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.
In a concerning sign for Canada’s economy, a new report from the Conference Board of Canada reveals that consumer confidence has dropped to its lowest point in over a year. The Index of Consumer Confidence, which measures the public’s sentiment about the economy, fell by more than 12 points in February 2025, reaching a value of 52.6. This marks the largest one-month drop since the global financial crisis, and is a significant departure from the stable confidence levels seen in the past.
The February decline follows a similar trend in the U.S., where the Conference Board’s American counterpart reported a seven-point drop to 98.3 for February 2025, reflecting growing concerns over inflation and the potential economic impact of trade wars. However, it is Canada’s deepening fears over a potential trade dispute with the U.S. that appear to be at the heart of this decline in consumer confidence.
Impact of U.S. Tariffs on Canadian Consumers
According to the report, Canadian consumer confidence has been negatively influenced by fears of looming trade tensions with the United States, particularly in the form of tariffs. The U.S. administration, led by President Trump, has been vocal about the possibility of broad tariffs on Canadian imports. These include 25% tariffs on steel and aluminum, effective as of March 12, 2025, as well as the possibility of more tariffs to be implemented by March 4, 2025.
The threat of tariffs has left Canadians worried about the broader economic consequences. The manufacturing sector, which could be especially vulnerable to such trade restrictions, is particularly feeling the strain. Workers in these industries, many of whom fear potential job losses, are increasingly concerned about the ripple effects of a trade dispute between the two countries. The prospect of tariffs triggering job cuts in manufacturing is contributing to heightened anxiety about the Canadian economy.
Personal Finances and Economic Outlook
The concerns about trade disruptions are compounded by a worsening outlook for personal finances. The Conference Board’s report shows that 33.9% of Canadians feel that their financial situation is deteriorating, an increase of 2.7 percentage points from the previous month. This signals growing financial unease among Canadian consumers, many of whom are already dealing with the aftereffects of inflation, high living costs, and rising interest rates.
While inflation has shown some signs of stability and interest rates have begun to fall, the possibility of tariffs could derail any hope for economic growth in 2025. Forecasters had initially expected a rebound in consumer spending, which would help stimulate the economy. However, with confidence faltering, the outlook for a robust recovery is now in question.
Consumer Spending and Big-Ticket Purchases
The decline in consumer confidence is also evident in Canadians’ reluctance to make major purchases. The Conference Board found that 62.6% of Canadians believe that it is a bad time to make a significant purchase, such as a new car or home appliance. While this pessimism is still lower than last year, it points to a general sense of unease about large expenditures.
As Canadians grow more cautious about their spending, many are opting to save rather than spend. This shift could have a ripple effect on businesses that rely on consumer spending, especially in industries like retail, real estate, and automotive sales. With consumers hesitant to open their wallets, economic growth may face a further slowdown in the coming months.
Job Outlook and Workforce Sentiment
Alongside concerns about personal finances, Canadians are also expressing growing pessimism about job opportunities. The Conference Board’s index indicates that sentiment about future employment prospects has reached its lowest level in more than four years. The threat of trade disruptions and the potential for job losses in manufacturing sectors are contributing to this negative outlook.
Despite some improvements in the broader economy, the job market remains uncertain. For Canadians working in industries tied to international trade, the prospect of tariffs poses a direct threat to job security. In turn, these concerns are influencing consumers’ decisions to hold back on making large purchases or investments.
The Path Forward: Can Confidence Be Recovered?
Despite the current dip in confidence, there is still hope that the situation could improve if Canadian officials are able to successfully navigate the trade dispute with the U.S. and reach a favourable resolution. Negotiations between the two countries could potentially avert the looming tariffs and offer a pathway to restoring stability in consumer confidence.
However, until such a resolution is reached, Canadian consumers may continue to adopt a cautious approach to spending, which could impact businesses across various sectors. For now, many are expected to prioritize savings over expenditures, further dampening consumer activity.
The Retail Council of Canada (RCC) says it is actively preparing for a range of potential trade challenges as US President Donald Trump announced new tariffs on Canadian imports, set to take effect on March 4, 2025. The proposed tariffs include a broad 25% levy on all goods, with an additional 25% tariff on steel and aluminum scheduled to follow on March 12. These measures could prompt Canada to implement countermeasures, further escalating trade tensions between the two nations.
RCC’s Strategic Response
With uncertainty looming over Canada’s trade landscape, RCC said in a statement that it is working closely with government officials and industry stakeholders to mitigate the impact on Canadian retailers. The organization is focused on ensuring that businesses remain informed while advocating for solutions that minimize disruption.
Engaging with Government Officials
RCC is in direct communication with senior officials across the Canadian government, advocating for a coordinated and strategic response to the proposed tariffs. Ensuring a swift and unified approach is crucial in mitigating potential economic fallout.
Media and Industry Outreach
As part of its advocacy efforts, RCC is actively engaging with the media to keep the public and businesses informed about potential trade implications. The organization is also participating in key trade-focused groups, including the Canada-US Trade Council and the Forum on Canada-US Issues, where industry leaders and policymakers discuss possible countermeasures.
Industry Discussions with US Counterparts
Recently, RCC facilitated a meeting with David French, Executive Vice President of Government Relations at the National Retail Federation (NRF). During his visit, French met with RCC members to discuss the tariff threats and strategize on mitigating their impact on North American retailers.
Delegation to Washington, DC
In an effort to prevent the escalation of trade tensions, RCC will be part of a delegation of Canada-US supply chain representatives traveling to Washington, DC next week. The delegation will meet with both Canadian and American government officials to discuss trade concerns and advocate for a resolution that supports cross-border retail.
Meeting with Bank of Canada Governor
On March 17, RCC is scheduled to meet with Tiff Macklem, Governor of the Bank of Canada. The discussions will focus on the Canadian dollar’s fluctuation and its effect on purchasing power, as well as broader economic trends that could influence retail pricing and supply chains.
The Impact of Tariffs on Canadian Retailers
The proposed tariffs could significantly affect Canadian retailers, particularly those importing goods from the US. The 25% tariff on all goods could drive up costs for businesses and consumers alike, while the additional steel and aluminum tariffs may lead to increased prices on everything from appliances to construction materials.
Retailers operating in sectors that rely heavily on US imports—such as apparel, electronics, and automotive parts—could see the most immediate impact. In response, some businesses may seek alternative sourcing strategies, including increasing imports from other international suppliers.
Canada’s Potential Counter-Tariffs
Should the US move forward with the proposed tariffs, Canada is expected to respond with countermeasures. While the details of potential retaliatory tariffs have yet to be finalized, previous trade disputes have seen Canada impose levies on a range of US goods, including steel, aluminum, food products, and consumer goods.
RCC says it is closely monitoring the situation and is working alongside government and industry leaders to mitigate any negative consequences for Canadian retailers.
What’s Next?
At this time, the announced tariffs remain a looming threat — Donald Trump said Monday that tariffs were going ahead. The Canadian government, with RCC’s support, continues to explore avenues to prevent their implementation. In the coming weeks, stakeholders will remain engaged in diplomatic efforts, industry discussions, and policy advocacy to ensure that Canadian trade interests are protected.
RCC says it will provide updates as the situation unfolds, ensuring retailers remain informed and prepared for any trade policy developments.
The conversation around mental health in higher education has gained momentum in recent years, with universities emphasizing wellness initiatives and support services. However, when students experiencing mental health crises face disciplinary action, they often encounter a system ill-equipped to balance accountability with care.
Disciplinary proceedings are designed to enforce institutional policies, but they frequently fail to consider the complexities of mental health conditions. Students struggling with anxiety, depression, or other psychological challenges can find themselves punished rather than supported, exacerbating their distress and, in some cases, derailing their education entirely.
Universities often respond to mental health-related incidents through a disciplinary lens rather than a medical one. Students who exhibit signs of distress—such as self-harm, suicidal ideation, or emotional outbursts—may be subjected to forced medical leave, with little say in the decision. Many institutions also flag mental health issues as potential conduct violations, framing them as disruptions to campus life rather than legitimate medical concerns. Some universities can involve campus security or local law enforcement in situations that could be better handled by mental health professionals, turning a moment of crisis into a legal matter.
Joseph Lento, founder of Lento Law Firm, elaborates, “Universities too often conflate mental health crises with disciplinary infractions, which not only misinterprets the situation but can also violate students’ legal rights. Schools must differentiate between behavioral misconduct and a medical condition requiring support. Too often do we find schools that use disciplinary policies in an arbitrary manner rather than support students struggling with mental health issues.”
Moreover, many universities have policies allowing them to remove students from campus without a formal hearing if administrators believe a student poses a risk to themselves or others. These policies often lack clear procedural protections, leaving students without a meaningful opportunity to challenge their removal. The vague language in these policies allows for arbitrary enforcement, disproportionately affecting students with documented mental health conditions.Students who take involuntary leave due to mental health crises may struggle to return, facing re-enrollment barriers that delay or even prevent them from resuming their education.
“Students facing involuntary removal have legal avenues to challenge these decisions, but many are unaware of their rights. Due process protections, including the right to appeal and present medical evidence, are crucial in ensuring fairness and preventing discriminatory dismissals. For students facing these situations, working with experienced, professional help is critical,” says Lento.
Finally, under the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act, students with mental health conditions are entitled to reasonable accommodations. However, universities frequently fail to uphold these protections. Students requesting mental health accommodations—such as deadline extensions, flexible attendance policies, or exam modifications—often face institutional resistance. Some universities deny accommodations based on subjective judgments of a student’s ability to succeed, rather than medical recommendations. Unfortunately, failure to provide accommodations can lead to academic probation or dismissal, unfairly punishing students for challenges outside their control.
According to Lento, “Federal law is clear—students with mental health conditions are entitled to reasonable accommodations. Legal advocacy plays a crucial role in holding universities accountable when they fail to comply, ensuring students can continue their education without unnecessary barriers.”
If that wasn’t enough, colleges and universities often prioritize legal protection over student welfare, fearing lawsuits if a student experiences a crisis on campus. This has led to a growing trend of risk-averse policies, where institutions remove students preemptively rather than providing meaningful support. Some universities pressure students to withdraw voluntarily, shielding the institution from liability while making it difficult for students to seek legal recourse.
For students facing mental health challenges that are forced out of school, the consequences extend beyond the immediate academic setback. Some students struggle to secure admission to another institution, as mental health-related disciplinary records can follow them. Loss of student status can result in loss of housing, financial aid, and healthcare benefits, further destabilizing an already vulnerable individual. The stigma of a mental health-related dismissal can have lasting psychological and professional repercussions, making it difficult to regain stability.
Simply put, the intersection of mental health and student discipline presents one of the most urgent challenges in higher education. Universities often respond to crises with punitive measures rather than supportive interventions, leading to unfair dismissals, lack of due process, and long-term consequences for students.
Lento states, “The future of student mental health advocacy must center on reforming policies to prioritize care over punishment. Universities need to implement clear, legally sound procedures that uphold student rights while ensuring access to the necessary support services. Students facing these issues should seek out all possible resources, including working with a knowledge education advisor or attorney.”
Legal advocacy plays a vital role in holding institutions accountable and ensuring that students are not unjustly penalized for their mental health conditions. As awareness of these issues grows, continued legal and policy reforms will be essential in creating a more compassionate and equitable educational system.
Disclaimer and Disclosure:
This article is an opinion piece for informational purposes only. Retail Insider and its affiliates do not take responsibility for the views expressed. Readers should conduct independent research to form their own opinions.
But year-to-date system-wide sales increased 1.3%.
The company said revenue was $666.7 million, a decrease of 2.9%, mainly due to reduced furniture inventory caused by industry-wide overseas shipping delays. Same store sales decreaseof 3.2%. Gross profit margin was 45.85%, a 91-basis points increase driven by rate improvements in the furniture and appliance categories, and favourable business mix.
It said adjusted net income totaled $67.4 million, an increase of 37.8%.
Financial Highlights – Year Ended December 31, 2024.
These comparisons are with the 2023 fiscal year.
System-wide sales were $3,005.9 million, an increase of 1.3%.
Revenue was $2,498.5 million, an increase of 1.8%.
The Company generated furniture category growth of 2.3%.
Same store sales increas of 1.5%.
Gross profit margin was 44.39%, higher by 26 basis points primarily due to a favorable mix shift towards the higher-margin rate furniture category rate and a greater mix of furniture sales.
Adjusted net income totaled $150.9 million, an increase of 6.6%. Excluding one-time gains from both periods, adjusted net income increased 5.4%.
Mike Walsh, President and CEO of LFL commented, “As I reflect on 2024, I am proud of our team’s success in navigating a challenging environment. The efforts of our associates coast-to-coast enabled LFL to deliver 1.8% revenue growth while the broader North American furniture retail industry reported sales declines. Despite industry-wide freight delays affecting inventory during the second-half of the year, and the loss of the key Canada Post marketing channel during the important holiday season, targeted pricing and promotional optimization enabled us to maintain order patterns and expand gross margins by 26 basis points. The combination of these initiatives and the strength and adaptability of our business model enabled us to contain expenses despite persistent operating cost pressures and resulted in 5.4% growth in adjusted diluted normalized EPS for the year. Most importantly, we ended 2024 with a rock-solid balance sheet with $513.2 million in unrestricted liquidity.
“Looking forward, with our inventory levels normalizing, and marketing channels restored, we are well positioned to continue building upon our 115+ year legacy of market share gains and profitability, leveraging our scale and omnichannel presence to deliver value to all Canadians. While less than 15% of our purchases come from the United States, we are watching the tariff situation and will adjust accordingly.”
Leon’s Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Its retail banners include: Leon’s; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick’s Midnorthern Appliance banner alongside with Leon’s Appliance Canada banner, this makes the company the country’s largest commercial retailer of appliances to builders, developers, hotels and property management companies. The company has 299 retail stores from coast to coast in Canada under various banners. The company operates six websites: leons.ca, thebrick.com, furniture.ca, midnothern.com, transglobalservice.com and appliancecanada.com
adidas 'Home of Sport' flagship in downtown Vancouver. Photo: adidas
Three months after its soft opening on November 25, 2024, the adidas ‘Home of Sport’ flagship store in downtown Vancouver is drawing strong foot traffic and positive consumer feedback. Located at the corner of Robson and Burrard Streets, this 35,000-square-foot retail space is Adidas’ first North American ‘Home of Sport’ concept store.
The store offers an immersive shopping experience with unique experiential activations, customization options, and an extensive product assortment catering to multiple sports and lifestyle categories.
Lesley Hawkins
“We’ve had a great response from the Vancouver community,” said Lesley Hawkins, VP of Retail for Adidas Canada, in an interview. “We opened with a soft launch on November 25th—an odd time to open a store—but it gave us an opportunity to acclimate our staff ahead of the holiday season while preparing for the grand opening event in January.”
Grand Opening Event in January 2025
Although the store had been welcoming shoppers since late November, Adidas hosted a formal grand opening event on January 30, 2025. The event attracted media, influencers, athletes, and customers, with activations throughout the weekend.
“The turnout was really strong, despite snow showing up on the Sunday—which, if you know Vancouver, you know what that does to the city,” said Hawkins. “But overall, downtown traffic has been solid, and we’re excited to be part of the resurgence of Robson Street.”
adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidasCustomization at the adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidas
A Comprehensive Product Offering
One of the key draws of the Adidas ‘Home of Sport’ store is its broad product assortment. Hawkins highlighted the availability of performance and lifestyle categories, including soccer, running, basketball, training, and outdoor wear. The store also features an expansive Adidas Originals section, with popular footwear styles such as the Samba, Gazelle, and SL72.
“The response from consumers has been overwhelmingly positive, especially when they see the breadth of what we offer,” said Hawkins. “For soccer fans, we have a full range of jerseys, including federations, MLS clubs, and a strong focus on our hometown Vancouver Whitecaps. Our running section is anchored by premium footwear like the Adios Pro and the newly released Adizero Evo SL.”
adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidasCustomization at the adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidas
Experiential Retail: Run Lab and Made for You Customization
The store’s Run Lab has quickly become a standout feature, attracting runners of all skill levels. The area offers personalized gait analysis conducted by Adidas coaches and running specialists, using real-time biometric data displayed on a screen during a treadmill session.
“We’re building a community here,” said Hawkins. “We’ve launched weekly runs that start and end at the store, including Saturday morning group runs and Women’s Wednesdays, a five-kilometre run designed for all experience levels. Runners sign up through the Adidas app, and we provide expert guidance to help them improve.”
The Made for You customization zone has also proven popular among Vancouver shoppers. Customers can personalize Adidas apparel and footwear with local graphics celebrating Vancouver culture, seasonal designs, and even personalized jersey flocking.
“We recently offered Year of the Snake graphics for Chinese New Year, and we worked with a local artist to create an exclusive design for our grand opening,” said Hawkins. “As we move into events like International Women’s Day, we’ll continue to offer new customization options.”
In a further effort to engage the local community, the store also features special activations. For Chinese New Year, Adidas hosted a traditional lion dance performance and gave away red envelopes containing gold Adidas chocolate coins with purchases.
adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidasRun Lab at the adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidas
Omni-Channel Retail Integration
Beyond experiential retail, the Vancouver flagship is also playing a key role in Adidas’ omni-channel fulfillment strategy. Half of the store’s total square footage is dedicated to back-of-house operations, including fulfilling online orders across Western Canada.
“Our geography is one of our biggest challenges in Canada when it comes to supply chain,” said Hawkins. “This store allows us to ship orders faster to Western Canadian consumers, reducing delivery times to as little as one to two days. While it’s too early to measure the full impact on e-commerce sales, we anticipate a stronger consumer experience as we continue optimizing this operation.”
Footwear at the adidas ‘Home of Sport’ flagship in downtown Vancouver. Photo: adidas
Will Adidas Open More Large-Format Stores in Canada?
With the success of the Vancouver ‘Home of Sport’ store, could Adidas be looking at expanding the concept to other Canadian cities?
“At this point, there are no plans to open another store of this scale,” said Hawkins. “CF Toronto Eaton Centre shares some similarities with this store—like our customization lab—but the infrastructure in Toronto isn’t set up for the same level of fulfillment due to logistical constraints and the absence of a dedicated back-of-house space for omni-channel operations. Additionally, the proximity of Adidas’ main warehouse outside the city allows for efficient fulfillment without the need for an in-store distribution hub. So, while we’re always evaluating opportunities, there’s nothing confirmed for now.”
While new stores are not on the immediate horizon for Canada, Adidas continues to upgrade existing locations.
“For 2025, we’re focused on revitalizing our existing fleet,” said Hawkins. “The Niagara-on-the-Lake outlet store is currently undergoing renovation, but otherwise, there are no plans for new store openings this year. You’ll have to wait until 2026 for that.”
Editor’s note: Mario Negris and Martin Moriarty of Marcus & Millichap negotiated the lease deal on behalf of adidas. Morguard is the landlord of the building at 969 Robson Street where adidas will be located.
Heos, who oversees the brands Pokeworks, Bombay Frankie’s, and Mighty Bird, is leading the company through an expansion phase, with plans to open 10 to 14 new locations in 2025. The company has already opened seven Bombay Frankie’s, five Pokeworks, and three Mighty Bird locations within Ontario in the last 18 months.
George Heos
As they continue to grow, Heos and his business partner Alexander Gerzon are targeting new markets in British Columbia and Alberta by the fall, with the goal of eventually reaching all Canadian provinces.
What sets Eat Up Canada apart, according to Heos, is their dedication to offering a superior guest experience. Heos emphasizes that while food quality and marketing are crucial, it’s the interaction with customers and the environment in which they dine that creates lasting impressions.
Unlike typical QSRs, Heos’ brands elevate the dining experience by offering table service, using plateware and silverware, and providing a more personalized atmosphere. As the company looks toward the future, Heos remains committed to developing their existing brands while exploring new concepts, all while focusing on speed and flexibility in securing real estate and expanding into larger, more affordable spaces.
“We own and operate one corporate restaurant, which is our training restaurant and centre of excellence. We want to run a successful, well-managed restaurant to show franchisees what it looks like. For example, our corporate restaurant for Mighty Bird is in Burlington, for Bombay Frankie’s, we have two locations: one in Ajax and one in Newmarket. For Pokeworks, it’s in Etobicoke,” said Heos.
Source: Eat Up Canada
“The restaurant industry has always been challenging, and I’ve been in this business for 30 years. It’s one of the most competitive industries out there because the barrier to entry is very low. Everyone eats, so everyone thinks they can run a restaurant. But what’s really interesting about this industry is that new brands are always emerging with new foods.
“For instance, five years ago, Poke would have been very little known. If you went to Hawaii, you’d know Poke, but now it’s becoming much more popular globally. A long time ago sushi was quite unknown. The same thing with burritos. Now they’re everywhere. Shawarma. People’s taste change. The market is more international now, and what used to be “ethnic food” is just food now. There’s always room for new, cool concepts.
“However, I think sometimes restaurants forget it’s about the food and the guest service. Marketing is really important, but guest experience is key.”
Heos said most of this year’s expansion will be with the Pokeworks brand with an expected six to eight openings. Eat Up Canada will also open three or four Mighty Bird locations and one or two Bombay Frankie’s.
“We’re expanding Bombay Frankie’s menu a bit before we fully expand it,” he said.
Source: Eat Up Canada
“There are many people who want to build a brand to a certain level and then sell to large consolidators. We don’t have that plan. My business partner, Alex Gherzon, and I enjoy what we do. We love supporting our franchisees and enhancing the guest experience. We’ll continue developing these brands and exploring new opportunities. We’re always presented with opportunities for new concepts, but we want to stay hands-on and not overwhelm ourselves with too many brands. We focus on quality, not quantity,” he said.
“One thing we’ve had a lot of success with is real estate. Competition for smaller spaces is intense, and rents have skyrocketed. In 30 years, I’ve never seen as much competition for those spaces. So we’ve focused on securing larger spaces, anywhere from 3,000 to 6,000 square feet, and then dividing them into two or three units. This allows us to secure better sites and get them at more economical rates.
“We’ve done four, and our fifth is in the works. We’re dividing a 5,600-square-foot space into three units.
“One advantage we have is speed. We can secure deals much faster than large companies because we’re a smaller operation. We can deal directly with landlords and get things done quickly, which is a huge advantage.”
As Fraud Prevention Month approaches this March, a new nationwide survey from Mastercard highlights the growing concern among Canadians about the rising threat of financial fraud. Despite 89 per cent of Canadians acknowledging the growing threat to individual and community prosperity, only seven per cent are actively prioritizing fraud prevention, according to the survey.
Amisha Parikh
Fraud threats are becoming increasingly complex, and Canadians need to stay vigilant.
Amisha Parikh, Vice President of Security Solutions at Mastercard, Canada: “Our objective is to stay one step ahead of fraudsters to protect businesses and consumers. Mastercard is revolutionizing the speed and precision of our anti-fraud solutions through the continued implementation of new technologies, including the evolution of Artificial Intelligence.”
The survey findings reveal that over three-quarters (76 per cent) of Canadians are generally concerned about the potential impact of fraud on their financial health and well-being. Furthermore, while 65 per cent of respondents consider themselves knowledgeable about financial fraud, 16 per cent admit to lacking awareness. In terms of identifying fraud, 77 per cent of Canadians are confident they can spot fraud attempts, with only a small minority (three per cent) unable to consistently identify fraudulent activities.
The survey also highlighted a sense of shared responsibility when it comes to preventing fraud. More than half (53 per cent) of Canadians believe they share responsibility with businesses and financial institutions in protecting themselves from fraud.
Mastercard’s Commitment to Cybersecurity Innovation
Despite the rising concern, Mastercard continues to lead the way in cybersecurity and fraud prevention. 90 percent of Canadians trust their credit card transactions to be secure, a sentiment Mastercard delivers on by continuously innovating to protect digital transactions from emerging threats.
By leveraging advanced technologies such as biometric authentication, tokenization, and contactless payments, Mastercard enhances security while ensuring a seamless experience for consumers and businesses. These innovations strike the balance between robust fraud prevention and user convenience.
Mastercard has also made significant investments in Canada’s cybersecurity landscape. The company has committed $510 million to its Global Intelligence and Cyber Centre of Excellence in Vancouver, tapping into Canada’s tech workforce to accelerate the development of fraud prevention solutions. Furthermore, Mastercard has invested over $10 million in partnerships with academic institutions and non-profits across the country, helping grow Canada’s highly skilled tech workforce and ensuring the country remains a leader in global innovation.
Supporting Small Businesses in Canada
Small businesses, which form a substantial part of Canada’s economy, are particularly vulnerable to the damaging effects of financial fraud, including loss of consumer trust. Mastercard’s research shows that 70 percent of Canadians would have more trust in businesses that use advanced security technologies like biometrics and passkeys.
Recognizing this, Mastercard is committed to supporting small businesses with the tools and resources necessary to protect against rising cyber threats. Through the Mastercard Cybersecurity Assessment Tool, which is available for free on the Mastercard Trust Centre, business owners can better understand their cybersecurity needs and take action to safeguard their businesses.
“Mastercard believes small businesses are the backbone of Canada’s economy,” says Parikh. “We continually invest in new solutions and strategic partnerships to better equip small business owners and entrepreneurs with the tools to defend against fraud.”
Uncertainty is nothing new for Canadian retail – businesses continue to feel the pinch of stretched consumer budgets and a hyper-promotional environment that’s bringing forth added pressures on margins and cash flows – but now with persistent inflationary stressors and the looming threat of US tariffs, what’s a retailer to do to find success in 2025?
These challenges, and many others, require retailers to become more vigilant about their strategies and how to seize opportunities to maintain profitability. This is certainly true for the leadership teams at La Vie en Rose and Rudsak, two of Canada’s most recognizable brands, and longstanding clients of Richter, a Business | Family Office firm. Rudsak and La Vie en Rose have faced similar challenges — both external, like economic pressures, and internal, like adapting their customer engagement models — and their journeys each highlight the importance of adaptability, discipline, and focus, in an evolving retail environment.
Customer Experience and Loyalty: Delivering Quality and Consistency
François Roberge, President and CEO of La Vie en Rose
In 2025, a key area of concern for retailers is how to enhance the customer experience, ensuring consistency across both physical stores and e-commerce platforms. This is a prominent theme for both La Vie en Rose and Rudsak, whose focus on customer loyalty and personalized service has helped them weather shifting market conditions.
La Vie en Rose has worked attentively to stay true to its core customer base, focusing on delivering consistent experiences that prioritize diligence in pricing and product offering. According to François Roberge, La Vie en Rose President and CEO, it is about “respecting our customers and keeping a focus on what we do best,” rather than trying to broaden product offerings just to diversify. “While it seems like everything is moving faster and faster these days, one thing remains constant to us: appreciating our customers, and treating them with respect,” says Roberge. Their mission emphasizes authenticity and confidence—values that have resonated with their loyal customer base for years.
Evik Asatoorian, President and Founder of Rudsak
Rudsak’s success similarly hinges on knowing its customers and providing a personalized, in-store experience. “It is about understanding how to connect with your unique customer. What works for one may not work for the next,” says Evik Asatoorian, President and Founder of Rudsak. Rudsak recently made a big investment with Shopify and now has an integrated, sophisticated POS system. “Now with customer profiles and order history, we have customer data at our fingertips, enabling us to customize in-store experiences even more,” says Asatoorian. This omnichannel approach has helped Rudsak deliver exceptional customer service and build lasting relationships.
Real Estate: A Strategic Balancing Act
The shift towards e-commerce has prompted many retailers to reassess their positions on real estate. While online sales are essential, brick-and-mortar stores remain a vital part of the customer experience. This is a position La Vie en Rose believes in firmly, “many brands have focused their efforts on being online, which is certainly important, but have neglected the importance of storefronts and in-store experiences. True omnichannel is the future of retail, but there must be a balance of brick-and-mortar and e-commerce to achieve success,” notes Roberge.
Vanessa Velentzas, retail advisory expert and Partner at Richter
Retail advisory expert and Richter partner Vanessa Velentzas emphasizes the ongoing importance of brick-and- mortar stores, noting that the in-person brand experience cannot be matched online. “However, retailers must reevaluate their real estate strategy to ensure their locations and footprint align with changing consumer behaviour,” she explains. “Retailers should consider things like lease renegotiations in low-traffic locations or take advantage of more flexible terms, such as pop-up stores to test new markets. Ultimately, thoughtful strategies involve finding a balance; the online presence needs to be optimized while physical stores in key locations should continue to drive brand awareness and engagement.”
Another important element in finding the right retail-real estate strategy is how to balance the transactional with the emotional. Rudsak’s in-store, personalized service is an essential touchpoint, helping customers connect with the brand, and reinforces its reputation for trust and quality. “We feel that this is incredibly important. Fashion is an emotional transaction,” notes Asatoorian.
Pragmatism, however, comes when decisions need to be made on actual locations. For Roberge, each store location must contribute to the brand’s presence and profitability. Roberge advises, “I would rather be recognized as the best in lingerie and swimwear, more than anything else. The store itself is simply a place to do business. You cannot be emotionally attached [to the locations].”
Image: La Vie En Rose
Inventory Management: Maximizing Cash Flow
In today’s climate, availability of cash flow will determine which retail businesses survive. Roberge notes, “retailers forget to manage money that is sleeping in inventory.” Velentzas agrees, saying “effective inventory management is crucial. Retailers must optimize inventory levels and focus on turning their inventory into dollars. Failing to do this will leave retailers with outdated inventory and limited resources to invest in projects that enhance customer experience, ultimately putting them at risk of losing relevance and falling behind more agile competitors.”
For both retailers, sustaining the right stock is a cornerstone for achieving future growth goals. With an ethos of quality over quantity, Rudsak keeps its inventory levels in check while ensuring that the products it offers hold their value, further reinforcing the brand’s commitment to craftsmanship. For La Vie en Rose, Roberge also emphasizes the importance of keeping inventory at healthy levels and knowing when it’s time to let go, stating, “If it’s not working this year, it won’t next year. It’s better to take action rapidly”. This, for La Vie en Rose, is as crucial to remember in the day-to-day as it is for their future as they begin to execute their plans to expand into the US.
Staying Focused and Adaptable
Regardless of what is in store for 2025, both leaders agree that staying focused on the customer is essential to long-term success. As Asatoorian puts it, “focus on connecting to your unique customer, not the general mass,” highlighting the importance of understanding the customer’s specific needs and preferences. “Stay true to who you are and do it well,” he advises. “We understand and appreciate fashion influence, but we will never compromise our brand to keep up with the volatility of trends. Quality and service above all, are most important. People can see through the gimmicks.”
Roberge underscores the need to focus on financial discipline and customer engagement: “No cashflow, no projects. Pay your debts and focus on your business to avoid giving the banks leverage. Retail is a cashflow business, therefore the health of your balance sheet is critical. Adopt a cash-focused mindset.”
“La Vie en Rose and Rudsak are pillars of Canadian retail, and we’ve been privileged to work alongside them for years as they’ve achieved goals, realized strategic visions, and established a groundwork for ongoing success,” says Velentzas. “Mr. Roberge and Mr. Asatoorian exemplify true leadership, with unwavering commitments to quality, authenticity, and putting the customer first.”
Richter’s Role in Retail Strategy
Richter is a Business | Family Office that provides strategic advice on business matters and on families’ financial and personal objectives across generations. With close to 100 years of experience advising at the intersection of family and business, Richter has developed an integrated approach to help private businesses overcome obstacles and build sustainable success. Whether for business, personal, or both, Richter is uniquely positioned to address the needs of Canada’s most successful entrepreneurs, private clients, business owners and business families, helping them chart a clear path to shape their legacies for the future. Richter’s multidisciplinary team continues to innovate to create value for its people, clients, and community throughout Canada and in the US.
Non-seasonally adjusted prices for food purchased from restaurants were down 1.6% in December when compared with December 2023, and unadjusted prices for alcoholic beverages served in licensed establishments decreased 0.8% over the same period due to the federal tax break, which started on December 14, 2024, said the federal agency.
“In December, the largest increase in sales came from limited-service eating places (+0.9%), marking the industry’s ninth consecutive monthly increase. Sales were down at full-service restaurants (-0.1%) and special food services (-0.5%),” said the Statistics Canada report.
In December, five provinces saw increased sales, with Ontario (+1.1%) posting the largest gain in dollar terms. British Columbia (+1.4%) also posted a large increase in sales, which coincided with the three Taylor Swift concerts held at BC Place in Vancouver. Quebec (-1.6%) posted the largest sales decrease.”
Statistics Canada said annual sales of food services and drinking places totalled $96.5 billion in 2024, up 4.0% from 2023. Sales increased at limited-service eating places (+5.5%), full-service restaurants (+2.2%) and special food services (+6.8%) in 2024. Sales at drinking places (-1.9%) were down in the same period. Sales were up in all provinces, led by Ontario (+4.3%), Quebec (+3.6%) and British Columbia (+4.0%).
Photo: Mario Toneguzzi
“Limited-service eating places, also known as fast-food or quick-service restaurants, increased $2.3 billion from 2023 to $44.8 billion in 2024. Every province had growth in the fast-food industry, with the highest increases being in Ontario (+5.5%), Quebec (+6.2%) and British Columbia (+6.0%),” said Statistics Canada.
“Sales in full-service restaurants increased by $895.5 million from one year earlier to $41.6 billion in 2024. Sales were up in nine provinces, led by Ontario (+2.2%) and British Columbia (+3.8%).
“Limited-service eating places (46.4%) and full-service restaurants (43.1%) held the largest shares of sales in the food services and drinking places subsector in 2024.”
