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Costco Expands Retail Footprint Across Canada with New Warehouses Planned

Image: Costco Canada

Costco is quietly building one of the most active retail expansion pipelines in Canada.

From Northwestern Ontario to Metro Vancouver, the membership-based retailer has warehouses under construction or in advanced planning across a growing list of communities, signalling confidence in the Canadian market at a time when many retailers are slowing expansion plans and reassessing their physical footprints.

Public records, municipal approvals, land transactions and construction activity point to at least 10 traditional warehouse projects in various stages of development across the country, alongside continued growth of Costco’s Business Centre format.

The projects suggest that Costco’s Canadian strategy is entering a new phase. After spending much of the past two decades establishing a presence in major metropolitan markets, the company is now pursuing a combination of suburban densification, regional expansion and additional capacity in communities where existing stores have become increasingly busy.

A Wave of New Openings Approaches

Several new Costco warehouses are expected to open before the end of 2026.

In Ontario, construction is underway on a new warehouse in Wasaga Beach, where the town issued a building permit in April and officials participated in a groundbreaking ceremony in June. The approximately 162,000-square-foot project represents a $50 million investment and is expected to create more than 370 jobs. The store will include a gas bar, tire centre and seasonal garden centre.

Another Ontario project is progressing in Windsor’s east end, where a second Costco warehouse is rising behind the Home Depot and Walmart complex off Tecumseh Road East. Construction has reached the structural steel stage and the developer is targeting a November opening.

Western Canada is also seeing significant activity. Construction is underway on Regina’s second Costco warehouse at 8701 Dewdney Avenue, where the store will anchor the new Horizons shopping district. In Alberta, a new Costco is being built at Bingham Crossing in Rocky View County west of Calgary, while another warehouse has received building permits and is now under construction at Manning Town Centre in northeast Edmonton (replacing a smaller store nearby).

Lloydminster is also preparing to welcome its first Costco warehouse. The approximately 160,000-square-foot project at 75 Avenue and 19 Street is expected to open in November and will serve a trade area that spans both Alberta and Saskatchewan, illustrating Costco’s willingness to pursue opportunities in mid-sized regional markets.

Costco Newmarket. Image: Costco Canada

Costco’s Canadian Development Pipeline

Expected Openings in 2026

  • Wasaga Beach, Ontario – Fall 2026
  • Bingham Crossing (Rocky View County), Alberta – Late 2026
  • East Windsor, Ontario – November 2026
  • Lloydminster, Alberta/Saskatchewan – Mid-November 2026
  • Regina West, Saskatchewan – Late 2026

Expected Openings in 2027

  • Thunder Bay, Ontario – Mid-2027 (estimated)
  • Halton Hills, Ontario – October/November 2027
  • South Surrey, British Columbia – Late 2027
  • Oakville/Burloak, Ontario – Fall 2027

Permitted / Timing to Be Announced

  • Edmonton (Manning Town Centre), Alberta – Building permit issued April 2026/construction under way
  • Caledon, Ontario – Advanced planning stage

Advanced Proposal

  • West St. Paul, Manitoba – Timing to be determined

Timelines are based on public records, municipal approvals and local reporting and remain subject to change.

The 2027 Pipeline Takes Shape

Beyond the projects expected to open this year, Costco has assembled a substantial pipeline of future developments.

Thunder Bay appears poised to become the retailer’s next entirely new regional market. Costco acquired land near Golf Links Road, Central Avenue and Innovation Drive, and “Coming Soon” signage was erected on the property in late June. Local officials and industry observers expect the store could open sometime in 2027.

In the Greater Toronto Area, Halton Hills council recently approved a major retail development at Regional Road 25 and 5 Sideroad that will include a Costco warehouse. Earthworks are expected to begin this summer, with the developer targeting an opening in late 2027.

Another significant project is taking shape in Oakville, where Costco has secured approvals for a warehouse at 3471 Wyecroft Road. The approximately 168,590-square-foot store will feature a two-level parking arrangement with roughly 1,000 spaces and is now expected to open in fall 2027 following extensive infrastructure work.

In Metro Vancouver, Surrey has approved a 165,000-square-foot Costco warehouse and gas station on 33 acres at 1891-1947 164 Street in South Surrey. Construction of a new Highway 99 overpass and related road improvements is progressing nearby, with the infrastructure project and warehouse expected to be completed on similar timelines.

Additional projects remain in various stages of planning and permitting. Municipal files strongly suggest Costco is pursuing a warehouse at 12100 Creditview Road in Caledon, while reports from Manitoba point to a proposed Costco development in West St. Paul north of Winnipeg. Neither project has been formally announced by Costco.

Why These Markets?

The geographic spread of Costco’s expansion offers insight into the company’s evolving Canadian strategy.

Several projects are located in some of Canada’s fastest-growing communities, including South Surrey, Halton Hills, Caledon and Rocky View County. Population growth, residential development and rising household formation have created the customer base needed to support additional warehouses.

Other projects address longstanding gaps in Costco’s network.

Thunder Bay would provide the retailer with its first location in Northwestern Ontario, serving a trade area that extends far beyond the city itself. Lloydminster similarly offers access to a broad regional market spanning two provinces.

The company is also adding capacity in markets where existing stores have demonstrated strong demand. New warehouses in Windsor, Regina and Edmonton will provide additional shopping options in metropolitan areas that continue to grow and where existing Costco locations are often among the busiest retailers in their respective markets.

Costo Business Centre in Winnipeg. Photo: Costco Canada

Business Centres Become a Second Growth Engine

Costco is also continuing to expand its Business Centre division in Canada.

The company opened a Business Centre in New Westminster, British Columbia, in November 2025 and followed with a Winnipeg location in March 2026. The format caters primarily to restaurants, small businesses and institutional customers, offering a merchandise mix that differs from traditional Costco warehouses.

No additional Business Centre projects have been publicly confirmed, though industry observers continue to identify markets such as Calgary, Halifax and Quebec City as logical candidates for future expansion.

A Retail Giant Still Finding Room to Grow

Costco’s expansion pipeline demonstrates that the company still sees considerable opportunity in Canada despite already operating more than 110 locations nationwide.

The projects now underway suggest that the next phase of growth will be driven by a mix of strategies: entering underserved regional markets, deepening its presence in high-growth suburban corridors and adding capacity in metropolitan areas where demand remains strong.

At a time when many retailers are slowing store growth or rationalizing store networks, Costco is continuing to invest aggressively in bricks-and-mortar retail across Canada. If the current development pipeline is any indication, the retailer’s Canadian expansion story is far from over.

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Canadian Furniture Brand Sundays Expands in Southern California

Sundays, Pasadena Location. Image: Sundays

Vancouver-based furniture brand Sundays is expanding again in the United States, adding two Southern California showrooms as the company continues to grow its North American retail footprint.

The company has opened in Pasadena and has added a permanent location in Santa Monica, following a Los Angeles-area pop-up that was originally planned as a short-term activation and was extended after strong customer response.

For Sundays, the move is part of a retail strategy first shaped in Canada. The brand, founded in Vancouver in 2019, started as a direct-to-consumer furniture company before gradually adding physical showrooms in Vancouver, Toronto and Calgary. Today, Sundays lists Canadian showrooms at Terminal and South Granville in Vancouver, Ossington in Toronto and The District in Calgary, along with U.S. locations in New York, Pasadena and Santa Monica.

The new California showrooms extend a model Sundays has been building since the pandemic: use ecommerce data and temporary retail to understand demand, then commit to permanent showroom locations when the market proves itself.

“The US is a much more competitive market than Canada. You can’t just take what worked at home and expect the same result,” Sundays Co-Founder Barbora Samieian says. “The biggest lesson for us has been that you have to earn your place in each market. We’ve done that by being patient, building real relationships, and not rushing into permanent retail before we understood the customer.”

Sundays, Pasadena Location. Image: Sundays

A Canadian Showroom Strategy Goes South

Sundays’ Southern California expansion includes a 2,100-square-foot showroom in Santa Monica and a 1,286-square-foot showroom in Pasadena. The Santa Monica location features design by Colapso Studio, which also designed the brand’s New York showroom and Vancouver Terminal HQ.

The Santa Monica space includes a yellow-tiled coffee counter and a Vermillion-stained island intended to support community events. Product on display includes Sundays best sellers such as the Field Dining Table, Get Together and Chill Time sofas, and the Plane Dining Table, along with newer pieces such as the Square Up collection.

The Pasadena showroom offers a smaller format, with a blue-and-white striped fireplace as a focal point and yellow tile details in the swatch area.

The company’s Los Angeles strategy began at Platform LA in Culver City. The pop-up was originally planned to run from March to April 2024. Sundays extended it several times, allowing the company to test the market before committing to permanent locations.

That approach follows a pattern the company has used before. Sundays’ Toronto showroom on Ossington Avenue began as a pop-up before becoming a permanent location. The company’s New York expansion also followed a temporary-to-permanent path.

“You get real data, real customers, real feedback without locking yourself into a long-term lease in a market you don’t fully know yet,” Barbora says. “Most of our permanent locations started as a pop-up.”

Sundays Santa Monica Location, Image: Sundays

From Vancouver Startup to North American Furniture Brand

Sundays was founded in Vancouver in November 2019 by Barbora Samieian, Moe Samieian, Sara Samieian and Noah Morse. The company launched with a direct-to-consumer model and a focused furniture assortment built around capsule collections.

The company’s early growth coincided with a period when consumers were spending heavily on their homes. That helped build awareness for digitally led furniture brands, but it also showed the limits of online-only retail in a high-consideration category.

Furniture is still a product many customers want to see, touch and test before buying. Sundays said that lesson became clear early in the company’s development and shaped its move into showrooms.

The brand’s Canadian footprint now includes two Vancouver locations. In March, Sundays opened its 15,000-square-foot Terminal HQ at 1728 Glen Drive in Vancouver. The space serves as both a retail environment and operational headquarters, and also introduced physical retail for sister brand Hetta while showcasing furniture from Moe’s.

That location gave Sundays a larger platform in its home market and moved the company beyond a single-brand showroom format. It also showed how the business is using physical space for retail, operations, merchandising and brand-building.

In addition to Terminal, Sundays operates its South Granville showroom at 1515 West 6th Avenue in Vancouver, along with its Toronto showroom at 113 Ossington Avenue and Calgary showroom at 220 12 Avenue SW.

Sundays, Pasadena Location. Image: Sundays

Physical Retail Becomes More Important in Furniture

Sundays’ expansion comes as furniture retail remains under pressure in Canada. Statistics Canada reported that furniture retailers recorded $1.181 billion in seasonally adjusted sales in April 2026, up 1.3 per cent from March but down 3.2 per cent from April 2025. The larger furniture, home furnishings, electronics and appliances category was down 5.7 per cent year over year.

That environment has made customer experience and store productivity more important. Consumers are still buying for the home, but many are taking longer to make decisions and looking more closely at quality, price and service.

Barbora Samieian says the category has changed materially since the pandemic peak.

“Demand peaked in late 2021, early 2022, and it hasn’t come back to those levels,” the company said. “But even through the slowdown we’ve kept growing, and we’re proud of that. Consumers are more intentional now. They’re researching more, buying less but buying better. And they want to see and feel things in person before they spend.”

That shift supports the company’s showroom strategy. Sundays started online, but its growth increasingly depends on connecting ecommerce discovery with in-person evaluation. Customers may first encounter the brand online, then use a showroom to confirm fabric, scale, comfort and finish before purchasing.

“Both channels matter, and they blend into each other,” Sundays said. “People find us online, then come into the showroom to close the decision. That’s just how it works for this category. Retail isn’t going anywhere for us.”

Sundays Santa Monica Location, Image: Sundays

Using Data Before Signing Leases

A central part of Sundays’ expansion strategy is using ecommerce demand to identify markets before opening showrooms.

The company said it starts with its own data when evaluating future locations. Ecommerce activity can show where customers are already browsing and buying before the company commits to physical retail.

That was the case in Southern California, where Sundays said ecommerce traction and the extended Culver City pop-up helped support the decision to open permanent showrooms in Pasadena and Santa Monica.

“We opened a pop-up at Platform in Culver City, initially for two months, and we extended it multiple times,” Sundays said. “LA has a customer who gets what we’re doing, from the aesthetic to the quality and the premium service experience. Our ecommerce traction along with the pop-up supported the data to open in both Pasadena and now Santa Monica.”

The same thinking has shaped the company’s Canadian development. Sundays’ Retail Insider coverage in 2026 noted that the company had built a North American showroom network while continuing to balance ecommerce, logistics, trade relationships and physical retail.

For Canadian retail executives, that is the more useful part of the story. Sundays is not simply adding stores. It is building a repeatable expansion model that lowers risk before entering new markets.

Sundays, Pasadena Location. Image: Sundays

A Tighter Assortment in a Crowded Category

The home furnishings market remains competitive, with traditional chains, independent design stores, luxury furniture galleries and online brands all competing for discretionary spending. Sundays has tried to position itself through a focused assortment and a consistent design language.

The company said its collection is intentionally tight, with products designed to work together across rooms.

“Everything is designed to work together, which takes a lot of the guesswork out of furnishing a home,” Sundays said. “For us, it starts with the product. We’re obsessive about quality, the materials, the construction, how something feels when you sit in it or run your hand across it.”

That approach also gives the company a repeat-purchase opportunity. Customers may begin with a sofa, then return later for dining, bedroom or other pieces as they furnish their homes over time.

Sundays said that relationship with existing customers will be part of its growth over the next three to five years. The company is also adding Hetta, its sister brand, to some showrooms to serve customers looking for a different design direction.

“People don’t furnish their whole home at once,” Sundays said. “They may start with a sofa, come back for a dining table, come back again for a bedroom. Because our collection is designed to work together, we naturally become the brand people return to as they build out their space.”

Canada Remains Part of the Growth Story

Although the U.S. is a major growth focus, Sundays said Canada remains important to the company.

The brand’s Canadian network has already given it a base in three major markets: Vancouver, Toronto and Calgary. The newer Terminal HQ in Vancouver also gives the company more space to test a multi-brand approach and deepen its connection to the design community.

Babrora Samieian states there are no additional Canadian market announcements at this time, but the company is not finished growing at home.

“Canada is home. We’re not done there,” Sundays said. “And the US is still early for us, there’s a lot of room to grow.”

For now, the Southern California openings show a Canadian brand applying lessons learned in its home market to a larger and more competitive retail environment. The company’s growth has been measured, with pop-ups, ecommerce signals and showroom experience working together before long-term commitments are made.

That discipline may become more important as furniture shoppers remain selective and the category continues to move between online research and in-person decision-making.

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Jersey Mike’s Subs to open Burlington restaurant as Redberry continues Canadian expansion

Jersey Mike's photo
Jersey Mike's photo

Redberry Restaurants is opening a new Jersey Mike’s Subs location in Burlington, Ont., next week, adding to its growing Canadian footprint as the company works toward a long-term expansion plan of 300 locations nationwide by 2035.

The restaurant, located at 3121 Appleby Line, is scheduled to open July 8. The opening will be accompanied by a five-day fundraiser in support of Make-A-Wish Canada, part of Jersey Mike’s previously announced commitment to raise $1 million for the charity by 2030.

Jersey Mike's photo
Jersey Mike’s photo

The Burlington restaurant becomes part of a network of more than 30 Jersey Mike’s locations now operating in Canada under Redberry Restaurants, one of the country’s largest quick-service restaurant franchisees.

The grand opening fundraiser will run from July 8 through July 12. Customers who receive a fundraising coupon distributed before the opening can make a minimum $3 donation to Make-A-Wish Canada in exchange for a regular sub. The offer is available only with a coupon.

Customers without a coupon can download the Jersey Mike’s mobile app during the promotion to receive a free regular sub after making their first in-app purchase. They will also have the option of making donations to Make-A-Wish Canada through a donation box inside the restaurant.

“We are excited to join this vibrant waterfront community and introduce Jersey Mike’s fresh sliced/fresh grilled sub sandwiches to our new neighbors in Burlington,” said Ken Otto, CEO, Redberry. “We urge everyone to come out to our grand opening fundraiser and support our longtime partner Make-A-Wish Canada in its mission to restore hope for children with critical illnesses by helping them realize their most heartfelt wish.”

Ken Otto
Ken Otto

In May, Jersey Mike’s announced a pledge to raise $1 million for Make-A-Wish Canada by 2030. According to the company, more than $270,000 has been raised since 2024 to help fund wishes for children with critical illnesses.

The Burlington restaurant will be open daily from 10 a.m. to 10 p.m. Customers will be able to order in person, through the Jersey Mike’s mobile app, online and through national delivery platforms. Catering services will also be available.

Redberry also said it will open a Jersey Mike’s at 5001 19th Street in Red Deer on Wednesday, July 8.  

Founded in 2005, Redberry Restaurants owns and operates more than 200 quick-service restaurants across Canada under the Burger King, Taco Bell and Jersey Mike’s Subs banners.

Jersey Mike’s, founded in 1956 as Mike’s Subs in Point Pleasant, N.J., operates more than 3,200 locations across the United States and Canada.

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Jersey Mike's photo
Jersey Mike’s photo
Burlington location. Jersey Mike's photo
Burlington location. Jersey Mike’s photo

GARAGE to open new New York City flagship store in Manhattan’s Flatiron District

Following its London expansion, GARAGE says it is opening a new flagship in New York City, one of the world’s premier fashion capitals.

The Montréal-born brand, under the Groupe Dynamite umbrella which includes clothing store DYNAMITE, has officially confirmed it will open its largest, most immersive retail flagship to date in the heart of Manhattan’s Flatiron District. Occupying a premier multi-level corner at 5th Avenue and E 21st Street, this high-voltage destination is set to open in spring 2027.

While the brand maintains a presence in New York City’s SoHo, this opening marks a key step in GARAGE’s North American expansion, securing one of the most coveted retail footprints in Manhattan, said the company.

Romina Kolodziejska
Romina Kolodziejska

“We’re incredibly excited to bring GARAGE to the Flatiron district in New York City with our largest store to date. This flagship location represents a major milestone for the brand, allowing us to showcase our full expression of GARAGE in one of the world’s most dynamic retail markets,” said Romina Kolodziejska, Vice-President, Global Real Estate & Store Development at Groupe Dynamite Inc. “Expanding in New York at this scale underscores our confidence in the brand’s continued growth, and our commitment to meeting our customers where they are.”

Spanning over 9,500 square feet, the space is designed to be a content-creation hub. The flagship will blend Flatiron’s historic bones, soaring ceilings, and industrial textures, with GARAGE’s signature aesthetic, added the retailer.

“The arrival of the Flatiron flagship comes at a time of exceptional growth for GARAGE. While successfully scaling in major US hubs, like Las Vegas and Hawaii, GARAGE made its mark overseas with the recent opening of its first UK stores at Bluewater Shopping Centre and a premier location on London’s Oxford Street,” it said.

“Following the Flatiron launch, GARAGE will unveil similar multi-level destinations on Newbury Street in Boston, and M Street in Georgetown, District of Columbia, reinforcing its commitment to community and connection in the world’s most competitive retail landscapes.”

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RYCO Properties announces acquisition of Calgary’s Marlborough Mall

RYCO Properties LinkedIn photo
RYCO Properties LinkedIn photo

In a LinkedIn post, RYCO Properties Ltd., a Calgary-based real estate development and commercial property company, announced the acquisition of Marlborough Mall, which it described as “a landmark destination in northeast Calgary.”

RYCO said it acquired the property with a clear vision: invest in the community, strengthen the tenant mix, and transform Marlborough into a vibrant destination that reflects the energy and potential of northeast Calgary.

The mall was previously owned by Primaris REIT. It originally opened in 1971.

David Lees, Executive Vice President at Cushman & Wakefield, represented RYCO in the transaction.

“Marlborough Mall is the flagship of the RYCO portfolio and one of northeast Calgary’s true regional destinations. At 385,000-plus square feet on 47 acres, with an LRT station at the door and a catchment reaching across the entire quadrant, it draws daily traffic that neighbourhood centres simply cannot match,” explained the company on its website.

“The centre is fully leased and held for the long term: a stable, income-producing cornerstone asset. Its scale, transit access, and decades of standing in the northeast make it one of the most resilient retail positions in the city.”

 Located steps from the Marlborough C-Train Station and minutes from downtown, Marlborough Mall occupies one of the most connected and strategically positioned sites in the city. For generations, it has served as a gathering place for local residents, families, and businesses, added RYCO on its social media post. 

Ryan Sidorsky
Ryan Sidorsky

“We believe Marlborough’s best days are ahead,” said Ryan Sidorsky, President of RYCO Properties. “This community has incredible momentum, strong families, growing businesses, and a deep sense of pride. Our goal is to invest in that future and create a destination that people are excited to visit, support, and enjoy.”

RYCO said its investment strategy focuses on property improvements, new retail opportunities, enhanced customer experiences, community programming, and long-term destination development. Additional announcements regarding tenants, events, and future enhancements will be made in the coming months.

The company said its vision is simple: create a safe, welcoming, and energetic destination where residents choose to gather, shop, dine, and connect.

“Marlborough has always been an important part of Calgary,” said Sidorsky. “We’re committed to helping it recapture its energy and realize its full potential as a destination for families, businesses, and the broader community.”

 RYCO Properties has its roots dating back to 1965. It owns and manages more than 1 million square feet of commercial real estate and over 700 acres of development land across Calgary and southern Alberta.

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Moving Canadian Grand Prix to May boosts Montréal tourism, hotel demand, Tourisme Montréal says

Canadian Grand Prix photo
Canadian Grand Prix photo

Moving the Canadian Grand Prix to May helped drive stronger hotel demand and tourism activity in Montréal while allowing June to maintain its performance without the Formula One race, according to Tourisme Montréal.

The tourism organization said hotel demand in May increased 12.9 per cent compared with June 2025, when the Canadian Grand Prix was still held that month. It said the increase was also supported by the Montréal Canadiens’ playoff run, which drew additional visitors to restaurants, hotels and retailers across the city.

The figures suggest the calendar shift created a stronger start to the tourism season while leaving room for other major events in June, according to the organization.

“The results show that we made the right decision in supporting the move of the Grand Prix to May. This change in the calendar allows us to attract more visitors at the very start of the season, while also freeing up space in June to host major conventions and other large-scale events. It’s a win-win for Montréal, for our members, and for the entire tourism industry,” said Yves Lalumière, President and CEO of Tourisme Montréal.

The organization said the Grand Prix continued to generate strong demand for hotels across the Montréal region during race weekend.

It reported hotel occupancy reached 94.8 per cent across Montréal, with demand increasing in both the downtown core and the airport area.

Dominique Villeneuve
Dominique Villeneuve
Yves Lalumière
Yves Lalumière

“The results recorded during the Grand Prix confirm how strategically important this event is for our industry. With a hotel occupancy rate of 94.8% across the island of Montréal and significant demand growth both downtown and near the airport, hotels enjoyed an exceptional level of activity,” added Dominique Villeneuve, President and CEO of the Greater Montréal Hotel Association (AHGM).

Tourisme Montréal said the economic benefits extended beyond the city itself.

Hotel demand in Laval increased 10 per cent during the 2026 race weekend compared with the same period a year earlier, while demand on Montréal’s South Shore rose five per cent.

The organization also pointed to the international exposure generated during the race weekend through Formula One drivers’ social media accounts.

Tourisme Montréal photo
Tourisme Montréal photo

It said several drivers shared content featuring Montréal, with their combined social media following approaching 200 million people worldwide. According to Tourisme Montréal, posts highlighting the city generated more than 10 million views. Among the most widely viewed was a post showing Charles Leclerc walking through Mount Royal and visiting several of Montréal’s landmarks.

Despite moving one of the city’s largest annual tourism events into May, Tourisme Montréal said June has maintained comparable hotel demand to the previous year.

It said hotel demand for June 2026 is tracking at the same level as June 2025, when the Grand Prix remained on the month’s calendar.

The organization said Montréal’s summer events calendar will continue following Les Francos de Montréal with the Festival International de Jazz de Montréal, Festival International Nuits d’Afrique de Montréal, Just for Laughs and other cultural, culinary and sporting events scheduled throughout the season.

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Canadian venture capital downturn hits early-stage startups, RBCx data shows

Thirdman photo
Thirdman photo

Canada’s early-stage startup ecosystem is under increasing strain, with fewer companies raising venture capital and total funding falling sharply year-over-year in the first quarter of 2026, according to new data from RBCx.

The findings show both the number of early-stage companies securing venture capital and the total capital raised declined 40 per cent compared with the same period in 2025, even as average seed round sizes remained steady. RBCx says the trend points to fewer founders accessing capital rather than reduced funding requirements among startups.

The data arrives alongside RBCx’s Capital Under Pressure report, which highlights increasing concentration in Canada’s venture capital market and a growing gap in financing available to early-stage companies compared with historical norms.

The findings point to a tightening financing environment at the earliest stages of company formation, with implications for founders seeking seed capital and for the venture ecosystem that traditionally supports high-risk, early innovation.

RBCx tracked fundraising activity among more than 700 pre-seed and seed-stage Canadian companies over a two-year period. It found the number of companies raising capital has steadily declined since early 2025, including a 31 per cent drop from the fourth quarter of 2025 to the first quarter of 2026, and a 40 per cent decline from the first quarter of 2025.

Despite fewer companies raising money, RBCx reported that average seed round sizes held at about $3 million across 2025 and into the first quarter of 2026. The bank’s innovation arm said this suggests funding needs remain consistent, even as fewer startups are successfully securing investment.

Tony Barkett
Tony Barkett

“Venture capital plays an important role in the early stage, especially for businesses in cleantech and life science with heavy upfront costs in research and development. Without funds available, the innovation pipeline narrows,” said Tony Barkett, Head of Banking.

“RBCx remains committed to early-stage companies. Our team, many of them former founders themselves, offer tailored financial products and direct connections to VCs, helping founders unlock growth at every stage, especially when the fundraising environment is tough.”

The report also highlights pressure on emerging venture capital managers, which RBCx describes as a key source of funding for early-stage companies.

MART PRODUCTION photo
MART PRODUCTION photo

Emerging managers raised about $2.8 billion, roughly 36 per cent below expected levels based on historical patterns, according to the analysis.

RBCx’s data shows a significant shift in how venture capital is distributed in Canada. In 2025, five of the largest venture capital funds accounted for nearly 80 per cent of total capital raised, compared with 46 per cent in 2023 and 67 per cent in 2024.

Matt Roberts
Matt Roberts

The report also indicates that while fundraising among the largest funds has declined since 2021, the drop has been far more pronounced among other market participants. RBCx said the top five funds saw fundraising fall from $3.5 billion in 2021 to $1.7 billion in 2025, a decline of about 50 per cent, while all other funds combined fell from $4.5 billion to $444 million over the same period, a drop of nearly 90 per cent.

“Emerging managers are the engine of early-stage innovation in Canada. They’re willing to take on the riskier bets by backing first-time founders solving problems the market hasn’t fully recognized yet,” said Matt Roberts, Managing Director, Venture Coverage.

“That diversity of risk appetite is what keeps a healthy ecosystem moving. When emerging managers are underfunded, it’s not just a financing gap – it’s an innovation gap.”

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Recipe opens first Ontario Olive Garden as part of national expansion plan

Olive Garden photo
Olive Garden photo

Recipe Restaurant Group has opened a new Olive Garden restaurant at Vaughan Mills, marking the first new location in Eastern Canada under the company’s national development agreement with Darden Restaurants Inc.

The opening also represents the first restaurant in Ontario and follows Recipe’s acquisition earlier this year of the existing Western Canadian restaurants.

The Vaughan Mills location is the first of several Ontario restaurants planned as Recipe expands the brand across Canada under its long-term growth strategy. The company said additional locations in Ottawa and Ajax are currently in development.

Recipe said the restaurant is located at Vaughan Mills and will serve Olive Garden’s menu of Italian-inspired dishes, soups, salads and breadsticks.

“The opening of the first Olive Garden restaurant in Ontario is a significant milestone for Recipe,” said Frank Hennessey, chief executive officer of Recipe Restaurant Group. “The response from the community to the opening has been incredible. Receiving over 6,000 applications allowed us to build an outstanding team of more than 250 members, representing a fantastic economic opportunity for the region. We’re proud to bring Olive Garden’s quality food, warm hospitality and exceptional value to Ontarians, and we can’t wait to welcome guests to experience everything that makes the brand so special.”

Frank Hennessey
Frank Hennessey

Bradley Smith, president of Darden Franchising, said the opening marks the brand’s expansion into Eastern Canada through its relationship with Recipe.

“We are very excited to expand Olive Garden into Eastern Canada and open our first Toronto-area restaurant at Vaughan Mills,” said Smith. “Recipe’s deep experience in the Canadian restaurant industry will help us successfully deliver Olive Garden’s signature Italian generosity to our guests.”

Olive Garden photo
Executives from Darden Restaurants and Recipe Restaurant Group, along with Olive Garden Canada leadership, celebrate the opening of the first Olive Garden restaurant in Ontario at Vaughan Mills. Attendees include Rick Cardenas, Chief Executive Officer of Darden Restaurants, and Frank Hennessey, Chief Executive Officer of Recipe Restaurant Group, along with senior executives from Darden Restaurants and Olive Garden Canada operations, brand, marketing, and restaurant teams. (CNW Group/Recipe Restaurant Group)

Recipe said the Vaughan Mills restaurant is part of its broader plan to expand the Olive Garden brand nationally following its agreement with Darden Restaurants.

Olive Garden operates more than 920 restaurants and employs more than 96,000 people. The brand is a division of Darden Restaurants.

Recipe Restaurant Group said it operates nearly 1,100 restaurants across Canada and also has operations in the United States and the Middle East through a portfolio of casual dining, quick-service and fast-casual restaurant brands.

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Federal government announces $5.6 million for Black entrepreneurs in Alberta

Gustavo Fring photo
Gustavo Fring photo

The federal government is investing $5.6 million in three Alberta-based projects aimed at helping Black entrepreneurs start, grow and expand their businesses through training, mentorship and business development services.

The funding will support organizations delivering programming intended to address barriers facing Black business owners and entrepreneurs across the province.

The investment is being provided through the federal Black Entrepreneurship Program and will fund initiatives led by the Council for the Advancement of African Canadians (Africa Centre), the BIPOC Foundation and Black Canadian Women in Action Society.

The largest share of the funding, $2.6 million, will go to the Council for the Advancement of African Canadians, also known as Africa Centre, along with co-recipients Canadian Imperial Advantage and The Nod Foundation.

The organizations will deliver a provincewide initiative called ACT, which is designed to support aspiring entrepreneurs, early-stage businesses and companies preparing to scale. The program will provide business advisory services, capital readiness assessments, tailored incubation, one-on-one coaching, digital technology adoption training, market access preparation and commercialization support.

The BIPOC Foundation will receive $1.5 million to expand its Founders Hub, which provides provincewide programming including business planning, financial forecasting, mentorship, investor readiness and market access training for Black entrepreneurs.

A further $1.5 million will be provided to Black Canadian Women in Action Society to expand services for Black women entrepreneurs through business development initiatives, advisory services and skills training intended to support business creation, growth and long-term sustainability.

Mikhail Nilov photo
Mikhail Nilov photo

According to Prairies Economic Development Canada, the three projects are expected to create 280 jobs, serve 950 businesses, train 720 participants and support the creation, maintenance or expansion of 302 businesses.

Eleanor Olszewski
Eleanor Olszewski

The funding is part of the Black Entrepreneurship Program’s Ecosystem Fund, which supports Black-led, not-for-profit organizations that provide services such as mentorship, financial planning, networking and business training. In Alberta, Saskatchewan and Manitoba, the program is administered by Prairies Economic Development Canada.

“Black entrepreneurs and businesses are leaders in Alberta’s economy. Their innovation and determination create jobs, drive growth, and strengthen communities across the province. The Government of Canada is proud to work with the organizations receiving funding today to help remove barriers to success and ensure more Black entrepreneurs have the tools, networks, and opportunities they need to start, grow, and scale their businesses. When Black entrepreneurs succeed, Alberta’s economy grows stronger, more competitive, and more resilient,” said Eleanor Olszewski, Minister of Emergency Management and Community Resilience and minister responsible for Prairies Economic Development Canada.

The federal government said the projects are intended to increase access to business supports for Black entrepreneurs, including training, advisory services and mentorship.

Rechie Valdez
Rechie Valdez

“Black businesses and entrepreneurs play a vital role in building a strong and inclusive Canada. Canada and Alberta are stronger when entrepreneurs have the tools they need to succeed. The Government of Canada is committed to ensuring Black entrepreneurs, including Black women entrepreneurs, have the support they need to grow, succeed, and create good jobs here in Alberta,” said Rechie Valdez, Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism).

Prairies Economic Development Canada said applications for the current intake of the Black Entrepreneurship Program’s Ecosystem Fund have closed and all approved projects must be completed by March 31, 2030.

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Daily Synopsis: Jun 30, 2026

Welcome to the Daily Synopsis by Retail Insider. We published 12 articles on Tuesday covering key developments in Canadian retail.

Walmart Canada will open a Supercentre in the former Hudson’s Bay space at Place d’Orléans in Ottawa, illustrating how property managers like Primaris REIT are repurposing large department store locations. Primaris is also exploring unlocking up to $375 million by selling excess mall lands for various developments, leveraging eased restrictions on such properties.

RW&CO launched a reimagined flagship store at CF Toronto Eaton Centre with immersive retail experiences, while Eggslut plans to open its first Vancouver restaurant in a luxury retail district. Canadian consumer caution towards AI-powered shopping and major event-driven retail traffic growth also featured in today’s updates.

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