Crunch Fitness, a renowned high-value, low-price fitness brand, has opened its newest location in the Deer Valley neighbourhood of Calgary.
It’s the first Crunch Fitness in Calgary and the second in Alberta, following the successful opening in West Edmonton Mall. The Deer Valley club is also the 33rd Crunch Fitness location in Canada, underscoring the brand’s continued nationwide growth.
Headquartered in Cambridge, Ontario, Crunch Fitness Canada is on track to operate over 50 locations by 2025, as part of an ambitious national expansion strategy. Since 2017, Crunch has built a reputation for combining top-tier fitness amenities with dynamic group classes, including its signature HIITZone workouts, all at an affordable price point.
Wes Hodgson
“We’re excited to bring Crunch’s unique fitness experience to the vibrant Deer Valley community,” said Wes Hodgson, President and CEO of Crunch Fitness Canada. “Calgarians can expect a high-energy, inclusive gym environment offering boutique-style classes and premium amenities. Expanding into Calgary is another important step toward our goal of making high-quality, affordable fitness accessible across Canada.”
Crunch Deer Valley said it will offer memberships ranging from $9.99 to $34.99 per month, with amenities such as hydro-massage, red light therapy, and a full roster of group classes including yoga, Pilates, and Zumba. The location also features Olympic lifting platforms, heavy free weights, and dedicated areas for high-intensity interval training.
It is located at 1221 Canyon Meadows Dr SE.
Crunch said it is a fitness brand that fuses fun and fitness through unique group fitness classes, top-tier equipment, and a “no limits” philosophy. With a mission to make serious fitness fun, Crunch serves over two million members across hundreds of locations worldwide.
BeaverTails location in Grand Bend, ON. Photo: Tourism Sarnia-Lambton
BeaverTails is inviting their fans to celebrate National BeaverTails Pastry Day, on Friday June 6, a sweet annual tradition that brings communities together over a shared love of iconic indulgence.
From 3 PM to 5 PM, select BeaverTails shops across Canada will be giving away free classic cinnamon & sugar pastries — no purchase required.
“This year’s celebration is about more than just dessert. In partnership with Jack.org, a Canadian’s charity training that works alongside youth to improve mental health outcomes in every province and territory, BeaverTails is encouraging guests to make a voluntary donation at participating locations. Every dollar raised will help support Jack.org’s youth-led initiatives across the country,” said BeaverTails.
Pino Di Ioia
“BeaverTails has always been about joy, sharing, and community,” said Pino Di Ioia, CEO of BeaverTails Canada Inc. “National BeaverTails Pastry Day is the perfect opportunity to celebrate this community spirit by spreading joy while supporting an organization and a cause we believe in deeply. We are proud to support Jack.org and help raise awareness and funds for youth mental health, a cause that is more important than ever.”
The company said the event marks the beginning of a broader, long-term partnership between BeaverTails and Jack.org.
“As part of its corporate social responsibility efforts, BeaverTails is committed to building meaningful relationships with organizations real impact in the communities that the brand serves. The collaboration with Jack.org will extend beyond National Pastry Day, including a weeklong initiative planned for October 2025, all aimed at supporting youth mental wellness across Canada,” added BeaverTails.
Participating BeaverTails Locations by Province
Province
Store Locations
Alberta
Calgary – 17th Ave Edmonton – 82nd Ave West Edmonton Mall Canmore – Main St Banff – East & West Jasper – Patricia St Waterton Park
British Columbia
White Rock – Marine Drive Victoria – Broughton Whistler – Mountain Square
Manitoba
The Forks National Historic Site
New Brunswick
Saint John Waterfront
Nova Scotia
Halifax Waterfront
Ontario
Amherstburg North Bay Waterfront Peterborough – Chemong Rd Trenton – Homestead Marketplace Waterloo – Boardwalk Toronto – Waterfront Toronto – Premium Outlets Niagara Falls – Clifton Hill Kingston – Market St Huntsville – Main St Sault Ste. Marie – Roberta Bondar Park Grand Bend – Main St Ottawa – Tanger Ottawa – Byward Market Outlet Collection at Niagara Blue Mountain – Village LEAD
Quebec
Old Montreal – De la Commune Old Quebec – St Jean Old Quebec – Petit Champlain Mont-Tremblant – Kandahar (upper) Mont-Tremblant – Curé-Deslauriers (lower) Magog – rue Merry Brossard – DIX30 Mega Parc Montreal Premium Outlets
BeaverTails has been making Canadian artisanal pastries since 1978. Today, there are 195 active establishments in Canada and The United States, as well as international distribution licenses in countries such as France and Qatar. Jack.org is Canada’s largest network of young people supporting young people, offering youth a space to safely learn about mental health, support their peers, seek professional support, and advocate for a future where youth can thrive in mental wellness.
The Well in Toronto. Photo: Hariri Pontarini Architects
President Donald Trump’s administration has put Canada–U.S. relations on edge, and Canadians are finding ways to support local industry as much as possible. The U.S. government’s whipsaw tariff announcements have focused on goods, leaving services trade between Canada and the U.S. largely ignored. However, services are one spot where Canadians can hit back. In 2023, despite a $108.6 billion goods trade surplus with the United States, Canada had a services deficit of $13.8 billion, according to a recent report on the tourism sector by the Conference Board of Canada.
Travel is one of the main areas where Canadians support the U.S. economy much more than Americans support Canada. To put the value in context, in 2023, Canadians spent $26.6 billion on tourism in the U.S. compared to the $12.9 billion Americans spent in Canada, it said.
“If Canadians were to transfer all their U.S. travel dollars to Canada, this would be the upside impact on domestic tourism. In reality, the figure will be much lower. Canadians will still travel to the U.S. for personal and business reasons. Weak business and consumer confidence will also reduce travel spending more broadly, as travel is often discretionary. On net, we still estimate that travel spending in Canada, by Canadians, could increase by up to $10.3 billion this year stemming from this shift in travel preferences. This figure falls to $8.8 billion once the impacts of reduced American travel to Canada is included,” said the report.
Water Street in Vancouver’s Gastown area. Photo
Trends Favour Domestic Travel this Year
The Conference Board said two opposing forces will drive Canadian domestic tourism spending this year. The first is the weak economy. All else being equal, weaker consumer confidence usually translates into weaker travel spending. The second is how Canadians will change their international travel spending patterns. The weak Canadian dollar and recent aggressive stance from the U.S. towards Canada has led to a shift in Canadians’ intentions to travel and spend in the United States.
“Consumer sentiment, a leading indicator for travel spending, is very weak. In March, The Conference Board of Canada’s Index of Consumer Confidence reached a record low, falling below its previous nadir set during the global pandemic. Canadians are concerned about their labour market prospects in the year ahead and generally don’t believe that now is a good time to make major purchases. Under these circumstances, many Canadians will be cautious with discretionary spending,” explained the report.
“Meanwhile, heightened scrutiny while crossing the border into the United States, as well as a new registration requirement for Canadians staying more than 30 days, will discourage Canadian travel to the United States. Along with many European countries, Canada has updated its travel advisories for the U.S. after several instances of prospective entrants to the U.S. being arbitrarily detained or turned away for social media posts.
“As well, the weak Canadian dollar will deter many Canadians from visiting the U.S. Previous research has found that Canadian border crossing volume falls when the Canadian dollar depreciates and this effect becomes more pronounced when the dollar is particularly weak. The dollar remains around 72 cents, which is low compared to long-term historical averages, but is similar to where it was last year, and above lows at the start of this year.”
The Conference Board said the confluence of circumstances has already started to keep Canadians away from the United States. In April, the number of Canadians returning from the U.S. by car and air declined by 18.7 compared to the same month in 2024. This trend is likely to continue.
“The Conference Board of Canada’s Travel Intentions Survey is another indicator showing a shift in behaviour. The survey asks Canadians how likely they are to take an overnight leisure trip to the United States at some time in the next few years. In our April 2025 survey, the share of respondents either very likely or somewhat likely to take a U.S. trip in the next few years fell to 27.1 per cent from 53.2 per cent in our November 2024 survey . This decline is apparent across Canadians in all income brackets. On the other hand, most provinces are reporting increased interest from Canadian tourists,” it said.
Canadians less likely to take an overnight leisure trip to the U.S.
(percentage share of survey respondents, by income bracket)
Source: The Conference Board of Canada
How Much Canadians Spend in the U.S.
In 2023, Canadians spent $26.6 billion while visiting the U.S.—more than in all other countries combined. Adjusting for prices, and assuming no growth in real travel spending, this would translate into approximately $27.7 billion in 2025. Most of this spending happened during trips made for leisure (67.3 per cent) or business (13.4 per cent) purposes. If this travel spending were redirected domestically, this would be an upper bound on the amount we could expect Canada’s tourism sector to benefit. Several caveats apply, however, said the Board.
“Canadians typically spend more per trip when travelling internationally than when travelling domestically. Even as Canadians shift to domestic trips, they will be unlikely to spend as lavishly on these vacations, although there is likely to be a shift in the type of domestic trips being made towards longer and higher cost trips compared to historical norms. Tariffs, weaker near-term economic growth, and a highly uncertain outlook will limit discretionary spending,” it said.
As well, many Canadians will continue to visit the U.S. For example, given the close historical ties between the U.S. and Canada, citizens in both countries maintain links with family and friends across the border. These social visits to friends and relatives will likely continue to a greater degree than leisure and business visits. On balance, however, Canadians are travelling to the U.S. less frequently, which provides an opportunity for Canada’s tourism industry.”
What Could the Economic Benefit Be?
Using data from our Travel Intentions Survey, arrival and expenditure figures, and The Conference Board of Canada’s national economic forecast, the impact of these travel shifts can be quantified. Between April 2023 and 2025, the share of Canadians’ intending to take their longest overnight summer trip in the United States fell from 14.6 per cent to 6.5 per cent. This would imply a $15.4 billion shift in travel spending away from the U.S. in 2025, noted the report.
“However, this total will not necessarily be spent in Canada. Some Canadians avoiding the U.S. will still travel abroad. In April, Canadians returning by air from non-U.S. destinations increased by 9.9 per cent versus 2024. In our April 2025 Travel Intentions Survey, the share of Canadians intending to spend their longest overnight summer trip overseas also increased, which could be interpreted as capturing 22.5 per cent of travel that may have otherwise been bound for the United States. Spending on these overseas trips could account for $3.5 billion of total spending displaced from the United States,” it said.
“Considering the economic turbulence taking place, many Canadians will not take an overnight trip and will either save or spend their discretionary dollars on non-tourism goods and services this year. Based on the decrease in Canadians’ overall travel intentions between April 2023 and April 2025, this loss may absorb approximately $1.6 billion of the potential total. Some of these funds will be spent in Canada, though not necessarily on tourism.
“Based on these survey-backed assumptions, the additional potential tourism spending pool available to Canada’s domestic tourism industry will amount to approximately $10.3 billion. The actual share of this total that will be spent on domestic tourism could be more modest, however, as Canadians have historically spent less on an average domestic trip compared to a trip to the United States. Yet, more Canadians will take their longest overnight summer trip within Canada, boosting domestic tourism spending more than what historical averages of spending per trip would suggest.”
Substantial share of displaced spending could benefit domestic tourism
($ billions)
Source: The Conference Board of Canada
American Tourists are Still Welcome
This extra spending by Canadians could be offset by weaker inbound tourism from the United States. Although Canadian officials have been diligent in aiming trade war rhetoric toward the U.S. administration and not its people, American tourists may not feel welcome in Canada as the relationship between the two countries has deteriorated. In April 2025, land arrivals by U.S. residents to Canada fell by 10.7 per cent year-over-year while air arrivals fell by 5.5 per cent. The economic turbulence in store for the U.S. economy (which contracted in the first quarter of 2025) will also dampen inbound tourism spending, said the Conference Board.
“Given that Canadians are avoiding travel more than the other way around, and that Canadians also spend twice as much in the U.S. as Americans do here, the net benefit will be positive for Canada. If the annual decline in U.S. arrivals to Canada averages the drop in same-day and overnight travel reported in April, this would account for approximately $1.5 billion in lost U.S. spending. This would leave a net benefit to Canadian tourism as large as $8.8 billion. Remaining welcoming to prospective U.S. visitors will be important to maintaining visitor flows from Canada’s largest international tourism source market and maximizing the benefits of the shift in Canadian travel intentions.”
Williams Sonoma Closing at CF Toronto Eaton Centre (Image: Dustin Fuhs)
Affirm, the payment network that “empowers consumers and helps merchants drive growth”, has announced the expansion of its partnership with Williams-Sonoma, Inc. into Canada.
This builds on the companies’ multi-year partnership in the U.S. and brings Affirm to Canadians shopping at Williams-Sonoma, Inc.’s family of brands including Williams Sonoma, West Elm, Pottery Barn, Pottery Barn Teen, Pottery Barn Kids, and Mark & Graham, said the company in a news release.
Whether shopping for a sofa at their local West Elm or furnishing a new nursery with Pottery Barn Kids, approved Canadian shoppers can now split their purchases into monthly payments with Affirm. The process is simple: after selecting Affirm at checkout, consumers go through a quick, real-time eligibility check. If approved, they can choose the customized payment plan that best suits their needs and rest assured that they will never pay any late or hidden fees, it said.
Wayne Pommen
“As Canadian consumers continue to embrace smarter and more flexible ways to manage spending on home furnishings and essentials, Affirm has become a go-to choice for greater payment control and transparency,” said Wayne Pommen, Chief Revenue Officer at Affirm. “We’re thrilled to build on our successful collaboration with Williams Sonoma and their family of brands to bring more Canadians the financial clarity, flexibility, and peace of mind they deserve.”
With this launch, Williams-Sonoma, Inc. and its family of brands join leading Canadian retailers, including Amazon, Apple, Samsung, Brown’s Shoes, and more in offering Affirm’s payment solutions to their customers, said Affirm.
Bow & Bend Rooftop, located on the 12th floor of the new Element Hotel Calgary Downtown on 4th Ave SW, is set to open in early summer, offering people spectacular views of the iconic Bow River which flows through the city.
The restaurant is part of a conversion project which is turning an under-utilized downtown office into a hotel, the Element by Westin, through the City of Calgary’s Downtown Development Incentive Program. Bow & Bend is set to be a key element in revitalizing Calgary’s West End, bringing renewed energy, hospitality, and vibrancy to the downtown core.
“With regional cuisine crafted from locally sourced ingredients and stunning panoramic views of the Bow River and the Canadian Rockies, Bow & Bend offers a unique blend of natural and urban charm from one rooftop patio destination,” said Johen Lemieux, General Manager, Bow & Bend, operated by Concord Hospitality.
The Element is being developed by PBA Group of Companies (PBA), a Calgary based, women owned and led real estate firm with over 60 years of experience delivering integrated commercial real estate solutions.
“Bow & Bend’s sleek design mixed with inviting textures in the details creates the feeling of both luxury and comfort. The open-air dining room or patio is the ideal place for sharing a meal with friends or family or dropping in for after-work cocktails and snacks. The restaurant’s space is open-concept and bright, featuring large wall-to-wall windows, and seats 210 people between its dining room, patio, and two private Riverwalk rooms,” said the company.
The company said the menu at Bow & Bend has been carefully crafted using locally sourced ingredients from Alberta. For dinner, guests can expect a mix of small plates for sharing, soups and salads, burgers, house-made pasta, and mains. The Head Chef, Ashutosh Salunke, brings expertise from his previous role as the Executive Sous Chef at the luxury Sparkling Hill Resort & Spa in Vernon, British Columbia.
“We are thrilled to bring an elevated twist on traditional local flavours to the downtown Calgary dining scene,” says Salunke.“Our shareable menu will change slightly from season to season, allowing guests to both try new things and order classic favourites.”
In 2022, PBA launched its hospitality portfolio with The Dorian, a $125 million, dual-brand Marriott Autograph Collection and Courtyard hotel recognized globally with a Michelin Key for its design, culinary excellence, and guest experience.
Hublot at the Yorkdale Shopping Centre in Toronto. Photo: Craig Patterson
Hublot is bringing a rare treat to Canadian luxury watch enthusiasts with an exclusive exhibition of its newly launched Big Bang timepieces. The watches, introduced in April 2025 at the renowned Watches and Wonders event in Geneva, will be on display only at Hublot’s boutique in Toronto’s Yorkdale Shopping Centre from May 30 to June 5, 2025.
This traveling showcase is part of the global celebration marking the 20th anniversary of the Big Bang collection, a landmark moment for one of the brand’s most iconic series.
“We are thrilled to celebrate 20 years of such an iconic collection, and to have it here in Toronto is truly exciting,” said Jhonnattan Meneses, Assistant Boutique Director of Hublot at Yorkdale.
Image: Hublot
Yorkdale Boutique Chosen for Canadian Showcase
Toronto’s Yorkdale Shopping Centre was selected as the exclusive Canadian location to host this traveling collection, reflecting the mall’s strong performance in the luxury retail segment. Hublot has seen success at its Yorkdale boutique, which opened in September 2019 as the brand’s first corporately-owned Canadian location.
Strategically situated in the heart of Yorkdale’s luxury wing—alongside Qeelin, TAG Heuer, and Jaeger-LeCoultre—the Hublot store has become a key destination for high-end watch collectors and fashion-forward clientele alike.
Yorkdale itself has earned a reputation as Canada’s top luxury shopping centre, featuring over 270 retailers and welcoming more international brands than any other mall in the country. Its upscale 65,000-square-foot expansion, which will include flagship stores for Dior and Saint Laurent, has solidified its position as a magnet for luxury consumers.
Image: Hublot
The Big Bang Legacy: Two Decades of Fusion and Innovation
First launched in 2005 under the leadership of then-CEO Jean-Claude Biver, the Big Bang chronograph introduced a new era of luxury watch design. The model exemplified Hublot’s Art of Fusion philosophy—seamlessly blending traditional Swiss craftsmanship with cutting-edge materials such as ceramic, carbon fiber, and rubber.
Over the years, the Big Bang collection has become synonymous with bold design and technical innovation. Its influence has been so significant that the Big Bang is now considered a pillar of Hublot’s identity and success.
This year’s 20th-anniversary editions continue that tradition, with new designs and limited-run models that underscore Hublot’s drive to push the boundaries of horology.
Watches Debuted at ‘Watches and Wonders’ in Switzerland
The Big Bang anniversary pieces that will be displayed at Yorkdale were unveiled last month at Watches and Wonders 2025, the preeminent annual gathering of the global watchmaking industry in Geneva.
At the event, Hublot revealed a range of new models showcasing complex materials and in-house movements, including refinements of its celebrated Unico and Meca-10 calibres. Among the key highlights are anniversary editions featuring sapphire, Magic Gold, and other proprietary materials that highlight Hublot’s continued investment in R&D.
The Yorkdale showcase will give Canadian watch collectors and fans a rare opportunity to experience these pieces up close.
Image: Hublot
Vancouver Location Also Marks Strong Brand Presence
In addition to Toronto, Hublot maintains a significant presence in Vancouver, where it operates a prominent boutique on Alberni Street. This two-level, 2,800-square-foot store opened in 2017 within The Carlyle retail complex, originally through a local franchise arrangement. It has since transitioned to a corporate store under LVMH ownership, aligning with Hublot’s global branding strategy.
Located in Vancouver’s ‘Luxury Zone’, the boutique neighbours prestigious brands such as De Beers, Prada, Moncler, and Saint Laurent. Alberni Street continues to thrive as the city’s premier luxury retail corridor, attracting high-spending tourists and local clientele alike.
Hublot’s Global Strategy: Canada as a Key Market
Hublot’s dual presence in Toronto and Vancouver reflects its focus on penetrating Canada’s most affluent and trend-conscious markets. By establishing flagship boutiques in both cities, the brand has effectively positioned itself to serve a growing base of discerning watch buyers.
Globally, Hublot has maintained a dynamic pace of innovation and expansion. Under Julien Tornare, who became CEO in 2024, the brand is pursuing a strategy of streamlining product launches and focusing on meaningful milestones—such as the Big Bang anniversary—to elevate its profile.
Tornare’s leadership is seen as a strategic move to maintain Hublot’s cachet in a saturated luxury market while avoiding overexposure from excessive limited editions.
Hublot’s History: From Bold Beginnings to Global Powerhouse
Founded in 1980 by Carlo Crocco, Hublot broke conventions from the outset with its signature combination of gold cases and rubber straps—an industry first. Despite initial skepticism, this unorthodox pairing caught on, paving the way for Hublot’s future as an innovator.
The brand’s turning point came in 2004 with the appointment of Jean-Claude Biver. The following year’s launch of the Big Bang was a breakthrough moment, earning accolades and skyrocketing sales.
In 2008, luxury conglomerate LVMH acquired Hublot, solidifying its global stature. Since then, the brand has continued to develop proprietary innovations such as:
Magic Gold: A scratch-resistant alloy co-developed with EPFL.
In-House Movements: Including the automatic Unico chronograph and Meca-10.
Exotic Materials: Extensive use of sapphire, titanium, carbon fiber, and ceramic.
Sports, Culture, and Design: Expanding the Brand
Beyond horology, Hublot has become a cultural force through its partnerships and high-profile ambassadors. It has served as the official timekeeper of major events like the FIFA World Cup, and maintains partnerships with clubs such as AFC Ajax and Juventus.
These partnerships underscore Hublot’s approach to integrating lifestyle and luxury—a strategy that resonates with modern consumers seeking more than just a timepiece.
ICSC is set to bring its newest retail real estate event series, RETAIL FORWARD, to Montreal on Thursday, June 5, 2025. Running from 12:00 p.m. to 6:00 p.m. at Le Windsor Ballrooms, the streamlined program is designed to accelerate dealmaking between retailers, tenants, brokers, landlords, and other key players in Quebec’s retail ecosystem. [Register Here]
The one-day event is framed as a hyper-local and hyper-focused initiative to foster meaningful in-person connections. It emphasizes targeted negotiations and information sharing, aiming to facilitate high-value retail leasing activity in a condensed and productive format.
Retailers in the Spotlight
A significant highlight of the event is its focus on giving retailers and tenants premium visibility. More than 50 retailers, foodservice chains, and service providers are listed as participants, representing a diverse mix of national and regional brands across categories.
Notable names include:
Food & Beverage: Tim Hortons, Starbucks, McDonald’s, Ben & Florentine, Thaï Express, Edo Japan, Osmow’s, Poke by Sushi Shop, Wetzel’s Pretzels, and more.
Retail & Services: MINISO, Sleep Country Canada, Mr. Lube, TD Bank, and RONA Inc.
Grocery & Fitness: Dollarama, Sobeys Québec Inc., and Éconofitness.
This retailer-forward approach positions brands to pitch their expansion plans directly to landlords, brokers, and developers while streamlining the matchmaking process between tenants and available sites.
Event Format: Focused and Fast-Paced
The event will unfold in three parts:
12:00 PM – 6:00 PM: Registration and badge pickup
1:00 PM – 4:00 PM: Retail dealmaking sessions
4:00 PM – 6:00 PM: Networking reception
The core dealmaking session is purpose-built to support rapid negotiations, creating opportunities for brokers and landlords to meet decision-makers and evaluate alignment on site needs in real time.
The Site Shopper: A Retailer Reference Tool
Each attendee will receive a copy of The Site Shopper, a printed directory containing detailed site specifications and contact information for participating retailers. The guidebook is positioned as a critical asset for dealmakers, enabling them to quickly identify viable leasing prospects and initiate discussions on-site.
Cost-Effective Access for Retailers
In line with ICSC’s effort to lower barriers to entry and stimulate retail expansion, registration is complimentary for retailers—regardless of ICSC membership status. Retailers can also reserve complimentary dealmaking tables to meet with landlords and leasing agents directly on the show floor.
Retail Forward Builds on ICSC’s Mission
The RETAIL FORWARD initiative is part of ICSC’s broader efforts to support the evolution of marketplaces and the commercial real estate industry. The event reflects the organization’s focus on cultivating community-driven retail spaces by creating real-world opportunities for stakeholders to build networks, form partnerships, and advance new projects.
With Montreal’s active retail landscape and vibrant commercial corridors, the June 5 event is expected to draw strong participation from brands, landlords, and brokers who are shaping the future of urban and suburban retail across Quebec.
A Catalytic Gathering for Quebec’s Retail Real Estate Sector
With more than 50 retailers confirmed, a curated environment for efficient dealmaking, and no cost for retailer participation, RETAIL FORWARD in Montreal is positioned to become a high-impact event in the city’s 2025 retail calendar. As the Quebec retail industry continues to navigate economic uncertainty, events like this are critical in fostering direct relationships, accelerating leasing activity, and fuelling local retail growth.
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 several days.
Saks Fifth Avenue in the Hudson's Bay Queen Street building, May 2025. Photo: Craig Patterson
In a sharply worded letter filed earlier this month in a New York lawsuit, Saks Global directly blamed Pathlight Capital for Hudson’s Bay’s inability to secure the financing it desperately needed to avoid its ongoing liquidation under court protection in Canada. Saks Global’s chief legal officer, Andrew Woodworth, outlined the accusations in a letter dated March 26, 2025, addressed to Pathlight’s managing director.
“As a result of these actions and inactions by Pathlight, HBC was forced to initiate restructuring proceedings under the Companies’ Creditors Arrangement Act (CCAA) in Canada,” Woodworth wrote. He further added that “Pathlight’s ongoing intransigence further frustrated HBC’s CCAA proceedings, and, on March 21, 2025, forced HBC to announce a near total liquidation.”
The accusations surfaced just days after Hudson’s Bay reached a critical point in its restructuring efforts. On March 26, shortly after Saks Global sent the letter, Hudson’s Bay concluded that it would not be able to secure sufficient financing to continue operating. The retailer subsequently accelerated its liquidation efforts, moving toward the closure of all remaining stores.
Hudson’s Bay Nears End of Operations
Following its court-supervised process under the CCAA, Hudson’s Bay announced that it would proceed with full liquidation sales across its 80 remaining Hudson’s Bay locations, along with 13 Saks OFF 5TH and three Saks Fifth Avenue stores operating under a licensing agreement with Saks Global. These store closures, anticipated to conclude by Sunday, will mark the end of Hudson’s Bay as an operating department store after more than 350 years in business.
Neither Hudson’s Bay, Saks Global, Pathlight Capital, nor their legal representatives have publicly commented on the dispute or the allegations contained in the recent court filings.
Men’s floor on 2 at Saks Fifth Avenue in the Hudson’s Bay building on Queen Street in Toronto, May 28 2025. Photo: Craig Patterson
Complex Financial Ties Between Saks Global and Pathlight
Saks Global itself was established just last year as part of a major restructuring involving Hudson’s Bay’s luxury assets. In 2024, Hudson’s Bay acquired Neiman Marcus and Bergdorf Goodman, combining them with its Saks Fifth Avenue banner to form Saks Global. The reorganization created a luxury-focused entity separate from Hudson’s Bay’s core department store business.
Court documents reveal that Pathlight Capital played a role in facilitating that transaction. As part of the deal, Pathlight agreed to release Saks Global from certain obligations tied to a loan Hudson’s Bay had previously secured. In exchange, Pathlight received millions of dollars in payments.
However, tensions between the two sides have since escalated. Pathlight is now suing Saks Global in New York court, seeking repayment of an outstanding debt of US$8.8 million. Saks Global, in turn, is refusing to pay, asserting that Pathlight “cannot and should not benefit from its own actions,” which it claims ultimately contributed to Hudson’s Bay’s financial collapse.
Pathlight Among Hudson’s Bay’s Largest Secured Creditors
When Hudson’s Bay filed for creditor protection in Canada under the CCAA, Pathlight Capital emerged as one of the company’s largest secured lenders. At the time of the filing, Pathlight was listed as being owed more than $95 million by Hudson’s Bay.
The precise details of how Pathlight’s involvement may have contributed to Hudson’s Bay’s failure to secure new financing remain part of the ongoing legal dispute. Saks Global’s argument appears to suggest that Pathlight’s conduct as a creditor created obstacles that blocked Hudson’s Bay from accessing additional capital, ultimately pushing the company into full liquidation.
Accelerating Collapse of an Iconic Canadian Retailer
The liquidation now underway represents the near-total dissolution of one of Canada’s oldest and most iconic companies. Founded in 1670, Hudson’s Bay evolved over centuries from a fur trading business into a department store chain that once dominated Canadian retail. Its steady decline in recent years reflected broader challenges facing the department store sector globally, as consumer habits shifted and online competition intensified.
The involvement of multiple financial players, including private equity firms and specialized lenders such as Pathlight, added additional complexity to Hudson’s Bay’s capital structure during its later years. While Hudson’s Bay previously underwent restructurings and ownership changes, the current liquidation marks a definitive end to its legacy department store operations.
Display window at Saks Fifth Avenue in the Hudson’s Bay building on Queen Street in Toronto, May 28 2025. Photo: Craig Patterson
Legal Disputes Could Impact Saks Global’s Future
The ongoing legal battle between Saks Global and Pathlight Capital could carry broader implications for Saks Global itself. The luxury retailer, still operating Saks Fifth Avenue and other luxury banners, remains closely tied to Hudson’s Bay’s former parent company through licensing agreements and shared ownership history.
Saks Global’s strong language in its filing signals a more aggressive legal posture as it seeks to limit liability and protect its position in the face of creditor demands. The case may also shed further light on the financial engineering that preceded Hudson’s Bay’s demise — including asset transfers, spin-offs, and the allocation of debt obligations between various entities.
Broader Industry Implications
The developments underscore the ongoing challenges faced by department store operators in North America, where shifting consumer patterns, rising costs, and increasingly complex financing arrangements have left even once-dominant players vulnerable. As liquidation sales continue across Hudson’s Bay and Saks stores in Canada, creditors and financial partners are now left to untangle competing claims to remaining assets.
Meanwhile, observers within the retail and investment communities are closely watching the outcome of the Saks Global–Pathlight litigation, which may offer additional insights into the broader circumstances that led to the accelerated failure of Canada’s most historic retailer.
Hudson's Bay store at Yorkdale in Toronto on May 12, 2025. Photo: Craig Patterson
In another major development tied to the ongoing collapse of the Hudson’s Bay Company’s Canadian retail operations, RioCan Real Estate Investment Trust has filed a motion seeking to place its real estate joint venture with Hudson’s Bay into receivership. The application, filed late Thursday with Ontario Superior Court, asks that FTI Consulting Canada Inc. be appointed as receiver over the companies that span the joint venture structure.
According to court filings, RioCan’s Chief Financial Officer Dennis Blasutti stated in an affidavit that, “The proposed receivership proceedings will provide the appropriate forum to protect the interests of the stakeholders of the joint-venture entities and maximize value.” The move marks a significant step in the unwinding of one of the country’s most prominent department store real estate partnerships, created less than a decade ago.
The Formation and Scope of the RioCan-HBC Joint Venture
The RioCan-Hudson’s Bay joint venture was established in 2015. It comprises a portfolio of 12 prominent Canadian retail properties, each leased to Hudson’s Bay for its department store operations. The properties are a mix of wholly owned, co-owned, and leasehold interests in some of Canada’s most high-profile shopping centres.
RioCan holds a 22 per cent ownership interest in 10 Hudson’s Bay stores within the joint venture, which include flagship locations in downtown Montreal, Vancouver, Calgary, and Ottawa. The portfolio also includes spaces in Yorkdale Shopping Centre and Scarborough Town Centre in Toronto, Square One Shopping Centre in Mississauga, Devonshire Mall in Windsor, and CF Carrefour Laval and Promenades St-Bruno in Quebec.
RioCan additionally has a 61 per cent ownership interest in properties used by Hudson’s Bay at Oakville Place and Georgian Mall, derived from a combination of its 50 per cent stake in the properties and its 22 per cent stake in the joint venture itself. This structure grants RioCan certain exclusive decision-making powers on operational and leasing matters related to the properties.
Hudson’s Bay flagship store in downtown Vancouver on Wednesday, May 28, 2025. Photo: Lee Rivett
Hudson’s Bay Liquidation Triggers Receivership Action
The move towards receivership follows Hudson’s Bay filing for creditor protection in March under the Companies’ Creditors Arrangement Act (CCAA). Since then, the retailer has been liquidating all 80 Bay stores and 16 Saks locations across Canada. The liquidation sales are set to conclude this Sunday, leaving over 8,300 employees without jobs.
As part of its CCAA proceedings, Hudson’s Bay initiated a process to sell off its assets, including store leases. That process attracted interest in 39 rental contracts from 12 bidders but failed to produce offers for the remaining 62 leases. Alvarez & Marsal, the court-appointed monitor overseeing Hudson’s restructuring, confirmed in court filings that no bids were submitted for the joint venture properties or HBC’s 78 per cent interest in the RioCan-HBC JV.
While the lease sale process came up short, RioCan indicated in its application that certain unnamed third parties have expressed interest in negotiating new or amended sublease agreements for some of the leasehold sites. These properties include Yorkdale, Scarborough Town Centre, Square One, CF Carrefour Laval, Promenades St-Bruno, and potentially others.
The Debt Structure Behind the Joint Venture
The joint venture is heavily leveraged, with multiple secured lenders beyond RioCan itself. According to the filings, secured debt obligations include:
$75 million Yorkdale RBC Financing
$105 million BMO First Mortgage Financing (Calgary, Carrefour Laval, and Promenades St-Bruno)
$202 million Vancouver HSBC First Mortgage Financing
$161 million Montreal RBC First Priority Financing
$56.5 million Ottawa First Mortgage Financing
$87.4 million Oakville First Mortgage Financing
$110 million Georgian Mall First Mortgage Financing
In addition, RioCan extended second mortgage loans totaling approximately $38.2 million on the Georgian Mall and Ottawa properties.
The collapse of Hudson’s Bay’s operations has left the joint venture unable to service its secured debts. HBC’s monthly rents, which previously funded the JV’s debt obligations and operating costs, have ceased. Without this primary revenue stream, the joint venture is unable to meet its financial commitments.
Downtown Montreal flagship Hudson’s Bay store on April 24, 2025. The building started as a location for the Henry Morgan department store chain, which in decades past operated as an upscale business. Photo: Carl Boutet
Receivership as a Solution to Maximize Value
With HBC having disclaimed several of its leases and halted rent payments, RioCan argues that transitioning the JV entities into receivership is necessary to stabilize operations and protect stakeholder interests.
“The appointment of FTI as the Receiver at this time is appropriate as it will provide the stability, structure and supervision required to preserve the value of the JV Property and maximize recoveries for the benefit of the JV Entities’ creditors in general,” Blasutti stated.
FTI would be empowered to borrow up to $20 million to fund the receivership process, with borrowing secured by a court-approved Receiver’s Borrowings Charge. RioCan noted that it is only prepared to provide such financing within the protections of a court-supervised process.
Importantly, the proposed receivership order includes a mechanism that allows certain priority secured lenders to withdraw properties from the receivership, provided they assume responsibility for any allocated receivership costs.
Canadian Tire and Ruby Liu Among Interested Buyers
The receivership filing comes as RioCan and Hudson’s Bay navigate multiple overlapping processes to resolve HBC’s insolvency. As part of the CCAA proceedings, Hudson’s Bay recently reached a $30 million deal to sell its intellectual property—including its name, coat of arms, and iconic stripes—to Canadian Tire. That agreement remains subject to court approval at a hearing scheduled for Tuesday.
Alvarez & Marsal has advised the court that the sale process attracted 17 bidders for the intellectual property, but disclosure of full bid details has been temporarily sealed pending court review. The monitor has cautioned that releasing financial details prematurely could hinder HBC’s ability to secure maximum value for stakeholders if the Canadian Tire transaction fails to close.
Meanwhile, mall landlord Ruby Liu has expressed interest in acquiring up to 28 leases in Alberta, B.C., and Ontario, reportedly intending to launch a new department store concept in former Bay locations.
Hudson’s Bay store at Devonshire Mall in Windsor, ON. Photo: TripAdvisor
RioCan’s Path Forward and Broader Implications
For RioCan, the stakes are significant. The trust’s exposure to the joint venture extends beyond its equity interest to include substantial debt holdings and its role as guarantor on certain financing arrangements. The receivership would allow RioCan, in conjunction with FTI and other secured lenders, to explore redevelopment options, tenant replacement, or outright property sales as part of a value-maximization strategy.
For Hudson’s Bay, the receivership represents yet another stage in its dismantling as an operating retailer. Once Canada’s oldest department store chain, HBC’s liquidation is now almost complete, with the company rapidly shedding both its retail footprint and legacy real estate holdings.
The Ontario Superior Court is scheduled to hear RioCan’s receivership application alongside HBC’s motion for approval of the Canadian Tire sale agreement on Tuesday.
