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Toronto’s Waterfront BIA Sees New Wave of Retail Growth Amid Development Surge

By
Craig Patterson
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Image: Toronto Waterfront BIA

The Toronto Waterfront is rapidly transforming into one of the city’s most dynamic growth corridors, presenting substantial new opportunities for retailers, restaurateurs, and service businesses. With an expanding residential population, major new developments, and targeted initiatives by a number of waterfront stakeholders, the district is positioning itself as an increasingly attractive commercial destination.

“Since 2010, the population along Queens Quay has grown from roughly 10,000 residents to over 30,000,” explained Tim Kocur, Executive Director of the Toronto Waterfront BIA. “During that same period, we’ve seen job locations along Queens Quay expand from about 10,000 to approximately 30,000 positions.”

This surge in both residents and office workers has created a significantly larger customer base for businesses in the area. As new residential towers continue to rise, particularly in the eastern waterfront districts, the commercial viability of the area grows stronger.

Vacancy Rates Falling Despite New Supply

According to the BIA’s most recent Broker Package for June 2025, the waterfront saw 25 new businesses open in the past year, with the total number of commercial units increasing by 21. While some churn occurred, vacancy rates have actually decreased year-over-year despite the arrival of newly constructed but as-yet unleased spaces in the eastern waterfront.

“A significant portion of the remaining vacancy is concentrated in new developments in the eastern waterfront, which aren’t fully built out yet,” said Kocur. “Some landlords are intentionally holding back space until the local customer base has matured and premium tenants can be secured.”

Wave of New Openings Expanding Retail Mix

Several new tenants have already chosen the waterfront as home. Queens Harbour Restaurant is scheduled to open on July 11, directly beside the successful Amsterdam Brew Pub, adding 600 indoor seats and an additional 160 patio seats. “It’s going to significantly increase the premium dining capacity right on the water,” Kocur noted.

Other recent or upcoming additions include the Ethos Climbing Gym, the new Farm Boy grocery store (which replaced Sobeys about three years ago), and a Shoppers Drug Mart location in the eastern waterfront. “These kinds of tenants are signs that a critical residential population has already moved in,” Kocur explained, adding that many more residents are still expected.

New mixed-use developments with commercial space on the East Waterfront. Photo: Craig Patterson

Wayfinding, Events, and Beautification Initiatives

The BIA has taken proactive steps to address longstanding challenges around navigation and visibility. “One issue we’ve consistently heard from businesses is that even visitors only a block away from major destinations like the ferry terminal were asking for directions,” said Kocur.

To combat this, the BIA installed its own network of wayfinding signage throughout the area, with permission from the City. The signs not only provide navigational support but also feature restaurant maps and monthly event calendars. “We’re highlighting where people can eat within 500 metres, and letting them know what’s happening next so they return to the neighbourhood,” Kocur added.

Complementary to the signage efforts, the BIA has partnered with The Bentway, CityPlace-Fort York BIA and the City of Toronto to pilot an enhanced lighting and public safety at the Dan Leckie underpass under the Gardiner Expressway, aiming to make pedestrian connections between downtown and the waterfront more inviting. “The system will be able to be temporarily removed during maintenance work, allowing for both flexibility and consistent safety,” Kocur explained.

New wayfinding signage on the Eastern Waterfront. Photo: Craig Patterson

Eastern Waterfront: A Development Powerhouse in Progress

The eastern waterfront continues to experience significant transformation, with much of its commercial inventory still in early stages.

“The density on the eastern waterfront will be significantly higher than on the western side,” noted Kocur. “There are effectively two full blocks of development between Queens Quay and Harbour Street, compared to only one on the west.”

Major projects include the Quayside development, where Dream CA —already the developer behind the Distillery District—is spearheading new retail and residential growth. “Dream’s adjacent properties and their expertise with the Distillery District give us confidence this will become another major waterfront destination,” Kocur said.

The area also benefits from emerging institutional partnerships. George Brown College now owns substantial property in the eastern waterfront, opening possibilities for collaborations with parks, cultural spaces, and foodservice providers. One early focus is activating the long-unused Sherbourne Pavilion, originally designed for foodservice but long repurposed for parks storage. “We’re now seeing opportunities for seasonal activations there—skate giveaways, hot chocolate stands—which hint at the longer-term potential,” said Kocur.

New skyscrapers and commercial space under development on the Eastern Waterfront. Photo: Craig Patterson

Major Long-Term Opportunities Identified as Part of the 2024 Waterfront Retail Review

The Waterfront BIA released its Waterfront Retail Review in 2024, which was reported on by Retail Insider. The BIA has identified several large-scale projects that could dramatically enhance the waterfront experience over the next decade:

  • Redpath Sugar Refinery: “This 300-metre industrial frontage could host retail or museum spaces highlighting Toronto’s food and industrial heritage when the office portions of the building are re-developed,” said Kocur.

  • Rees Street Parking Lot Redevelopment: Positioned just south of the Rogers Centre, this site offers what Kocur called “an incredible opportunity” for sports-themed activations, including potential partnerships with sports teams for game-day viewing and foodservice tie-ins.

  • Peter Street Basin: With hotel developments already planned, Kocur noted that the city and developer need to collaborate on activating this underutilized basin area, potentially expanding parkland or patio spaces for waterfront restaurants.

Peter Street basin, a target for suggested redevelopment that could include covering the water feature. Photo: Craig Patterson

Focused Vision for Rees Street Park and Peter Street Basin

As part of the ongoing planning for the western waterfront, the Waterfront BIA has placed particular emphasis on the future of Rees Street Park and Peter Street Basin.

“The Rees Street parking lot, located directly south of Rogers Centre, represents one of the best opportunities we have to create a vibrant public park with commercial activation,” said Kocur. The BIA advocates for a balanced design that incorporates playgrounds, dog parks, quiet areas, and highly valuable commercial uses, such as outdoor dining and sports event viewing zones. “We believe that including features like a large screen for sports games could offer 180 days of seasonal programming and draw significant foot traffic to local businesses.”

For the nearby Peter Street Basin, which sits adjacent to the future hotel development at 350-396 Queens Quay West, the BIA has formally submitted its position to the City of Toronto. In an April 29, 2025 letter to City Planning, the BIA emphasized that the basin is currently in disrepair, with deteriorating dock walls and no clear maintenance responsibility between municipal departments and PortsToronto. “Without substantial improvement plans, we recommend that the basin water lot be filled in or covered as part of the redevelopment,” the BIA stated. Such improvements would create new public space and better integrate the site with new retail and hospitality uses planned for the adjacent hotel development.

Queens Harbour, under construction. Photo: Craig Patterson

Western Waterfront Remains Stable with Targeted Growth Areas

While the western waterfront has fewer large-scale development parcels remaining, some important nodes of potential remain. The Bathurst Quay area near Billy Bishop Airport will likely see interest in a new hotel development and further activation around the historic Malting Silos.

The western waterfront has also been the focus of ongoing pedestrian enhancements, with colourful underpass murals and improved lighting aimed at increasing visitor comfort. “We’re trying to make it safer and more welcoming to cross under the highway and shop at our waterfront businesses,” Kocur explained.

Photo: Harbourfront Toronto

Tourism, Attractions, and Cultural Anchors Increasing

The waterfront is also strengthening its appeal as a tourist and cultural destination. “Harbourfront Centre has three important attractions this summer: a temporary Ontario Science Centre exhibit, a Museum of Toronto basketball history exhibit, and the long-standing Power Plant Gallery—and two of those are free,” said Kocur.

Further east, future attractions like the Parliament Slip redevelopment promise floating restaurants, boat tours, and more immersive water-based experiences.

Connectivity Improvements On the Horizon

The BIA is also preparing for major connectivity enhancements, including a pedestrian bridge opening in 2027 that will link the eastern waterfront directly to the new parks of the Port Lands. “That’s going to create a whole new zone of pedestrian activity and extend the reach of the waterfront experience,” said Kocur.

PATH network expansions are also under discussion, particularly in the eastern waterfront, to ensure year-round pedestrian access and support for indoor retail spaces.

This month, the TTC introduced dedicated rapid bus lanes along Queens Quay East, where the Waterfront East LRT — which will eventually connect Union Station to the new Port Lands development — is planned for future construction.

Connecting downtown to the Port Lands with an active transportation bridge. Image: Waterfront Toronto

An Ecosystem Approach to Future Retail Growth

For Kocur, the ultimate goal is to create a vibrant retail ecosystem that benefits from both residential density and tourism magnetism. “We want more condos, more hotels, more attractions—but it’s equally about making sure we have the right supporting retail, foodservice, and entertainment offerings that will allow people to spend full days here,” he emphasized.

As the Toronto waterfront continues to evolve, the BIA’s approach of marrying short-term leasing opportunities with long-term destination-building appears poised to unlock the area’s full potential. “We want people to explore the entire neighbourhood,” Kocur said. “That means filling in the retail gaps, telling the story of success, and making sure the waterfront becomes one of Toronto’s most vibrant districts for years to come.”

For more information on retail opportunities on Toronto’s Waterfront, the Waterfront BIA has prepared a broker package.

Harden announces strategic sale of the 3rd phase of Méga Centre Notre-Dame

By
Mario Toneguzzi
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Harden has announced the strategic sale of a 27-acre portion of Méga Centre Notre-Dame in Laval to Rosefellow, a leading Montreal-based industrial real estate developer for a purchase price of $75 million.

This transaction marks a key milestone in the site’s transformation, supporting broader redevelopment efforts and reinforcing a long-term commitment to enhancing Laval’s economic and commercial vitality. Harden co-owns the property with RioCan in a 50% partnership which is dedicated to the site’s evolution and its strategic importance to the region, said the company in a news release.

“As part of a shared vision to unlock the full potential of this highly visible and accessible site along Highway 13, the Harden-RioCan partnership is reinvesting in the retail component of the property following the sale. The portion sold to Rosefellow was a less productive area of the site. This strategic disposition enables targeted reinvestment into the retail core of Méga Centre Notre-Dame, accelerating its transformation into a productive, dynamic destination for residents, workers, and visitors alike,” it said.

Tyler Harden
Tyler Harden

“We are proud to continue our role in strengthening Laval’s retail and commercial environment,” said Tyler Harden, Co-Chief Executive Officer, Harden.

“This sale supports a broader redevelopment vision that brings new energy and economic growth to the area. With new retailers like Sephora already open, Krispy Kreme on the way, and major expansions by iconic brands such as Winners/HomeSense, Gap, Banana Republic, La Vie En Rose, Dollarama and Poulet Rouge, Méga Centre Notre-Dame is entering a new chapter that reflects our dedication to creating lasting value for residents and businesses alike.”

The company said the transformation includes the expansion of Winners/HomeSense into one of the largest stores of its kind in Quebec, with a footprint of approximately 70,000 square feet, and a significant expansion by Dollarama. These enhancements, coupled with the arrival of high-profile brands like Sephora, reinforce the centre’s appeal and solidify its role as a commercial anchor in Laval.

“This transaction highlights the strength of our retail portfolio and our ability to strategically unlock value from well-located assets,” said Jonathan Gitlin, President and CEO, RioCan Real Estate Investment Trust. “By monetizing a less productive portion of the site at an 80% premium to IFRS value and reinvesting in its high-performing core, we have strengthened the long-term viability of Méga Centre Notre-Dame and delivered meaningful value for our unitholders.”

Harden said Rosefellow’s planned $200 million redevelopment will introduce three state-of-the-art industrial buildings, meeting the growing regional demand for high-performance logistics and light industrial space. This development will complement the centre’s retail operations, creating a mixed-use hub that draws value from both sectors while serving the evolving needs of the community.

“A dynamic tenant reconfiguration is already underway, with established retailers like GAP, Banana Republic, La Vie En Rose, Carter’s OshKosh, Dormez-Vous, Dollarama, Sushi Shop, Thai Express, Service Canada, and SQDC relocating within the site to optimize layout and enhance the shopping experience. This reimagining also makes room for innovative new concepts, including Mondou’s next-generation store and a refreshed Second Cup café, adding renewed energy and tenant mix to the centre,” said Harden.

“Harden, in partnership with RioCan, continues to actively manage and enhance the remaining portions of Méga Centre Notre-Dame. A portion of these improvements is already complete, reflecting the partners’ ongoing commitment to improve the site’s layout, aesthetics, and visitor experience. This sustained effort underscores their dedication to shaping vibrant, welcoming spaces that support the community and long-term commercial vitality.”

Established in 1985, Harden is a second generation, family-owned real estate company whose primary focus is owning and operating commercial, residential, and industrial properties in many communities throughout the provinces of Quebec and Ontario. Vertically integrated, Harden specializes in all facets of the real estate development process, including, development, construction, leasing, and asset management.

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Instacart partners with Costco Executive Members

By
Mario Toneguzzi
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Instacart is now powering a new monthly delivery credit for Costco Executive Members.

Instacart, the leading grocery technology company in North America, has announced a new perk to enhance the value of Costco’s Executive Membership.

Starting June 30, Executive Members in the US and Canada will receive a $10 monthly credit toward sameday.costco.com, sameday.costco.ca, or Costco via Instacart available on an order of $150 or more, said the company.

The company said it enables delivery of Costco’s warehouse items to members’ doorsteps in as fast as an hour, combining a flexible delivery experience with the value of Costco’s quality offerings. The monthly credit is automatically applied to a qualifying Costco order placed through sameday.costco.com, sameday.costco.ca, or Instacart and is available exclusively to Executive Members.

Daniel Danker
Daniel Danker

“Costco Executive Members expect exceptional value – and now, they can get even more delivered to their door,” said Daniel Danker, Chief Product Officer at Instacart.

“Our new monthly credit makes it easier than ever for members across North America to get Costco’s warehouse items with the convenience of fast and reliable delivery through Instacart.”

Costco first partnered with the company for same-day delivery in 2017 and later expanded the partnership to include Costco’s same-day delivery website.

Instacart, the leading grocery technology company in North America, works with grocers and retailers to transform how people shop. The company partners with more than 1,800 national, regional, and local retail banners to facilitate online shopping, delivery and pickup services from more than 100,000 stores across North America on its Marketplace.

“Instacart makes it possible for millions of people to get the groceries they need from the retailers they love, and for approximately 600,000 Instacart shoppers to earn by picking, packing and delivering orders on their own flexible schedule. The Instacart Platform offers retailers a suite of enterprise-grade technology products and services to power their e-commerce experiences, fulfill orders, digitize brick-and-mortar stores, provide advertising services, and glean insights,” it said.

“With Instacart Ads, thousands of CPG brands – from category leaders to emerging brands – partner with the company to connect directly with consumers online, right at the point of purchase. With Instacart Health, the company is providing tools to increase nutrition security, make healthy choices easier for consumers, and expand the role that food can play in improving health outcomes.”

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Knix Reopens CF Rideau Centre Store in Ottawa

By
Craig Patterson
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Knix at CF Rideau Centre in Ottawa. Photo supplied

Canadian intimate apparel brand Knix has officially re-opened its Ottawa store at CF Rideau Centre. The store, located at 50 Rideau Street in downtown Ottawa, re-opened to the public last week, introducing customers to a refreshed design and an updated shopping experience.

The CF Rideau Centre store reflects the design model recently implemented at Knix’s flagship store on Queen Street West in Toronto. This updated prototype combines an elevated store aesthetic with a new self-service retail model that changes how customers engage with Knix’s product offerings.

Self-Service Model Introduced

A major feature of the new Ottawa store is the adoption of a self-service shopping format. In this system, customers are able to browse merchandise on the sales floor, select items, and proceed to the fitting rooms independently. Store staff remain available for assistance but are not required to retrieve sizes or manage fitting room access.

The self-service model is designed to offer customers greater control over their shopping experience, allowing them to interact with products at their own pace. The model emphasizes convenience and autonomy, aligning with Knix’s broader brand positioning around empowerment and comfort.

Knix at CF Rideau Centre in Ottawa. Photo supplied

Operational Changes Supporting the Model

The self-service approach also offers operational benefits. By enabling customers to select items directly, the store can serve more shoppers at one time, potentially improving sales floor efficiency and reducing wait times. The format simplifies inventory management and restocking processes, while optimizing staffing needs during operating hours.

The store layout features dedicated areas for core product categories, including specific display bars for bras, underwear, and activewear, as well as a designated section for the Kt by Knix line, which is focused on period underwear for teens.

Elevated Design Reflects Brand Maturation

The new store design introduces a more refined visual aesthetic compared to earlier store models. The updated interior features a warmer and more polished appearance, replacing some of the utilitarian design elements used in Knix’s earlier retail locations.

The Ottawa store also reflects Knix’s continued focus on inclusivity. Mannequins are displayed in a variety of body shapes and skin tones, consistent with the brand’s emphasis on body positivity and customer representation.

Knix at CF Rideau Centre in Ottawa. Photo supplied

Part of Broader Retail Expansion

The CF Rideau Centre re-opening is part of Knix’s ongoing retail expansion. The company operates additional Canadian locations in the Greater Toronto Area, Vancouver, Calgary, Edmonton and Winnipeg.

The Queen Street West location in Toronto, which reopened last month with this updated format, has served as a test site for the brand’s revised store concept. Knix has indicated that this store serves as a prototype for future locations, informing decisions about store design and customer experience across the brand’s network.

Knix Brand Overview

Knix was founded in 2013 by Joanna Griffiths. The company originally focused on creating leakproof underwear, a category that helped establish Knix as a major player in the intimate apparel market.

Since its founding, Knix has expanded its product line to include wireless bras, swimwear, maternity wear, shapewear, sleepwear, loungewear, and activewear. Knix also introduced Kt by Knix, a sub-brand developed specifically for teens and tweens.

The company is known for marketing that features women of different ages, sizes, and backgrounds, supporting Knix’s ongoing focus on body positivity and representation.

Knix at CF Rideau Centre in Ottawa. Photo supplied

Business Growth and Ownership

Knix began as a wholesale business, including partnerships with Hudson’s Bay. In 2016, the company shifted to a direct-to-consumer model, allowing greater control over its brand narrative and customer engagement.

In 2022, Knix entered into a majority acquisition agreement with Essity, a global health and hygiene company headquartered in Sweden. Essity acquired an 80% stake in Knix for US$320 million. Joanna Griffiths retained a minority ownership position following the transaction.

Knix has been recognized for its rapid growth. In 2020, Strategy magazine named Knix “Brand of the Year.” The company has also received industry recognition for innovation and leadership in women’s empowerment and sustainability.

Knix at CF Rideau Centre in Ottawa. Photo supplied

CF Rideau Centre: A Key Location

CF Rideau Centre is a significant retail property in Knix’s national store network. The centre sits in the heart of Ottawa’s downtown core, close to Parliament Hill, the Rideau Canal, and the ByWard Market.

CF Rideau Centre is owned and operated by Cadillac Fairview. Following a major renovation and expansion completed in 2016, the centre offers approximately 180 stores and services, including retailers such as Simons, Harry Rosen, Anthropologie, Kate Spade New York, Tiffany & Co., and Zara.

The expansion added 550,000 square feet of retail space and incorporated design updates such as a four-level atrium, a central skylight, new quartz flooring, glass guardrails, and integration with Ottawa’s Light Rail Transit (LRT) system. The centre draws nearly 20 million visitors annually, making it the largest shopping mall in the National Capital Region as well as the busiest.

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Florin Trattoria opens in the Financial District bringing a taste of Florence to Toronto (Photos)

By
Mario Toneguzzi
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Rooted in the warmth and conviviality of Italian dining culture, Florin is a new restaurant experience in Toronto that offers exceptional quality in drinks, wine, food, and ambiance.

“Inspired by a family vacation to Florence that celebrated the city’s rich history and vibrant culinary scene, Florin is the latest concept from Turner Hospitality Group—the family-run team behind Mother Tongue, Liquid Courage, Twist, and Magnones. Paying homage to the best trattorias in Florence, Florin brings a refined yet approachable dining experience to Toronto’s Financial District,” said the company in a news release.

Photo: Florin
Photo: Florin

“Named after the Florentine coin, the Florin, Turner Hospitality Group thoughtfully blends history and modernity at this contemporary trattoria. Inspired by Florence, the name pays tribute to the city’s heritage and the building’s 1920s roots in Toronto’s Financial District.

“Helmed by Chef de Cuisine Brian Kang (DaNico, Don Alfonso), and Executive Chef de Cuisine Francis Bermejo (Mother Tongue, Bar Buca), the menu features Bistecca alla Fiorentina, a thick-cut T-bone steak, Gnudi – a Tuscan ‘nude ravioli’ stuffed with ricotta and spinach, specially crafted in-house pasta, and luxurious items like the L’Astice; Nova Scotia lobster, cannellini bean stew, maitake mushroom, escarole involtini and topped with trout roe and lobster jus. Florin distinguishes itself from its Italian neighbours in the city by transforming traditional iconic dishes into local creations that draw in food lovers looking for a sense of discovery and distinction.”

With design elements reflecting Florence’s artistic charm, including wine displayed in windows, this space adds a unique nod to the iconic cobblestone streets and Tuscan cellars. The space seamlessly merges old-world tradition with refined, contemporary flair, feeling revamped yet familiar, said the restaurant.

“Florin brings dining back to its roots: a place to gather, reconnect with old friends, make new ones, and build relationships over great food and drink. Filling the gap in Toronto’s dining landscape, Florin brings a European-inspired culinary experience to the Financial District, where exceptional food, wine, and service are delivered with sophistication.  It’s world-class hospitality in a refined, friendly setting sets a new standard in Toronto for Italian-style dining. Florin blends authentic culinary traditions with a lively, modern Toronto spirit- creating a space where dining feels exceptional, warm and inviting,” it said.

Reservations can be made here.
https://www.instagram.com/florin.to/

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Consumer spending on the rise: RBC

By
Mario Toneguzzi
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Photo: Arina Krasnikova
Photo: Arina Krasnikova

Canadian consumer spending held up in May—building on April’s momentum—despite cooling economic growth, according to RBC’s cardholder transactions.

“Our tracking shows a 0.7% increase in total retail sales in May, and spending was firmer up 1.1% excluding auto sales. Auto purchases have cooled in recent months following a surge in March, but underlying consumer demand appears to be resilient across most categories,” said the RBC report by Economist Abbey Xu.

Abbey Xu
Abbey Xu

“Statistics Canada’s advance estimate for April’s retail sales (pre-tax excluding the impact from the removal of the consumer carbon tax) showed a 0.5% month-over-month increase, consistent with the underlying strength we’ve seen in our own spending data.”

RBC said it added a new lens this month with core retail sales, which strips out more volatile components like auto and gasoline spending. This measure climbed by 1.2% in May by its count, reflecting solid momentum in broader household purchases.

“Gasoline spending, while volatile in recent months, rose slightly by 0.3% in May following a sharp decline in April that coincided with the removal of the consumer carbon tax. Interestingly, excluding gasoline spending revealed slightly stronger retail sales growth overall—suggesting robust activity in other categories,” said RBC.

“Motor vehicle sales, which surged in March amid concerns about U.S. auto tariffs, have since moderated. Our cardholder data does not capture a large portion of auto sales, but our in-house seasonally adjusted estimates based on industry reports point to a 2.6% decline in April car sales followed by another 2.8% drop in May. Still, two consecutive declines weren’t enough to fully offset the strength seen in March, pointing to a gradual normalization in auto purchases rather than a sharp reversal.”

The report said overall spending remained solid in May, but key categories showed signs of cooling compared to April.

“Discretionary services continued to lead with spending rising 1.2% from April. Essentials followed closely up 1.1%, while discretionary goods posted a more modest gain of 0.5%. Despite the slower momentum, all three categories remained in positive territory, pointing to continued underlying strength in household demand,” explained RBC.

“Within discretionary goods, clothing led the gains rising  in May. The increase likely reflects promotional sales and shifting consumer demand heading into the summer season. In contrast, building materials saw the sharpest pullback falling 1.5%, aligning with broader signs of slowing housing-related activity.”

Meanwhile, travel spending posted its first monthly increase of the year, rising 4.7% in May after several months of cumulative declines, noted the report.

“The rebound likely reflects more Canadians opting to travel domestically with international travel—particularly to the U.S.—still subdued. As we’ve noted, when Canadians stay closer to home, it tends to support local tourism and hospitality industries.”

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Magnum Unveils ASMR Studio at Montreal Grand Prix

By
Craig Patterson
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Magnum ice cream. Image: Magnum

Premium ice cream brand Magnum is bringing a unique multisensory experience to downtown Montreal as part of this year’s Crescent Street Grand Prix Festival, which coincides with Formula 1 race weekend in the city. From June 12 to 15, the brand will be offering a moment of indulgence through its Magnum ASMR Studio, an interactive activation designed to highlight the iconic “crack” of its Belgian chocolate-coated ice cream bars.

The activation forms part of a broader marketing strategy by parent company Unilever, which is using experiential campaigns to connect with consumers in high-traffic urban events across Canada.

A Multisensory Activation Featuring Magnum’s Signature ‘Crack’

Set against the backdrop of one of Montreal’s busiest and most festive weekends, the Magnum ASMR Studio invites visitors to slow down and engage with the brand in an unconventional way. Participants are guided through a short content creation experience in which they can record the distinct sounds of unwrapping and biting into a Magnum bar—particularly the well-known snap of the chocolate shell.

Each guest receives a short branded video of their session, which they are encouraged to share on social media, creating a blend of personal experience and digital amplification.

“In a weekend known for speed, sound and adrenaline, we’re giving people a moment to slow down, indulge, and really savour the small luxury of a Magnum,” said Benjamin Finn, Marketing Lead for Ice Cream at Unilever. 

“Our ASMR activation taps into a trend people can’t get enough of, offering that satisfying chocolate crack and sensory delight our fans love.”

Crescent Street Grand Prix Festival in Montreal. Photo: Montreal Grand Prix

Highlighting the Magnum Mini Double Caramel

The featured product for the activation is the Magnum Mini Double Caramel—a compact bar designed to deliver the same premium indulgence in a smaller format. Each bar combines vanilla ice cream with a layer of rich caramel sauce, encased in 100% Belgian chocolate. The mini format aligns with the fast-paced environment of the Grand Prix weekend while providing a moment of luxury and comfort amid the crowds.

Sampling at the Magnum booth will begin at 11:00 a.m. ET daily, continuing through to June 15 or while supplies last. In addition to the immersive experience, visitors will also be entered for a chance to win a $1,000 gift card for a shopping spree.

Positioning Magnum Within a Lifestyle Context

The activation is part of Magnum’s ongoing brand strategy to associate its products with moments of personal indulgence. While the brand is best known for its global advertising campaigns featuring luxury and decadence, recent years have seen it pivot toward more immersive, experiential marketing—especially during seasonal or cultural events.

The Montreal installation reflects that approach, aligning the brand with one of Canada’s most internationally recognized events and allowing direct consumer engagement in a playful, sharable format.

As temperatures rise across the country, the event also signals the start of the summer season for frozen treats. With its premium ingredients and wide variety of flavours, Magnum continues to position itself as a luxury product that fits naturally into everyday routines.

Magnum’s Global and Canadian Growth

Launched in 1989 as one of the first handheld ice cream bars designed for adult consumers, Magnum has grown into one of the world’s leading ice cream brands, with annual global sales exceeding 1 billion units. The brand entered the Canadian market in 2011 and has steadily expanded its presence through national grocery distribution and seasonal campaigns.

Since its Canadian debut, Magnum has targeted urban consumers seeking elevated frozen dessert options, leveraging both traditional advertising and more recently, event-based brand experiences such as the ASMR Studio.

Unilever’s Broader Brand Strategy

Magnum is part of the Unilever portfolio, which includes a wide range of well-known global brands across the categories of Beauty & Wellbeing, Personal Care, Home Care, Foods, and Ice Cream. Unilever operates in over 190 countries, with 128,000 employees worldwide and €60.8 billion in sales in 2024.

In North America, the company’s ice cream portfolio includes Magnum, Ben & Jerry’s, and Breyers, all of which have seen continued demand amid increased interest in premium dessert offerings.

Unilever’s decision to activate during the Montreal Grand Prix is indicative of its focus on strategic brand placements that target lifestyle-driven consumers in key metropolitan markets.

Event Details and Public Participation

The Magnum ASMR Studio will be open to the public from June 12 to 15, with operations starting at 11 a.m. ET daily. Located at the heart of the Crescent Street Grand Prix Festival, the activation is free to attend and open to guests on a first-come, first-served basis.

Participants can walk away with a complimentary Magnum ice cream bar, their own personalized video content, and the chance to enter a draw for a $1,000 shopping spree.

For more information, visitors are encouraged to follow @Magnum.Canada on Instagram or visit the official product website at: unilevericecream.ca/collections/magnum.

About Magnum®

Founded in 1989, Magnum® was the first handheld ice cream brand aimed at adult consumers. Now one of the world’s top ice cream brands, Magnum sells over one billion bars annually. In Canada, where the brand launched in 2011, Magnum continues to focus on delivering indulgent, high-quality ice cream products made with premium ingredients.

About Unilever

Unilever is a global leader in the supply of Beauty & Wellbeing, Personal Care, Home Care, Foods, and Ice Cream products. Its brands are used daily by over 3.4 billion people worldwide. The company reported €60.8 billion in sales in 2024. In Canada, Unilever’s top brands include Dove, Degree, Vaseline, Hellmann’s, Ben & Jerry’s, and Magnum. More information is available at www.unilever.ca.

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Dollarama Surpasses Q1 FY2026 Forecasts, Eyes Mexico

By
Craig Patterson
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Dollarama Store Exterior, photo: Dollarama

Montreal-based Dollarama Inc. has posted strong results for the first quarter of its 2026 fiscal year, exceeding analyst expectations on key performance metrics including revenue, EBITDA, and earnings per share. The company’s Latin American subsidiary Dollarcity also continues to show notable momentum, helping reinforce Dollarama’s premium market valuation.

The latest report from Stifel, released June 11, 2025, outlines Dollarama’s operational strength while noting that shares are currently trading at all-time high valuations. While Stifel has raised its target price for Dollarama from $162.50 to $190.00, it maintains a ‘Hold’ rating, citing limited room for multiple expansion.

Strong Financial Start to Fiscal 2026

Dollarama reported Q1 FY2026 revenue of $1.52 billion, marking an 8.2% increase year-over-year and surpassing both Stifel’s estimate of $1.493 billion and the consensus of $1.5 billion. The company’s gross margin expanded 100 basis points year-over-year to 44.2%, driven largely by lower logistics costs. Same-store sales growth came in stronger than anticipated at 4.9%, led by demand in consumables and a robust Easter seasonal product category.

“Q1FY26 EPS beat consensus expectations by 14%,” stated the Stifel report. Adjusted earnings per share (EPS) for the quarter reached $0.95, a 23% year-over-year increase, well above Stifel’s estimate of $0.81 and the consensus of $0.83.

EBITDA for the quarter was reported at $486 million, reflecting a 16% increase over Q1 FY2025, and also exceeding the $454 million consensus estimate.

Notable Same-Store Sales and Transaction Growth

Same-store sales growth of 4.9% was driven by a 3.7% year-over-year increase in transaction volume and a 1.2% increase in average transaction value—the first year-over-year gain in transaction size in six quarters. Despite a relatively soft February and March, likely due to reduced consumer confidence amid trade war uncertainties, sales rebounded in April.

The report stated: “The same-store-sales increase stemmed from a 3.7% Y/Y increase in transaction volume and a 1.2% Y/Y increase in average transaction value, marking the first Y/Y gain in transaction size in six quarters.”

Dollarcity’s Accelerated Performance and Mexican Expansion

Dollarama’s 60.1% owned Latin American subsidiary, Dollarcity, delivered exceptional performance. Earnings from Dollarcity rose 52% year-over-year, significantly higher than Stifel’s forecast of 14%. Revenue increased by 13%, with 97 new stores added year-over-year. Dollarcity also benefited from expanded margins thanks to lower inbound shipping and logistics costs.

“Dollarcity’s earnings increased 52% Y/Y, the strongest growth rate of the last three quarters,” the report noted.

The company is preparing for Dollarcity’s expansion into Mexico, marking its first foray into a new Latin American market in several years. While expectations are high based on past performance in Colombia, El Salvador, Guatemala, and Peru, Stifel analysts caution that the Mexican market presents a more competitive retail environment. The rollout is expected to be gradual, with only a few stores opening in the first year. 

Dollarcity is projected to post operating losses in Mexico for the first two to three years of operation.“The potential, in our view, is clear—but realizing it will require strong execution,” stated the analysts.

Dollarama at The Tenor in Toronto (Image: Dustin Fuhs)

Updated Forecasts and Target Price

Reflecting the strong Q1 results, Stifel has revised its full-year FY2026 and FY2027 estimates upward. The FY2026 EPS estimate is now $4.67, up from a previous estimate of $4.47, and FY2027 EPS is projected at $5.24, up from $5.08. Revenue forecasts were also adjusted slightly higher for both fiscal years.

In response to the results, Stifel raised its target price for Dollarama shares by $27.50 to $190.00. The new target price is based on a blended valuation model, including:

  1. A 36x multiple applied to FY2027 EPS,
  2. A 23x multiple applied to FY2027 EBITDA,
  3. A discounted cash flow (DCF) calculation.

The report noted: “We derive our target price using the average of: (1) a 23x multiple applied to our FY27 EBITDA estimates (vs. 20x previously), (2) a 36x multiple applied to FY27 EPS estimates (vs. 32x previously), and (3) a DCF calculation.”

Valuation Tension: Premium but Priced for Perfection

Despite Dollarama’s financial momentum, Stifel maintains a Hold rating on the stock due to its current valuation premium. As of June 11, 2025, Dollarama’s shares were trading at approximately 37 times forward earnings, which is about 12 turns higher than the company’s 10-year average.

“While Dollarama’s financial performance in recent years justifies a premium valuation, we do not see further multiple expansion potential from current levels,” analysts wrote. They noted a potential for valuation multiple contraction, especially if investors rotate into more cyclical consumer names.

Long-Term Risks and Defensive Strength

Several risks could affect Dollarama’s outlook, according to the Stifel analysis:

  • Increased penetration of online retail, where Dollarama has minimal presence.
  • Continued geopolitical instability, including the Russia-Ukraine conflict.
  • Currency fluctuations, particularly the USD/CAD exchange rate, could impact cost of sales.
  • Sustained inflation and high interest rates, which could reduce consumer purchasing power.

Offsetting these risks, analysts point to Dollarama’s defensive business model, loyal customer base, and growing international footprint. The company’s status as a value-focused retailer may prove especially resilient during periods of economic uncertainty.

“Valuation multiple could remain high,” the report noted, citing Dollarama’s larger scale, defensive characteristics, and international investments.

Store Growth and National Footprint

Dollarama continues to expand its physical retail network in Canada. The company opened 22 net new stores in Q1 FY2026, with plans to open 76 stores total by year-end. The report projects the company will reach 1,692 stores in Canada by the end of FY2026, and 1,757 stores by the end of FY2027.

Dollarama currently holds an estimated >80% market share in the Canadian value retail space and has 98% brand awareness, according to the report. Its merchandise includes general goods, consumables, seasonal items, and household products, with about 25–30% of inventory refreshed annually to maximize profitability.

Dollarcity: A Growing International Powerhouse

Dollarcity now operates 532 stores across Colombia, El Salvador, Guatemala, and Peru, generating US$1 billion in annual revenue as of December 31, 2023. With Dollarama holding a 60.1% stake, Dollarcity is emerging as a key value driver in the parent company’s growth trajectory.

The report underscores that Dollarcity’s success has “partly explains Dollarama’s premium valuation multiple and, in our view, this quarter’s strong showing reinforces this theme.”

Conclusion: Strong Outlook, Tempered by Valuation

Dollarama’s performance in Q1 FY2026 confirms its status as one of Canada’s strongest retail performers. With domestic same-store sales growth, international expansion via Dollarcity, and strong earnings growth, the business remains on a solid upward trajectory.

However, investors are advised to proceed with caution, as much of the good news appears already priced in. With a forward P/E multiple well above historical norms and limited room for upside based on valuation, Stifel’s Hold rating reflects a belief that the stock is currently “priced for perfection.”

As Dollarama continues to scale across Canada and Latin America, particularly with Dollarcity’s entry into Mexico, attention will shift toward execution and sustained consumer demand in a potentially volatile global economy.

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Milli x Whitney Linen Bring High-Touch Retail Experience to Hamilton with Exclusive Pop-Up

By
Mario Toneguzzi
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Photo: Whitney Linen Facebook
Photo: Whitney Linen Facebook

From June 12–14, iconic Canadian fashion destination Milli will host an exclusive Whitney Linen pop-up at its Hamilton flagship location (310 Main Street West). This special collaboration underscores a shared commitment to elevated, personalized service and the evolving expectations of today’s luxury retail customer.

Known for her timeless linen collections inspired by summers in the South of France, Whitney Westwood, founder of Whitney Linen, will be onsite throughout the event—offering clients direct insight into the collection and an intimate, designer-led shopping experience.

Whitney Westwood
Whitney Westwood

At a time when retail is increasingly driven by speed and volume, Milli and Whitney Linen are doubling down on the importance of human connection and high-touch retail. Clients will be welcomed by Milli’s expert stylists for one-on-one consultations, while exploring Whitney Linen’s sustainable, beautifully crafted pieces for women, men, and the home.

This event represents more than a fashion showcase—it’s a reimagining of the retail experience: intentional, relationship-driven, and rooted in timeless style.

Bringing Slow Fashion and Mediterranean Elegance to Canada

“Whitney Linen is a local Canadian brand focused entirely on 100% linen,” said Whitney Westwood. “We make all our linen products here locally, just north of Toronto.”

The brand’s story began with personal inspiration from abroad. “The influence behind using linen also comes from the fact that I grew up spending a lot of time in the south of France. The Mediterranean vibe is all about linen—its beauty, breathability, and flexibility.”

Initially conceived as a small capsule focused on home and lifestyle, the brand evolved significantly in recent years. “In the last six to seven years, we’ve really honed in on building a fuller fashion brand—for men, women, and home,” said Westwood.

Retail Reach with a Boutique Touch

Whitney Linen has grown its presence through a mix of direct-to-consumer and selective retail partnerships. “We have our online store—of course, we’re online these days, as everyone is,” said Westwood. “We also work with a few local retailers. One is TNT, a well-known boutique in Toronto. Another is Carriage Trade, which is also in Toronto.”

As a boutique brand, Whitney Linen thrives in more curated retail settings. “We also do a lot of trunk shows and pop-ups—in Muskoka, outside of Toronto, even in Miami.”

Lauren MacColl Silva
Lauren MacColl Silva

Lauren MacColl Silva, Vice President of Whitney Linen, added: “Our focus now is really expanding our wholesale presence. The opportunity to do this trunk show at Milli in Hamilton was an incredible way to sample a new market and gain exposure to a broader customer base. As Whitney mentioned, we’re in two TNT stores, and we have our direct-to-consumer e-commerce site.”

Private Studio, Personalized Service

In addition to retail and pop-up activations, the brand operates a private studio in downtown Toronto, near Avenue Road and Davenport. “We welcome clients by private appointment,” Westwood explained. “It’s a very one-on-one experience—customers can come in, try things on, and we help them find what works best for their needs, whether it’s for travel or everyday wear.”

That personalized approach is at the core of Whitney Linen’s values. “We’ve really tried to focus on offering a more personalized fashion experience,” said Westwood. “Especially in today’s fashion landscape, people are trying to move away from fast fashion. There’s a growing awareness around conscious consumption and slow fashion. We value that direct interaction with our clients, and I think consumers are really looking for that now.”

A Strategic Pop-Up with a Prestigious Retailer

The Milli collaboration signals a powerful brand alignment. “Milli is a very prestigious retailer that has been around for years. We’re truly honoured to be working with them,” said Westwood. “Their high level of customer service is very much in line with our own values.”

She continued, “They offer an incredible selection of international and local designers—very curated, very unique. Their clientele is loyal and appreciates high-quality, prestigious brands. That aligns perfectly with what we offer at Whitney Linen.”

“Being included alongside those kinds of brands is not only flattering but also a big opportunity for a local Canadian brand like ours. Milli’s focus on personal service and building lasting client relationships reflects how we approach our business too.”

Event Details:
Milli Hamilton – 310 Main Street West
📅 June 12–14
🕙 10AM–6PM daily

Experience the future of fashion retail—where timeless design meets high-touch, human connection.

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Stock T.C. to Open in Former Pusateri’s Space in Yorkville

By
Craig Patterson
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Former Pusateri's at 57 Yorkville Avenue in Toronto, soon to be home to Stock T.C.. Image: Craig Patterson

Stock T.C., the upscale Toronto food concept that blends an artisanal grocer with fine dining, is set to open a new location in the heart of Yorkville. The gourmet destination will take over the former Pusateri’s site at the southwest corner of Bay Street and Yorkville Avenue—a prominent retail corner that was vacated in March of 2024.

Retail Insider confirmed several weeks ago that landlord Minto had finalized a deal for the nearly 11,000 square foot space. JLL’s Brandon Gorman represented both the landlord and tenant in the lease deal.

Prime Yorkville Corner Gets a New Chapter

The prominent corner retail space, situated at 57 Yorkville Avenue, operated as a Pusateri’s Fine Foods store for more than two decades. At the time of its debut in 2003, the Yorkville store stood out for its attention to detail and service-oriented design. From valet parking on Bay Street to a chef preparing meals in-store, the location catered to the area’s high-income demographic.

When Pusateri’s opted not to renew its lease in 2024 as part of a larger restructuring effort—consolidating its footprint following a creditor protection filing—it left behind a uniquely upscale space. The retailer focused operations on its Avenue Road and Lawrence Avenue location, departing a neighbourhood that continues to transform with new condominium and hotel developments and growing foot traffic.

Stock T.C.’s expansion into this site signals a new era for the corner, maintaining a gourmet presence in one of Canada’s most affluent retail districts.

Former Pusateri’s at 57 Yorkville Avenue in Toronto, soon to be home to Stock T.C.. Image: Craig Patterson

Stock T.C.: Expanding a Culinary Destination

Stock T.C. launched in 2020 as a collaboration between two Toronto food powerhouses: Terroni, the city’s celebrated Italian restaurant brand, and Cumbrae’s, a high-end butcher with a reputation for ethically-sourced meats and sustainable farming. Their first venture took shape in Midtown Toronto at 2388 Yonge Street, near Eglinton Avenue, inside the historic Postal Station K building.

The flagship Yonge and Eglinton location spans over 20,000 square feet across multiple levels and offers an immersive food experience. Ground-floor patrons can shop from a curated grocery section featuring fresh pasta, cheeses, pantry staples, meats, baked goods, and more. Upstairs, a 200-seat bistro and lounge complement a third-floor event space and rooftop patio.

The concept behind Stock T.C. is guided by the philosophy of Materia Prima—a commitment to using the finest raw ingredients as the foundation of every culinary experience. This ethos is drawn from Cumbrae’s legacy in sustainable agriculture and Terroni’s devotion to authentic Italian cuisine.

With this expansion into Yorkville, Stock T.C. is poised to bring its unique blend of grocery, hospitality, and design to a new audience in a high-visibility setting.

Stock T.C. in Midtown Toronto at 2388 Yonge Street, near Eglinton Avenue, inside the historic Postal Station K building. Photo: Stock T.C.

A Return to Full-Service Food Retail in Yorkville

While Yorkville boasts numerous fine dining establishments and boutique cafes, the departure of Pusateri’s left a gap in the neighbourhood’s upscale food retail offering. The arrival of Stock T.C. is expected to reintroduce a destination where residents and visitors alike can access both prepared foods and premium grocery products.

The Yorkville location’s interior is expected to reflect the same architectural ambition seen at Postal Station K. At the original site, award-winning firm Giannone Petricone Associates led the transformation of the former post office, retaining its Art Deco charm while introducing contemporary elements like postage-stamp inspired flooring and custom lighting.

Although details of the Yorkville buildout have not yet been publicly shared, the former Pusateri’s space already offers a dramatic backdrop, having featured marble-clad walls and an architectural design mixing ultramodern elements with Baroque and Art Deco themes. This visually striking legacy will likely be adapted by Stock T.C. to suit its signature blend of retail and dining.

Inside the former Pusateri’s at 57 Yorkville Avenue in Toronto, soon to be home to Stock T.C. Image taken June 11, 2025 by Craig Patterson

Strategic Move Amid Changing Retail Landscape

The decision to expand into Yorkville aligns with Stock T.C.’s positioning as a lifestyle-driven food concept aimed at both residents and visitors. The area is seeing significant residential intensification, with numerous high-end condominium towers recently completed or under development. Luxury hotels and international fashion brands continue to bolster the area’s profile, and the neighbourhood remains a magnet for both tourists and locals.

The shift from a traditional grocer like Pusateri’s to a multi-format concept like Stock T.C. also reflects broader trends in retail real estate. With consumers increasingly drawn to experiential formats that combine shopping, dining, and social engagement, concepts like Stock T.C. are redefining what premium food retail can look like.

Bay Street doors at the former Pusateri’s Yorkville, soon to be home to Stock T.C.. Image: Craig Patterson

Legacy of the Former Pusateri’s Yorkville Store

The Yorkville Pusateri’s had a storied run from 2003 to 2024. When it opened, it set a new standard for luxury grocery in Canada. The store featured an in-house chef, a sushi station, and a juice bar built around an orange tree. A reported 120 employees staffed the store in its early years—a substantial number given the store’s compact size.

It was designed to feel like a high-end European food hall with rich materials including polished marble, glass, and steel. The location quickly became a community hub for local residents and was particularly known for its small cafe area where patrons would sit, relax, and converse.

While the closing of the store marked the end of an era, it also paved the way for a new food destination to carry forward the legacy of gourmet retail in the neighbourhood.

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