Lightspeed Commerce Inc., a leading one-stop commerce platform empowering merchants to deliver exceptional omnichannel experiences, has appointed Manon Brouillette as Executive Chair of its Board of Directors, effective April 1, aligning with the start of Lightspeed’s new fiscal year.
Brouillette, a seasoned leader with vast experience in omnichannel business transformation, is excited to take on this new role. “I’m thrilled to be named as Lightspeed’s Board Chair during this pivotal moment in the Company’s history,” said Brouillette. “Lightspeed is an incredible success story, celebrating 20 years supporting growing businesses and entrepreneurs, and I believe the Company has a powerful mission and vision to propel its next phase of growth for the years to come.”
Manon Brouillette
Lightspeed said Brouillette brings a wealth of leadership experience to the company. She is currently the Chair of the board of directors of Hydro-Québec, the largest renewable energy company in eastern Canada.
Brouillette has also served on the boards of companies like Sonder, Altice USA, and SFR (Altice France). Her extensive career includes leadership roles such as former CEO of Verizon Consumer Group, EVP of Verizon, and President and CEO of Videotron.
Brouillette rejoined Lightspeed’s Board of Directors in October 2023 and has played an instrumental role in shaping the company’s recently deployed transformation strategy.
Dax Dasilva
“We are truly grateful to have had Manon Brouillette be part of our Board, and are excited to have her bring her extensive experience in scaling growth companies to the Executive Chair role,” said Dax Dasilva, Founder and CEO at Lightspeed. “As we enter a period of focused transformation for Lightspeed, Manon’s record of success with business transformations will add immense value to our executive leadership team and our Company.”
Brouillette’s appointment marks the transition from Patrick Pichette, who has been serving as interim Chair of the Board. Pichette will continue to serve as a Director on the Board. Additionally, Lightspeed announced the appointment of Dale Murray as the Board’s Lead Independent Director.
This leadership transition comes ahead of Lightspeed’s Capital Markets Day, which is scheduled for March 26, at the New York Stock Exchange. During this event, Lightspeed’s management team will provide an update on the company’s transformation plan, along with insights into its operational and financial impact, products, go-to-market efforts, and long-term financial outlook.
Founded in Montreal, Canada, in 2005, Lightspeed is a dual-listed company on the New York Stock Exchange and the Toronto Stock Exchange. The company’s platform helps merchants across retail, hospitality, and golf businesses innovate to simplify and scale their operations, delivering exceptional omnichannel customer experiences. With teams across North America, Europe, and Asia Pacific, Lightspeed serves businesses in over 100 countries.
RONA Inc., a leader in the Canadian residential renovation sector, has launched a new initiative that will highlight over 6,500 Canadian-made products in its RONA+ and RONA stores across the country, as well as online at rona.ca.
This move is in response to the increasing demand from both consumers and contractors for locally-made items that meet Canadian building codes and standards, the retailer said.
RONA operates more than 425 corporate and affiliate stores across Canada, and the company said it is working to make it easier for customers to identify and select Canadian-made products.
J.P. Towner
“We’ve always had a strong selection of Canadian-made products. In fact, less than 10% of our supply comes directly from the United States. The challenge was primarily about making these products more visible. To help consumers choose Canadian-made products, they need to be clearly identified, well-organized, and prominently displayed. This is where our partnership with ‘Well Made Here’ truly makes a difference,” said J.P. Towner, President and CEO of RONA Inc.
“Thanks to the close collaboration with Mr. Darveau and his team over the past few weeks, thousands of additional products have now been endorsed under the ‘Well Made Here’ program, addressing the need to make it easier for consumers to find Canadian-made products.”
“Well Made Here” is a federally chartered non-profit organization founded in October 2018. Its mission is to promote the purchase of quality building materials and hardware products made in Canada for the residential market.
The company said the effort comes at a time when Canada faces a growing need for construction and renovation materials, while tariff disputes with the United States loom over trade relationships.
“This initiative from RONA comes at a crucial time when the country is facing a critical need for construction and renovation, while tariff dispute with the United States looms. Our manufacturers need this kind of support and visibility now more than ever. We hope residential homeowners and construction contractors will discover Canadian brands and remain loyal to them beyond these challenging times,” said Darveau.
RONA has been involved with the “Well Made Here” program since its inception, and with this new commitment, the company said it is reinforcing its support for Canadian manufacturers. More than 5,000 additional products will soon be added to the program, each bearing the “Well Made Here” label both in-store and online.
The “Well Made Here” program, developed by the Québec Association of Hardware and Building Materials (AQMAT), ensures that products meet the following criteria:
Compliance with Canadian construction codes, regulations, and other legal requirements;
At least 51% of the direct production or manufacturing costs must have been incurred in Canada;
The final substantial transformation of the product must have occurred in Canada.
In the coming weeks, RONA said it will also be training its in-store staff to better guide customers in selecting “Well Made Here” products.
As part of the initiative, RONA is also reminding Canadians of its strong Canadian roots. Founded 85 years ago in Canada, RONA’s headquarters are located on Montreal’s South Shore, and the company employs nearly 21,000 people across the country. Nearly half of RONA’s stores are affiliate stores owned by entrepreneurs who are deeply embedded in their local communities.
“Now more than ever, RONA’s legacy—a company founded by independent dealers here in Canada—reminds us that we can achieve great things when we work together,” said Towner. “I am incredibly proud to see our teams, vendors, and partners come together during this uncertain time to better showcase Canadian-made products.”
RONA Inc. is one of Canada’s leading home improvement retailers, operating over 425 corporate and affiliate stores under the RONA+, RONA, and Dick’s Lumber banners.
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.
US President Donald Trump with Canadian Prime Minister Justin Trudeau
The Canadian government has confirmed that its initial round of retaliatory tariffs against the United States will remain in place, despite U.S. President Donald Trump delaying the implementation of 25% tariffs on most Canadian imports for a month. The move comes amid mounting trade tensions between the two nations, with both sides engaging in economic countermeasures that could have long-term ramifications for businesses and consumers on both sides of the border.
President Trump announced Thursday that he would postpone a set of sweeping 25% tariffs on imports from Canada and Mexico for 30 days, citing concerns about the impact of a broad trade war. However, Canada will not be rolling back its own countermeasures.
Ottawa had initially implemented $30 billion CAD in retaliatory tariffs on American goods in response to the U.S. government’s trade policies. These measures targeted a wide range of American products, including orange juice, peanut butter, coffee, household appliances, footwear, cosmetics, motorcycles, and certain pulp and paper products.
Despite the temporary U.S. reprieve, Canada is maintaining its stance, arguing that the uncertainty surrounding U.S. policy makes it essential to keep the tariffs in place until a more concrete resolution is reached.
Provinces Respond with Additional Measures
Beyond federal-level tariffs, provincial governments in Canada are also taking action. Ontario Premier Doug Ford announced that, effective Monday, Ontario will increase the price of electricity exports to the U.S. by 25% in direct response to Trump’s tariff plans. Ontario currently supplies electricity to key U.S. states, including Minnesota, New York, and Michigan, impacting approximately 1.5 million American customers.
Ford emphasized that this measure will remain in place regardless of Trump’s one-month delay, stating, “So long as the threat of tariffs continues, Ontario’s position will remain unchanged.”
British Columbia Premier David Eby also revealed plans to introduce new legislation that would allow the province to impose fees on commercial trucks traveling from the U.S. through B.C. to Alaska. Eby framed this move as a necessary step to demonstrate Canada’s displeasure with ongoing U.S. trade threats, saying, “Yet again, the president is sowing uncertainty and chaos, attempting to undermine our economy with tariffs and then walking them back.”
Trudeau Expects Prolonged Trade War
Prime Minister Justin Trudeau addressed the situation on Thursday, acknowledging that tensions between Canada and the U.S. are unlikely to subside in the near future. Following a reportedly “colourful but constructive” conversation with President Trump earlier in the week, Trudeau stated that Canada is prepared for a prolonged trade standoff.
“We expect that this trade war will continue for the foreseeable future, and we will act accordingly to protect Canadian industries and workers,” Trudeau said.
Meanwhile, the U.S.-Mexico-Canada Agreement (USMCA), which was meant to ease trade relations between the three North American countries, is now being tested as the White House introduces new trade barriers. Trump’s latest executive orders include a provision that allows USMCA-compliant goods to temporarily avoid the 25% tariffs, though nearly 62% of Canadian imports to the U.S. could still be affected due to compliance issues.
Escalation on the Horizon: New Tariffs and Retaliation Expected
While the temporary tariff delay may provide some short-term relief, Ottawa is already preparing a second wave of retaliatory tariffs. In three weeks, the Canadian government is expected to impose an additional $125 billion CAD (US$87 billion) in tariffs on American goods, further escalating the trade dispute.
This next round of tariffs is expected to target electric vehicles, fresh produce, dairy, beef, pork, electronics, steel, and trucks, among other industries. Analysts suggest that these measures could have significant repercussions on U.S. exporters reliant on the Canadian market.
Energy and Critical Resources: The Reality of U.S.-Canada Trade Dependence
Despite Trump’s assertion that the U.S. does not need Canada for trade, economic data tells a different story. The U.S. remains heavily reliant on Canadian energy, with nearly a quarter of its daily oil consumption coming from Canada. Additionally, about 60% of all U.S. crude oil imports originate from Canada, while 85% of America’s electricity imports also come from north of the border.
Beyond energy, Canada is the largest foreign supplier of steel, aluminum, and uranium to the United States. Furthermore, Canada controls 34 critical minerals and metals that the U.S. Department of Defence considers essential for national security, reinforcing the strategic importance of maintaining strong trade relations.
Canada is also the top export destination for 36 U.S. states, with $3.6 billion CAD in goods and services crossing the border daily. The economic interdependence between the two nations underscores the potential risks of a prolonged trade conflict.
Automakers and Businesses Caught in the Crossfire
The trade dispute has also drawn concerns from major U.S. automakers, which are among the industries most affected by the tariffs. On Wednesday, President Trump held discussions with executives from Ford, General Motors, and Stellantis (Chrysler and Jeep), urging them to relocate production to the United States to sidestep tariffs.
Despite these talks, automakers and industry leaders warn that increasing tariffs will disrupt supply chains, raise production costs, and ultimately lead to higher prices for consumers. The uncertainty is already sending shockwaves through financial markets, as investors fear the broader implications of a North American trade standoff.
With the implementation of new U.S. tariffs on Canadian goods, retailers across the country are bracing for significant disruptions to supply chains, pricing strategies, and consumer spending habits. The economic ripple effects of these tariffs could be profound, threatening jobs, driving up costs, and reshaping the competitive landscape of Canadian retail.
To better understand the challenges ahead, Retail Insider spoke with George Minakakis, Founder and CEO of Inception Retail Group. Minakakis offered insight into how the tariffs could impact Canadian consumers, businesses, and broader economic stability, highlighting the urgent need for retailers to adapt.
George Minakakis. Photo: LinkedIn.
A New Economic Shock for Consumers
For many Canadians, the tariff-driven price increases will feel like a continuation of economic hardships stemming from the COVID-19 pandemic.
“If I told you that you’re going to do the same kind of things with your experience as during the pandemic, but this time it’s not a virus—it’s a different virus called Trump Tariffs—what would you think?” Minakakis said, referring to the economic disruption caused by the U.S. president’s policies.
The tariffs are expected to increase prices on essential goods, including groceries, automobiles, and consumer electronics. This could force Canadians to rethink their spending habits, delay major purchases, and cut back on discretionary spending.
“People aren’t going to rush out and buy new cars or shoes. They’re going to look for repairs instead. The consumer mindset is shifting toward conservation rather than consumption,” Minakakis explained.
The Complexity of Labeling and Supply Chains
Beyond price increases, another major challenge is the uncertainty surrounding what qualifies as a “Canadian” product. With many goods composed of parts from multiple countries, including the U.S., retailers are struggling to accurately label items.
“There’s a lot of confusion happening around what is made in Canada. Grocers don’t even know,” Minakakis said. “You can’t mandate something that you can’t figure out and could be incorrect.”
This complexity is further compounded by supply chain slowdowns that could be driven by slower demand, particularly in the auto sector. Minakakis, noted that higher costs will impact demand, creating shipping delays and increased costs for things like car parts will be a major concern.
“The sticker price on a new car could go up by 20 to 25%,” he warned. “People are going to feel that impact immediately, delay purchases, and switch brands.”
The Auto Sector and Broader Economic Fallout
The tariffs threaten to significantly impact Canada’s automotive sector, a major pillar of the national economy.
“The auto sector is going to slow down, across the board,” Minakakis said. “And Trump doesn’t care. This is all about Trump moving jobs to the US.”
Minakakis believes that the tariffs are being implemented with little regard for economic consequences in Canada and the US. If consumer spending contracts significantly, it could set off a domino effect leading to store closures, layoffs, and an economic slowdown.
“If you work in a sector where your job is at risk, you’re going to be focused on priorities: keeping a roof over your head and food on the table,” he said. “Retailers are about to face a serious test.”
Retailers Must Adapt or Risk Collapse
Canadian retailers now find themselves in an increasingly precarious situation. Already struggling with post-pandemic recovery and inflationary pressures, the tariffs add another layer of difficulty.
“This is opening up a Pandora’s box,” Minakakis warned. “Retailers need to be really, really smart right now. They need to change their merchandising strategies, their sourcing, and their pricing models.”
Some retailers may shift sourcing strategies to avoid U.S. tariffs altogether. Others may attempt to absorb some of the increased costs to remain competitive, but that strategy is only sustainable for so long.
“We’re going to see a slowdown before this new normal is balanced out,” Minakakis predicted. “Retailers will be fighting over fewer customers who are willing to spend. And now is not the time to spend less in marketing your brand.”
Political and Economic Uncertainty
Beyond retail, the broader implications of these tariffs are significant. Some experts warn of a prolonged trade war, while others see a political power play designed to pressure Canada into economic concessions.
“The U.S. is forcing us to operate in a corner,” Minakakis said. “We need to invest in other industries and break away from overreliance on the U.S.”
With supply chain disruptions, inflationary pressures, and consumer hesitancy at play, Canada’s retail sector is entering uncharted waters. The extent of the damage will depend on how long the tariffs last, how businesses respond, and whether the Canadian government can negotiate a resolution.
“Canadian businesses need to act now,” Minakakis urged. “There’s no wait-and-see anymore. You’ve had your wait-and-see, now you’re seeing it. If you haven’t addressed supply chains, pricing, and sourcing, you need to get on that immediately.”
Hungary and Italy offer digital nomad visas for remote workers who want to live in Europe while working for foreign companies. These visas provide a legal basis for long-term stays, but they come with different conditions.
Albert Ioffe, Legal and Compliance Officer at Immigrant Invest explains the White Card in Hungary requirements, compares the key differences, and helps in choosing the right option.
What is a digital nomad visa in Hungary and Italy?
Italian Digital Nomad Visalaunched in 2024, targeting highly skilled remote workers. The expected minimum income requirement is €2,700 per month, though official figures may vary. The visa is valid for one year and can be renewed. Unlike Hungary’s White Card, Italy’s visa allows family members to apply for reunification.
However, taxation is an important consideration. Italy requires visa holders to pay local taxes after 183 days of stay, which can significantly impact take-home income. Some tax incentives may apply, but they depend on individual circumstances.
Hungary’s White Card. Hungary introduced the White Card in 2022, designed specifically for non-EU digital nomads. This visa allows remote workers to live in Hungary for up to two years without paying local taxes, provided they don’t become tax residents.
To qualify, applicants must work remotely for a foreign company or be self-employed with international clients. The minimum income requirement is €3,000 per month. The visa is initially valid for one year and can be renewed for another year. However, family members are not allowed to join under this visa.
Comparison of digital nomad visas in Hungary and Italy
Income requirements and financial conditions. Hungary requires a higher minimum income of €3,000 per month, while Italy’s requirement is slightly lower at around €2,700. This difference may not seem significant, but for those on a tighter budget, Italy’s visa could be more accessible.
Visa validity and renewal. Both Hungary and Italy issue digital nomad visas for one year. In both cases, the visa can be renewed, but the renewal process may vary in complexity. Hungary generally has a faster and more straightforward renewal process.
Bringing family members. One of the biggest differences is that Italy allows family members to join the visa holder through a family reunification process. Hungary’s White Card does not include this option, making it less attractive for those who want to move with a spouse or children.
Taxation. Tax obligations differ significantly. Hungary does not tax digital nomads unless they become tax residents, which happens if they stay for more than 183 days in a year. In contrast, Italy requires visa holders to pay taxes after six months of stay. While Italy has some tax incentives for new residents, the overall tax burden can still be higher compared to Hungary.
Processing time. Hungary generally processes White Card applications within one month, making it a faster option for those who want to move quickly. Italy’s digital nomad visa can take up to three months to be approved, which may delay travel plans.
How to apply for a digital nomad visa in Hungary and Italy
Hungary White Card application process:
Prepare the necessary documents, including proof of remote work, income statements, a valid passport, and health insurance.
Apply at a Hungarian consulate or immigration office in your home country.
Attend an interview if required and provide additional documents if requested.
Wait for approval, which usually takes about 30 days.
Enter Hungary and register at the immigration office to receive the White Card.
Italy Digital Nomad Visa application process:
Gather the required documents, such as proof of remote employment, proof of income, health insurance, and a criminal record certificate.
Apply at an Italian embassy or consulate in your home country.
Submit additional paperwork if required, including proof of accommodation in Italy.
Wait for approval, which can take up to three months.
Enter Italy and apply for a residence permit within eight days of arrival.
Hungary or Italy Digital Nomad Visa: which one to choose?
The choice between Hungary and Italy depends on individual priorities:
Hungary is the better option if:
avoiding taxes is a priority. Hungary does not tax digital nomads unless they stay over 183 days;
a fast and simple application process is needed. Hungary’s processing time is shorter;
lower living costs are important. Budapest is generally more affordable than most Italian cities.
Italy is the better option if:
bringing family members is necessary. Italy allows family reunification;
a Mediterranean climate and cultural attractions are a priority;
tax incentives can be used effectively to offset tax obligations.
Digital nomad visa comparison in Europe
Several European countries offer digital nomad visas with varying conditions.
Portugal’s Digital Nomad Visa requires a minimum income of approximately €3,480 per month.
Malta’s Nomad Residence Permit has an income requirement of €3,500 per month. Family members can be included, but visa holders must pay taxes after 183 days of stay. The visa is valid for one year and can be renewed.
Spain’s Digital Nomad Visa requires a minimum income of around €2,762 per month. It allows family reunification and offers tax reductions for the first six years. The visa starts with a one-year validity but can be renewed for up to five years.
Italy and Hungary. Hungary’s visa has a higher income threshold but provides a faster process and lower tax obligations. Italy’s visa is more family-friendly but comes with tax responsibilities.
Conclusion
Hungary and Italy both offer solid digital nomad visa options. Hungary Digital Nomad Visa compared to Italy provides tax advantages and a faster process but does not allow family reunification. Italy’s digital nomad visa is better suited for those moving with family but comes with tax obligations.
For those considering digital nomad visas in other European countries, Portugal and Spain offer competitive options with tax incentives, while Malta provides flexibility for remote workers.
Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A, CTC or the Company) is launching a new four-year transformative growth strategy, True North, focused on data-driven customer relationships, core retail growth, an expanded Triangle Rewards loyalty system, and focused capital allocation.
It is designed to increase value for customers and generate leading shareholder value above the Company’s historic levels. The strategy will be delivered by a newly designed senior leadership team, and CTC will reorganize from a complex holding company model into a more agile operating company, aggregated to compete and differentiated through its collective customer insights, announced the company in a news release on Thursday.
CTC also announced that, as part of True North, it is optimizing its SportChek portfolio, with new-concept stores and a revised go-to-market strategy for its Atmosphere business. The company will close 17 uncompetitive standalone Atmosphere stores, with 14 sites to be co-located within SportChek stores.
CTC is also expecting to invest more than $2 billion over the next four years in the company.
Greg Hicks
“We are an iconic Canadian retailer primed for stronger customer connections and leading shareholder returns,” said Greg Hicks, President and CEO, Canadian Tire Corporation. “In a new era of retail and hyper-scale global competition, we will operate more efficiently and go to market more strategically, harnessing our banners and loyalty system to elevate our scale. Our transformation starts from the strengths that set us apart: we have the highest customer trust, market-leading data, and the vision to know, reward and serve Canadians best.”
True North represents CTC’s next strategic horizon, marking the end of Better Connected which established a springboard for higher performance. The company concluded 2024 with strong earnings, an improved balance sheet, and increased customer loyalty, explained Canadian Tire.
True North initiatives designed to accelerate retail growth and loyalty expansion
“True North entails dozens of strategic initiatives designed to accelerate retail growth and deliver improved financial performance. This includes investments in omnichannel network expansion and new data analytics that will be a catalyst for growing market share and expanding CTC’s total addressable market,” it said.
“The Company will accelerate the Triangle Rewards loyalty system through its privileged first-party data, enabled by technology and AI. The loyalty system will expand with more personalized member value, additional brand partners that issue Canadian Tire Money beyond CTC stores, and a new retail-focused bank strategy to acquire and engage more Triangle Mastercard holders.
“An expanded loyalty system will fortify CTC’s connections to its best customers and more systematically inspire members to shop at more of its stores and more often. True North initiatives are designed to increase Triangle Rewards loyalty membership and loyalty sales across banners.”
New operating model designed for agility and scale
To execute True North, CTC said it will reorganize, converting from a holding company model of individual businesses focused on products to an operating company universally focused on customers. This new operating model aggregates CTC’s multiple banners, systems, and data, resulting in a density of customer insights and competitive scale that no single banner could achieve alone.
“The Company will continue to strengthen the customer-facing value propositions of each individual banner brand, but will work to eliminate siloed, redundant and costly back-office processes and systems. The new operating model is designed for greater agility and speed, with common enterprise-wide capabilities and platforms built and deployed once – such as the Company’s recent conversion of all major banner websites onto a single digital platform. A more-unified CTC will continue its technology and AI implementations, reinventing ways of working to improve the speed of analytics, decisions, information and workflows company-wide. This will result in both increased efficiency and more strategic customer engagement across the banners,” it noted.
PHOTO: CANADIAN TIRE
Strengthened leadership focused on customers, retail execution, and value creation
The company said True North will be delivered by a newly-designed senior leadership group of existing and added executive talent, with new roles announced today to reflect three priorities: Disciplined management of several significant multi-year transformation initiatives and related value-creating capital allocation will be governed by a new transformation office led by a new Chief Transformation Officer; Core retail business execution and growth will be led by a new Chief Operating Officer within a unified operating model for all banners, including Canadian Tire, SportChek, and Mark’s; Customer-focused retail, product, marketing and loyalty strategies will be centralized and led by a new Chief Commercial Officer. Various corporate teams within CTC will be reorganized to reflect this structure and the underlying priorities.
Susan O’Brien is appointed EVP & Chief Transformation Officer. A 17-year company veteran, she was most recently EVP & Chief Brand and Customer Officer. Her past leadership of Triangle Rewards and experience building new customer capabilities will ensure transformation initiatives stay true to customer-centricity.
TJ Flood is appointed EVP & Chief Operating Officer, leading CTC’s newly centralized banners, including Canadian Tire, Mark’s and SportChek. A 20-year company veteran, he was most recently EVP & President, Canadian Tire Retail and previously President, SportChek. This experience will enable the shift to centralized processes and cross-banner efficiencies.
Following a comprehensive search, the Company will soon appoint an EVP & Chief Commercial Officer responsible for growing Triangle Rewards, customer insights and core retail processes that enable horizontal, data-driven strategies for great customer experiences.
Darren Myers, CTC’s new EVP & Chief Financial Officer, joins April 1 as announced here. He is a three-time CFO at Canadian companies, previously responsible for large-scale transformations in retail and other sectors.
CTC’s executive leadership team is otherwise detailed here.
“This team has the experience and mandate to deliver transformational initiatives and results,” said Hicks. “As we knock down unnecessary legacy siloes and systems, we are combining the best of our business and all of our customer knowledge to rally around a unified strategy to help make life in Canada better. Together, our combined scale and our insights will set us apart from competitors big and small.”
Enhanced capital allocation and streamlined operating model
Canadian Tire said it will enhance capital allocation through prioritizing the highest-returning investments and assets.
“This is evident in the Company’s recent portfolio moves: The decision to retain full ownership of Canadian Tire Financial Services with a strategy to maximize its retail-driving capabilities; unlocking shareholder value with the February 19, 2025, announcement of the agreement to sell global performance brand Helly Hansen; and the monetization of redundant real estate assets,” it said.
Going forward, and assuming the completion of the sale of Helly Hansen, CTC said it will extend its balanced approach to capital allocation, including the following:
It will prioritize investments to transform its core Canadian retail business, while maintaining flexibility to address market uncertainty. In this context, CTC expects total operating capital expenditures in 2025 to be towards the upper end of its previously disclosed range of $525 million to $575 million. This will include capital investments in omnichannel customer experience, like the continued modernization of Canadian Tire stores. The Company also plans increased investments in Mark’s, to capitalize on its record of accretive returns and emerging market-share opportunities in the casual apparel sector.
It will return up to $400 million to shareholders through share repurchases in 2025, doubling its previously disclosed 2025 intention of up to $200 million.
It will use $200 million of proceeds to reduce debt, re-paying medium-term notes ahead of their 2026 maturity.
CTC expects to invest more than $2 billion over four years starting in 2025; expense savings begin in 2025 with $100 million run rate expected to start in 2026
“Our strategy, structure and initiatives begin in 2025, and improved value creation is expected in the years ahead,” explained Hicks. “We look forward to detailing our early progress and longer-term returns with greater precision as they begin to take shape. In the meantime, we have begun to put capital behind our conviction and expect to invest more than $2 billion over the next four years, driving the prosperity of our company and, by extension, our country.”
Canadian Tire said it expects increased transformation and advisory costs in relation to its four-year strategy, including the following:
Operating expenses will increase by $60 million in 2025, primarily for IT investments to enable transformation initiatives.
One-time charges of approximately $85 million in transformation and restructuring costs, including severance, as well as closure costs for Atmosphere stores. These costs will be recorded and normalized in the first half of 2025. They are expected to deliver annualized operating expense savings of $100 million starting in 2026.
Canadian Tire banners include Party City and PartSource; Mark’s; SportChek; Hockey Experts; Sports Experts and Atmosphere. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT.
At Loblaw City Market, Manulife Centre in Toronto. Photo: Craig Patterson
With U.S. President Donald Trump’s 25% tariffs on all Canadian goods now in effect, Canadian consumers are doubling down on their commitment to buying homegrown products. The Canadian government has responded with retaliatory tariffs on $30 billion worth of American imports, further fueling the momentum behind the “Buy Canadian” movement.
But with a surge in demand for locally made goods, a crucial question arises: What does it truly mean when a product carries a “Product of Canada” or “Made in Canada” label? Can consumers trust a Maple Leaf symbol to guarantee a product’s Canadian origins? Understanding the nuances of these labels is essential for shoppers aiming to support domestic industry and avoid misleading claims.
Product of Canada: What It Really Means
The Canadian Food Inspection Agency (CFIA) provides clear guidelines on what constitutes a “Product of Canada.” This label signifies that all or nearly all the food, processing, and labour involved in making the product are Canadian. While small amounts of imported ingredients, such as spices or additives, may be present, the vast majority of the product’s composition must originate from Canada.
For non-food items, the Competition Bureau states that the “Product of Canada” designation applies only when at least 98% of the total costs of production or manufacturing have been incurred in Canada. This ensures that the label is reserved for products that are overwhelmingly Canadian in origin.
Made in Canada: A More Flexible Standard
The “Made in Canada” label carries a different set of criteria. According to the CFIA, this designation applies when the last significant transformation of the product occurs in Canada. For example, if raw ingredients from multiple sources are combined to create a finished food product—such as pizza made from imported cheese, dough, and sauce—the final assembly qualifies as a substantial transformation.
For non-food items, the Competition Bureau requires that at least 51% of production or manufacturing costs be incurred in Canada for a product to carry the “Made in Canada” label. Additionally, businesses must disclose whether the product is made in Canada from imported components, domestic ingredients, or a combination of both.
The Use of “Canadian” on Packaging
The term “Canadian” is regulated in a manner similar to “Product of Canada.” When a food item is labeled as “Canadian,” it means that all or virtually all major ingredients, processing, and labour involved in its production are Canadian. If a frozen lasagna is labeled as “Canadian,” consumers can be assured that it meets the strict criteria for “Product of Canada.”
Similarly, when a package states “Canadian Cheddar Cheese,” the cheese itself must be made entirely from Canadian ingredients and undergo processing within the country.
100% Canadian: The Gold Standard
For food or ingredients to bear the “100% Canadian” claim, the CFIA mandates that every element of the product, including processing and labour, be entirely Canadian. This label leaves no room for imported components, making it the most transparent designation for consumers seeking purely Canadian products.
The Maple Leaf Symbol: A Misleading Marker?
While the iconic Maple Leaf is often used to signify Canadian products, its presence on packaging does not necessarily mean that a product is wholly or even partially Canadian. The CFIA recommends that companies include a domestic content statement alongside the Maple Leaf to clarify the product’s origin, but compliance is not mandatory. As a result, shoppers must look beyond the symbol and examine product labels carefully.
At Loblaw City Market, Manulife Centre in Toronto. Photo: Craig Patterson
Additional Labeling Terms Explained
Produced or Manufactured in Canada: The Competition Bureau considers phrases like “Produced in Canada” and “Manufactured in Canada” to align with the “Made in Canada” designation, meaning that products bearing these labels must comply with the same criteria of substantial transformation and cost thresholds.
Local Products: When a company advertises a product as “local,” CFIA regulations require that it be produced in the province or territory where it is sold or within 50 km of the originating region if crossing provincial borders. This ensures that consumers purchasing locally branded goods are genuinely supporting nearby businesses.
Industry-Specific Labels: Dairy, Meat, and Seafood
The Blue Cow Logo: In the dairy aisle, consumers may notice the blue cow logo, which is overseen by the Dairy Farmers of Canada. This mark signifies that the product is made entirely with Canadian milk and milk ingredients, ensuring its authenticity.
Meat and Poultry: Meat products labeled as “Product of Canada” must come from animals that were raised and slaughtered in Canada. For feeder cattle, animals must have spent at least 60 days in Canada before being processed domestically.
Fish and Seafood: For wild fish and seafood to carry the “Product of Canada” label, they must be caught by Canadian vessels in domestic waters and processed in Canada using Canadian ingredients. In the case of farmed seafood, both the farm and processing facility must be located within Canada.
Dairy and Eggs: Eggs and dairy products from animals raised in Canada qualify for “Product of Canada” status, even if the livestock was originally imported, provided the eggs were laid and milk was collected in Canada.
The Bottom Line: Navigating “Buy Canadian” Claims
As Canadians increasingly turn to homegrown goods in response to trade tensions, understanding product labeling is more critical than ever. While terms like “Product of Canada” and “Made in Canada” offer guidance, shoppers should remain vigilant in verifying a product’s true origins by reading the fine print.
With transparency varying across industries, consumer awareness remains the best tool for ensuring that purchases genuinely support the Canadian economy. The “Buy Canadian” movement is stronger than ever, but a well-informed approach is key to making meaningful contributions to local businesses and manufacturers.
Avenue Road entrance to Yorkville Village in Toronto. Photo: First Capital REIT
Yorkville Village, Toronto’s upscale shopping destination, continues to evolve with new tenant additions and retail opportunities. Landlord First Capital REIT has been actively reshaping the tenant mix to create a dynamic community hub, blending luxury retail, wellness, and dining. The ongoing transformation underscores the mall’s commitment to enhancing the shopping experience and solidifying its status as a premier retail destination in the city.
Several prominent retailers and brands have recently opened at Yorkville Village, bringing a diverse array of shopping and lifestyle options. Furniture retailer Ethan Allen debuted a 4,138-square-foot store on February 10, offering high-end home furnishings and interior design services.
Ethan Allen store at Yorkville Village. Photo: Craig Patterson
Luxury jeweler White Carat Co. & Franky Diamond has also joined the retail lineup, with a newly opened 1,800-square-foot boutique. The locally owned jeweler, known for its custom designs, bridal collections, and celebrity clientele, is finalizing its store setup.
In the automotive sector, Grand Touring Automobiles has converted the former Polestar space to an exclusive exhibit of small off-road vehicles from prestigious brands such as Bugatti, Ferrari, and Aston Martin. This prime Avenue Rd facing, 1,832 square foot space, will be available for lease as of December 2025.
Other notable additions include bridal retailer Estrelle Bridal, which opened its doors several months ago on the second level next to White Carat Co., and skincare brand Novado by Voupré, which has launched a dedicated retail space on the second level.
Estrelle Bridal store at Yorkville Village. Photo: Craig PattersonCentral oval at Yorkville Village in Toronto. Photo: First Capital REIT
Luxury menswear retailer Via Cavour recently completed renovations, enhancing its premium boutique experience. Meanwhile, fashion retailer TNT The New Trend consolidated into a single 17,000-square-foot space on one level in the summer of 2024, reinforcing its presence in the luxury fashion segment.
In the wellness space, Supernatural, a new holistic health concept, is set to open in the former SoulCycle location with direct frontage onto Avenue Road. To build anticipation, a pop-up location for Supernatural also launched on the mall’s second level, adjacent to Equinox.
Novado at Yorkville Village. Photo: Craig Patterson
Prime Retail Opportunities Available
For businesses looking to establish a presence in Yorkville, several prime retail spaces are currently available. FCR is delivering a large full service sit-down flagship restaurant opportunity with both exterior access off of Hazelton Ave as well as interior access from the shopping centre. First Capital REIT is currently reviewing options for this high-demand offering.
Additionally, two retail spaces near Whole Foods on the second level are open for lease. One space measures 1,400 square feet, while the second spans 2,766 square feet, which leasing director Leah Feeley suggests could be well-suited for a yoga or pilates studio.
Whole Foods at Yorkville Village in Toronto. Photo: First Capital REITAvenue Road exterior of Yorkville Village in Toronto. Photo: First Capital REIT
Upcoming Developments and a New Entrance
A significant change is on the horizon for Yorkville Village, as a new entrance is planned for Yorkville Avenue. This entrance will be part of the redevelopment of the 138 Yorkville Avenue ultra-luxury condominium project, which will integrate with the shopping centre.
Unlike the previous entrance leading to the lower-level food court, the new entryway will welcome guests directly to the second level of the mall, improving accessibility and flow.
Future luxury retail at 138 Yorkville Avenue. Image: First Capital REITFuture luxury retail at 138 Yorkville Avenue. Image: First Capital REIT
Yorkville Village’s Current Tenant Mix
Yorkville Village is home to an array of high-profile tenants, catering to the neighbourhood’s affluent clientele. The centre features a large Equinox gym, a Rexall pharmacy, and a Whole Foods Market, which serves as the flagship location for the grocery retailer in Canada.
Additional tenants include womenswear retailers Andrews, Sentaler, Sarah Pacini, Copine Paris, Judith & Charles and Maska, home and lifestyle boutique Teatro Verde, beauty retailer Radford Beauty, and luxury menswear store Via Cavour, among others.
Oval at Yorkville Village. Image: First Capital REITTeatre Verde at the Hazelton Ave entrance to Yorkville Village. Image: First Capital REIT
A Look Back at Yorkville Village’s Transformation
Yorkville Village, originally known as Hazelton Lanes, has undergone substantial transformations since its inception in 1976. Initially conceived as a luxury shopping destination, the mall underwent a major expansion in 1988-1989, tripling in size to accommodate more high-end retailers.
In 2011, First Capital REIT acquired the property and embarked on a comprehensive redevelopment plan to modernize the aging complex. The rebranding to Yorkville Village was officially announced on January 25, 2016, marking a new chapter for the shopping centre.
The redevelopment introduced a striking double-height glass façade along Avenue Road and a new entrance from Yorkville Avenue, making the centre more inviting to pedestrians. A sky-lit atrium was also created, drawing inspiration from the former outdoor ice rink that once occupied the space, serving as a gathering area for events and community engagement.
With a continually evolving tenant mix, strategic leasing opportunities, and upcoming infrastructure improvements, Yorkville Village remains a vital shopping destination in Toronto’s prestigious Yorkville neighborhood. The mall’s blend of luxury retail, health and wellness offerings, and high-end dining experiences continues to attract both local shoppers and international visitors, reinforcing its reputation as a premier lifestyle destination.
Leasing inquires: Leah Feeley, Director of Leasing: Phone: 647-202-9386 Email: Leah.feeley@fcr.ca
Ahead of International Women’s Day 2025 (March 8), GoDaddy has released new data to highlight the impact of female founders on Canada’s small business economy.
Figures from Venture Forward – GoDaddy’s research initiative which analyses over 770,000 Canadian small businesses with 0-9 employees – show that 43% are run by women, and 48% of these female-led businesses were started in the last five years, said the company.
“Despite varying outlooks on the current Canadian economy, with only 35% of female founders expressing optimism, they are more bullish about their own business’ prospects. Seven in ten (70%) are optimistic about their companies over the next six months, and 29% plan to hire new staff in the next year,” said GoDaddy.
“Canadian women entrepreneurs are making their mark right now, with over one in four women (26%) the primary income earner for their household. One third (33%) say their small business turns over more than $5,000 revenue in an average month.”
GoDaddy said about three fifths (59%) say becoming a small business owner has enhanced their quality of life, offering a sense of fulfilment and empowerment with the opportunity to pursue their passion.
Female founders are at the forefront of the AI revolution, with almost half (46%) agreeing that the technology will help them compete with larger, better-resourced companies in the next year. Many are already using AI tools to free up time and streamline their business operations. For example, Canadian women are using AI for tasks such as writing content (80%), summarizing information or text (49%), and generating recommendations or strategies for their marketing or operations (45%), added the company.
Monique Joustra, Founder and Owner of NAIL FIX in the 6IX
Monique Joustra, founder and owner of nail salon NAIL FIX in the 6IX in the Greater Toronto Area, said: “I started my nail salon venture with just one location in 2018. Through unwavering commitment, I was able to build a talented team and loyal client base – and I’m proud to say we now have three salon locations and an Academy. What’s more, I have been able to recruit and train a fantastic team of talented nail professionals. It’s extremely rewarding to know my business can have a positive impact on the local community and economy.
“To any aspiring female entrepreneurs: don’t be afraid to believe in yourself, know your value, and take risks to follow your passion. The rewards are so worth it.”
Young Lee, GoDaddy Canada market lead, said: “The theme for International Women’s Day 2025 is about accelerating action. By shining a light on the successes of Canada’s female founders, that’s exactly what we hope to achieve. These women are contributing to local economies, creating jobs and supporting families.
Young Lee
“A growing era for women entrepreneurs inspires other women what’s possible. Advancements in digital technology and AI-powered solutions like GoDaddy Airo® are removing barriers and empowering a new generation to turn dreams into thriving businesses. From domain names to designing a logo and creating social media content, the barriers-to-entry are lower than ever before.”
GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a website and logo, sell their products and services, and accept payments.
Venture Forward is a multi-year research initiative, which analyzes data from over 770,000 Canadian small businesses with 0-9 employees – conducted by GoDaddy to quantify the impact of these businesses on the Canadian economy and their local communities.
