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Canadians Lead Trump Tariff Boycotts, Survey Finds

‘Prepared in Canada’ signage in a store in the town of St. Andrews, N.B., in May 2025. THE CANADIAN PRESS/Graham Hughes

By Shelley Boulianne

Since taking office, United States President Donald Trump has used tariffs to address perceived trade deficits with other countries. He claims that other countries have cheated and pillaged the U.S. via trade deficits.

In response, many political leaders have implemented retaliatory tariffs on American products, although Canadian Prime Minister Mark Carney recently lifted many of them in an apparent peace offering amid Canada-U.S. trade negotiations.

Citizens have also been engaged in these trade wars by avoiding the purchase of American products and services, as well as avoiding travel to the U.S.

From June 25 to July 8, 2025, Kantar, a global research and consulting company, conducted a survey through its online panels of 1,500 respondents in Canada, France and the United Kingdom, respectively.

Strict quotas were used to ensure the survey respondents would match the census profile of the adult population in each of the three countries.

Surveying consumers

As a social scientist who examines citizen engagement in civic and political life, I designed the survey questions. Respondents answered yes or no to:

Due to Trump’s recent tariffs, have you boycotted: a) American products, including grocery items; b) American services, such as Facebook, Amazon, or TV streaming services; and c) Travel to the United States.

The graph below outlines the results. Compared to the U.K. and France, Canadians were far more likely to report boycotting American products, services and travel.

Graph showing Canadians are more likely to report having boycotted US products, services and travel.
Percentage of respondents in the U.K., France and Canada who reported boycotting American products due to Trump tariffs. (Author provided)

Canadians, of course, have greater opportunities to boycott compared to other countries, given historically high levels of travel and international trade with the U.S. and Canada’s close proximity to the country. Statistics Canada reports that Canadian trips to the U.S. are down by 28.7 per cent from last year.

This case study of political consumerism reveals important distinctions compared to traditional boycotts.

Politically motivated boycotting is typically associated with those holding left-wing views.

In this case, both left-wing and right-wing people are participating in the boycott of American products. There are no ideological differences in participation in Canada and France. However, in the U.K., those on the right are more likely to boycott American products, services and travel than those on the left.

Existing research also shows well-educated people are more likely to boycott, particularly in Canada and France.

But in the Kantar survey, education did not impact participation in the boycott of American products, services and travel. All educational groups were motivated to participate.

Expressing discontent

Boycotting is a particularly attractive form of political behaviour in the case of international relations, because angry international citizens cannot simply contact Trump to express their discontent.

In fact, criticizing U.S. policies under Trump may result in being turned away at the American border by U.S. Customs and Border Protection.

Instead, consumers can express their discontent through the choices they make when grocery shopping, when making travel plans, and finally, in their choice to refrain from using American-owned social media like Facebook.

This situation is also unique because Trump actively encourages citizens to boycott companies with which he disagrees. Despite his own calls to boycott companies, Trump and American officials  have called Canadians “nasty” for boycotting U.S. alcohol and travel in retaliation of American tariffs.

A sign in a liquor store that reads
Shoppers have been caught up in the ‘buy Canadian’ fervour since U.S. President Donald Trump announced tariffs on all Canadian goods. THE CANADIAN PRESS/Ethan Cairns

Follow the leader?

Now Canada has lifted most of the retaliatory tariffs, with Carney explaining that Canada has the “best deal with the United States right now.”

Canadians may choose to follow the direction of their prime minister or they may view this as an opportunity to take more responsibility and continue to use their purchasing choices to influence trade relations.

The responses may also differ across countries.

The U.K. says it has negotiated the lowest U.S. tariff rate so far and therefore, British citizens may choose to end their boycotting.

In contrast, political leaders in France continue to criticize the European Union’s recent trade agreement with the U.S. In this case, French citizens may follow suit and continue to use their purchasing power to influence trade relations.

About the author: Shelley Boulianne is Professor in Communication Studies at Mount Royal University.

This article originally appeared in The Conversation.

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Salt Creek Capital Buys Red Robin Franchisee

Image: Red Robin

Salt Creek Capital has acquired Infinity RRGB Ventures, the sole Canadian franchisee and operator of Red Robin restaurants, securing the American chain’s presence in British Columbia. The deal, announced this week, places the San Francisco Bay Area private equity firm in control of all 11 Red Robin restaurants in Canada.

No financial terms were disclosed, but Infinity RRGB Ventures represents a significant foothold in the Canadian casual dining market, with over 1.6 million guests annually and a loyalty program exceeding 150,000 members.

Jamie Reeves, chief executive officer of Infinity, will remain in place to oversee daily operations. Salt Creek Capital executives said they view Reeves’ leadership as central to the franchisee’s continued success.

“The success of Infinity reflects the outstanding leadership of the entire management team,” said Tim Cripe, principal at Salt Creek, and Bobby Sheth, the firm’s senior managing director, in a joint statement. “We are thrilled to support the company in this next chapter of strategic growth and development under Jamie Reeves’ leadership.”

A U.S. Chain With a Limited Canadian Footprint

Red Robin Gourmet Burgers, based in Colorado, is best known for its gourmet burger menu, bottomless fries, and family-friendly atmosphere. With roughly 500 restaurants in North America, the chain’s presence in Canada is unusually narrow.

All Canadian Red Robin restaurants are in British Columbia, a market the brand has focused on since retreating from Alberta in 2019 during a corporate restructuring. There are no locations in other provinces.

Infinity RRGB Ventures, headquartered in Surrey, oversees restaurants in Vancouver, Victoria, Surrey, Langley, Burnaby, Abbotsford, Coquitlam, Kamloops, Kelowna, Maple Ridge, Prince George, and Vernon. The franchisee’s role is pivotal, bridging Red Robin Gourmet Burgers’ U.S. operations with Canadian consumers and shaping the brand’s visibility north of the border.

Image: Red Robin

Infinity RRGB Ventures: Local Roots, National Importance

Founded as Red Robin Canada’s exclusive franchisee, Infinity RRGB Ventures has grown into a significant regional operator. The company employs several hundred staff members across British Columbia and has positioned itself as one of the top three Red Robin franchisees across North America.

The acquisition by Salt Creek Capital marks a turning point. The firm specializes in supporting lower-middle-market businesses through ownership transitions, and its backing suggests Red Robin Canada could see operational refinements or renewed expansion efforts in the years ahead.

Infinity has already developed strong consumer loyalty. Its Red Robin Royalty program boasts more than 150,000 active members, making it one of the most robust restaurant loyalty platforms in Canada’s casual dining sector.

Salt Creek Capital’s Growing Appetite for Franchises

Salt Creek Capital, founded in 2009, has earned a reputation as an active investor in small and midsize businesses, often those in transition. With over 45 acquisitions completed across a range of industries, the firm is known for installing seasoned operators into leadership positions through its Executive Partnership Program.

While it invests across manufacturing, distribution, healthcare, and consumer services, Salt Creek has increasingly shown interest in franchise systems and food & beverage operations. Its acquisition of Infinity RRGB Ventures signals confidence in the long-term viability of the Red Robin brand in Canada, despite its limited footprint.

The deal also highlights the private equity firm’s ongoing strategy of focusing on companies generating between $5 million and $150 million in annual revenue.

Red Robin’s Place in Canadian Dining

For Canadian diners, Red Robin has long represented an American-style casual dining experience. Its focus on gourmet burgers, diverse menu offerings, and family-friendly service carved out a niche during its expansion into Canada in the 1980s.

But the brand has also faced challenges. Its Alberta retreat underscored the difficulties of sustaining operations in competitive provincial markets, especially as homegrown Canadian chains and international rivals gained momentum.

British Columbia has remained a stronghold, however. High-traffic urban and suburban locations in Vancouver and Victoria, along with outlets in smaller markets such as Kamloops and Prince George, continue to attract loyal patrons.

What the Acquisition Could Mean for the Future

The acquisition raises questions about Red Robin’s long-term Canadian strategy. With Salt Creek Capital acquiring Infinity RRGB Ventures, observers will be watching for signs of whether the new ownership will push for expansion beyond British Columbia or remain focused on strengthening existing operations.

Private equity ownership often brings new capital, operational discipline, and efficiency initiatives. For Infinity, that could mean investments in restaurant upgrades, digital platforms, or loyalty program enhancements. It could also spark consideration of re-entering provinces where the chain once operated.

At present, neither Salt Creek Capital nor Infinity RRGB Ventures has signaled concrete plans for additional Canadian openings. 

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‘Five Thieves’ Retail Expansion to Redefine Scrivener Square

Rendering of the 'Grapefruit' fountain, to be located in the expanded retail component of The James. Image: Tricon Residential

Toronto’s storied “Five Thieves” retail stretch along Yonge Street is about to evolve into something unprecedented, as developer Tricon Residential moves forward with a significant retail expansion behind the historic shops. Anchored by The James, a 23-storey luxury rental tower at 5 Scrivener Square, the project will introduce a curated retail experience, a striking public square, and a direct TTC connection, cementing the area as one of the most desirable urban destinations in Canada.

 “We’ve designed a European-inspired retail mews integrated into a pedestrian-friendly square that will become a true gathering space for the community.” says Jeremy Hurwitz, Vice President of Retail at Tricon Residential.

Rendering of The James in Toronto, as seen from Scrivener Square. Image: Tricon Residential

A Vision Rooted in Heritage and Modern Design

The Scrivener Square area is no stranger to architectural significance. Its centerpiece, the former North Toronto railway station, was transformed into a spectacular LCBO flagship in 2003, preserving the station’s 140-foot clock tower and intricate stonework. This adaptive reuse project became a symbol of heritage integration in Toronto and set a precedent for future development in the area.

Tricon’s expansion builds on this tradition. The project, led by globally renowned Danish architects COBE, pairs contemporary design with the square’s historic character. The podium of The James features hand-laid brick, echoing the texture and scale of the original Shops of Summerhill, while the tower incorporates a striking lamella structure and modern glass elements.

“This isn’t just about creating retail space,” explains Hurwitz. “It’s about placemaking and curating a unique retail mix and public realm that draws people in and creates an amenity rich environment for our residents. Our landscape architect, Claude Cormier and Associates, envisioned a grapefruit water fountain as the centrepiece. It’s whimsical, beautiful, and unlike anything else in the city.”

Rendering of The James in Toronto, as seen from Scrivener Square. Image: Tricon Residential

Curated Retail and Dining Experience

The retail component of The James extends and enhances the beloved Five Thieves block, home to iconic tenants like Harvest Wagon, Olliffe Butcher Shop, Pisces Gourmet, and Terroni. These staples have served the Rosedale and Summerhill communities for decades, and the new development aims to complement and not replace their charm.

The project introduces a pedestrian-focused laneway lined with boutique retailers, wellness studios, and culinary concepts. Confirmed tenants include Mamakas, Gee Beauty, 6 By Gee Beauty, Nutbar, Dear Grain Bakery, Chocolat de Kat, and Bluboho, with negotiations underway for additional premium offerings in fashion, lifestyle, upscale quick-service and wellness.

The centre of this retail expansion is an open-air courtyard, framed by boutique storefronts and anchored by the now-famous grapefruit fountain. Renderings reveal a vibrant piazza animated with café seating, lush landscaping, and seasonal programming.

Tricon has gone further by introducing patio zones, hand-laid brick pathways, and flexible event spaces to support seasonal markets and community activations. The design’s emphasis on permeability ensures that Scrivener Square remains both a local hub and a destination for visitors exploring the Yonge corridor.

TTC Integration: A Game-Changer for Connectivity

One of the most innovative aspects of the development is its integration with the Summerhill subway station. A new entrance will emerge directly within the retail component, connecting the underground transit network with the piazza above.

This addition positions Scrivener Square as a model of transit-oriented development, aligning with Toronto’s goals for sustainable urban growth.

Rosedale’s Demographic Advantage

The project’s location in Rosedale-Summerhill, one of Canada’s wealthiest enclaves, provides a built-in customer base for premium retail. Within a one-kilometre radius, the average household income exceeds $300,000, and over 63% of residents hold a bachelor’s degree or higher. These demographics, combined with a high projected population increase in the area, signal strong market potential.

Further bolstering demand are 17 residential developments under construction within 1.5 kilometres, adding approximately 3,800 units to the local housing stock, alongside an additional 39 projects in pre-construction.

Original ‘Five Thieves’ prior to construction of The James. Image: Woodcliffe

Retail Tenancy: Strengthening the Five Thieves Legacy

The Shops of Summerhill, colloquially known as the Five Thieves, have long been an anchor for specialty retail in Toronto. Names like Harvest Wagon and Pisces Gourmet are synonymous with quality, and the cluster attracts a loyal customer base.

The expanded tenant roster will include luxury food concepts, specialty retailers, and high-end wellness operators. Combined with the architectural ambition of the project, this approach positions Scrivener Square as a future benchmark for urban mixed-use design in Canada.

Construction of the retail spaces is progressing in tandem with The James residential tower. Retail units are scheduled for delivery in early 2026, with a grand opening planned for fall 2026. According to Hurwitz, leasing momentum is strong, with the project currently about 70% committed.

Rendering of The James in Toronto. Image: Tricon Residential

The James: Redefining Luxury Rental in Toronto

Above the retail component, The James introduces 127 light-filled private residences with sweeping panoramic views over the tree canopy of Toronto’s most celebrated neighbourhood.Designed for discerning downsizers, these residences average 1,600 square feet, with some spanning up to 4,000 square feet. Amenities include an outdoor infinity pool, saltwater lap pool, boutique fitness centre, spa facilities, and valet parking, all hallmarks of a five-star hotel.

Rental rates will reflect the exclusivity of the offering, making The James one of Toronto’s most premium rental properties upon completion.

A Decade in the Making

For Tricon Residential, the completion of Scrivener Square represents the culmination of a ten-year vision to create a mixed-use destination that celebrates heritage while embracing modern urban living. It also signals a broader trend in Toronto’s development landscape: the rise of experiential retail and placemaking as integral components of residential projects.

“From the architecture to the landscaping to the tenant mix, every detail has been curated with intention. We’re proud to deliver a project that enhances the neighbourhood and sets a new standard for mixed-use development in the city.”

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Canada Goose Weighs $1.4 Billion Privatization

Canada Goose at CF Toronto Eaton Centre (Image: Benoy)

Canada Goose Holdings Inc., the Canadian luxury outerwear company best known for its parkas, is facing a potential ownership change that could reshape its future as a global fashion brand.

Bain Capital, which has controlled Canada Goose since 2013, has received bids to take the company private at a valuation of about US$1.4 billion, according to a CNBC report citing people familiar with the matter. The move comes less than a decade after Canada Goose’s high-profile public offering and at a moment when the company is balancing expansion with shifting consumer demand.

Bain Capital’s investment in 2013 set Canada Goose on a new course. The private equity firm financed an international expansion that transformed a Toronto-based maker of winter apparel into a household name across luxury markets worldwide. Canada Goose went public in 2017, but Bain retained control through multiple-voting shares.

As of March 2025, Bain held 60.5 percent of those securities, representing 55.5 percent of total voting power. The firm has now enlisted Goldman Sachs to advise on a potential sale, though no final decision has been made as additional bids are expected.

Prospective Buyers

Several global firms have expressed interest. CNBC reported that private equity companies Advent International and Boyu Capital have made verbal offers. Shanghai-based Bosideng International, a major apparel manufacturer, is also considering a bid. Another group of suitors reportedly includes Hong Kong-listed Anta Sports Products and private equity firm FountainVest Capital.

Canada Goose, Bain Capital, and Goldman Sachs have not commented publicly on the process, and interested parties have not confirmed details of their offers.

Investors reacted swiftly to the news. Shares of Canada Goose rose nearly 9 percent in premarket trading Wednesday, building on gains of about 21 percent so far this year. The company is currently valued at US$1.18 billion, according to LSEG data, but the prospective buyout values it at a higher premium.

Canada Goose at West Edmonton Mall. Photo: Canada Goose

Financial Performance

Canada Goose reported fiscal 2025 revenue of $1.35 billion, an increase of 1.1 percent from the previous year. Direct-to-consumer sales — a focus of its growth strategy — climbed 5.1 percent to $998.9 million. Gross profit rose 2.8 percent to $943.1 million, representing a margin of nearly 70 percent.

Net income attributable to shareholders improved to $94.8 million, or $0.97 per diluted share, up from $58.4 million the year before. However, in July the company posted a quarterly loss larger than expected, with costs tied to retail expansion and promotions weighing on results.

Expanding Global Footprint

Canada Goose has been steadily broadening its reach. As of August 2025, the company operates 76 permanent retail stores worldwide, up from 74 at the end of its fiscal year in March. Recent openings include new flagships in Paris and Milan, underscoring its ambitions in key luxury markets.

The brand has also sought to diversify its offerings. Beyond its iconic parkas, Canada Goose has introduced eyewear, rainwear, lighter-weight jackets, and seasonal apparel designed for warmer months. Under the creative direction of Haider Ackermann, the company launched the Snow Goose capsule collection, along with special releases such as a Lunar New Year line.

What Privatization Could Mean

If Bain Capital accepts one of the offers, Canada Goose would return to private ownership after eight years on public markets. A privatization could give the company more flexibility to make long-term strategic decisions outside the scrutiny of quarterly earnings reports.

Whether the company stays public or shifts back into private hands, the outcome will have significant implications for one of Canada’s most prominent fashion exports. The decision is likely to influence Canada Goose’s ability to manage costs, pursue international expansion, and maintain its position as a leading name in luxury outerwear.

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Crave opens new bakery location and coffee shop in Calgary (Photos/Videos)

Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi

Crave Cupcakes, the iconic Calgary-based bakery known for its from-scratch cupcakes, cookies, and cakes, is expanding with a move from its original location in the Kensington neighbourhood to a new spot combining the bakery with a coffee shop called CeCe.

Co-founders Carolyne McIntyre Jackson and Jodi Willoughby, sisters who launched Crave in 2004, have expanded over the years beyond their original Kensington location. The company now boasts locations in Edmonton, Saskatoon, and a new bakery/cafe in Kelowna. 

The brand recently opened its new location in the Hillhurst neighbourhood, just west of where it had been for years since its opening.

Co-founders Carolyne McIntyre Jackson (right)and Jodi Willoughby, sisters who launched Crave in 2004
Co-founders Carolyne McIntyre Jackson (right)and Jodi Willoughby, sisters who launched Crave in 2004

At its grand opening this week, Jackson said the concept of a coffee shop with a bakery was launched in June in Kelowna.

“Kelowna is a little bit different with one full space but here it’s kind of two different spaces,” she said.

“This was a really good opportunity. It actually started with the Kelowna space. When we went to Kelowna we saw this beautiful space but it was big and we thought if we’re going to take this space we can’t just do cupcakes, we also need to do coffee. It started there. The Kensington block is getting a huge renovation. So we started looking in the area. It needed a renovation, you’re sales are going to be not maybe what they should be, hard to park. We then decided to move the location. This space was available and we thought we can do the coffee shop next door.”

Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi

Jackson said the square footage at the new location is about 2,500 square feet combined with the two concepts.

Does she foresee the concept evolving into more locations?

“Maybe, we’ll see how it goes. I think it will be interesting because Kelowna is so different. Kelowna is one big space where this is two separate spaces. It’s going to be interesting to see how the two of them operate.”

Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi

In addition to their physical expansions, Crave introduced a new Bake at Home line, available in over 150 grocery stores across Alberta and British Columbia. The line includes cake mixes, frozen buttercream, and pre-portioned cookie dough—all made with the same high-quality ingredients that Crave is known for. 

Crave also launched its first-ever cookbook, “Crave: Cupcakes, Cakes, Cookies, and More from an Iconic Bakery.”

In Calgary there are four stores. Kelowna was the brand’s first new location in 12 years. 

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Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi
Crave. Photo: Mario Toneguzzi

EMERGE reports “strong” Q2 financial results

PHOTO: TRULOCAL VIA FACEBOOK

EMERGE Commerce Ltd., a Canadian portfolio of premium brands, announced Wednesday its financial results for the three months ended June 30.

EMERGE is a Canadian e-commerce and retail portfolio of premium brands. Its subscription, marketplace, and retail businesses provide members with access to offerings across grocery and golf verticals. truLOCAL is the flagship Canadian meat and seafood subscription service, connecting local farmers with a health-conscious audience. Its golf vertical includes discounted tee-times/ experiences brand, UnderPar, and discounted golf apparel and equipment brands, JustGolfStuff and Tee 2 Green.

Q2 2025 Financial Highlights

For the second quarter of 2025, compared to the second quarter of 2024:

  • Revenue grew to $8.5M vs. $4.98M, an increase of 70% YoY, marking the 5th consecutive quarter of revenue growth. Both grocery and golf verticals achieved positive organic growth
  • Gross profit grew to $3.1M vs. $2.1M. Excluding $382K fair value of inventory adjustment in relation to T2G, a non-cash item, gross margin would be approximately 41.0% vs. 41.3%
  • Adj. EBITDA improved to $958K vs. ($40K), an increase of $1M YoY, marking the 2nd consecutive quarter of positive Adj. EBITDA and our strongest result since re-focusing EMERGE around Grocery and Golf verticals
  • Net Income from continuing operations improved to $201K vs. ($623K). Excluding $382K fair value of inventory adjustment in relation to T2G, a non-cash item, net income from continuing operations would be $583K
  • Cash flow from operations of $2M vs. ($0.2M) in Q2 2024
  • Cash position grew to $3.5M (June 30, 2025) vs. $2.7M (March 31, 2025) and $2.2M (June 30, 2024). Cash grew quarter-over-quarter, despite the $1.1M spent to close the T2G acquisition in early Q2
Ghassan Halazon
Ghassan Halazon

 “Q2 was a break-through quarter for the Company. We drove exceptional revenue growth, profitability and cash flow generation,” said Ghassan Halazon, Founder and CEO, EMERGE.

“We closed the transformative acquisition of T2G, and subsequently super-charged that brand, historically a low growth business, to high double-digits in its first quarter under EMERGE, leveraging our digital ads playbook and cross-brand synergies with our golf portfolio.

“We also continued to drive positive organic growth at truLOCAL, a benefactor of the “Buy Canadian” consumer sentiment. Special thanks to our team, Board, and trusted partners on a standout quarter of operational execution and strategic precision. We plan to remain disciplined, focused and opportunistic in the quarters and years ahead.”

On April 4, EMERGE closed the acquisition of Tee 2 Green, a profitable, discount golf apparel and equipment business with a 38-year track record of retail operations, focused on the Canadian market. T2G achieved revenue of $6.4M, Adjusted EBITDA of $1M and net income of $700K in 2024 (unaudited).

EMERGE utilized the cash proceeds from the Carnivore Club asset sale, as well as the previously announced sale of the premium, dormant SHOP domains to Shopify towards closing the T2G acquisition.

T2G’s first quarter under EMERGE ownership, Q2 2025, delivered exceptional organic revenue growth and profitability, exceeding management’s expectations. The strong performance was fueled by EMERGE’s targeted digital advertising and cross-brand synergies within its golf vertical. Cash flow generated by T2G in its first quarter under EMERGE comfortably exceeded the $1.1M upfront cash payment made by EMERGE to complete the transaction, said the company.

Q3 2025 Outlook 

For Q3 2025, EMERGE management is seeing continued operational momentum QTD, and expects to achieve another quarter of double-digit revenue growth, and positive Adjusted EBITDA, it said.

truLOCAL is expected to continue to be a benefactor of the “Buy Canadian” sentiment. Its discounted golf experiences and products vertical is expected to continue to gain from the weakening macro climate given the recession-friendly nature of the business model, it added.

Acquisition Pipeline

“Building off our early success acquiring and accelerating T2G, EMERGE is selectively advancing accretive acquisition opportunities, specifically in the grocery and golf verticals, where we have amassed deep expertise, bench strength, brand awareness and substantial customer databases. EMERGE’s focus is exclusively on profitable acquisition candidates with $750K-$2M in Adj. EBITDA, with a long-standing track record of revenue stability and cash flow generation,” it explained.

Top Priorities

The company said its top priorities in the near-term are to i) continue to drive organic revenue growth, ii) extract synergies to drive profitability, iii) explore accretive tuck-in acquisition opportunities in the grocery and golf verticals; and iv) opportunistically explore avenues to enhance cash flow and reduce interest expense.

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Dollarama reports Q2 financial results, continued sales growth

Dollarama (PHOTO: WWW.THECENTREMALL.COM

Dollarama Inc. reported on Wednesday its financial results for the second quarter ended August 3, indicating continued sales growth.

Fiscal 2026 Second Quarter Results Highlights Compared to Fiscal 2025 Second Quarter

  • Sales increased by 10.3% to $1,723.8 million, compared to $1,563.4 million
  • Comparable store sales in Canada increased by 4.9%, over and above 4.7% growth in the corresponding period of the previous year, and 27 net new stores opened in Canada, compared to 14 net new stores
  • EBITDA increased by 12.2% to $588.5 million, representing an EBITDA margin of 34.1%, compared to 33.5%
  • Operating income increased by 14.3% to $483.5 million, representing an operating margin of 28.0%, compared to 27.0%
  • Net earnings increased by 12.4% to $321.5 million, resulting in a 13.7% increase in diluted net earnings per common share to $1.16, compared to $1.02
  • 932,046 common shares repurchased for cancellation for $174.8 million

“The second quarter of fiscal 2026 marked a significant milestone in our international expansion, with entries into two new markets. We completed our acquisition of Australia’s largest discount retailer, and we celebrated the opening of Dollarcity’s first store in Mexico,” said Neil Rossy, President and CEO of Dollarama.

“Our complementary international platforms strengthen and diversify our long-term growth strategy, with our successful Canadian business serving as the foundation that fuels our broader ambitions. Strong Comparable store sales growth in Canada, both in the second quarter and year to date, highlights the strength of our business model, the relevance of our value proposition for Canadian consumers and the team’s impeccable execution.

Sales for the second quarter of fiscal 2026 increased by 10.3% to $1,723.8 million, compared to $1,563.4 million in the corresponding period of the prior fiscal year. This increase was driven by growth in the total number of stores over the past 12 months (from 1,583 on July 28, 2024 to 2,060 on August 3, 2025), including the contribution since the acquisition of TRS of 395 stores in Australia, which generated $25.7 million of sales for the Australian segment during the Post-Acquisition Period, and Comparable store sales growth in Canada, said Dollarama.

It said comparable store sales in Canada for the second quarter of fiscal 2026 increased by 4.9%, consisting of a 3.9% increase in the number of transactions and a 0.9% increase in average transaction size, over and above Comparable store sales growth in Canada of 4.7% for the second quarter of fiscal 2025. The increase was primarily driven by strong demand for consumables.

Founded in 1992 and headquartered in Montréal, Quebec, Canada, Dollarama is a leading Canadian value retailer with international reach with 2,718 conveniently located stores and over 41,000 people serving customers in seven countries on three continents. In Canada, Dollarama operates 1,665 stores with a presence in all 10 provinces and two territories. In Australia, Dollarama operates the country’s largest discount retail chain, The Reject Shop, with a national network of 395 stores. Dollarama is also the majority shareholder, through its equity-accounted investment, in Latin American value retailer Dollarcity which has 658 stores located in Colombia, El Salvador, Guatemala, Mexico and Peru.

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U.S. Ends De Minimis Rule, Threatening Canadian Food Exports

Canada-US border crossing. Image: Maple Syrup from Canada

On August 29, the United States will close the door on a long-standing trade convenience: the de minimis exemption. For decades, this rule allowed small shipments valued at US $800 or less to cross the border duty-free, bypassing the cumbersome customs procedures that normally apply to imports.

For Canadian food producers—especially the small and mid-sized ones—the implications are significant. While the headlines have focused on tariffs on steel, cars, or lumber, this quieter policy change risks undermining a vibrant ecosystem of specialty and artisanal foods that have found eager consumers south of the border.

The Hidden Artery of Food Trade

The exemption was never about giant grain shipments or truckloads of beef. Those flows already move through established commercial channels, covered by USMCA rules that keep most tariffs at zero. Instead, the de minimis threshold acted as a hidden artery for small players: the Nova Scotia jam maker shipping gift boxes to Vermont, the B.C. chocolatier sending truffle assortments to Seattle, or the Ontario pet treat company tapping into the booming U.S. specialty market.

Specialty food stores have also benefited from this trade mechanism. Independent retailers in New York, Chicago, and Los Angeles often relied on small, frequent Canadian shipments to diversify their offerings. Now, they too face higher prices, longer waits, and more red tape, which could limit the range of Canadian products on their shelves.

Why Small Doesn’t Mean Insignificant

At first glance, the overall economic impact may look minor. Bulk food exports—Canada’s wheat, beef, canola oil, or pulses—will continue to flow unaffected. But focusing on aggregate trade numbers misses the point.

Estimates suggest that between $500 million and $1 billion worth of Canadian food exports to the U.S. move each year under the $800 threshold—everything from craft condiments and gourmet snacks to specialty beverages, frozen goods and shipments for trade shows and customer samples. This may be a fraction of Canada’s $40+ billion agri-food trade with the U.S., but for the companies involved, it often represents their entire U.S. market entry strategy.

Food economics isn’t just about tonnage; it’s about market access, competition, and consumer choice. When small firms lose their ability to compete, entire product categories shrink. American specialty retailers will see fewer Canadian craft brands on their shelves. And in Canada, entrepreneurs may think twice before scaling up if the first step into the U.S. market is suddenly cost-prohibitive.

Ottawa’s Blind Spot

One option Ottawa does have is to revisit its own de minimis threshold. Currently, goods entering Canada from the U.S. are duty-free only up to C$150—a fraction of the former U.S. level. Matching the American threshold would not only benefit Canadian consumers by lowering cross-border costs, it would also give Ottawa stronger footing to argue for reciprocity in Washington.

Instead of treating de minimis as a technical issue, Canadian policymakers should see it as a strategic lever: a way to protect small exporters, rebalance trade irritants, and keep cross-border commerce flowing for the businesses least able to absorb new costs.

A Tale of Two Trade Systems

The timing also exposes a paradox. On one hand, USMCA protects large-scale trade flows; on the other, Washington is dismantling a system that supported the very businesses USMCA was supposed to empower. For Canadian food exporters, the message is contradictory: scale up or stay home.

This policy shift also reveals how vulnerable small businesses are in a tariff war not of their making. While policymakers spar over billion-dollar industries, the fallout is felt most acutely by the companies shipping a few hundred dollars’ worth of goods at a time. It is the micro-entrepreneurs, not the multinationals, who risk being collateral damage.

The Bigger Picture

Trade policy often looks like a chess game of billion-dollar pieces. Yet the board is also populated by pawns—the small shipments, the craft producers, the specialty stores—that give life to Canada’s food economy. Dismissing their struggles as marginal ignores their role in shaping competition, culture, and innovation.

The end of the de minimis exemption is more than a technical rule change. It is a reminder that when protectionism rises, it is usually the smallest who pay the highest price. For Canadian food exporters and the retailers that depend on them, this fall may prove to be one of the toughest harvests in years—not in the fields, but at the border.

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Birks Group Inc. announces new leadership; Jean-Christophe Bédos leaving

Image: Jean-Christophe Bédos

Birks Group Inc., a leading designer of fine jewelry and an operator of luxury jewelry, timepieces and gifts retail stores in Canada, has announced that Jean-Christophe Bédos, the company’s President and CEO and Director, is stepping down from his role, effective August 29.

He will continue to support the company in an advisory capacity during the leadership transition. The decision comes as the company repositions itself for stability and long-term growth, it said.

Image: Jean-Christophe Bédos

Birks said an executive search for a new President and CEO will take place in due course. In the interim, Niccolò Rossi di Montelera, in addition to being the company’s Executive Chairman of the Board, was appointed as Interim CEO. Montelera was elected to the company’s Board of Directors in September 2010 and has served as Vice-Chairman of the company’s Board of Directors from June 2015 until being appointed Executive Chairman of the Board in January 2017.

Niccolò Rossi di Montelera
Niccolò Rossi di Montelera

Davide Barberis Canonico, a member of the company’s Board of Directors, was appointed Interim President and Chief Operating Officer. With 12 years of service on the company’s Board of Directors, Canonico brings extensive leadership experience, having held CEO roles at several companies. He will assume day-to-day leadership responsibilities, explained Birks.

“On behalf of the entire Board, I would like to thank Jean-Christophe for his leadership and dedication during his 13 years with Birks Group. Under Jean-Christophe’s leadership, the Company developed the Birks product brand, developed partnerships with renowned global brands and was able to navigate through some difficult times, including the Covid-19 pandemic,” said Rossi di Montelera.

Davide Barberis Canonico
Davide Barberis Canonico

“We are grateful for Jean-Christophe’s dedication throughout his 13-year tenure. A leadership transition is an important step as we refocus the company’s priorities. I would also like to thank Jean-Christophe for deciding to stay on as an advisor. This continuity will help ensure a smooth transition and allow the company to move forward with confidence and clarity.”

Birks operates 17 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Montreal under the Birks brand, one retail location in Montreal under the TimeVallée brand, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver under the Graff brand, one retail location in Vancouver under the Patek Philippe brand, four retail locations in Laval, Ottawa and Toronto under the Breitling brand, four retail locations in Toronto under the European Boutique brand, one retail location in Toronto under the Omega brand and one retail location in Toronto under the Montblanc brand. Birks was founded in 1879 and has become Canada’s premier designer and retailer of fine jewelry, timepieces and gifts.

“It has been an honour to serve as President and CEO of Birks Group. I would like to thank the Rossi di Montelera family, as well as the Board of Directors and every employee of the Company for their trust and their support over the last 13 years,” said Bédos. “Leading Birks Group through both successes and challenges has been a deeply meaningful experience. I am proud of the team’s commitment and resilience and what the team has accomplished over the last 13 years, including during some challenging periods. I remain confident in the team’s ability to steer the Company toward a stronger future.” Mr. Bédos continued, “While Birks Group has faced important industry challenges and softer-than-expected performance in recent years, the Company remains committed to operational discipline, excellent client service and value creation for its shareholders. After careful reflection, I believe the time is right for a leadership transition and I look forward to continuing to support the Company in an advisory role as it enters a new phase.”

Canonico commented: “I am honoured and grateful to the Board of Directors for the opportunity to lead the Company. I would also like to thank Jean-Christophe for his dedication over the past 13 years. I look forward to working closely with our teams to drive improved performance through a disciplined focus on operational excellence and delivering exceptional value to our clients.”

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