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.”
A growing financial divide is emerging across Canada, with some borrowers benefiting from lower interest rates while others struggle under mounting debt. According to Equifax Canada’s Q4 2024 Market Pulse Consumer Credit Trends Report, some Ontario mortgage holders are experiencing severe financial distress, with delinquencies more than 50 per cent higher than pre-pandemic levels.
Total consumer debt in Canada reached $2.56 trillion at the end of 2024, a 4.6 per cent increase over 2023. Non-bank auto loans drove much of this increase, rising 11.7 per cent year-over-year, while the average non-mortgage debt per consumer reached $21,931, exceeding pre-pandemic levels, said the report.
Rebecca Oakes
“While some consumers are doing better and seeing financial improvements from lower interest rates, financial pressures have intensified for some Canadians, as well as mortgage holders in certain regions, in particular in Ontario and British Columbia,” said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada. “At first glance, the numbers are not concerning, but when we look deeper at a more granular level, many are feeling the strain of high living costs and mortgage renewals with higher payments, while other consumers are doing better and seeing financial improvements from lower interest rates and income growth.”
For some homeowners, rate cuts have provided some relief. Some borrowers with home equity lines of credit have seen delinquency rates stabilize. Many of these consumers have improved their credit card repayment habits, with more people paying off balances in full, added Equifax.
Ontario Mortgage Holders Under Pressure and Missing Payments The report said more than 11,000 mortgages in Ontario recorded a missed payment in Q4 2024 — nearly three times the number seen in 2022. Mortgage holders who are falling behind in their payments are also carrying substantially higher mortgage balances, reflecting the continued financial strain of higher than pre-pandemic interest rates. The 90+ day mortgage balance delinquency rate in Ontario surged 90.2 per cent year-over-year to 0.22%, far outpacing the change in delinquency rates in other provinces, with BC at 37.7 per cent, Alberta at -3.6 per cent, Quebec at 41.2 per cent, the Prairies (MB and SK) at 0.6 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 15.7 per cent.
Ontarian mortgage holders are struggling with other forms of debt as well. The 90+ day non-mortgage balance delinquency rate jumped 46.1 per cent from Q4 2023, while other provinces saw smaller rate jumps, with BC at 21.6 per cent, Quebec at 23.3 per cent, Alberta at 6.1 per cent, the Prairies (MB and SK) at 4.1 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 1.5 per cent. In addition, Ontario’s overall rise in non-mortgage delinquency rate was 23.9 per cent, above the national average of 18 per cent, it said, adding that in Toronto, 90+ day non mortgage delinquency rates hit 2.06 per cent, higher than most major cities, reflecting the region’s unique financial challenges.
“Mortgage holders will typically do everything they can to keep up with payments,” explained Oakes. “The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain. Depending on the type of credit, missed payments have increased from 10 to 80 per cent, compared to pre-pandemic levels.”
Canadian Housing Market: Rebound Tempered by Renewal Challenges
The overall Canadian mortgage market showed signs of recovery, with new mortgage originations rising 39 per cent year-over-year. First-time homebuyers returned, with a 28.2 per cent increase from the extreme lows of purchases in Q4 2023. Although the average loan amount for first-time buyers remains 6.6 per cent higher than Q4 2023, monthly payments have decreased 7.9 per cent, or $200 lower, to an average loan amount of $2,330, said the report.
“Mortgage renewals and refinancing accounted for over 50 per cent of new mortgage originations in Q4 2024, increasing 10.6 per cent from 2023. The average loan amount and balance on mortgage renewals in 2024 surpassed those in 2023 and 2022, with the average balance increasing by 2.9 per cent in 2024 compared to 2023,” it said.
“Many consumers renewing their mortgage continue to have higher monthly payments due to elevated interest rates compared to pre-pandemic and pandemic levels, when they last locked in their low rates. This reality is expected to affect around a million mortgages due for renewal in 2025, originating from the low-interest-rate environment of 2020. These borrowers may face significantly higher payments despite recent rate reductions. A quarter of mortgage-holders saw their monthly mortgage payment increase by over $150 at renewal in Q4 2024.”
Consumer Spending and Credit Behaviour
Equifax said credit card debt climbed 7.8 per cent in Q4 2024, though at the slowest rate since 2022. Seasonal spending in December hit a two-year high, with average credit card purchases adjusted for inflation reaching $2,228 per cardholder, a 2.2 per cent increase from 2023.
Younger and lower income Canadians are experiencing missed payments on credit cards, auto loans, and lines of credit, signaling financial strain among these groups, it added.
“Despite recent rate cuts and GST tax relief, challenges persist for certain consumers, particularly in consumer debt and housing. The added uncertainty of U.S. tariffs underscores the need for a balanced approach to debt, affordability, and trade. The coming year will be critical for Canada’s economic stability,” said Oakes.
Age Group Analysis – Debt & Delinquency Rates (excluding mortgages)
Average Debt (Q4 2024)
Average Debt Change Year-over-Year (Q4 2024 vs. Q4 2023)
Delinquency Rate ($) (Q4 2024)
Delinquency Rate ($) Change Year-over-Year (Q4 2024 vs. Q4 2023)
18-25
$8,483
3.84%
1.92%
15.17%
26-35
$17,467
0.87%
2.24%
21.24%
36-45
$27,042
1.96%
1.85%
23.20%
46-55
$34,564
3.71%
1.33%
19.04%
56-65
$28,714
5.53%
1.11%
14.26%
65+
$14,635
3.82%
1.11%
5.55%
Canada
$21,931
2.98%
1.53%
17.98%
Major City Analysis – Debt & Delinquency Rates (excluding mortgages)
City
Average Debt (Q4 2024)
Average Debt Change Year-over-Year (Q4 2024 vs. Q4 2023)
Delinquency Rate ($) (Q4 2024)
Delinquency Rate ($) Change Year-over-Year (Q4 2024 vs. Q4 2023)
Calgary
$24,078
0.81%
1.67%
16.23%
Edmonton
$23,665
-0.22%
2.17%
19.00%
Halifax
$21,278
1.46%
1.53%
21.37%
Montreal
$17,057
3.16%
1.43%
20.48%
Ottawa
$19,634
1.75%
1.47%
24.45%
Toronto
$21,054
3.34%
2.06%
23.75%
Vancouver
$23,251
4.12%
1.24%
15.81%
St. John’s
$23,968
1.02%
1.47%
3.62%
Fort McMurray
$37,861
0.26%
2.41%
11.72%
Province Analysis – Debt & Delinquency Rates (excluding mortgages)
Province
Average Debt (Q4 2024)
Average Debt Change Year-over-Year (Q4 2024 vs. Q4 2023)
Delinquency Rate ($) (Q4 2024)
Delinquency Rate ($) Change Year-over-Year (Q4 2024 vs. Q4 2023)
Canada’s luxury fashion sector has experienced significant shifts in recent years, influenced by economic fluctuations, evolving consumer behaviours, and global trends. As we move through 2025, it’s clear that luxury retail is undergoing a transformation. While demand for high-end fashion remains strong, factors like inflation, shifting shopping habits, and the growing resale market are reshaping the industry. Understanding these dynamics is crucial for retailers, brands, and investors seeking to navigate these changes.
The Current State of Luxury Retailers in Canada
Despite economic uncertainty, Canada’s luxury fashion industry has shown resilience. In 2024, luxury apparel sales increased by 4.2%, with projections suggesting an 18.8% growth by 2027. The overall fashion and apparel market in Canada is also on a growth trajectory, expected to reach $40.78 billion in 2024, marking a 2.48% year-over-year increase. However, this growth hasn’t come without its challenges. While some luxury brands continue to thrive, others have struggled to maintain pre-pandemic sales levels.
In reference to key trends, one of the most notable in Canadian luxury retail is the resurgence of brick-and-mortar shopping. Shopping centers like Yorkdale in Toronto have expanded their luxury offerings, attracting brands such as Loewe, Brunello Cucinelli, and Versace. At the same time, the rise of secondhand and resale luxury is transforming the market. Luxury resale platforms, such as The RealReal and Vestiaire Collective, have gained popularity among Canadian consumers. Additionally, experiential retail and hyper-personalization – a trend that emerged in the immediate aftermath of the COVID-19 brick-and-mortar store closures – continue to drive significant engagement.
Conversely, the once booming luxury streetwear sector, particularly the sneaker resale market, has experienced notable shifts. The resale market for high-end sneakers has faced challenges due to market saturation and changing consumer preferences. Major brands like Nike, Supreme, and Adidas increased their production volumes, transforming previously limited-edition releases into widely available products. This overproduction led to a significant decline in resale profits, as items that once commanded premium prices saw dramatic markdowns.
Parallel to the challenges in the resale market, there has been a significant rise in ‘dupe’ culture within the fashion industry. ‘Dupes’ are products that closely mimic the design and appearance of luxury items but are sold at a fraction of the price, have become a major trend and has been amplified by social media platforms like TikTok, where creators share their best dupe finds across fashion, beauty, lifestyle, and homeware. At the time of writing, over 260,000 posts have been made under the #dupes hashtag, highlighting its popularity, according to a recent article in Vogue Business.
Rendering of the ‘luxury run’ at Oakridge Park in Vancouver. Image via QuadReal
Challenges Facing Luxury Retailers in Canada
Luxury fashion retailers in Canada are navigating a complex landscape in 2025, marked by economic uncertainties, evolving consumer behaviors, and intensified global competition. These challenges necessitate strategic adaptations to sustain growth and relevance in the market.
Economic Uncertainty and Inflation
The Canadian luxury market is experiencing a slowdown, with projections indicating a modest annual growth rate of 3.35% from 2025 to 2029, aiming for a market volume of US$6.24 billion by 2029. This deceleration is influenced by global economic headwinds, including inflationary pressures that have heightened consumer price sensitivity. As a result, even affluent consumers are reassessing their discretionary spending, leading to a cautious approach toward luxury purchases.
Shifts in Consumer Preferences
A notable shift in consumer behavior is the growing demand for value-driven purchases. A 2025 report from Yahoo Finance, indicates that 70% of consumers plan to continue shopping at off-price retailers, such as T.J. Maxx and Ross, over the next 12 months, even if their disposable income increases. This trend suggests a reevaluation of traditional luxury propositions, with consumers seeking quality and exclusivity at more accessible price points.
The Colonnade on Bloor Street in Toronto. Image: Morguard
Global Trade Dynamics and Tariff Implications
International trade policies have introduced additional complexities for Canadian luxury retailers. The imposition of tariffs, such as the 25% tariff on goods from Canada and Mexico and a 10% tariff on goods from China, has disrupted supply chains and increased operational costs. These tariffs compel retailers to reconsider their sourcing strategies and pricing models to mitigate adverse financial impacts.
Demographic Shifts and the ‘Silver Generation’
Demographic changes present both challenges and opportunities. The ‘silver generation,’ comprising consumers over 50, is expanding and holds significant purchasing power. However, luxury brands have historically focused on younger demographics, necessitating a strategic pivot to engage this mature segment effectively. Tailoring marketing strategies and product offerings to resonate with the preferences of older consumers is becoming increasingly imperative.
Sustainability and Ethical Considerations
Modern consumers are increasingly conscious of sustainability and ethical practices. Luxury retailers are pressured to demonstrate genuine commitment to environmental responsibility and social ethics. This shift requires substantial investment in sustainable materials, transparent supply chains, and corporate social responsibility initiatives, which can be resource-intensive but essential for brand loyalty and compliance with evolving regulations.
Luxury corridor in West Edmonton Mall in Edmonton, December 2024. Photo: Craig Patterson
The 2025 Outlook: Where is the Market Headed?
Looking ahead, the Canadian luxury fashion market is expected to continue its steady growth. Industry projections from Statista indicate a 3.35% annual growth rate from 2025 to 2029, with the market volume expected to reach $6.24 billion by 2029. One trend gaining momentum is ‘quiet luxury,’ which focuses on understated, timeless pieces rather than overt branding and logos. Additionally, the fusion of luxury fashion with functional, nature-oriented apparel, sometimes referred to as ‘gilded gorpcore,’ is an emerging trend. The Canadian luxury fashion market is at a pivotal moment, shaped by economic factors, evolving consumer preferences, and industry innovations. While challenges like inflation and global competition persist, opportunities abound for brands that embrace change and stay ahead of market trends. Whether through experiential retail, personalization, or sustainable fashion initiatives, the future of luxury fashion in Canada will be defined by those who can adapt, innovate, and connect with the modern luxury consumer.
Alex Mazelow, is Head of Digital at StyleDemocracy. StyleDemocracy is North America’s leading warehouse sale and retail event management company, specializing in turnkey solutions for brands looking to move excess inventory while maximizing revenue and protecting brand integrity. With a 25-year history, StyleDemocracy has built a reputation for creating seamless, high-impact shopping experiences that drive results. For more information, visit styledemocracy.com.
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.
Silk & Snow, the Canadian sleep brand known for its high-quality mattresses, bedding, and furniture, is poised to further expand its footprint across the country. CEO and co-founder Albert Chow revealed plans to open 15 new retail locations by the end of 2025, with a notable new store opening in Calgary on March 21. This move comes after a successful launch of concept stores in Ottawa, Edmonton, and Laval, demonstrating strong customer demand for the brand’s unique mix of product.
Albert Chow
Chow shared that the decision to rapidly grow into physical retail spaces was driven by Silk & Snow’s ability to offer a wide range of products beyond just mattresses, catering to a diverse customer base. By partnering with Sleep Country, the company has leveraged synergies between their customer bases, offering everything from furniture to bedding. Chow emphasized that the brand’s tactile shopping experience has resonated strongly with consumers, positioning Silk & Snow as one of the fastest-growing sleep companies in Canada.
Beginning as an e-commerce retailer in 2017, the company has quickly become one of the country’s most popular destinations for sleep essentials. Silk & Snow has seen a growing demand for in-person shopping experiences, providing customers with more opportunities to interact with the products in real life. After successfully opening three brick-and-mortar spaces in Edmonton, Ottawa, and Laval, Silk & Snow is ready or a national retail expansion, launching elevated storefronts in key markets like Calgary, Vancouver, Quebec City, Winnipeg, and the GTA.
“We started our journey as a brand in 2017 as a digitally native brand and really built our customer base and our business online. We were probably very fortunate with the timing, especially during the pandemic. Over the last four years, we’ve probably been one of the fastest-growing e-commerce companies in Canada. In 2023, we joined Sleep Country with the intent of partnering with them to expand our physical retail in bricks and mortar retail . . . We’re mid to upper market in terms of product assortment. We saw a need to offer our customers both online and physical shopping experiences. We’ve expanded not just in mattresses but in bedding, furniture, and the entire bedroom space,” said Chow.
Source: Silk & Snow
Within the first few years of working with Sleep Country, the brand was in a testing phase. The first concept store opened in Ottawa, a pairing of Silk & Snow and Sleep Country side by side, about 6,000 square feet. It focused on bedding, furniture, and a selection of mattresses. It found good synergy between the customer bases. Customers appreciated the expanded product assortment, offering more than just a solution for sleep. This led to its second and third stores that opened in late 2023. The second store was in Edmonton, combining Silk & Snow, Endy and Sleep Country in an 8,000-square-foot space. The third store, in Laval, was a smaller activation within a larger Sleep Country, around 450 square feet, focused on bedding and select mattresses.
The expansion this year is 15 confirmed stores. Some of these will be standalone, while others will collaborate with other Sleep Country brands. The plan is to grow the Silk & Snow retail presence. The first few stores have proven to show demand for the brand in a physical environment.
There have been many reports recently indicating that the Canadian consumer is holding back on spending these days due to economic pressures.
Source: Silk & Snow
“We’ve actually seen the opposite. Our brand is slightly more unique within the sleep space because we offer a much broader product assortment beyond just mattresses—bedding, furniture, and other home goods. We tend to sell the entire space. Customers are coming to us for all these items. As we’ve activated retail locations, we’ve seen increased demand from customers to experience the product that way. This has translated into strong results for us. We’re likely the fastest-growing sleep brand in Canada, and it’s been an exciting journey. People enjoy the tactile experience of seeing and feeling the products in-store, which enhances their buying experience,” said Chow.
Source: Silk & Snow
The expansion will kick off with Silk & Snow’s first standalone store opening its doors in Calgary on March 21. More details, including the full list of stores, will be announced in the coming months.
“I think we’ve got a pretty full plate with the 15 stores coming up,” said Chow. “I think it will go as far as we feel our customer base will support. At this point, I think 15 is operationally what we could probably handle but we do hope to continue to expand down this path.”
Walmart.ca annual holiday Spark a Miracle fundraising campaign has raised an impressive $5.7 million to support children’s hospitals nationwide. The funds will directly benefit 12 children’s hospital foundations across Canada, advancing groundbreaking research, purchasing specialized medical equipment, and enhancing healing environments for young patients and their families.
From November 14 to December 24, 2024, Walmart Canada invited customers to donate at checkout both in-store and online. A special focus was placed on Giving Tuesday (December 3), where Walmart contributed $1 from every toy sold in stores and on Walmart.ca, up to a maximum donation of $200,000.
Adam Starkman
“The unwavering support of Walmart Canada, their associates, and customers has been instrumental in helping children’s hospitals provide the specialized care kids need across Canada,” said Adam Starkman, President and CEO of Canada’s Children’s Hospital Foundations. “Thank you, Walmart, for your dedication – your generosity is transforming lives and creating brighter futures for children and families in every community.”
This campaign’s success highlights Walmart Canada’s long-standing commitment to supporting Canadian communities, especially those focused on children’s health and well-being.
Rob Nicol
“Spark a Miracle is one of the ways we demonstrate our commitment to strengthening the communities we serve,” said Rob Nicol, Vice President of Communications and Corporate Affairs at Walmart Canada. “We are incredibly proud of our dedicated associates and deeply grateful for the generosity of our customers, who consistently help Canadian families through these donations that prioritize the health and well-being of children.”
Inspiring Stories of Hope
The campaign also shared the inspiring stories of two Patient Ambassadors, Cole and Rylie, whose lives have been transformed thanks to the care provided by Canadian children’s hospitals.
Rylie was born prematurely with a hole in her heart and spent three months in the NICU at Stollery Children’s Hospital. After undergoing three open-heart surgeries, Rylie is thriving and loves spreading joy to everyone she meets.
Cole developed a rare blood disorder at age four that caused his blood to clot and his kidneys to fail. He was sent to Children’s Hospital at London Health Sciences Centre, where life-saving amputations and a kidney transplant changed his life. In 2023, Cole competed in wheelchair basketball at the Canada Games, showcasing his strength and resilience.
30 Years of Impact
Since 1994, Walmart Canada has partnered with Children’s Miracle Network, raising over $230 million to date. This long-standing partnership has had a significant impact on pediatric healthcare, helping to provide vital support to families in need across the country.
About Walmart Canada Walmart Canada is a tech-powered omnichannel retailer with more than 400 stores nationwide, serving over 1.5 million customers daily. Walmart.ca, the company’s flagship online store, also receives millions of visitors every day. Walmart Canada has over 100,000 associates and is one of the country’s largest employers, consistently ranked as one of the top 10 most influential brands in Canada. Walmart Canada has raised over $750 million for Canadian charities since its inception.
About Children’s Miracle Network Children’s Miracle Network® supports 170 member hospitals across the globe, including 13 in Canada. Its mission is to raise funds and awareness to save and improve the lives of children. Donations directly fund critical treatments, pediatric medical equipment, and research at local children’s hospitals.
Temu, the popular e-commerce platform recognized for its vast selection of affordable products, is inviting Canadian businesses to sell directly on its platform as part of a new initiative. In celebration of its second anniversary in Canada, Temu is introducing a local-to-local model, connecting Canadian sellers directly with Canadian consumers.
This new model is designed to enhance the shopping experience by offering a broader variety of products, including bulkier items that are often challenging to ship via airfreight. By incorporating local products and brands, Temu aims to offer faster order fulfillment and a more seamless experience for Canadian shoppers.
Currently, the program is available exclusively to businesses registered in Canada with local inventory and fulfillment capabilities. By expanding its product range and adding more locally stocked options, Temu is making it easier for Canadian consumers to shop for their favorite homegrown items.
“For consumers, the addition of local sellers means they’ll soon be able to shop for their favorite homegrown products on Temu,” said the company. “By introducing more locally stocked options, we’re making it easier for businesses to connect with millions of shoppers while improving the overall shopping experience.”
Credit@Temu
Temu’s local-to-local model isn’t limited to Canada. The platform has already rolled out similar initiatives in markets including the U.S., Mexico, the United Kingdom, Germany, France, Italy, the Netherlands, Spain, Belgium, Austria, Poland, the Czech Republic, Hungary, Romania, Sweden, Japan, and South Korea.
The results of this initiative have been promising, explained the company, with more than 50% of new sellers making their first sale within 20 days. This success helps businesses reach new customers and tap into fresh opportunities.
Expert Insight: A Strategic Move for Temu and Canadian Retailers
Retail analyst Bruce Winder praised Temu’s latest initiative, emphasizing its timeliness and strategic importance for Canadian businesses.
“I think this new initiative by Temu is great and very timely,” said Winder. “It offers Canadian companies another distribution channel to sell their products to Temu’s millions of Canadian customers.”
He also pointed out the growing consumer preference for locally sourced goods, especially in light of potential trade restrictions and tariffs.
“The initiative also allows Canadian shoppers another way of buying products from Canadian companies, which, based on potential tariffs from the U.S., continues as a major consumer movement,” Winder explained. “This change also further builds on Temu’s already massive assortment and allows for quicker delivery as products are already in Canada.”
Temu, which launched in the U.S. in September 2022, has expanded rapidly, now serving 90 markets across North America, Europe, the Middle East, Africa, Asia, and Oceania. The platform officially entered Canada in February 2023, providing access to a wide selection of value-for-money products.
Interested Canadian businesses can learn more and apply to sell on Temu by visiting https://ca.seller.temu.com/.
About Temu Temu is an online marketplace that connects consumers with millions of sellers, manufacturers, and brands around the world. The platform’s mission is to empower people to live their best lives by offering affordable, high-quality products. Launched in the U.S. in September 2022, Temu strives to create an inclusive environment where both consumers and sellers can thrive.
Swatch at CF Sherway Gardens (Image: Swatch Group)
Swatch, the Swiss watch brand known for its affordable yet stylish timepieces, is continuing its expansion across Canada with a new store opening and strategic relocation. The brand will relocate its existing store at CF Fairview Mall in Toronto to a new in-line space, opening in mid-2025 next to Mac Cosmetics and Aritzia. Additionally, on July 2, 2025, Swatch will launch a new store at Conestoga Mall in Waterloo, Ontario, further strengthening its presence in the province.
These developments are part of a broader expansion strategy that has seen Swatch opening stores across Canada over the past few years. To gain deeper insight into the brand’s strategy and outlook in Canada, we spoke with Shawn Kotania, Brand Manager for Swatch in Canada.
Shawn Kotania, Brand Manager for Swatch in Canada
Swatch’s Expansion Strategy in Canada
“We’re always looking at opportunities,” said Kotania when asked about Swatch’s ongoing growth. “The relocation at CF Fairview Mall is part of our effort to ensure we’re in the best possible retail spaces. The new in-line store will enhance customer experience and brand visibility.”
The new Conestoga Mall location marks an exciting milestone for Swatch, as it expands into a high-traffic shopping centre known for housing prominent retailers. “Conestoga is one of the top malls in Canada, so it makes sense for us to have a presence there,” Kotania noted. “We strategically pick locations that will drive foot traffic and allow us to engage with consumers in a meaningful way.”
Swatch Vancouver storefront at 1145 Robson Street. Photo: Lee Rivett.
The Importance of Brick-and-Mortar in the Digital Age
Despite the growth of e-commerce, Swatch continues to see strong demand for physical retail locations. “E-commerce is an important channel for us, but there is an undeniable value in the in-store experience,” Kotania explained. “Watches are personal items, and many customers want to see, feel, and try them on before making a purchase.”
This aligns with the broader retail trend known as the “halo effect,” where physical store openings contribute to increased online sales in the same market. “We’ve seen that when we open a store in a new market, our online sales in that area also tend to rise,” said Kotania. “It’s all about creating multiple touchpoints for consumers.”
Swatch’s brick-and-mortar presence also provides an opportunity for brand storytelling. “Being in-store allows us to showcase the craftsmanship and design that go into every Swatch piece,” Kotania added. “Our watches are not just timepieces—they are expressions of personality and style.”
Inside the Vancouver Swatch store. Photo: Swatch
Regional Trends in Watch Preferences
When asked about regional differences in consumer preferences across Canada, Kotania noted that certain models perform better in specific markets. “We see a strong demand for high-end Swatch timepieces in downtown urban cores, where professionals are looking for a stylish yet accessible watch,” he said. “At the same time, our more playful and fashion-forward designs appeal to younger consumers, especially in university towns.”
Swatch’s diverse portfolio—including collections such as MoonSwatch, Scuba, and the signature Swatch Originals—has allowed it to maintain broad appeal across different demographics. “Some customers gravitate toward classic designs, while others seek out the bold and artistic collaborations that Swatch is known for,” Kotania explained.
Swatch Vancouver on Robson Street. Photo: Lee Rivett.
The Future of Swatch in Canada
With two confirmed new locations in 2025, the future looks promising for Swatch in Canada. “We are strategic about where and how we expand,” Kotania emphasized. “We’re not going to open 10 stores overnight, but we will continue to grow selectively and ensure that every new location enhances our brand experience.”
Kotania also hinted that additional Canadian markets are being considered for future expansion. “We are exploring opportunities in other cities,” he revealed. “Our goal is to bring Swatch to more communities across the country while maintaining the brand’s strong identity and customer experience.”
Swatch’s Legacy and Impact
Swatch has played a significant role in the global watch industry since its founding in 1983. The brand was developed as a response to the Quartz Crisis, a period when traditional Swiss mechanical watchmaking faced intense competition from Japanese and American quartz timepieces. By combining Swiss craftsmanship with bold designs and accessible pricing, Swatch helped revitalize the industry and redefined the perception of watches as fashion accessories.
Throughout its history, Swatch has launched numerous innovations, including the ultra-thin Swatch Skin in 1997 and the self-winding Swatch Sistem51 in 2013. More recently, the brand has embraced sustainability with the Bioreloaded collection, featuring watches made from bio-sourced materials.
Swatch’s influence extends beyond just watches; it has become a cultural phenomenon, collaborating with artists, designers, and luxury brands. The Omega x Swatch MoonSwatch collection, launched in 2022, is a prime example of how the brand continues to capture global attention.
Swatch at CF Sherway Gardens (Image: Swatch Group)
Swatch’s Growing Canadian Presence
Swatch’s footprint in Canada is a testament to the brand’s strategic expansion and its ability to resonate with consumers nationwide. From the bustling urban hubs of Toronto and Vancouver to the busy centres of Montreal and Calgary, Swatch boutiques have become a staple in Canada’s top shopping destinations. Locations such as CF Toronto Eaton Centre, Yorkdale Shopping Centre, and West Edmonton Mall attract a steady stream of shoppers and also serve as vibrant showcases for the brand’s innovative collections.
In recent years, Swatch has also strengthened its presence in secondary markets, with stores in Halifax, Ottawa, and Victoria, proving that demand for stylish, accessible Swiss timepieces extends beyond the major metropolitan centres. As the brand continues to evolve, these retail spaces will play a crucial role in shaping Swatch’s identity in Canada, allowing customers to experience first-hand the craftsmanship and creativity that define its watches.
Swatch’s continued growth in Canada reflects the enduring appeal of its watches and its ability to adapt to changing consumer preferences. With a thoughtful expansion strategy, a strong balance between e-commerce and physical retail, and a commitment to innovation, Swatch is well-positioned for continued success in the Canadian market.
As Kotania aptly put it, “Swatch is more than just a watch brand—it’s a lifestyle. And as we expand, we want to ensure that more Canadians can be part of that journey.”
