“We are off to a solid start to 2025, with our business delivering the results we expected in the first quarter,” said Richard Maltsbarger, Chief Executive Officer of Pet Valu. “Our effective commercial plan, together with strong in-store execution by our ACEs and franchisees, helped deliver a return to positive same-store sales growth and acceleration in revenue growth to 7%.
Richard Maltsbarger
“We look to build on this momentum as we move through the year, leveraging our differentiated merchandising strategy and agile operating structure to succeed in today’s evolving environment. All the while, we continue to advance the strategic investments to fuel long-term growth and profitability, such as the approaching completion of our supply chain transformation.”
First Quarter Highlights from Pet Valu
System-wide saleswere $366.1 million, an increase of 3.8% versus Q1 2024. Same-store sales growth was 1.4%.
Revenue was $279.1 million, up 7.0% versus Q1 2024.
Adjusted EBITDA was $58.7 million, up 3.8% versus Q1 2024, representing 21.0% of revenue. Operating income was $37.4 million, up 12.2% versus Q1 2024.
Net income was $21.8 million, up from $17.5 million in Q1 2024.
Adjusted Net Income was $25.4 million or $0.36 per diluted share, compared to $25.3 million or $0.35 per diluted share, respectively, in Q1 2024.
Opened 7 new stores and ended the quarter with 830 stores across the network.
The Board of Directors of the Company declared a dividend of $0.12 per common share.
Pet Valu said Fiscal 2025 will be a 53-week fiscal year for Pet Valu, compared to a 52-week fiscal year in Fiscal 2024. Including the impact of the 53rd week of operation in Fiscal 2025, the company said it expects:
Revenue between $1.17 and $1.20 billion, supported by approximately 40 new store openings, same-store sales growth between 1% and 4% and higher wholesale merchandise sales penetration;
Adjusted EBITDA between $254 and $260 million, which incorporates continued price investments and normalization of operating expenses;
Adjusted Net Income per Diluted Share between $1.60 and $1.66, which incorporates approximately $12 million pre-tax, or $0.12 per diluted share, of incremental depreciation and lease liability interest expense associated with the new distribution centres;
Transformation costs of approximately $13 million pre-tax, and share-based compensation of approximately $11 million pre-tax, both of which are excluded from Adjusted EBITDA and Adjusted Net Income per Diluted Share; and
Net Capital Expenditures of approximately $35 million.
“The Company is closely monitoring the evolving governmental foreign trade environment and believes it has the appropriate mechanisms in place to adapt, as necessary,” it said.
Buy Canada: Canadian woman shopping in a store. Photo: iStock/licensed
As Canadians increasingly seek to support local businesses, Oakville-based fintech company AnyCard has launched a new product designed to celebrate national pride while fuelling the domestic economy. The new O Canada Gift Card—announced this spring—is redeemable exclusively at Canadian-owned and operated retailers, restaurants, and experience providers.
Available in both physical and digital formats, the card is being positioned as a flexible gifting solution that lets recipients shop Canadian whether in-store or online. It can be purchased through AnyCard’s website and will soon be available at select retail partners, including Walmart.
“We created the O Canada Gift Card as a way to spotlight and support the incredible brands and businesses that call Canada home,” said Alex Barseghian, CEO of AnyCard. “It’s more than a gift card – it’s a love letter to Canada’s entrepreneurial spirit.”
Alex Barseghian, CEO of AnyCard
Exclusively Canadian, from Coast to Coast
The O Canada Gift Card offers consumers a streamlined way to support homegrown brands amid a wave of patriotic sentiment and a growing “Buy Canadian” movement. This initiative responds directly to a changing retail landscape in Canada, where shoppers are increasingly conscious of where their dollars go.
According to the company, the gift card has no expiry date or fees, and can be used at a curated list of top-tier Canadian-owned businesses across the country. It is also suited to a variety of occasions—ranging from personal gifts to corporate rewards.
As outlined in the launch announcement, key features of the card include:
Usable exclusively at Canadian-owned businesses
Availability in both physical and e-gift formats
No expiry date or fees
Ideal for corporate gifting, employee rewards, and patriotic gifting occasions
Rising Demand for Local Alternatives
The launch coincides with a major cultural and economic shift taking place in Canada. In 2025, rising trade tensions with the United States under the Trump administration triggered a nationwide reaction from Canadian consumers. With 25% tariffs imposed on Canadian exports and provocative comments suggesting annexation, many Canadians re-evaluated their purchasing habits.
A “Buy Canadian” movement gained significant momentum, with retailers labelling U.S. goods with a “T” to indicate tariff-inflated pricing. Multiple surveys showed that over three-quarters of Canadian consumers began actively seeking out locally made products—even when those came at a higher cost.
Digital tools, including mobile apps and websites, quickly emerged to help consumers identify Canadian-made goods. The O Canada Gift Card arrives at a moment when Canadians are looking for clear, accessible ways to channel their patriotic values through daily purchases.
O Canada Gift Card. Image: AnyCard
AnyCard’s Role in Canada’s Branded Payments Market
Founded in 2016, AnyCard is a Canadian fintech company based in Oakville, Ontario, with additional offices in Regina, Saskatchewan, and Oakland, California. The privately held firm has become known for its merchant-agnostic gift card offerings and customizable gifting solutions for businesses.
The company’s existing gift card portfolio includes theme-based cards like DINE, PLAY, and KIDZ, which allow recipients to redeem value across multiple brands. These products are available at major Canadian retailers, including grocery stores and pharmacies.
AnyCard also offers corporate gifting options that include digital and physical gift cards tailored for business incentives, loyalty rewards, and recognition programs. Features include bulk order management, volume discounts, and branding customization.
Its cards are distributed across thousands of retail locations and integrated into programs across both Canada and the United States.
A Patriotic Option for Gifting and Recognition
With the launch of the O Canada Gift Card, AnyCard is not only expanding its product lineup but also tapping into a powerful emotional and economic undercurrent in Canadian retail.
“It’s more than a gift card – it’s a love letter to Canada’s entrepreneurial spirit,” said Barseghian.
This latest release serves as both a practical product and a symbolic gesture, aligning with consumer values and national identity. As companies and individuals continue to seek Canadian-sourced options in an increasingly globalized—and geopolitically tense—market, the O Canada Gift Card provides a clear and impactful solution.
“We created the O Canada Gift Card as a way to spotlight and support the incredible brands and businesses that call Canada home.”
Hudson's Bay store at the St. Albert Centre in St. Albert, Alberta. Image: Apple Maps
A Toronto judge has ruled that Ursel Phillips Fellows Hopkinson LLP will represent more than 9,000 employees and 3,000 retirees of the Hudson’s Bay Company (HBC) in its ongoing creditor protection proceedings, putting an end to a heated battle between competing law firms seeking the role.
The endorsement, filed by Justice Peter Osborne on Monday, May 5, marks an important development in the Companies’ Creditors Arrangement Act (CCAA) case that has gripped one of Canada’s oldest and most iconic department store chains.
Dispute Over Representation Sparked Court Review
The appointment comes after tensions flared during a prior court hearing when multiple law firms—including Koskie Minsky LLP and Gowling WLG—contested the company’s selection process.
After soliciting interest from six legal firms, HBC’s legal team and its court-appointed Monitor recommended Ursel Phillips, citing the firm’s prior work in high-profile insolvencies involving Sears Canada and Nordstrom Canada.
However, Koskie Minsky, retained by 420 HBC workers, objected strongly to the selection process, calling it flawed and lacking transparency. The firm argued that only the court, not the company, has the authority to determine who should represent workers and retirees.
In response, Koskie Minsky requested that former Associate Chief Justice Douglas Cunningham be appointed to oversee the decision.
Justice Osborne agreed that the process required further review—but declined to appoint Cunningham, citing concerns over perceived bias. Instead, he appointed retired Justice Herman Wilton-Siegel, formerly of the Commercial List of the Ontario Superior Court, to evaluate the submissions and make a recommendation to the court.
Saks Fifth Avenue in the Hudson’s Bay building in downtown Toronto on Saturday, April 26, 2025. Photo: Craig Patterson
Five Law Firms Evaluated for Key Role
Wilton-Siegel conducted a comprehensive review of proposals submitted by five qualified law firms, each with significant commercial and insolvency experience.
“The decision to select one proposal out of five was difficult,” Wilton-Siegel acknowledged in his report to the court.
The evaluation focused on five key criteria:
Independence from HBC and the Monitor
Relevant insolvency and class action experience
Ability to effectively communicate with large employee groups
Cost efficiency
Willingness to work constructively with the Monitor
While all proposals demonstrated strength, Wilton-Siegel noted that several firms had conflicts of interest or prior legal ties to Hudson’s Bay.
Specifically, Koskie Minsky had previously participated in a class action lawsuit against HBC—a fact Wilton-Siegel found problematic. While such ties might be addressed through legal safeguards, he emphasized the importance of perceived impartiality.
“It is preferable that employee counsel be viewed as free of conflicts and past associations with the company or Monitor,” Wilton-Siegel wrote.
Why Ursel Phillips Was Chosen
Ursel Phillips Fellows Hopkinson LLP stood out for its conflict-free profile, as well as its deep understanding of the complex legal and emotional issues facing HBC employees and retirees.
The firm demonstrated a “thoughtful and sophisticated” approach to both the legal complexities of the CCAA process and the human realities facing non-unionized workers, retirees, and beneficiaries.
Wilton-Siegel concluded that Ursel Phillips would offer efficient and credible representation that meets the needs of the large and diverse group of stakeholders, while maintaining the independence and professionalism required in such a high-stakes restructuring.
Display window at the Hudson’s Bay store in downtown Vancouver on Saturday, April 5, 2025. Photo: Lee Rivett
Judge: One Law Firm Will Represent All—For Now
In his original ruling issued orally on April 24, 2025, and later formalized in writing, Justice Osborne confirmed that only one representative counsel would be appointed at this stage of proceedings.
Some had argued that sub-groups, such as recipients of Supplemental Executive Retirement Plan (SERP) benefits, required separate representation. However, Osborne found that all affected stakeholders currently share a “commonality of interest.”
“This process can be best served today by the appointment of one representative counsel firm,” Osborne said, emphasizing that separate counsel could be considered in the future if materially divergent interests emerge.
He also stated that the Monitor will act as an interface between stakeholders and the Independent Third Party throughout the process and confirmed that the legal fees of the appointed firm will be covered by HBC as part of an administrative charge capped at $100,000.
Next Steps in the CCAA Process
Now formally appointed, Ursel Phillips will represent HBC’s non-unionized employees and retirees as the CCAA proceedings unfold. Their mandate includes communicating legal updates, answering questions from affected parties, and participating in court proceedings involving employment-related entitlements.
This includes matters related to:
Post-retirement health and dental benefits, which HBC has discontinued
Life insurance and long-term disability claims
SERP benefits, some of which are underfunded or terminated
Communication with surviving spouses and beneficiaries
The Pension Plan, which remains in place and is currently reported to be fully funded, is excluded from their mandate. Oversight of that plan has been transferred to Telus Health, appointed by the Financial Services Regulatory Authority of Ontario (FSRA).
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.
Hudson's Bay store at CF Carrefour Laval in Montreal, part of the RioCan JV. Image: Apple Maps
Toronto-based RioCan Real Estate Investment Trust has released an official statement following the March 2025 decision by the Hudson’s Bay Company (HBC) to file for creditor protection under the Companies’ Creditors Arrangement Act (CCAA). The filing affects several joint venture properties shared between the two firms and has prompted RioCan to outline both the financial implications and the company’s proactive strategy to manage the fallout.
RioCan confirmed that its exposure to the Hudson’s Bay situation remains limited in the context of its broader portfolio. As of December 31, 2024, the carrying value of the RioCan-HBC joint venture (JV) amounted to $249.0 million, or approximately 3.3% of RioCan’s total equity.
The joint venture contributed $23.7 million in net operating income (NOI) and $13.6 million in funds from operations (FFO) to RioCan in 2024 on a proportionate share basis. While significant, these figures represent a relatively small slice of RioCan’s diversified real estate operations.
Credit Support and Security Interests
RioCan noted that it had provided a total of $88.7 million in credit support to HBC through the JV. This included a $55.0 million guarantee on a loan and $33.7 million in mezzanine financing. In return, the REIT secured multiple safeguards: it holds a security interest in various joint venture properties and received financial benefits including $6.6 million in fees related to the guarantee and loan arrangements, and $3.3 million in interest income during 2024.
According to the company, these protections place RioCan in a better position to recover value if HBC’s restructuring results in changes to ownership or occupancy of any affected JV properties.
Impacted Real Estate: Prime Canadian Properties at Stake
The RioCan-HBC joint venture portfolio comprises 13 retail locations in key Canadian markets, many of which are considered flagship properties for both companies. These include:
Downtown properties in Montreal, Vancouver, Calgary, and Ottawa.
Suburban assets located in leading shopping centres such as: Yorkdale Shopping Centre (Toronto), Scarborough Town Centre (Toronto), Square One Shopping Centre (Mississauga), CF Carrefour Laval (Quebec), Promenades St-Bruno (Quebec), Devonshire Mall (Windsor).
These properties are considered highly desirable, offering strong foot traffic, urban density, and long-term redevelopment potential, said RioCan.
Downtown Montreal flagship Hudson’s Bay store on April 24, 2025. The building started as a location for the Henry Morgan department store chain, which in decades past operated as an upscale business. Photo: Carl Boutet
Strategic Outlook: Redevelopment and Recovery Plans
RioCan expressed confidence in its ability to manage the evolving situation. In the statement, the REIT acknowledged its disappointment with the CCAA filing but underscored its focus on leveraging internal capabilities to protect and grow asset value. “We will pursue all available business and legal avenues to protect the interests of our unitholders and stakeholders,” the company said.
RioCan emphasized its extensive experience in managing vacant spaces and transforming retail properties for alternative or mixed-use applications. With a well-documented track record of redevelopment, the company suggested that the impacted sites may offer new opportunities, depending on how HBC’s restructuring unfolds.
Strength of the Core Business
Despite the uncertainty surrounding the HBC joint venture, RioCan reassured investors that its core operations remain robust. The company highlighted its “strong core business, solid balance sheet, and experienced management team” as critical assets that will help it weather any near-term turbulence associated with HBC’s insolvency proceedings.
The message to stakeholders was clear: while RioCan is exposed to the situation, its diversified portfolio and strategic foresight position it well to absorb and adapt to the impact.
“Grocery anchored real estate has proven its resiliency through various economic cycles, and we continue to have great conviction in the ability of this asset class to perform in today’s economic environment,” said Blair Welch, Chief Executive Officer of Slate Grocery REIT.
“Our portfolio continues to deliver healthy growth in same-property net operating income, driven by consistently strong leasing activity at double-digit spreads. Our team achieved record high renewal spreads in the first quarter, underscoring the growth embedded in our portfolio of below market rents. With new supply in the grocery-anchored sector expected to remain constrained in the near to medium term, we believe our portfolio is well positioned to drive stable growth and long-term value creation.”
The CEO’s letter to unitholders for the quarter can be found here.
Slate’s Q1 Highlights
Same-property Net Operating Income (“NOI”) increased by 4.3% or $6.8 million on a trailing twelve-month basis, adjusting for completed redevelopments, driven by several consecutive quarters of strong leasing volumes at attractive spreads
The REIT completed 222,886 square feet of total leasing in the quarter; renewal spreads reached a record high at 17.1% above expiring rents, and new deals were completed at 22.2% above comparable average in-place rent
Portfolio occupancy remained stable at 94.4%, as at March 31, 2025
The REIT’s average in-place rent of $12.72 per square foot remains well below the market average of $23.85, providing significant runway for continued rent increases
The REIT has only $179.4 million of debt maturing in 2025, which represents 12.9% of the REIT’s total debt
The REIT financed $17.4 million of debt subsequent to quarter end, with productive discussions underway to refinance additional upcoming maturities
The REIT’s current portfolio valuation continues to provide significant positive leverage and embedded NOI growth
The REIT’s units continue to trade at a discount to net asset value, presenting a compelling investment opportunity for unitholders looking for an attractive total return
Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately $2.4 billion of critical real estate infrastructure across major U.S. metro markets.
“Hudson’s Bay Company ULC (HBC), the primary tenant of the RC-HBC JV, filed for creditor protection on March 7, 2025 under the Companies’ Creditors Arrangement Act (CCAA). Through its investment in the RC-HBC JV, RioCan indirectly holds a 22% interest in ten locations where HBC is the sole tenant, and an 11% interest in two multi-tenanted locations (the RC-HBC JV owns 50% of these two multi-tenanted locations and RioCan owns 50% directly). Please refer to RioCan’s Press Release dated March 18, 2025,RioCan Real Estate Investment Trust Provides Update on Hudson’s Bay Company’s CCAA Filing, which provides details of RioCan’s balance sheet and FFO exposure.
“A court order dated March 21, 2025 requires HBC to pay $7.0 million of the approximate $10.0 million (at 100%) of monthly occupancy rent due to the RC-HBC JV. This payment provides sufficient cash flow to cover expenses, debt service obligations and fees, including fees and debt service that is payable to RioCan. The remaining amount will be accrued with a charge against the HBC estate, ranking ahead of the pre-filing creditors. RioCan has recorded a provision of approximately $1.0 million (at RioCan’s share) for the uncollected portion.
“RioCan also evaluated the carrying value of its net investment in the RC-HBC JV and recognized $208.8 million of Total RC-HBC JV Valuation Losses for the three months ended March 31, 2025. These valuation losses were based on management’s best estimate using the information available to the Trust and include the assumption of re-leasing the investment properties to new tenants at market rents below existing rents at sole tenant locations.”
RioCan is one of Canada’s largest real estate investment trusts. It owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, its portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan’s interest).
As for its Q1 financial results, RioCan noted these highlights:
Strong leasing demand generated new leasing spreads of 18.3%; blended leasing spreads of 17.5%
Commercial Same Property NOI increased to 3.6%
96% completion of expected First Quarter condominium interim closings to date; cumulative 97% success rate since Q4 2024
RioCan Living asset monetization strategy proceeding with deals for the sale of four additional assets
Jonathan Gitlin
“RioCan’s major-market, necessity-based portfolio delivered strong operational and financial results in the first quarter of 2025, despite significant global economic volatility and short-term challenges presented by HBC’s CCAA filing. We continue to successfully deliver on our strategy to monetize our RioCan Living portfolio and met our interim condominium closing targets for Q1”, said Jonathan Gitlin, President and CEO of RioCan.
“We remain focused on executing our strategy to drive growth and responsibly managing capital to maximize long-term value for our Unitholders. With a proven track record and experienced team, we are well positioned to successfully navigate any economic environment. With respect to HBC, we will be disciplined in our approach, and we are committed to protecting the interests of our Unitholders.”
Former EB Games at Yorkdale in Toronto, September 2021. Photo: Dustin Fuhs
A familiar name in Canadian gaming is making a comeback. GameStop Canada, previously known as Electronics Boutique (EB Games), is being revived under its original branding following a major acquisition. Stephan Tetrault, a well-known French-Canadian entrepreneur with deep roots in the collectibles and entertainment sectors, has officially acquired Electronics Boutique Canada Inc. from GameStop Global Holdings S.A.R.L.
With the acquisition, the retailer will now relaunch under the name EB Games Canada, a brand many Canadians still associate with their formative gaming years.
The change marks a significant pivot for the retailer and signals a broader revitalization of gaming retail in Canada. The transition, already underway, includes a full brand refresh, with updated store signage, a redesigned website, and new digital assets being rolled out nationwide in the coming months.
“This isn’t just a business decision—it’s about bringing something back that Canadians truly loved,” said Stephan Tetrault, Owner and CEO of the newly rebranded EB Games Canada. “We’re going to build something special here, with community, nostalgia, and innovation at its heart.”
Tetrault brings with him years of experience in the entertainment and collectibles space and is aiming to restore a stronger connection between Canadian consumers and the retail gaming environment. The move is also seen as a strategic effort to create a more tailored and localized approach compared to the company’s U.S. counterpart.
A Focus on Canadian Gamers
The original EB Games branding had been replaced in 2021 when GameStop began standardizing its global operations. However, the shift never fully resonated with Canadian consumers, many of whom continued to refer to the stores as EB Games long after the name change. The new ownership is seizing this opportunity to re-establish a brand identity rooted in familiarity and local loyalty.
“We want EB Games Canada to be more than a store—we want it to be the hub for gaming and fandom culture across Canada,” said Jim Tyo, President of GameStop Canada. “This is about passion, and that’s what’s going to drive every decision we make.”
According to the company, Canadians can expect a stronger focus on community-based retail moving forward. Plans for the rebooted EB Games include expanded product offerings, deeper integration with pop culture properties, and in-store events designed to appeal to collectors and long-time gaming fans.
GameStop store at Mayfair Shopping Centre in Victoria BC. Photo: GameStop Canada/LinkedIn
A Retail Landscape in Flux
The relaunch of EB Games Canada comes at a time of significant transition for its former parent company, GameStop Corp. The U.S.-based retailer, headquartered in Grapevine, Texas, has faced several years of declining revenue and store closures as the industry increasingly shifts toward digital game distribution.
Founded in 1984, GameStop experienced a meteoric rise in the 2000s, reaching a peak in 2015 with more than 6,000 locations globally and annual revenue exceeding $9 billion. However, competition from digital platforms such as Xbox Live, PlayStation Network, Nintendo eShop, and Steam diminished the demand for physical game purchases.
GameStop attempted to diversify its business by venturing into collectibles and digital assets, including a short-lived NFT marketplace, which shut down in February 2024 amid regulatory uncertainty and operational difficulties.
The company also became a household name in early 2021 when it was caught in a stock market frenzy spurred by Reddit users on the forum r/wallstreetbets. This resulted in massive volatility in GameStop’s share price and drew global media attention.
More recently, GameStop closed nearly 600 stores across the United States in 2024 and is planning additional closures. The company has also explored ventures such as cryptocurrency investment as it looks to redefine its position in the evolving gaming ecosystem.
GameStop store at Mayfair Shopping Centre in Victoria BC. Photo: GameStop Canada/LinkedIn
New Leadership, New Strategy
The acquisition by Stephan Tetrault introduces new leadership and a new direction for the Canadian division. By separating from the broader operational and financial challenges facing GameStop Corp., EB Games Canada is positioning itself to serve a specific and loyal customer base with targeted initiatives.
Tetrault was supported in the acquisition process by HNA, which acted as mergers and acquisitions and financial advisors.
Former EB Games store at SouthCentre Mall in Calgary in 2021. Photo: Jessica Finch
Continued Presence Across Canada
With more than 185 locations across the country, EB Games Canada remains one of the largest gaming and collectibles retailers in the market. The company is headquartered in Brampton, Ontario, and has built its reputation as a “community specialist,” offering a mix of gaming software, hardware, accessories, and a growing selection of pop culture-related merchandise.
As the rebranding takes hold, the company will maintain its national footprint while refreshing stores with new branding and customer engagement strategies.
According to the company, the rebrand is more than symbolic. It reflects a commitment to investing in the customer experience, leveraging EB Games’ legacy while embracing current trends in fandom and gaming culture.
In the ever-evolving world of retail, entrepreneurs are constantly seeking innovative ways to diversify their income streams. One platform that has garnered attention for its structured approach to merchant services is CashSwipe. Founded by Paul Alex Espinoza, CashSwipe offers a comprehensive solution for individuals looking to establish their own credit card processing businesses.
A Vision Rooted in Real-World Experience
Paul Alex Espinoza’s journey from law enforcement to entrepreneurship is a testament to his resilience and vision. Working over 80 hours a week as a detective in Oakland, California, Paul realized that his demanding job left little time for family and personal pursuits. This realization prompted him to explore side ventures that could provide more flexibility and financial stability.
His foray into the Automated Teller Machine (ATM) industry marked the beginning of his entrepreneurial path. Within 18 months, he had successfully established a profitable ATM business, which led to the creation of ATMTogether.com—a platform designed to assist others in launching their own ATM ventures.
Building on this success, Paul expanded his focus to the broader merchant services sector, leading to the inception of CashSwipe. The platform aims to simplify the process of starting a credit card processing business by providing a “done-for-you” model that includes verified merchant locations, credit card terminals, and comprehensive support.
A Structured Approach to Merchant Services
CashSwipe’s business model is designed to cater to individuals at various stages of their entrepreneurial journey. The platform offers tiered business packages—Merchant Rookie, Hero, Elite, and Legend—each tailored to meet different experience levels and financial goals.
Clients receive access to a range of resources, including branded pitch kits, ongoing mentorship, and full customer support. The CashSwipe team handles critical aspects such as merchant onboarding, terminal setup, and technical support, allowing clients to focus on building relationships and expanding their businesses.
This structured approach has proven effective, with over 5,000 small businesses currently utilizing terminals placed by CashSwipe clients across the U.S. and Canada. The platform’s emphasis on hands-on support and real-world application sets it apart from other programs in the industry.
Mentorship: The Cornerstone of Success
One of the standout features of CashSwipe is its mentorship community. Clients are not left to navigate the complexities of the merchant services industry alone. Instead, they are paired with experienced mentors who provide guidance and support throughout their entrepreneurial journey.
Many of CashSwipe’s top mentors are former clients who have successfully built their own businesses using the platform’s model. Their firsthand experience and insights offer invaluable support to newcomers, fostering a sense of community and shared purpose.
Weekly training calls, private masterminds, and a growing online community keep CashSwipe clients engaged and motivated. This emphasis on mentorship and continuous learning ensures that clients are well-equipped to navigate the challenges of building a business in the merchant services sector.
Expanding Horizons
Since its inception, CashSwipe has experienced significant growth. The platform has expanded its reach beyond the U.S. and Canada, with plans to enter new markets, including Puerto Rico and Latin America. This expansion reflects the increasing demand for accessible and structured entrepreneurial opportunities in the merchant services industry.
Paul Alex’s commitment to empowering others extends beyond business. He is developing a Legacy Scholarship Fund aimed at providing entrepreneurship training and seed capital to the children of single parents and first responders. This initiative underscores his dedication to creating lasting impact and fostering the next generation of entrepreneurs.
CashSwipe‘s approach to merchant services offers a structured and supportive pathway for individuals seeking to establish their own businesses. By combining a proven business model with comprehensive mentorship and real-world application, CashSwipe is empowering a new generation of retail entrepreneurs to take control of their financial futures.
Makers on Water Street in Gastown, Vancouver. Photo: Makers
Canadian retailer Shop Makers is marking a milestone in its rapid expansion across the country. The company recently opened its 19th location at Orchard Park Shopping Centre in Kelowna, British Columbia, strengthening its mission to support Canadian artisans and connect communities with locally crafted goods.
Co-founders Adam Sharanewych and Veronica Kos said the Kelowna launch was a success despite the usual last-minute preparations.
“Like all of our store openings, a little bit of a mad dash and scramble, but we were able to get open, said Sharanewych. The response was really strong. The Kelowna community was really excited to see a Makers store open up, and the feedback was amazing.”
The Kelowna opening underscores a growing appetite among Canadians for shopping locally and supporting small businesses — a movement that Shop Makers has been at the heart of since its founding in 2020.
Co-founders Adam Sharanewych and Veronica Kos
Born from the Pandemic: Shop Makers’ Origin Story
Shop Makers was created at the height of the pandemic when retail shutdowns devastated the artisan community. Sharanewych, who had been building a Canadian alternative to Etsy, saw an urgent need for artisans to find physical retail spaces when craft fairs and markets were canceled.
At the same time, Kos, who was working in the travel industry, found herself with more availability as global travel ground to a halt.
“We said, ‘Let’s just try a brick-and-mortar pop-up,” said Sharanewych. “Covid made it difficult to shop in person, but it also amplified the importance of shopping local.”
Their first store opened in November 2020 in Vancouver’s Gastown as a two-month pop-up — and it quickly turned into a permanent business.
“Despite all the awkwardness of shopping during Covid, people were really happy to actually have something real-world they could go out and enjoy,” said Sharanewych.
Kos added, “There was actually an influx of people who started a side business or a craft of some kind during Covid. We had more vendors but fewer places to sell, so it was a really unique time.”
Makers location. Photo: Makers
A Unique Retail Model That Empowers Artisans
What sets Shop Makers apart is its innovative business model. Artisans rent shelf or display space for a flat fee — and keep 100% of their sales. “The artisans set their prices. It’s not like traditional retail where there’s a huge markup,” said Kos. “If someone thinks a price is high, it’s because that’s what the artisan needs to survive — to pay rent, buy materials, and make a living.”
Each Makers location is carefully curated by local store managers who recruit artisans based on community demand.
“Our model empowers store managers to really understand their neighborhood demographics,” said Sharanewych. “If customers keep asking for incense, and we don’t have it, the manager knows to find an artisan who can fill that gap.”
The stores themselves are small, typically between 1,000 and 1,800 square feet, but packed with an array of handmade goods: jewelry, home décor, stationery, prints, ceramics, candles, clothing, local foods, and more.
“Walking into a Makers store is like walking into a hyper-condensed craft fair,” said Sharanewych. “The scent when you walk in — a mix of candles and soaps — is unforgettable.”
Supporting Canadian-Made Products — and Canadian Communities
With growing conversations around tariffs and global supply chain disruptions, the appeal of supporting Canadian-made goods is stronger than ever.
“People are conscious now,” said Sharanewych. “They want their dollars to stay in Canada. Even if a Canadian product is a little more expensive than something from overseas, people are willing to make that choice.”
about 85% to 95% of the products sold at each Shop Makers store are from artisans within driving distance of that location. Some products come from across provinces to ensure diverse offerings, but the focus remains overwhelmingly local.
“Money that leaves Canada doesn’t always come back,” Sharanewych emphasized. “Supporting local is supporting the economy directly.”
Makers location. Photo: Makers
Expansion Across Provinces: Alberta, Ontario, and Beyond
Initially focused on British Columbia, Shop Makers expanded into Alberta in late 2023, opening locations in Edmonton, Calgary, and elsewhere. In 2024, the retailer accelerated its growth, launching four new stores in Ontario alongside additional Alberta openings.
“We’ve been really happy with the response,” said Sharanewych. “Sales have been strong, and the quality of artisans we’ve been able to bring in is incredible.”
Looking ahead, Shop Makers is eyeing expansion into Quebec — though the founders acknowledge the additional complexity of entering that market due to language laws and regulatory requirements.
“Quebec would be huge for us,” said Sharanewych. “There’s so much talent and culture there. We’d love to be part of that.”
Other future targets include Winnipeg’s CF Polo Park, Halifax, and other vibrant urban centres across Canada.
“Once we open in Halifax, we’ll really feel like we’ve covered coast-to-coast,” Kos added.
Makers location in the Beaches, Toronto. Photo: Makers
Streetfront vs. Shopping Centre Locations
Shop Makers’ store locations reflect a strategic mix of streetfront and shopping centre sites.
“Shopping centres offer high foot traffic, but street locations give us a community feel,” said Sharanewych.
“Being on streets like Robson in Vancouver or Queen Street in the Beaches in Toronto helps build our brand coolness.”
Choosing the right space is critical. Shop Makers looks for units where the floor space is maximized for product displays, minimizing the need for back rooms.
“We need all our square footage on the floor,” explained Sharanewych. “That way, artisans can get the best visibility for the lowest possible rent.”
Building a Sustainable, Slow Retail Future
The Shop Makers model fits into broader sustainability trends, promoting slower, more thoughtful consumerism.
“A lot of our vendors care deeply about sustainability — in the materials they use and their production methods,” said Kos.
The founders often educate shoppers about the real cost of handmade goods.
“If you can get a mug for $3 somewhere, somebody’s being cut out of that process,” Kos said. “When you buy from an artisan, you’re paying for the craft, the materials, and the time that someone put into creating it by hand.”
Sharanewych added, “This isn’t about bulk discount markups. It’s about helping artisans survive and thrive.”
Makers location. Photo: Makers
E-Commerce Takes a Back Seat to In-Person Shopping
Interestingly, despite its roots in e-commerce, Shop Makers has intentionally stayed focused on physical retail.
“We’ve almost reached the peak of e-commerce for convenience items,” said Sharanewych. “But for handmade products, people want to touch, feel, and smell them.”
He added, “Managing an e-commerce platform with 1,000 different artisans would be a logistical nightmare. In-person retail just makes more sense for what we offer.”
Future Plans: Growing Thoughtfully
While Shop Makers is ambitious, its founders are committed to thoughtful, sustainable growth.
“Our goal is about 30 stores across Canada,” said Sharanewych. “After that, who knows? Maybe North America.”
For now, the focus remains firmly on Canada — supporting artisans, connecting communities, and fostering a more conscious way of shopping.
“We want to be that bridge between makers and the community,” said Kos. “Every sale helps someone’s small business survive — and that’s something really powerful.”
