all about transferring the knowledge that we have to our customers, helping them look and feel better.”
Industria Coiffure at Place Rosemère. Image: Industria Coiffure
Education is key
Lapolla underscores the importance of education among his staff in order to share it with customers, differentiating Industria Coiffure from many of its competitors. However, another distinction about the hairstyling company that sets it apart is the fact that its locations are exclusively found within shopping centres. It’s a strategy that he explains came about fortuitously by way of the relationships that his father had made with mall landlord Cadillac Fairview, Ivanhoe Cambridge, Cogir and others. But it’s one that he describes as “unique”, providing the company with opportunities that it may not have enjoyed otherwise.
“Because our locations are found exclusively within shopping centres in Montreal, our perspective might be a little different from some of our competitors,” he says. “We have the opportunity to work with landlords and others within the shopping centres where we’re located to continuously enhance the experience that we’re offering. And, our legacy in malls has also perhaps made it a little easier to get in to the newly developed Royalmount, which could prove to be an excellent location for us. Being located in shopping centres also presents challenges, including very high lease prices. But we’re a company that’s never been afraid of risk. You need to be comfortable with a certain degree of risk and pressure or you won’t succeed in this business.”
Industria Coiffure at Place Rosemère. Image: Industria Coiffure
Continued evolution and success
Lapolla goes on to explain that the company intends to continue to build on the solid reputation that it’s made for itself in the province of Quebec, with plans to evolve the brand further through the introduction of its Boutique and Hair concept. The Industria Coiffure Boutique, located at Place Rosemère in Rosemère represents the next big step for the company, says the company’s President, providing the blueprint for the brand to follow over the course of the next few years. The concept, he explains, is ultra-high-end, boasting the widest range of hair care and cosmetics products possible and features consultations administered by trained experts who provide advice to visitors concerning all things hair and style. It’s a direction that he says the company is working really hard to roll out to all of its locations as quickly as possible.
“Our Boutique concept is beautiful and really conveys the future of the Industria Coiffure brand well. All of our experience with our customers and brand partners went into this decision, guiding our direction. It’s required a lot of financial investment to this point, and so, our challenge moving forward is replicating the incredible experience inside our Boutique to all of the other locations within our company. In order to do this, to take the company to the next level and expand our service and offering, we’re looking for partners. With some help, it will enable us to standardize all of our stores, shift our marketing, and continue to evolve the brand to enhance our reputation as a leader within the salon and hair industry.”
Hifa Maleki and Percy Wiredu. Photo by Mario Toneguzzi
El Corazon, the Latin-inspired restaurant concept founded by Hifa Maleki and Percy Wiredu, is on an expansion trajectory that could transform the culinary landscape of Western Canada.
Since opening their first location in Edmonton’s Glenora in 2022, the dynamic duo has quickly established a name for themselves with their vibrant, Latin-flair infused menu.
There’s also a restaurant in the Keswick neighbourhood as well as the sister brand El Jardin in Edmonton’s downtown.
The pair are eyeing more opportunities in the next few years, with a goal to open up to 10 restaurants across Western Canada.
The Edmonton-based restaurant owners are confident that their focus on community and consumer-driven pricing has played a pivotal role in their success. The recent growth and reception of their brand demonstrate how smaller, independent restaurants are thriving in Edmonton’s evolving food scene, which has seen a shift from chain dominance to a diverse, locally-driven dining culture.
Hifa Maleki and Percy Wiredu. Photo by Mario Toneguzzi
In a post-COVID world, their hands-on approach to management has proven to be key in navigating rising operational costs and a highly competitive market.
Looking ahead, Maleki and Wiredu are planning to stabilize their current locations while focusing on team development, with expansion into both Edmonton and Calgary markets on the horizon. Despite the challenges of increased food costs and tariffs, El Corazon continues to provide exceptional value to diners, offering affordable yet high-quality dining options. The duo’s commitment to quality, innovation, and community positioning makes them a noteworthy player in the growing restaurant scene in Canada.
Maleki said El Jardin opened in the downtown in 2023 in the ICE District area, and then the duo opened Keswick in 2024.
El Corazon. Photo by Mario Toneguzzi
“We wanted to bring some energy and flair to the culinary scene, the restaurant scene in Edmonton. So for us, the inspiration is we’re very Latin influenced. We take different ingredients and essentially menu concepts from different Latin cultures, so Spanish, Peruvian, Mexican, Dominican, our chef is actually Dominican as well,” explained Maleki. “That way we can have more of a range of different Latin menu items.
“It’s been really great in the sense that Edmonton’s been really receptive to it. And I feel we’ve been lucky. Real estate’s been great in terms of where we’re located. We’re very personally and very community focused. I feel like we have a pretty dynamic network and we’re people’s people, so it’s nice to actually be in a lot of the communities that we’re in because we can actually build and foster those relationships with the people that live or work in the area.
“In terms of opening in a post-COVID world, you definitely have to be a lot more hands-on as a business owner and a restaurateur. You definitely have always had to be hands-on, but I’d say really like when they say, “Oh, you got to be in and in front and behind your business,” you really do. You should be like 360 involved to ensure that not only are operations really great, but just like even behind the scenes, you’ve got to be a lot more dialed in.”
As restaurant owners, the two have experienced the rise in costs.
“We’re very consumer focused. So to keep things very competitively priced and affordable, we have to be a lot more involved and really on it,” she added.
El Corazon. Photo by Mario Toneguzzi
“We’ve opened one every year for the last three years. Our focus for the next 12 months is stabilize. Develop the team, because you can only grow as far as your team. Develop some managers, some regionals. Then we’re going expand into either more in the Edmonton market or the Calgary market,” said Wiredu.
Maleki said the Edmonton food scene has improved significantly.
“If you were to go back even 10, 15 years, a lot of the smaller independent restaurants weren’t making it. People would go once and then they’d go back to the restaurants that they were very comfortable with, like the big chains. Earl’s, Joey’s were definitely just staples. That’s where everybody went.
“What’s changed a lot and what we’re really proud to see in Edmonton is there’s a lot more people taking a risk and putting their passion and money on the line and opening more restaurants. Our food scene’s excellent.
“It’s changed a lot in the sense that people have really navigated from comfort and commercial, and these big corporate companies, to really finding their local spot. And you’re finding that people are dining out in more areas than they were.”
El Corazon. Photo by Mario Toneguzzi
Wiredu said it’s been challenging as a restaurant owner these days with inflation.
“And one of the reasons why we went with the Latin approach is that a lot of Latin ingredients are pretty approachable and affordable. You’re able to build a lot more value into your meals. With our seafood dishes and a lot of our tapas, they’re all shareables,” he said. “You’re getting a lot more value for it.”
Like all businesses, the current tariff situation is creating confusion and anxiety.
“It’s like run a 100-metre race that’s also a marathon with like different turns every two seconds. We’re definitely navigating things and we kind of take it day by day. We’re making sure we have a Plan A, B, C, D.
“Everyone’s going through a challenging time. So we make sure when our guests come in our prices are approachable and affordable.”
El Corazon. Photo by Mario ToneguzziEl Corazon. Photo by Mario ToneguzziEl Corazon. Photo by Mario ToneguzziEl Corazon. Photo by Mario ToneguzziEl Corazon. Photo by Mario Toneguzzi
SKIMS, the lifestyle company co-founded by Kim Kardashian and Jens Grede, has acquired SKKN by Kim from Kim Kardashian and COTY, bringing her beauty NIL rights and ventures under the SKIMS brand.
This bold move marks a pivotal expansion for SKIMS, expanding its portfolio beyond apparel, said the company in a news release.
“Since its 2019 debut, SKIMS has redefined inclusivity and innovation, delivering solutions for every body—spanning shapewear, intimates, loungewear, swimwear, pajamas, and the recently announced NikeSKIMS activewear partnership with Nike. Now, by acquiring Kardashian’s majority stake and Coty’s minority stake in SKKN by Kim, SKIMS consolidates Kardashian’s lifestyle portfolio, integrating her expertise in cosmetics, skincare, and fragrance into its ecosystem,” it said.
Kim Kardashian. Courtesy of SKIMS
The company said Kardashian’s beauty legacy is undeniable. Her 2017 launch of KKW Beauty sparked a contouring revolution, while KKW Fragrance won “Fragrance of the Year” at the 2020 FiFi Awards. SKKN by Kim further elevated her influence, blending minimalist luxury with science-driven skincare.
“My mission has always been to create products that resonate deeply—whether it’s shapewear and lingerie that empowers or make-up and skincare that transforms,” said Kardashian, SKIMS Chief Creative Officer and Co-Founder. “Uniting everything under the SKIMS brand streamlines that vision.”
Jens Grede
“This acquisition isn’t just growth,” said Grede. “It’s about the strength of our brand and our ability to enter a new category with authority.”
Through this acquisition, SKIMS will open its doors to expand into beauty, skincare, and fragrance, leveraging Kardashian’s proven expertise to redefine these categories with SKIMS global and retail DTC footprint. With plans to start launching in 2026, SKIMS is poised to reshape the beauty and fragrance industry as it has apparel—details forthcoming, added the company.
ABOUT SKIMS
Co-founded in 2019 by Kim Kardashian and Jens Grede, SKIMS is creating the next generation of Women’s underwear, loungewear, and shapewear and setting new standards by providing solutions for every body. From technically constructed shapewear that enhances your curves to underwear that stretches to twice its size, the brand’s goal is to consistently innovate on the past and advance the industry forward. SKIMS sells directly through SKIMS.com, permanent store locations in Georgetown, Aventura, Austin, Houston, Atlanta, New York and select retailers globally listed here.
