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China’s Dual Role: Driving Stability and Economic Growth in Asia

By
Retail Insider
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China’s strategic vision for regional stability and economic integration has emerged as one of the most consequential developments in international relations. As the architect of collaborative frameworks across Asia, China continues to balance security imperatives with economic partnerships that reshape the geopolitical landscape.

The Boao Forum for Asia held on March 25, 2025, represented a critical platform for multilateral dialogue, where leaders addressed pressing regional challenges and opportunities. Often referred to as “Asia’s Davos,” this forum enabled substantive discussions on sustainable development, financial cooperation, and collective security arrangements that impact billions across the continent.

At this significant gathering, China Global Television Network’s (CGTN) exclusive coverage provided unprecedented insights into China’s approach, highlighting policies that promote openness, enhance connectivity, and foster innovation throughout the region. Their reporting from the Boao Forum examined how China’s diplomatic initiatives create pathways for mutual prosperity while addressing the complex security environment that defines modern Asian relations.

Background of the Boao Forum for Asia

The Boao Forum for Asia represents one of Asia’s most influential regional dialogue and cooperation platforms. This high-level forum brings political leaders, business executives, and academic experts together to address pressing economic and social challenges facing Asian countries.

Venue and Strategic Setting

The Boao Forum takes place in Boao, a coastal town on China’s southern island province of Hainan. This location offers strategic significance as Hainan is a key economic zone in China’s opening-up policy and provides a tropical backdrop for high-level meetings. The permanent venue includes conference facilities, hotels, and recreational areas designed to host international events. China deliberately selected this setting to highlight its commitment to Asian economic cooperation while positioning itself as a central player in regional affairs. The venue’s remoteness from major urban centers also creates an environment conducive to candid dialogue among participants without the distractions of major cities.

China’s Strategic Initiatives Highlighted at the Forum

The Boao Forum for Asia is a platform for China to showcase its strategic initiatives to foster regional stability and economic cooperation. These initiatives reflect China’s commitment to creating a more integrated and prosperous Asia.

Enhancing Global Supply Chain and Openness

China’s global supply chain resilience approach emerged as a central theme at the Boao Forum. Chinese officials emphasized the importance of:

  • Reducing trade barriers and promoting cross-border commerce
  • Modernizing logistics networks across the Asia-Pacific region
  • Creating specialized economic corridors that help smooth trade flows
  • Implementing digital solutions for supply chain management

Chinese representatives noted that supply chain stability depends on multilateral cooperation rather than isolated national policies. The Forum highlighted practical examples of Chinese investments in port facilities, transportation hubs, and digital infrastructure, strengthening Asia’s connectivity.

Strengthening Regional Economic Cooperation

The Boao Forum showcased China’s vision for deeper economic integration throughout Asia. Key cooperation mechanisms include:

  • Financial collaboration through Asian Infrastructure Investment Bank projects
  • Technology sharing programs in green energy and digital transformation
  • Joint R&D initiatives with neighboring countries
  • Standardization of customs procedures and trade regulations

Chinese delegates at the Forum pointed to several successful partnership models between China and ASEAN countries that demonstrate the benefits of regional economic alignment. These partnerships have created jobs, boosted trade volumes, and accelerated technology transfer across multiple sectors.

Leveraging Hainan Free Trade Port (FTP)

The Hainan Free Trade Port represents China’s most ambitious experiment in economic openness. At the Boao Forum, officials outlined how Hainan serves as:

  • A testing ground for progressive trade and investment policies
  • A zero-tariff zone for specified goods and services
  • A financial services hub with streamlined regulations
  • A tourism destination with simplified visa requirements

The FTP’s strategic location in Hainan, which also hosts the Boao Forum annually, symbolizes China’s dual commitment to regional development and global engagement. Chinese representatives shared data showing significant growth in foreign direct investment in Hainan since the FTP’s establishment, particularly in tourism, healthcare, and high-tech industries.

Technological Innovation and Sustainable Development

China drives regional technological advancement through strategic initiatives that foster sustainable development. The country’s digital transformation and environmental technologies create economic opportunities across Asia.

Digital Transformation and AI Governance

China leads Asia’s digital revolution through smart city developments and AI regulatory frameworks. At the Boao Forum for Asia, Chinese officials presented governance models balancing innovation with data protection. These frameworks include ethical AI principles adopted by 12 Asian nations and cross-border data sharing agreements that streamline regional e-commerce. China’s digital infrastructure investments—exceeding $150 billion annually—have connected remote areas across Southeast Asia to high-speed networks, creating digital bridges for 250+ million previously underserved citizens.

Green Technologies and Sustainable Growth

China’s renewable energy leadership transforms Asia’s climate response. The country invested $91.2 billion in clean energy in 2022, accelerating solar panel production that reduced costs by 85% over a decade. This manufacturing scale-up helped five ASEAN countries triple their solar capacity since 2018. At the Boao Forum, China announced green finance initiatives providing $35 billion for sustainable projects across developing Asian economies. These investments support carbon-neutral industrial parks in Vietnam, Indonesia, and Thailand while creating 50,000+ green jobs.

Modernizing Manufacturing and Supply Chains

China modernizes Asian manufacturing through automation and supply chain integration. The country established 17 advanced manufacturing hubs with neighboring nations, featuring automated production systems that increase output efficiency by 40%. Smart logistics platforms launched at the Boao Forum connect 25,000 factories across 8 Asian countries, reducing shipping times by 30%. China’s technical knowledge sharing program has trained 75,000 workers from regional partners in digital manufacturing skills, helping smaller economies participate in higher-value production processes.

Multilateralism and Global Engagement

China has become crucial in promoting regional stability through multilateral cooperation frameworks. Its approach combines economic initiatives with security partnerships to foster collaborative development across Asia and beyond.

High-Level Diplomatic Engagements

China maintains a central position in the Shanghai Cooperation Organization (SCO), directing efforts toward security cooperation and economic integration. The SCO is a key platform for addressing regional challenges, including counterterrorism and cybersecurity concerns. Chinese diplomacy through the SCO consistently focuses on collaborative security solutions rather than unilateral approaches. This strategic engagement extends to infrastructure development, with the Belt and Road Initiative (BRI) creating substantial synergy with SCO objectives. These coordinated initiatives have strengthened trade networks and improved cross-border connectivity throughout Eurasia.

Empowering the Global South

China’s engagement with developing nations demonstrates its commitment to South-South cooperation models. At the Boao Forum for Asia, Chinese representatives have repeatedly emphasized investment in critical infrastructure for emerging economies. The Forum is a pivotal gathering for dialogue on economic development priorities affecting developing Asian nations. Chinese-backed projects have helped construct essential transportation systems, power generation facilities, and digital networks across multiple countries. These investments typically have fewer political conditions than Western alternatives, giving recipient nations greater policy flexibility. Economic data indicate this approach has contributed to growth rates averaging 5-6% in partner countries since 2015.

Conclusion

Through strategic initiatives and multilateral engagement, China has become a pivotal force in regional stability and economic cooperation. The Shanghai Cooperation Organization serves as a platform where China addresses security challenges while promoting economic integration across Eurasia. China has developed infrastructure networks through the Belt and Road Initiative that strengthen trade relationships and enhance connectivity throughout Asia.

The Boao Forum for Asia exemplifies China’s commitment to regional dialogue. It brings together 29 member countries to discuss economic development and financial cooperation. This forum has become an essential venue for addressing shared challenges and creating opportunities for collaboration.

China’s investment in developing nations follows a South-South cooperation model with fewer political conditions than Western alternatives. Since 2015, this has contributed to 5-6% growth rates in partner countries.

By balancing security interests with economic development and technological innovation, China continues to shape regional dynamics while strengthening its position as a key player in the evolving global order.

Canadian Retail News From Around The Web For April 23, 2025

By
Retail Insider
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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 24 hours.

Mountain Equipment Co. finds buyer with textile executive set to gain control (Globe & Mail / subscriber paywall)

Staples Canada gets real on sustainability (Globe & Mail)

Hudson’s Bay ends employee commissions on cosmetics, big-ticket items: Unifor (Canadian Press)

Frank and Oak brings forward US store closures amid tariff ‘uncertainty’ (Fashion United)

Government of Canada launches multi-million dollar program to support food, agri-food entrepreneurs (Grocery Business)

‘We’re kind of OG’: Independent grocers see traffic surge due to ‘Buy Canadian’ movement (Toronto Star)

Montreal brand among many seeking new home to sell goods amid Hudson’s Bay closures (Montreal Gazette)

Craig’s Cookies opening store in Ottawa’s ByWard Market, popular macaron store closes (CTV)

Retail, restaurants and rooftops: Calgary’s Beltline is getting a major upgrade (Globe & Mail)

‘How could Edmonton not have Audreys?’: Edmonton bookseller celebrating 50 years (Edmonton Journal)

Canada Gold to host Coin Exchange at new Vancouver store (Canadian Coin News)

Hudson’s Bay Lease Auction Draws Interest from 18 Parties

By
Craig Patterson
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Former Hudson's Bay store at Woodgrove Mall in Nanaimo. Photo: Trip Advisor

As Hudson’s Bay continues its restructuring efforts under court protection, a new court document reveals considerable interest in the department store chain’s vast network of retail leases across Canada. The update, released Tuesday as part of the company’s ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings, shows that 18 unnamed parties have submitted letters of intent (LOIs) for 65 of the retailer’s leases, marking a critical step in a broader process to offload the company’s remaining assets before the majority of stores shutter in mid-June.

The Second Report of the Monitor, filed by Alvarez & Marsal Canada Inc. on Tuesday, details the status of a court-approved Lease Monetization Process managed by real estate consultancy Oberfeld Snowcap, providing the clearest picture yet of how the Hudson’s Bay lease portfolio is faring in the marketplace.

A Complex Wind-Down for an Iconic Retailer

Hudson’s Bay, a storied name in Canadian retail with roots dating back to 1670, filed for creditor protection in early March after failing to secure the capital necessary to continue as a going concern. Since then, the company has moved aggressively to liquidate merchandise and reduce operations, planning to close almost all of its 80 Hudson’s Bay stores, 13 Saks Off Fifth locations, and 3 Saks Fifth Avenue stores.

As of mid-April, only six Hudson’s Bay stores in the Toronto and Montreal areas were expected to remain open past June (no word yet on the downtown Toronto Saks), with lease marketing activities focused on the remaining roughly 100 leaseholds, which include high-traffic urban and suburban retail spaces as well as four distribution centres.

65 Leases Attract Bids — But Not All Find Suitors

The Monitor’s report confirms that 31 parties signed non-disclosure agreements (NDAs) to access lease information. Of these, 18 proceeded to submit LOIs covering 65 separate lease locations. According to the report, some of the bids overlap, meaning multiple parties have expressed interest in the same locations, while some offers were made by landlords themselves.

While the Monitor declined to identify the interested parties or specify which properties garnered the most attention, the activity signals robust market interest in at least a portion of Hudson’s Bay’s real estate footprint — particularly in prime locations that are difficult to access under typical market conditions.

Hudson’s Bay store at Mic Mac Mall in Dartmouth, Nova Scotia. Image: Apple Maps

Challenges Tied to Lease Terms

Despite this early momentum, the report also highlights considerable challenges. 36 leases did not receive any interest, raising the possibility that those locations may be returned to landlords.

The hurdles stem in part from restrictive lease covenants. Many of Hudson’s Bay’s leases require that any tenant use the full premises and in some cases, specify that the occupant must operate as a department store. These legacy provisions significantly narrow the pool of viable replacements, as only a handful of retailers operate on that scale in Canada today.

Additionally, since Hudson’s Bay sold much of its owned real estate years ago, the leases being offered don’t include title to the buildings. Several stores are operated through joint ventures with RioCan Real Estate Investment Trust, but most locations are subject to long-standing agreements that often include favourable lease rates — another factor making the assets attractive, but also potentially complex to assume.

Lease Process Timeline and Sale Mechanics

According to the court filing, binding offers for leases are due by May 1, 2025, and must include a 10 per cent refundable deposit based on the proposed purchase price. These bids follow a structured two-phase lease monetization process supervised by Oberfeld and the Monitor.

Initial LOIs, due earlier in April, provided non-binding indications of interest. The Phase 1 deadline served as a barometer for interest levels and helped narrow the field of serious contenders.

The next step will involve the assessment of qualified LOIs, with a subset of these potentially advancing to binding agreement negotiations. Lease assignments will ultimately require Court approval, and in many cases, landlord consent.

Interest May Extend Beyond Leases Alone

Interestingly, the Monitor’s report also noted that some prospective bidders for leases are also evaluating other Hudson’s Bay assets as part of the parallel Sale and Investment Solicitation Process (SISP). That includes intellectual property, such as the company’s trademarks and well-known multi-coloured “Stripes” branding, which still holds considerable equity in the Canadian market.

It remains unclear whether any of the lease bidders are also vying for brand assets — or whether a single buyer might seek to relaunch a scaled-down version of Hudson’s Bay using select stores and associated IP.

A Historic Art Collection to Be Sold Separately

Hudson’s Bay Royal Charter from 1670

In a related development, the Monitor has announced a separate art auction to be held for Hudson’s Bay’s historic collection of 1,700 artworks and 2,700 artifacts, including the company’s original Royal Charter from 1670. These culturally significant assets have attracted interest from museums, government institutions, and private collectors.

A formal auction is being organized under a different sales process, with guidance from a professional auctioneer and oversight from the Monitor and financial advisor Reflect Advisors LLC. Bids for the collection are due April 30, and sales will be completed via individual bills of sale rather than court orders for each transaction.

Cash Flow Position Improving Amid Liquidation

The Second Report also reveals that Hudson’s Bay’s cash position is more stable than anticipated, thanks in part to strong retail performance amid liquidation. For the reporting period ending April 18, the company posted net cash flow of $112.5 million, which was nearly $30 million ahead of forecast. The Monitor attributes the variance to stronger-than-expected store traffic and sales, as well as delays in payments related to liquidation goods.

The cash balance at the time of reporting stood at $122.5 million, significantly ahead of the projected $71.5 million. A new 13-week forecast projects the company will retain positive cash flow through mid-July, albeit modestly, with a closing balance forecasted at $124.6 million.

What’s Next for Hudson’s Bay

While the lease monetization and liquidation processes continue, the company also faces scrutiny over employee entitlements. The Monitor has backed a motion to appoint Ursel Phillips Fellows Hopkinson LLP as Employee Representative Counsel to assist non-unionized employees with claims, severance issues, and communications. The firm will also liaise with the court and the Monitor on behalf of these stakeholders.

Hudson’s Bay could be entering its final chapter as a national department store chain. Yet, the strength of interest in its leases, brand assets, and even its art collection demonstrates the lasting value of its legacy — and suggests that elements of the brand may yet survive in new forms, or under new ownership.

More from Retail Insider:

Frank And Oak Closing All Stores, Brand Sold Amid Restructuring

By
Craig Patterson
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Frank And Oak store. Photo: Frank And Oak

Canadian clothing brand Frank And Oak, long celebrated for its sustainability-driven approach to fashion, is closing the doors to all 14 of its physical stores across Quebec, Ontario, and British Columbia. The announcement comes as part of a broader restructuring effort under court supervision, with ownership of the brand transferring to Montreal-based Lamour Group and Thread Collective Inc.

The decision follows the approval of the sale by the Superior Court of Quebec, effectively ending the retail operations of Frank And Oak’s parent company, UGC Canada Holdings Inc., which is expected to file for bankruptcy in the coming days. While stores will be liquidated, Frank And Oak’s brand will live on through e-commerce, offering a continued online presence for Canadian customers.

A Brand in Flux: From Darling to Distress

Founded in 2012 by Ethan Song and Hicham Ratnani, Frank And Oak quickly rose to prominence by blending stylish design with sustainability. Originally a digital-native brand, its early success was driven by eco-conscious millennials drawn to ethically sourced materials, closed-loop production, and a minimalist aesthetic.

Physical stores followed, opening across major Canadian cities. Flagship locations in Montreal and Toronto featured community-driven experiential retail spaces, further enhancing the brand’s image as an innovator.

Despite its popularity, however, Frank And Oak has struggled to achieve long-term financial viability. Its first bankruptcy filing came in 2020, with over $19 million in debt. It was then acquired by Unified Commerce Group (UCG), a New York-based firm specializing in retail turnarounds. UCG’s goal was to help Frank And Oak scale while retaining its values. But the revival has not gone as planned.

Mounting Debt and Financial Pressures

In January 2025, Frank And Oak filed once again for creditor protection under Canada’s Bankruptcy and Insolvency Act. The filing revealed staggering debts totalling $71 million. Secured creditors were owed $55.5 million—including UCG itself and financial institution Desjardins. Unsecured creditors were owed another $14.6 million.

Among the largest unsecured creditors were:

  • Canada Border Services Agency (CBSA): $3.5 million
  • Canada Revenue Agency (CRA): $1.7 million
  • Shopify: $529,000
  • Prepaid card customers: Approx. $504,000
  • Global manufacturers and logistics providers

A December 16 letter from UCG CEO Dustin Jones acknowledged the gravity of the situation.

“Despite significant growth over the past few years, the company has struggled to recover from losses incurred as a result of the COVID-19 pandemic,” Jones wrote, citing the lasting impacts of operational disruptions and a shift in consumer habits.

Earlier this month, the company announced it would close 10 stores. The number has since expanded to all 14, marking the end of Frank And Oak’s brick-and-mortar era—for now.

Frank And Oak store on Queen St. W. in Toronto. Photo: Frank And Oak

Pandemic Fallout and Global Pressures

The pandemic’s effects were far-reaching. Supply chain disruptions and border delays impacted inventory flow. U.S. operations shuttered amid tariff uncertainty, and increased shipping costs only added to the strain.

But external pressures also played a key role. Damien Siles of the Quebec Retail Council pointed to macroeconomic challenges:

“Inflation, rising operational costs, and weakening consumer confidence have left many Canadian retailers struggling. Frank And Oak is not alone.”

Siles also criticized the federal government for failing to provide protections against international e-commerce giants.

“Companies like Shein and Temu introduce thousands of SKUs daily and ship directly to consumers with little oversight. That makes it incredibly hard for Canadian brands to compete.”

Transition to New Ownership

Despite the collapse of UGC Canada Holdings Inc., the Frank And Oak brand will continue under new ownership. Lamour Group, headquartered in Montreal, specializes in manufacturing and distributing apparel globally. The group is acquiring Frank And Oak’s intellectual property, while existing inventory is expected to be sold off through liquidation.

Thread Collective Inc., also involved in the purchase, is expected to help guide the brand’s next chapter.

In a statement, the companies emphasized that Frank And Oak’s digital storefront will remain active, and they are currently evaluating future strategies that may include relaunching the brand in select markets or through new retail channels.

While few operational details were provided, some industry watchers suggest a “digitally native vertical brand” (DNVB) strategy could be used to relaunch Frank And Oak with tighter inventory, direct-to-consumer margins, and leaner operations.

A Warning for Canadian Fashion Retailers

The story of Frank And Oak is one of inspiration and caution. What began as one of Canada’s most promising sustainable fashion ventures has now entered its second major restructuring within five years.

The rise and fall of the brand highlights not only the challenges of growing in a competitive, cost-sensitive retail environment but also the structural disadvantages many Canadian retailers face. Domestic fashion brands continue to grapple with higher costs, slower logistics, and limited support against aggressive international entrants.

Still, Frank And Oak’s strong brand equity and devoted following give it a fighting chance under Lamour’s stewardship—especially if it leans into its online capabilities.

Whether Frank And Oak’s next iteration can recapture its early success remains to be seen. But for now, the chapter closes on its physical retail footprint as another Canadian fashion brand finds itself navigating turbulent waters.

More from Retail Insider: 

Hudson’s Bay Cuts Commission Pay as Unifor Files Grievance

By
Craig Patterson
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Hudson's Bay department store at Bower Place in Red Deer, Alberta. Photo: Google Maps

Tensions are escalating between Hudson’s Bay Company (HBC) and its largest union as the historic retailer continues to wind down operations under creditor protection. In a move that has sparked outrage, HBC has eliminated commission pay for cosmetics and big-ticket sales employees at certain stores, a decision that Unifor claims violates binding collective agreements.

The change took effect on April 20 and impacts unionized staff across locations in Windsor, Kitchener, and Toronto’s CF Sherway Gardens, as well as at the retailer’s e-commerce warehouse. Employees who previously relied on commissions to supplement their base income will now receive only base pay, despite ongoing liquidation sales.

Unifor, which represents approximately 595 HBC workers through Locals 40 and 240, has filed a formal grievance over the issue and is calling for the immediate reinstatement of commission pay.

“This is a blatant violation of our members’ collective agreements and a cruel blow,” said Lana Payne, Unifor National President. “These are workers who have given years to this company—only to be shortchanged while managers are being rewarded with bonuses.”

Liquidation Pay Cuts Amplify Worker Concerns

Hudson’s Bay’s justification for eliminating commissions centres on a dwindling product inventory and a decline in big-ticket sales as stores continue to liquidate. But for workers, many of whom are facing imminent termination without severance, the decision feels like a ‘final insult’ according to the Union.

“We’re all heartbroken. We feel betrayed,” said Hazel Harris, an HBC e-commerce warehouse worker who spoke at a recent Unifor conference attended by more than 100 retail employees nationwide. “We just want what was promised to us and for HBC to treat us with dignity and respect. Thankfully, our union has our back.”

Unifor Ontario Regional Director Samia Hashi said the company’s actions reflect a troubling pattern. “This company is treating liquidation like a free-for-all where contracts and basic decency no longer apply. Workers are being kept in the dark, and their pay is being cut without negotiation. This is exactly why we need stronger legislative protections.”

$3 Million in Bonuses for Management Adds to Worker Frustration

Fueling further resentment is the revelation that HBC has allocated $3 million in bonuses for managers and non-store staff during the liquidation process. The union argues that while front-line employees see their compensation cut and face termination, executives are being rewarded.

The bonus plan came to light in court filings tied to HBC’s proceedings under the Companies’ Creditors Arrangement Act (CCAA). Unifor has repeatedly called for full transparency, urging the company to prioritize workers, honour severance obligations, and respect all collective agreements.

The grievance over commission cuts is the latest chapter in what has become a broader labour dispute, unfolding amid one of the most significant retail collapses in Canadian history.

Thousands of Jobs on the Line as HBC Stores Continue Liquidation

Hudson’s Bay, once a cornerstone of Canadian retail, is in the process of liquidating almost all of its department stores. Unless a last-minute investor or buyer steps in to salvage part of the business, thousands of employees will lose their jobs in the coming weeks.

When the company entered CCAA protection on March 7, it had more than 9,300 employees. Since then, layoffs have already begun. In early April, 179 corporate positions were eliminated, followed by another 93 roles. According to court documents, the company does not expect to pay severance as job cuts continue.

This has triggered legal battles over employee representation. HBC has asked the court to appoint the law firm Ursel Phillips Fellows Hopkinson LLP to represent current and former employees during the CCAA process. However, Koskie Minsky LLP, already retained by more than 250 employees, has pushed to be formally recognized instead.

The representative law firm would have the authority to file claims on behalf of employees, assist them with the federal Wage Earner Protection Program (WEPP), and ensure their voices are heard during the restructuring.

Disability and Retirement Benefits Also Under Threat

Beyond wage disputes and layoffs, HBC’s restructuring poses deeper implications for vulnerable groups within its workforce. About 183 individuals currently receive long-term disability benefits through an “administrative services only” (ASO) plan, which is not insured. Without a viable financial plan or a new owner, those benefits could be lost.

The company has also notified around 2,000 retirees that their post-retirement benefits—including health, dental, and life insurance—will be terminated by the end of April. Meanwhile, supplementary executive retirement plans (SERPs) have been suspended, impacting 304 current and former senior employees. Royal Trust Corporation of Canada has begun winding up these plans.

Court documents confirm that HBC’s main pension plan, which has over 20,000 members, remains in a surplus position and is still operating. On April 3, the Financial Services Regulatory Authority of Ontario appointed Telus Health as the independent administrator, removing the company’s direct control over the fund.

Nonetheless, the termination of additional retirement benefits has heightened fears among retirees and staff nearing retirement age.

Hardship Fund Discussions Signal Mounting Pressure

In response to growing criticism, Hudson’s Bay has initiated talks with lenders Pathlight Capital LP and Restore Capital LLC about setting up a hardship fund for employees suffering financial distress due to benefit and income loss.

In a recent affidavit, HBC Chief Financial Officer Jennifer Bewley confirmed the hardship fund was being explored, though no firm details or timelines have been released. While some see this as a positive step, others view it as too little, too late.

More from Retail Insider:

Nova Music Festival Memorial Opens in Toronto

By
Craig Patterson
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Former Elte Mkt storefront at 1381 Castlefield Avenue in Toronto. David Steinhouse of The Behar Group coordinated a deal for the Nova Music Festival Memorial that will see the exhibit occupy the building until June, 2025. Image: Retail Insider

A poignant and immersive memorial installation honouring the victims of the October 7, 2023, Nova Music Festival massacre will open in Toronto on April 23. The Nova Music Festival Exhibition, which has already moved audiences in Israel, New York, Los Angeles, and Miami, will make its Canadian debut in the former Elte Mkt building at 1381 Castlefield Avenue in Toronto’s Castlefield Design District.

The lease for the more than 60,000-square-foot space was negotiated by David Steinhouse of The Behar Group, who has also taken on a broader role supporting the exhibition’s Toronto launch.

David Steinhouse of The Behar Group

“This is a powerful installation that needs to be experienced by everyone — people from all walks of life,” said Steinhouse. “Imagine if you or someone you love was at a peaceful music festival… and this happened. It’s a heartbreaking reality, and this exhibition offers a space to witness, reflect, and begin to heal.”

A Tragedy That Shook the World

The Nova Music Festival, held in Re’im, Israel, on October 6, 2023, was intended as a joyful celebration of music, peace, and unity. But in the early morning hours of October 7, the festival was violently interrupted. Hamas launched a large-scale terrorist attack, resulting in the deaths of 1,200 people. Among them, 411 were murdered in connection to the Nova Festival, including four Canadian citizens. An additional 251 individuals were abducted—43 of whom were festival attendees.

The attack, which stands as the deadliest massacre in music festival history, shocked the global community. The Nova Music Festival Exhibition was created as a response to this tragedy — not only to honour those lost, but to provide a physical space for remembrance, storytelling, and healing.

Inside the Nova Music Festival Memorial. Image: Retail Insider

Exhibition Details and Mission

Running from April 23 to June 8, the Toronto exhibition recreates elements of the original Nova Festival environment. The installation includes first-hand survivor accounts, audio-visual elements, and reconstructed festival sites to help visitors understand both the joy of the original gathering and the horror of its violent disruption.

“The Toronto exhibition will be held in a 60,000+ square foot space — one of the largest installations in Canadian history,” said Steinhouse. “We’re working hard to make sure the experience is immersive, respectful, and deeply impactful.”

The installation is designed to take visitors on a journey from celebration to tragedy, concluding with an emphasis on resilience, memory, and peace. The exhibition’s theme — Witness. Reflect. Heal. — reflects its broader purpose beyond education, offering emotional space for those seeking understanding or closure.

Canadian Ties and Community Support

The Nova Music Festival Exhibition has deep resonance in Canada, particularly due to the loss of four Canadians during the attack. Organizers hope the Toronto run will attract wide public interest and support.

Steinhouse, who first became involved in July 2024 through supporting the local board, shared how the experience has become personally meaningful.

He also encouraged community and corporate participation to help support the exhibition’s success. “We are still looking for donors and corporate sponsors. If you’re interested in getting involved, please reach out to me directly.”

A Unique Toronto Venue

The former Elte Mkt building at 1381 Castlefield Avenue was selected for its expansive footprint and accessibility. Located in the Castlefield Design District — known for its concentration of design and furniture showrooms — the venue provides a central location for visitors from across the GTA.

The industrial-style building has been repurposed into an exhibition space for the duration of the installation, with curated rooms and interactive segments to guide the experience.

A Global Movement for Remembrance

The Nova Exhibition was first launched in Tel Aviv and quickly gained international attention for its moving and educational presentation. Each stop in the exhibition’s tour has drawn thousands of visitors, including survivors, families of victims, and members of the broader public seeking to engage with the events of October 7 in a meaningful way.

Toronto now joins the growing list of global cities participating in the commemoration, offering Canadians an opportunity to engage firsthand.

For more information and to reserve tickets, visit novaexhibition.com.

More from Retail Insider:

Goodfood reports Q2 2025 results with net sales of $31 million, gross profit of $13 million

By
Mario Toneguzzi
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Image: Goodfood

Goodfood Market Corp., a leading Canadian online meal solutions company, announced Tuesday its financial results for the 13 weeks and 26 weeks ended March 8, 2025, showing strong sales and gross profit.

Jonathan Ferrari
Jonathan Ferrari

“I am pleased to report that Goodfood delivered positive Adjusted EBITDA for a ninth consecutive quarter, as our solid operational foundations and the flexibility of our cost structure enabled successfully navigating a persistently challenging consumer demand environment across Canada,” said Jonathan Ferrari, Chief Executive Officer of Goodfood Market Corp. “Despite macroeconomic headwinds impacting consumer behavior and driving more cautious spending, our focus on product innovation, operational discipline, and cost efficiency drove continued profitability on an Adjusted EBITDA basis.

“We also reached a record basket size this quarter, as customers continued to upgrade recipes and add more meals to their baskets. The success of our new Value Plan, which has served as a great entry point for new customers, combined with our ongoing investments in digital enhancements that are reducing friction and improving ease-of-use of new features like protein customization helped drive these record order values. In addition to our focus on driving more value for our customers in these challenging times, we are also finding new ways to bring delicious and healthy convenience to their homes. In recent weeks, we launched our new line of Heat & Eat meals which were made available in select geographies and are off to a strong start with Goodfood members rating our meals with a score of 4.6 out of 5. Heat & Eat meals provide Goodfood with a new growth avenue and expand our target addressable market as we work to expand their availability across the country.

“Looking ahead, our priorities remain clear: to generate sustainable cash flows, de-risk our balance sheet as we did with the repayment in shares of our convertible debentures, maintain strong cost discipline, and scale our digital food platform with differentiated offerings, developed internally or through acquisitions as previously done with Genuine Tea, that meet the evolving needs of our customers. We are encouraged by the progress we have made and confident in our teams’ ability to create long-term value.”

Key results include:

  • Net sales were $31 million in the second quarter of 2025, with gross margin reaching 42.6% for a gross profit of $13 million
  • Net loss of $2 million, adjusted EBITDA margin of 4.5% and adjusted EBITDA of $1 million for the quarter
  • Cash flows used in operating activities of $1 million and adjusted free cash flow was negative $1 million for the second quarter of 2025
  • Cash balance and marketable securities at $19 million, with balance sheet further de-risked with repayment of 2025 Debentures on March 31, 2025
  • Attained B Corp certification, joining global community of forward-thinking companies using business as a force for good
  • Genuine Tea, Goodfood’s first acquisition, performing well and benefitting from “Buy in Canada” movement, as it looks to further build pipeline of deals and complete more acquisitions to expand its platform

“Goodfood’s core purpose is to create experiences that spark joy and help our community live longer on a healthier planet. As a food brand with a strong following from Canadians coast to coast, we are focused on growing the Goodfood brand through our meal solutions including meal kits and prepared meals, with a range of exciting Goodfood branded add-ons to complete a unique food experience for customers,” said the company.

“In recent quarters, our focus has been and continues to be on further growing cash flows, deleveraging and creating experiences that spark joy in Canadians’ kitchens. We are pleased to have now reported nine consecutive quarters of positive adjusted EBITDA. The consistent adjusted EBITDA generated has led to significant deleveraging, with net leverage now standing at 3.83 on a trailing twelve months basis.

“To scale our efforts and capture an increasing share of the Canadian meal solutions market and grow our customer base, we first aimed to build customer acquisition cost efficiencies. We have also made and continue to make investments in our digital product to elevate the customer experience by reducing friction and enhancing ease of use. Combined with reactivations of previous Goodfood members, these initiatives have driven a double-digit percentage reduction of our customer acquisition costs year-over-year and improved the profitability and unit economics of customers.”

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Hush Expands Sleep Product Line Under Sleep Country Ownership

By
Craig Patterson
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Hush shop-in-store at Dormez-Vous in Laval, QC. Photo: Hush

Hush, once synonymous with its signature weighted blanket, has evolved into a multi-category sleep brand under the full ownership of Sleep Country Canada. The Toronto-based company, known for its innovation in sleep products, has significantly diversified its offerings while maintaining its direct-to-consumer roots.

“We were acquired in 2022, and fully bought out in April of 2024,” said Phil Besner, President of Hush, in an interview. “While we started with one hero product — the weighted blanket — we’ve become much more. We’re now small but mighty, and innovation continues to be our driving force.”

From Viral Blankets to Category Expansion

Founded in 2017 by Aaron Spivak and Lior Ohayon, Hush quickly found success with its weighted blankets, leveraging a viral Kickstarter campaign and national exposure on CBC’s Dragons’ Den. The duo are no longer involved after selling the business. The Hush product line now spans bedding, pillows, mattresses, and cooling sleep accessories.

Phil Besner, President of Hush

“Our infamous Ice Sheets are now our number-one product,” noted Besner. “Weighted blankets, while still a core part of our identity, have actually become a much smaller part of the business.”

Sleep Country’s acquisition has accelerated that evolution. With access to deeper sourcing networks, operational infrastructure, and capital, Hush has been able to scale up its assortment and launch new categories, including mattresses and duvets, many featuring its popular cooling technology.

“Cooling is a huge component of our product lineup,” said Besner. “But not everything is about temperature. Each product has a very specific purpose — if it doesn’t provide real benefit to the customer, we don’t launch it.”

Intentional Design and Customer Collaboration

One of Hush’s defining features is its commitment to customer-led innovation. “We probably take a little longer than most to develop products because we’re so intentional,” said Besner. “But it’s why our launches succeed. We ask our customers what they want, and we revise products based on their feedback — good, bad, or ugly.”

This approach has shaped not only the brand’s growth but also its relationship with its customer base. “There’s a real line of communication that’s open,” he added.

Hush Little Baby photo shoot, for a new line launching April 22, 2025. Image: Hush

New Launch: Hush Little Baby

Among the most exciting recent developments is the brand’s entry into the baby category with the launch of Hush Little Baby. The new line — Hush’s biggest product launch to date — aims to bring the company’s sleep innovations to the youngest of consumers.

“We soft-launched Hush Little Baby last week, and it officially launches on April 22,” revealed Besner. “It’s the most significant investment we’ve ever made into a product line, and early feedback has been incredible.”

The collection includes products designed to promote safe, soothing sleep for infants and toddlers, though specific SKUs have yet to be publicly revealed.

Hush Little Baby sheets, part of a new line launching April 22, 2025. Image: Hush

Partnering with Sleep Country While Staying Independent

While Hush operates under the Sleep Country umbrella — which also owns Endy, Casper Canada, Silk & Snow, and others — it maintains a level of autonomy that has been key to its continued innovation.

“Sleep Country gives us access to world-class resources — from sourcing to operations to marketing — but they’ve allowed us to retain our own DNA,” said Besner. “They acquired us for a reason and didn’t want to interfere with what makes Hush special.”

The cross-pollination between Hush and Sleep Country’s other divisions allows the smaller brand to punch above its weight. “It’s been incredible, especially for the younger folks on our team, to have access to mentorship and support from one of Canada’s most successful retail companies,” he said.

Hush Iced Cooling Sheet Set. Image: Hush

Retail Distribution and Omnichannel Growth

While Hush began as a direct-to-consumer brand and still prioritizes its e-commerce platform, it now sells select products through Sleep Country’s network of more than 300 stores across Canada.

“Sleep products are incredibly tactile. A lot of customers want to feel a pillow or lie on a mattress before buying,” said Besner. “Being available in Sleep Country allows us to meet them where they are.”

Hush has also tested its own retail presence. The brand opened a pop-up at Toronto’s Yorkdale Shopping Centre in 2022 and recently launched a 400-square-foot shop-in-shop at a Dormez-vous store in Laval, Quebec (photo at the top of the article).

While Besner noted that a standalone Hush store won’t likely appear within the next 18 months, he hinted at something unique on the horizon. “When we do go into retail in a more permanent way, it won’t be traditional. We like to do things differently — I promise you’ll be blown away.”

Hush Graph-Iced Mattress. Image: Hush

Digital Revamp and Online Experience

The Hush website remains a primary driver of revenue, and the company recently invested heavily in a full redesign.

“There’s an aesthetic component to our brand that’s very important,” said Besner. “We wanted our online store to reflect the beauty of our products. The photography, the video — it all needs to make customers feel like this will belong in their bedroom.”

Technical specs and customer benefits are also front and centre in the new experience. “It’s all about combining function and form,” he said.

Brand Ambassadors and Philanthropy

In 2024, Hush brought on its first brand ambassador — NHL rookie sensation Lane Hutson. “We didn’t know he was going to have such a breakout year, but it’s been better than we ever could have imagined,” said Besner.

The company also stays grounded through its philanthropic efforts, particularly its ongoing partnership with Toronto’s SickKids Hospital.

“We’ve committed $100,000 to SickKids this year, and we’ve donated the majority of that already,” said Besner. “Giving back will always be part of the DNA of this business.”

Lane Hutson. Image: Elite Prospects

Looking Ahead: Focus, People, and Purpose

Hush’s strategy moving forward involves continued category expansion, deepening customer engagement, and investing in its people.

“I spend most of my time thinking about how we build this business for the long-term — and that starts with people,” said Besner. “We have a small team, but I’d put them up against any DTC brand in Canada.”

Despite growing competition in the sleep and bedding space, Hush’s commitment to intentional product design, customer-driven innovation, and strategic retail partnerships has helped it stand out.

“We’re not trying to be everything to everyone,” said Besner. “But we are trying to be the best at what we do.”

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Fairgrounds to open flagship Toronto racket sports club, plans national expansion in 2025 (Photos)

By
Mario Toneguzzi
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Source: Fairgrounds
Source: Fairgrounds

Toronto-based Fairgrounds, a fast-growing operator of racket sports clubs, is poised to open its first permanent flagship facility in the city this May as part of an aggressive national expansion plan for 2025.

Drummond Munro
Drummond Munro

Drummond Munro, Co-Founder and Co-CEO of Fairgrounds, confirmed the company’s rapid growth since its early days testing both indoor and outdoor club formats.

The first indoor location opened a year ago in the spring. “Since then we opened four clubs. Indoor, outdoor, pickleball, padel. Currently we have 29 courts across the GTA and we’re about to open our first permanent flagship facility here in Toronto, in Leaside,” explained Munro.

Fairgrounds is transforming a former Mercedes-Benz dealership into a premier destination for racket sports enthusiasts. The Leaside flagship will include 13 pickleball courts, four padel courts, a full food and beverage program, a sauna, curated pro shop, change rooms, and more.

“A pretty spectacular flagship location that’s going to feature all the bells and whistles, 25 foot clearance,” said Munro. “So we’re really, really excited about the evolution. Now we’re getting comfortable with our model and really scaling up.”

According to Munro, the new site will open mid-May. “I am spending every second minute over there dealing with construction,” he added.

The facility combines multiple zones from the dealership’s past life. “You come in and you’re in the showroom and then we’ve actually converted the auto garage where they did all the servicing,” said Munro. “We’re doing the outdoor parking lot as well. It’s roughly 50, 55,000 square feet.”

Fairgrounds isn’t stopping there. The company has plans to launch eight more locations across Canada this year. “We are underway on Kingston, Hamilton, Whitby, Ottawa, Vancouver, Red Deer,” said Munro. “That’s seven that are already signed and underway.”

All of these new locations are expected to open by year-end, with staggered launch dates beginning in June. All are indoor sites, although the company is also exploring a few summer pop-up activations.

Source: Fairgrounds
Source: Fairgrounds

The confidence behind this expansion is rooted in a data-driven approach and strong community engagement. “We have now a year and a half worth of data to really support our decisions around scale,” said Munro. “We built a network of almost 60,000 members within the GTA.”

Fairgrounds has used its pilot phase to test everything from pricing and programming to community events and brand activations.

“We really wanted to give access to these sports that have typically been inaccessible to the masses,” he said. “If you look at a spectrum of public infrastructure on one side and private clubs on the other, there really is nothing in the middle.”

Munro added that broader social trends are also fueling demand for the sports. “People are looking [to] disconnect from screens. They’re looking to connect with one another, they’re looking to be active. The two sports we’re talking about, pickleball and paddle, are sort of rooted in community and social behaviour.”

Looking beyond 2025, Fairgrounds has ambitious goals.

“We’re looking at over a hundred courts this year,” said Munro. “We think we can be the biggest player by the end of the year and we think that growth can continue for the next couple years and we would even consider looking at the US if the time was right.”

“Our goal is to reimagine underused commercial real estate and create third spaces that cultivate social connection through fun and play,” added Munro.

Source: Fairgrounds
Source: Fairgrounds

Visitors To Fairgrounds can expect:

● Tournament-Level Facilities – Thoughtfully designed courts with top-tier surfaces and stadium-style seating for an elevated match-day atmosphere.

● Community-Focused Play – A welcoming space where enthusiasts and pros alike can connect through drop-in play, memberships, and social activations.

● Player-Improvement Programming – In addition to open play opportunities, available coaching, clinics and beginner leagues allow curious players to get comfortable on the court.

● Innovative Events – Engaging events, product launches, and exclusive member experiences encourage new ways to connect.

● New Expanded Membership Models – A first in Canada for racket clubs, Fairgrounds will introduce various memberships with universal access across all of its locations. Designed for frequent, more dedicated players, these membership options aim to balance out cost savings with complete accessibility.

● Wellness-Focused Amenities – A holistic wellness space, featuring a sauna and cold rinse shower, allows players an opportunity for calm and recentering pre- or post-match.

● Kids’ Programming & Family Play –Thoughtfully designed junior programs, family-friendly play sessions, and coaching clinics that make the game accessible and fun for all ages.

● Premium Social & Retail Offerings – A modern selection of equipment, apparel, and lifestyle essentials to enhance the playing experience.

● Adaptive Reuse & Stunning Design – Located in a former Mercedes-Benz dealership, Leaside features a bold architectural transformation that maximizes its open, airy spaces. Soaring ceilings and expansive windows enhance the professional-grade playing experience.

● Aesthetic-Driven Interiors – Punctuated by bright, content-worthy interiors, design by Vancouver-based Emily Robin Design brings together true function and form. “Our goal was to create an easy meeting place for people to experience the best part of their week,” said Robin. “We believe the spatial experience sets the tone for players—welcoming, accessible, unpretentious and, most importantly, fun.”

● Lounge, Food & Beverage – A thoughtfully designed lounge and dining area will offer a rotating menu of hyper-local culinary experiences.

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Source: Fairgrounds
Source: Fairgrounds

Stéphane Tétrault joins Mastermind Toys as an Investor and Partner

By
Mario Toneguzzi
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Mastermind Toys at Upper Oakville Shopping Centre (Image: Upper Oakville Shopping Centre)

Mastermind Toys, Canada’s leading specialty toy and children’s lifestyle retailer, says that entrepreneur Stéphane Tétrault has made an equity investment in the company. This private transaction establishes Mr. Tétrault as a partner alongside co-owners Joe Mimran and Frank Rocchetti.

Stéphane Tétrault
Stéphane Tétrault

Tétrault, a French-Canadian entrepreneur, is the founder of Imports Dragon and co-owner of McFarlane Toys, bringing deep expertise in licensing, manufacturing, and toy innovation. With over 25 years in the toy industry, he has built Imports Dragon into one of Canada’s fastest-growing toy companies and helped propel McFarlane Toys to new heights as part of its ownership team. His extensive experience developing licensed products and innovative toys will support Mastermind Toys’ growth strategy and curated assortment, said Mastermind in a news release.

Joe Mimran

“We are thrilled to welcome Stéphane as a partner in Mastermind Toys,” said Mimran. “His proven track record in toy innovation and licensing complements our vision for Mastermind. As we evolve our assortment and expand into new categories, Stéphane’s expertise will help us bring even more exciting products to families across Canada, while maintaining our commitment to design and quality.”

Mastermind Toys said it has been expanding its offerings beyond traditional toys. The company recently acquired Coco Village, a Quebec-based, French-Canadian design-led brand offering a beautiful assortment of modern toys, furniture, and décor for children.

“Coco Village operates its own direct-to-consumer business, is expanding through new wholesale relationships, and its products are now available through Mastermind’s network of stores. In addition to Coco Village, Mastermind has introduced baby and toddler apparel lines such as Rise Little Earthling and an exclusive Ms. Rachel collection, reflecting the retailer’s growth into a broader children’s lifestyle brand. These initiatives, along with Mr. Tétrault’s partnership, reinforce Mastermind’s dynamic, forward-looking approach to retail and its positioning as a hub for curated, discovery-based play experiences,” it said.

“Mastermind Toys is a dynamic, forward-looking company committed to bringing discerning parents the very best in toys, books, and children’s lifestyle brands that support development through play,” said Tétrault. “I share that commitment and I’m excited to contribute my experience in licensing and product innovation. Together, we will build on Mastermind’s 40-year heritage of play-based learning and drive its next phase of growth as Canada’s premier specialty toy retailer.”

In a LinkedIn post he said: “Mastermind Toys has long been a cornerstone of childhood in Canada, and I have always admired their commitment to fostering curated, discovery-based play. Since meeting Jonathan Levy, I have been inspired by the dedication of the staff during every store visit. The passion of the team to serve customers has always been a key element of their success.

“I look forward to building on Mastermind’s impressive 40-year legacy and supporting families across Canada through my expertise in product selection and marketing, alongside the support of our wonderful partners.”

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