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CONTEXT Studios Preserves Family and Business Legacies

By
Craig Patterson
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Gillian Stein, former CEO of Henry’s, on camera. Image: CONTEXT Studios

CONTEXT Studios, led by founder and CEO Andrea Lekushoff, is transforming how families and businesses preserve their legacies. The Toronto-based studio creates high-end, feature-length film and podcast documentaries that document life stories, business milestones, and personal histories, making them accessible to future generations.

A Personal Inspiration to Preserve Family Legacies

The idea for CONTEXT Studios began with a personal need. As her parents aged, Lekushoff realized the importance of preserving their stories. “My parents are in their mid-eighties, and I saw how friends and family struggled with losing loved ones without anything left of their voices and stories,” she shared. “I knew we needed a way to preserve not just the memories, but the essence of who they were.”

Andrea Lekushoff

This deeply personal mission evolved into CONTEXT Studios, which has since become a pioneering force in legacy preservation. “I wanted my kids to know who I was before I became their mother,” Lekushoff said, recalling a poignant moment with her children. Her son’s disinterest in photo albums emphasized a growing reality—today’s generation engages more with digital media than with traditional formats. CONTEXT Studios provides an innovative solution to this: a way to preserve legacy stories in an accessible, timeless format.

Preserving Context: Going Beyond Social Media Soundbites

CONTEXT Studios emphasizes the value of “context” in storytelling. Unlike social media snippets, CONTEXT documentaries offer a comprehensive view of a person’s life or a business’s growth, with each chapter captured in dedicated episodes. “Social media gives small clips, but our goal is to capture as many stories as possible,” said Lekushoff. “We believe it’s important to preserve the full context—because those stories shape who we are.”

The name “CONTEXT” reflects the studio’s dedication to providing a full, engaging picture of each subject. Whether it’s a personal story or a business’s journey, the aim is to preserve a legacy that future generations can truly connect with. “You can’t cut corners on a family’s history or a business’s story,” Lekushoff added. “Every detail matters, and every memory has a place.”

A Day of Filming to Capture a Lifetime of Memories

CONTEXT’s streamlined, one-day filming process ensures that subjects are comfortable sharing their stories without an overwhelming time commitment. “We spend a full day interviewing the main subject along with up to three additional family members or colleagues,” said Lekushoff. “We guide the entire process, so our clients can simply focus on sharing their stories.”

CONTEXT Studios works with award-winning filmmakers, editors, and sound engineers to deliver cinema-quality productions. “It’s like creating a Netflix series of someone’s life or business journey,” Lekushoff explained. “Our goal is to make these stories engaging, accessible, and deeply meaningful.”

Documentaries for Families and Businesses Alike

CONTEXT Studios isn’t only for individuals. The studio’s offerings appeal to entrepreneurs and family businesses looking to document their histories. Gillian Stein, former CEO of Henry’s, recently used CONTEXT Studios to document her family’s four-generation journey in the iconic photography and electronics retail business. “I’ve always wanted my parents to write down their history, but this made it easy,” Stein said. “Now, my kids and future generations can know where they came from.”

Gillian Stein

Stein emphasized the emotional impact of the experience. “It captures the important milestones of our family’s journey and the history of Henry’s,” she said. “We didn’t just document the business—we documented the people who made it what it is. It’s powerful and deeply personal.”

An Emotional and Therapeutic Process

Many clients find the documentary process therapeutic. “Capturing family history offers a sense of relief and peace of mind,” Lekushoff shared. “Families know they’re preserving a part of their loved ones that will be passed down, ensuring that their stories are never forgotten.”

For Stein, this sentiment resonated deeply. “My parents’ stories are now all in one place, and I can reference them anytime,” she said. “It brings me comfort knowing my kids, grandkids, and future generations will truly understand our family’s journey.”

Meeting the Demand for Modern Legacy Preservation

CONTEXT Studios’ offerings come at a time when Canada is undergoing the largest generational wealth transfer in history, with approximately $1 trillion in assets expected to shift from baby boomers to younger generations. CONTEXT sees this “Great Wealth Transfer” as an ideal opportunity for families to pass down not only financial assets but also stories, traditions, and values.

“There’s an increasing recognition that people want more than just material assets; they want the stories that connect them to their past,” said Lekushoff. “This is about creating a meaningful legacy that extends beyond financial wealth.”

Adaptability and Long-Term Vision

Although CONTEXT Studios is based in Toronto, it has a network of professionals available to travel across North America to document stories. CONTEXT also recently joined Family Enterprise Canada, expanding its reach within the family business sector and strengthening its support for legacy preservation nationwide.

In addition to future plans for international expansion, CONTEXT Studios is exploring new formats and product offerings. “We have different products in the works and look forward to sharing more as they develop,” said Lekushoff. “We’re committed to evolving with the needs of our clients and providing modern, meaningful ways to preserve their stories.”

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Sushi MAHANA unveils DANRAN: Luxurious Omakase dining at home inspired by tradition (Photos)

By
Mario Toneguzzi
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Photo: Sushi MAHANA
Photo: Sushi MAHANA

North Vancouver’s renowned Sushi MAHANA is bringing its celebrated omakase experience into homes with the launch of DANRAN by MAHANA, an exclusive at-home omakase offering designed to create a memorable, shared dining experience.

Inspired by the Japanese concept of “danran,” which emphasizes connection and harmony through shared meals, DANRAN reflects Sushi MAHANA’s commitment to quality and artistry, right down to the carefully crafted cedar box each meal arrives in, said a news release.

Owner Yuki Aida and Sushi Master Chef Hiroshi Hoshiko have poured their dedication to authentic Kyushu-style sushi into DANRAN, aiming to offer customers an immersive experience that elevates every moment around the table. “DANRAN is about more than great food,” says Aida. “It’s about reconnecting over a meal, where every detail—from the fish to the cedar box—elevates that moment.” Each DANRAN box highlights seasonality, sustainability, and the refined technique that Sushi MAHANA has become known for since opening in early 2023.

Photo: Sushi MAHANA
Photo: Sushi MAHANA

The flagship offering of the DANRAN collection is the Premium Nigiri Box, featuring a 24-piece selection of seven seasonal fish varieties imported from Japan, along with the restaurant’s signature tamagoyaki. Priced at $250 and serving two, the nigiri selection pairs beautifully with the optional Premium Appetizer Box, which includes seasonal small plates for an additional $80. Together, they create an expansive, upscale omakase experience designed to bring families or friends together over an unforgettable meal, said the news release.

To complement the sushi, DANRAN also offers a range of premium sake options. Patrons can choose from selections such as the fruity Toko Junmai Ginjo Genshu or the floral Hitakami Yasuke Junmai Daiginjo, crafted in exclusive batches by Hirakoh Sake Brewery in Miyagi, Japan. These curated sake pairings, priced between $90 and $400, have been chosen to elevate the sushi’s intricate flavours, adding an extra layer of sophistication to the dining experience, added the news release.

Available for pre-order through Tock and limited to just six boxes per day, DANRAN emphasizes quality and exclusivity. Orders must be placed by noon for same-day pickup from 4 to 6 p.m., with larger orders available upon request for special occasions.

Photo: Sushi MAHANA
Photo: Sushi MAHANA

With the holiday season around the corner, DANRAN by MAHANA provides a unique gifting opportunity for those seeking a premium, at-home dining experience. Sushi MAHANA’s new collection brings the essence of fine omakase to the comfort of home, allowing customers to enjoy the restaurant’s artistry while celebrating with loved ones, added the company.

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Photo: Sushi MAHANA
Photo: Sushi MAHANA

Vessi expands with new stores across Canada

By
Craig Patterson
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Vessi store at CF Toronto Eaton Centre in Toronto. Photo: Vessi

Vessi, a Vancouver-based footwear brand known for waterproof knit shoes, is significantly expanding its retail presence across Canada. Originally a digital-only brand focused on direct-to-consumer (D2C) sales, Vessi has quickly become a favourite among Canadians who need comfortable, weatherproof footwear. 

Co-Founder and CEO Andy Wang shared insights with Retail Insider on Vessi’s expansion strategy, revealing the brand’s plans to operate three permanent stores by the end of 2024, plus a pop-up location in downtown Toronto.

Vessi Co-Founder and CEO Andy Wang

Since its debut in 2018, Vessi has aimed to revolutionize how people experience rainy days, combining style and function in waterproof footwear. Its retail expansion includes locations at Metropolis at Metrotown in Vancouver (which opened in 2022), Square One in Mississauga, and a new pop-up at CF Toronto Eaton Centre. Last week, a fourth store opened to huge crowds at CF Richmond Centre near Vancouver. 

Each store gives customers an immersive experience, bringing the brand’s Dyma-Tex waterproofing technology to life. Wang explained that retail offers a unique opportunity for brand connection and consumer trust.

“Seeing customers try on a pair of Vessis and step into a water bucket, only to realize their shoes are still dry—that experience has been incredibly rewarding,” Wang said. “It’s one thing to read about waterproof shoes online, but it’s another to feel the difference firsthand.”

Vessi opened its store at CF Richmond Centre to huge crowds on Saturday, November 9, 2024. Photo: Ritchie Po

Engaging In-Store Experience and Interactive Elements

Each Vessi store is designed to embody the brand’s mission of “embracing happiness in the rain.” The Square One location, for example, will offer a preview of the brand’s upcoming rebrand by showcasing vibrant yet sophisticated aesthetics that emphasize comfort in wet weather. Interactive displays demonstrate the shoes’ waterproof capabilities, while water buckets in the stores offer shoppers a hands-on experience of Vessi’s technology. “Trying on our shoes and stepping into water is a ‘wow’ moment for customers,” Wang noted.

The expansion into retail marks a shift in Vessi’s revenue model, with brick-and-mortar sales now contributing 10-15% of the brand’s total revenue. “Our first store at Metrotown in Vancouver was a test, but it showed us that retail can work for Vessi,” Wang said. Vessi’s Canadian expansion is led by David Garbuz of Oberfeld Snowcap, supporting Vessi’s strategy to reach key Canadian shopping centres with high foot traffic.

Vessi store at Metropolis at Metrotown in Burnaby. Photo: Cutler
Vessi store at Metropolis at Metrotown in Burnaby. Photo: Cutler

Sustainability at the Core of Vessi’s Design

Vessi’s approach to sustainability is integral to its identity, from the materials it uses to its community-focused initiatives. Its signature Dyma-Tex material minimizes environmental impact by reducing waste, a key advantage over conventional footwear production methods that often generate significant material waste. “Compared to leather or canvas, where there’s a lot of waste, our Dyma-Tex knit is low-waste and water-efficient,” said Wang.

Vessi’s commitment to environmental responsibility extends beyond its products. The brand established a community fund during the pandemic, initially to help frontline workers. Since then, the fund has expanded to support water conservation and access projects globally. Vessi has helped construct 50 to 70 wells in water-scarce regions worldwide and has partnered with organizations to improve access to clean water. “Our community fund began as a way to give back, but it has grown into a central part of our brand,” Wang said.

Vessi store at Square One in Mississauga. Photo: Vessi

Growing into the U.S. Market and Expanding Wholesale

While Vessi has built a strong Canadian presence, the brand is now setting its sights on the U.S. Currently, 60% of Vessi’s sales come from American customers who shop exclusively online. Wang sees opportunities for retail locations in U.S. cities that align with Vessi’s brand values and climate, such as Seattle. “The U.S. offers huge potential, especially in cities where we already see demand,” Wang said.

Vessi’s growth strategy also includes exploring wholesale partnerships in the U.S., with initial plans for 2025. “We’ve been a D2C brand from the start, but partnerships and retail stores will help us reach customers where they are,” Wang shared. Wang anticipates double-digit revenue growth as new products and retail locations are introduced, aiming to bring Vessi to more customers both online and in-store.

Vessi’s approach to retail offers valuable consumer insights, as shoppers interact with the brand’s products and story directly. From waterproof displays to knowledgeable team members, Vessi’s stores provide a unique experience, bringing the brand’s values to life. 

“Our stores serve as a marketing channel, where our team engages with customers, demonstrating our commitment to rain-ready comfort and everyday waterproofing,” Wang said.

Vessi store at Square One in Mississauga. Photo: Vessi

Expanding Product Range and Building Multi-Generational Appeal

Since its early days, Vessi’s product line has expanded to appeal to a broader audience. The range now includes athletic-inspired sneakers, casual slip-ons, and high-top winter boots, catering to various styles and needs. The brand has even introduced children’s sizes, which Wang notes are particularly popular among young customers. “Our younger customers are some of our biggest fans,” he shared.

Vessi’s new products also reflect its commitment to sustainability, with ongoing development of eco-friendly materials and designs. As Vessi grows in both Canada and the U.S., Wang anticipates continued innovation in design, ensuring the brand meets customers’ needs while staying true to its sustainable mission.

Vessi’s journey from a Kickstarter launch to one of North America’s fastest-growing footwear brands illustrates the power of innovation in Canada’s retail landscape. With new stores, a brand refresh, and sustainable practices at its core, Vessi is setting the stage for further expansion in both the Canadian and U.S. markets.

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Canadian Retail News From Around The Web For November 13, 2024

By
Retail Insider
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Canadian Retail News From Around The Web

News at a Glance

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.

Canada’s Labor Minister ends coast-to-coast port labor turmoil, forcing unions back to work (MSN)

RioCan cuts nearly 10 per cent of staff in efficiency push (The Canadian Press)

Canada Post workers give 72-hour notice to strike as company warns of financial impact (CBC)

Shopify Surges On Strong Sales Growth Outlook (Financial Post)

Metro recognized for ethnocultural diversity (Grocery Business)

Edmonton retailers look for contingency plans ahead of possible Canada Post strike (CBC)

Alcohol sales have been a big boost, convenience stores say. Here’s what’s flying off the shelves — and it’s not just alcohol (Toronto Star)

Dollarama quietly gets rid of self-checkouts at some Ontario stores (Daily Hive)

Swifties line up for merchandise (CP24)

CLOSURE: One of the oldest stores closes down at square one in Mississauga (Fairweather)(InSauga)

Shop 100 festive vendors at Got Craft’s Vancouver Holiday Market this month | Listed

Thieves use vehicle to rip door off of Windsor sporting goods store (CBC)

Spencer Huck on Houston Real Estate, the Texas Medical Center’s Helix Park Project, His New Housing Project Targeted to Fill the Missing Middle, and more

By
Retail Insider
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Houston has seen a massive influx of Fortune 500 companies. Additionally, the Houston-based Texas Medical Center is the largest medical complex in the world with prestigious specialized treatment centers and institutions like MD Anderson. It is distinguished not only by its size but also by its commitment to fostering collaboration and innovation among the brightest minds in medicine. To that point, TMC houses both the world’s largest children’s hospital and the world’s largest cancer hospital. Annually, it manages over 10 million patient encounters, 180,000+ surgeries, and 750,000 ER visits. TMC’s vast infrastructure includes 9,200 patient beds within a developed area spanning 50 million square feet. With ongoing construction projects valued at $3 billion, TMC continues to expand its capabilities. It stands as the 8th largest business district in the U.S., employing over 120,000 people, reflecting its significant impact not just in healthcare, but also in the economic landscape. Now that the center and the city recently celebrated the grand opening of the 37-acre Helix Park project, the local economy and population are experiencing a generational boom with new businesses and developments popping up.

While this project benefits the city overall, many are concerned that housing options in affordable price ranges will be limited. With new construction properties in the area starting at $650,000, many doctors and nurses, especially those in the early phase of their careers, cannot afford to live close to the center.

Spencer Huck is helping facilitate a deal that will bring over 257 homes at a significantly lower price point, starting at $350,000, to an area less than two miles away from the Medical Center, similar to his development at 6752 Peerless St. Exhibiting his commitment to providing opportunities to what he calls the “Missing Middle,” Huck hopes to address the long-standing housing needs of the medical professionals who are vital to the economy and spirit of the city. By offering housing options close to the Texas Medical Center, nurses, early-career doctors, and other medical professionals will have more access to quality homes at reasonable prices without too long of a commute.

“We are framing this as the new Med Center housing district as Baylor College of Medicine recently purchased 7 acres of land within the community. Strategically located with easy freeway access off the newly expanded 288, Old Spanish Trail and Yellowstone, it is less than 10 minutes from the Med Center and TMC’s Helix Park.

I have worked in this area since early 2021, meeting with landowners and paying at or above market value for their properties. Sometimes, even the land owners come in as partners for equity in the development. Within this quarter-mile radius from Allegheny St to Winton St, we have assembled over 257 homes with different floor plans, elevations, and lot sizes. End users consist of doctors/nurses who work in the med center, residents investing in the community they grew up in, and investors due to the strong rental market for long-term and Airbnb rentals. My goal within the community is to bring the missing middle to the med center. More homes will break ground in the coming months as the area continues to be developed. The total project will be complete in the next 3 years.”

Huck has experience in residential and commercial real estate, recently focusing on the latter. He goes beyond mere deal-making and becomes a development consultant and investment opportunity broker, priding himself on his due diligence and market analysis.  

Huck’s hyper-detailed processes and strategies empower him to uncover the overlooked potential and profit possibilities of each property he handles.

“Every real estate development project is different and needs to be analyzed with the utmost attention and conservative analysis due to the ever-changing economics. When looking at any real estate development project, there are certain minimums that we look for before starting a project, and it is essential that through the course of the development, these are examined based on market conditions. No two streets/blocks are the same, and buying dirt at the right price is the 1st step to the project’s success.”

Spencer elaborates, “Texas has been a hotspot for investors worldwide since the pandemic. A big problem I see is the company’s lack of knowledge of the tenancies of each submarket. It is essential to understand that in real estate, location is everything, and working with a local investment opportunity broker is imperative to each project’s success.”  Huck fosters genuine connections that contribute to Houston’s long-term benefits as a resident and advocate for the city.

As a thought and community leader, Huck champions Houston’s growth and firmly believes in the city’s potential. This value-first strategy pays dividends, considering how Huck has already orchestrated deals worth millions and is becoming a profit leader at CitiQuest Properties. Huck recently received the Houston Association of Realtors (HAR) “20 Under 40” award, presented to Real Estate Agents for their excellence in sales, leadership, and community service; Huck is the youngest to receive the award.

“I am very excited about Houston’s future from a growth standpoint. We have a lot of opportunities here, and the absence of formal zoning regulations allows more flexible land use and development than any other market in Texas. We are also a more stable market than other markets in the region due to the affordability. There are few places where you can live 15 minutes from Downtown’s Central Business District and buy new construction for under 400K. I encourage future homeowners, investors, and businesses to move to our great city!”

Rising insolvencies experienced in retail sector (Interview)

By
Mario Toneguzzi
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Photo- Tima Miroshnichenko
Photo- Tima Miroshnichenko

As Financial Literacy Month takes centre stage in Canada, a new report from the Office of the Superintendent of Bankruptcy (OSB) reveals that consumer insolvencies are climbing at a concerning rate. Data shows a 13.5% year-over-year rise in consumer insolvencies during the third quarter, underscoring the growing financial struggles Canadians face in their daily lives and financial planning. As households grapple with high debt loads, the retail sector feels the pinch as consumer spending tightens, affecting businesses across the country.

andre bolduc
andre bolduc

“Canadians are facing mounting debt loads alongside a persistently high cost of living,” explains André Bolduc, Licensed Insolvency Trustee and Chair of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). “Even as inflation slows, many households are still grappling with rising costs on essentials, which is driving more Canadians to seek relief through insolvency solutions.”

The latest data shows that Canadians filed an average of 376 consumer insolvencies each day in Q3 2024. This marks the 10th consecutive quarter of double-digit increases since Q2 2022, illustrating a prolonged period of financial strain.

David Lewis, Licensed Insolvency Trustee and CAIRP member, said the stress of inflation is taking hold of the consumer with increased costs for food and housing and a number of other items – and that is impacting the retail sector.

David Lewis
David Lewis

“It’s a stretch on dollars,” he said. “So people are being more choosy with where their money is going which is causing a problem for retailers because people just aren’t buying as much as they were.

“We still see supply chain issues. We still see interest rates stress. We finally saw wage increases which should help a little bit in this last quarter. But you’re still struggling with trying to make up for all the extra costs everything is.”

Lewis said based on his experience he’s noticing that apparel companies are particularly feeling the heat in the retail sector.

Retail trade impacted as consumers feel the squeeze

With prices still elevated for necessities like food and housing, Bolduc says Canadians are resorting to extreme budgeting strategies or deferring expenses. While inflation has eased from previous highs, costs remain prohibitive for many. “At the end of the day, groceries and everyday essentials still cost more than they did in the past, leaving Canadian households to grapple with a reality where debt management becomes essential,” says Bolduc.

The rise in insolvencies is having a ripple effect on retail, with stores noticing shifts in consumer behavior. Many Canadians, weighed down by debt, are cutting back on discretionary purchases. “There’s definitely been a pullback in non-essential spending,” says Bolduc. “People are more cautious with their budgets as they focus on covering essentials, which impacts sectors like retail that rely on consumer spending.”

Homeowners Brace for Rate Hikes in 2025

Bolduc also points out that mortgage renewals in 2025 could further drive financial stress. Homeowners who secured low-interest mortgages in the past decade now face the prospect of higher rates. “Many homeowners with mortgages up for renewal may see a steep increase in payments,” explains Bolduc. “Those who have accumulated other debts could find themselves on the brink of insolvency as they juggle these heightened financial burdens.”

This looming challenge means that financial planning is more important than ever. As Bolduc highlights, “Long-term financial stability will require Canadians to focus on managing their finances carefully and seek professional advice where necessary.”

Business Insolvencies: Highest Q3 Filings Since 2009

It’s not just individual Canadians feeling the pressure—businesses, especially small and medium-sized enterprises, are struggling too. Business insolvency filings reached 1,312 in Q3 2024, marking the highest third-quarter level since the 2009 recession. While business filings fell 14.9% from the previous quarter, they remain up 16.2% year-over-year, with many companies still strained by operational costs and financing challenges.

“Small businesses have been hit hard by high operational expenses, and while recent interest rate cuts offer some relief, financial pressures are still a reality,” says Bolduc. “In sectors like retail, accommodation, and food services, the situation remains particularly challenging, with increased costs eroding profit margins.”

George Minakakis. Photo: LinkedIn.

George Minakakis, Founder and CEO of the Inception Retail Group, said retailers have found this market challenging.

“Larger chains globally have been warning of downward or neutral revenue. Business and retail insolvencies and consumer insolvencies all tell a similar story. We should point out that other business sectors have higher insolvencies. A few issues are convergent here. The first is that we have a tapped-out consumer. We know that about one million homes are due for mortgage renewal next year; they are being frugal with spending. Many retailers borrowed during the pandemic. Failing to service debt, they took an exit versus risking their personal assets.

“Couple this with the continuous and relentless technology squeeze now coming from AI; the more capable retailers, specifically chains, if they are sophisticated enough, will be marketing and selling far more targeted. 

“We are now into the last 43 days before Christmas, when you must make 25-40% of the year’s revenue to break even. “

Government Measures May Offer Limited Relief

Some measures are being introduced to ease the financial burden. This month, the federal government announced a long-awaited $2.5 billion carbon tax rebate aimed at offsetting energy costs for small businesses, along with a reduction in credit card processing fees. While helpful, these measures provide only a partial remedy.

“These rebates and fee reductions can help, but they’re unlikely to fully resolve the financial pressures facing many small businesses,” says Bolduc. “It’s a step in the right direction, yet more support may be necessary to address the broader impact of high costs on business stability.”

Exploring Debt Relief Options

For those struggling with debt, Bolduc emphasizes the importance of early intervention. Licensed Insolvency Trustees (LITs) provide government-regulated debt relief options like consumer proposals, which allow individuals to repay a portion of their debt over a set period without going through bankruptcy.

“Licensed Insolvency Trustees play a critical role in helping Canadians make informed choices about debt management,” says Bolduc. “Whether it’s restructuring personal finances or seeking debt relief, LITs can guide people through options tailored to their financial situation.”

For businesses facing insolvency, engaging with an LIT early on can provide solutions that may prevent closure. “Licensed Insolvency Trustees offer restructuring options that enable businesses to negotiate more favorable terms with creditors, extend payment periods, or explore other strategies to stabilize,” Bolduc adds.

Regional Variations in Insolvency Rates

Ontario recorded the largest year-over-year increase in consumer insolvencies this past quarter, with a 20.2% rise in filings to 13,140. Alberta followed with a 13.8% increase, and Quebec saw a 12.2% rise. Notably, insolvency rates in construction, accommodation, and transportation sectors saw the steepest increases, reflecting the acute financial challenges specific industries are experiencing.

Financial Literacy: More Crucial Than Ever

Financial Literacy Month serves as a reminder for Canadians to take proactive steps in managing finances. “Understanding finances is key to managing debt effectively,” says Bolduc. “Licensed Insolvency Trustees are a valuable resource for Canadians facing financial hardship, and Financial Literacy Month is an ideal time to raise awareness of the options available.”

As the pressures of debt continue, Bolduc emphasizes the need for practical financial planning and professional support. “The goal is to empower Canadians with the knowledge and resources to navigate through financial challenges,” he says.

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is Canada’s professional association representing nearly 1,400 insolvency and restructuring experts. Members are Licensed Insolvency Trustees who provide crucial support to Canadians navigating financial challenges.

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Businesses breathe sigh of relief as federal government steps in on port strikes

By
Mario Toneguzzi
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Port of Vancouver. Image: Shutterstock/licensed

The Canadian Federation of Independent Business (CFIB) says it is relieved the federal government has finally stepped in and ordered binding arbitration to get the Port of Montreal and BC ports fully operational.

“The Minister of Labour must make decisions for the greater good of the country. Our supply chain needs to be protected, and so do our businesses and their employees. A lengthy work stoppage has harmful consequences for the whole economy that are disproportionate to the benefit any of the parties involved can obtain,” said Jasmin Guenette, Vice-President, National Affairs, CFIB.

Jasmin Guenette
Jasmin Guenette

“We welcome the Minister’s decision today. But it shouldn’t have come to this point, and we need to find better ways to solve labour disputes. We cannot have work stoppages paralyze Canada’s supply chains every time negotiations are at an impasse. Moving forward, government must make ports an essential service, so they remain fully operational at all times.”

The CFIB is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region.

Here’s the statement from Steve MacKinnon, Minister of Labour and Seniors:

“Collective bargaining negotiations between the parties in the ports of British Columbia, Montreal and Quebec are all at an impasse. The responsibility for these negotiations belongs to the parties alone, but the impacts are being borne by all Canadians. We simply cannot afford this uncertainty and instability at this moment. 

Steve MacKinnon
Steve MacKinnon

“The work stoppages at the ports of British Columbia and the Port of Montreal are significantly impacting our supply chains, thousands of Canadian jobs, our economy, and our reputation as a reliable trading partner.

“The dispute at the Port of Quebec has been dragging on for more than two years without any sign of resolution despite significant mediation support. Replacement workers have been used during the lock-out, so the relationship between the parties and industrial peace is further corroded with every passing day. 

“Therefore, I have invoked my authorities under the Canada Labour Code to secure industrial peace and to protect the interests of all Canadians.

“I have directed the Canada Industrial Relations Board to order the resumption of all operations and functions at the ports, and to assist the parties by imposing final and binding arbitration. I have also directed the Board to extend the term of the existing collective agreements until new ones are reached. 

“Negotiated agreements are the best way forward, but we must not allow other Canadians to suffer when certain parties do not fulfill their responsibility to reach an agreement. It is my duty and responsibility to act in the interests of businesses, workers, farmers, families and all Canadians.”

According to the federal government, the number of agreements settled by FMCS (Federal mediation and conciliation services)in fiscal year 2023-24 without a work stoppage was 154 (96%); the number of agreements settled by FMCS in fiscal year 2023-24 with a work stoppage was 6 (4%); and the total number of agreements settled in fiscal year 2023-24 was 160.

Bruce Winder

Retail analyst and author Bruce Winder said he is relieved for retailers and suppliers that the federal government has forced binding arbitration for Canada’s Vancouver and Montreal ports.

“We were losing $1.2 billion in business every day that the ports were shut down. The risks to Canada’s fragile economy were too great. Particularly with a potential Canada Post strike in play this week as well,” he said.

Gary Newbury, a retail supply chain and last mile expert, said the recent rail strike/lock out (Aug 24) was quelled by the federal government forcing both parties into binding arbitration, and similarly now, the ports have been forced to resume work under the same legislative conditions.

“Canada’s reputation as a reliable trading partner is not enhanced by these “fall outs” arising from management and unions using monopolistic/duopolistic supply chain infrastructure assets as betting chips in their agendas,” he said.

Gary Newbury

“I would go further and suggest the opportunity that may arise mid Jan 25, our ports need to be ready to handle a sharp rise in activity as the Gulf/Eastern American ports head into a more substantial dispute deferred from October.

“The federal government having recognized the critical nature of our supply chains operating efficiently during the pandemic, have chosen not to recognize our ports, ferries, bridges or railways as “Essential Services” and brought into place legislation to ensure minimum service standards are maintained during periods of disputes.

“While in peak trading for Canadian retailers (and their increasingly extending promotional events such as Black Friday), the use of binding arbitration/return to work is a short-term tool the Minister for Labour can use. A far more proactive approach would be to reclassify such infrastructure to ease pressures within Canadian employers dependent free flowing supply of product for their survival, and for consumers to ensure their lives are not avoidably disrupted.”

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RioCan posts record-high occupancy as leasing demand surges (Interview)

By
Mario Toneguzzi
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Image: RioCan

RioCan Real Estate Investment Trust (TSX: REI.UN) has posted strong results for Q3 2024, achieving a record-high retail committed occupancy of 98.6%, as high-quality, open-air assets continue to thrive in Canada’s competitive retail landscape.

Overall committed occupancy for RioCan’s portfolio reached 97.8%, a 30-basis-point sequential increase, with the Trust’s lease renewal retention ratio remaining high at 92%, the company reported in a news release.

RioCan said it celebrated its third consecutive quarter of double-digit leasing spreads, reaching 14.2% on a blended basis. The REIT reported that more than 1.28 million square feet of leases were completed, including 251,000 square feet of new leases.

Jonathan Gitlin
Jonathan Gitlin

Jonathan Gitlin, RioCan’s President and CEO, highlighted the Trust’s ongoing resilience in the current market: “Our expertise allows RioCan to capitalize on the favorable environment for retail real estate,” he said, adding that the team’s strategic tenant curation has enhanced both income stability and growth prospects.

The Trust backfilled all 10 large units affected by tenant failures earlier in the year, securing top-tier tenants at higher rent levels, driving an average rent increase of nearly 24% across these leases. This improvement reflects RioCan’s proactive approach to enhancing asset value and tenant quality, it said.

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at September 30, 2024, its portfolio was comprised of 186 properties with an aggregate net leasable area of approximately 33 million square feet.

RioCan said it also cut almost 10 per cent of its staff in October.

“The corporate restructuring is part of RioCan’s ongoing responsible cost management, enhances workflow efficiency, and optimizes resource allocation to better align with business needs.

“RioCan does not intend to commence new physical construction of mixed-use properties in 2024 and well into 2025. Development Spending on mixed-use projects, which were in progress prior to the reduction in new construction starts, is expected to be between $250 million to $300 million. Development Spending for retail in-fill projects is expected to be between $30 million to $40 million,” it said.

Oliver Harrison
Oliver Harrison

Oliver Harrison, Senior Vice President, Leasing & Tenant Experience at RioCan, said: “We’re very pleased with our operating results particularly within our commercial portfolio, having demonstrated in a few cases record high results whether it’s occupancy, spreads on our new leasing deals and renewals, retention ratio in the low 90%. Definitely very happy with those results.”

Harrison said the retail sector continues to be historically strong.

“I’ve been at RioCan for 25 years. I don’t think I’ve ever seen retail fundamentals as strong as they are right now. You’re seeing it in the results we’ve produced in the past few quarters. And you continue to hear it when you talk to our retail partners whether it’s grocery retailers, whether it’s value retailers, whether it’s kind of value apparel. They’re all performing well, they’re all looking to grow their store count and they’re very pleased with their performance.”

For RioCan, one of the jewels in its portfolio is The Well in downtown Toronto.

“The Well continues to perform at or in certain cases above expectations,” said Harrison. “We’re almost one year out from having opened up The Well. We’re at close to 95 per cent occupancy. We’re seeing business in the range of 180,000 to 220,000 people a week. Some really strong sales numbers coming out of the retailers at The Well by and large. And the residential component of the project of which we have a 50 per cent interest in one of the residential buildings, we started leasing it up in August of last year and I think we are either at or close to stabilization already which would be 90 per cent leased and occupied at rents that are equal to or marginally ahead of our pro forma.

“So The Well has been a very positive headline for us, looking back on one year of operation.”

The Well (Image: Dustin Fuhs)

Other notable highlights from the RioCan financial results included a landmark land lease agreement for a 158,000-square-foot Costco store at RioCan Centre Burloak. In addition to driving traffic and attracting complementary tenants, the addition of a service-based anchor is expected to fortify the property’s long-term appeal, said the company.

RioCan said it also maintained a strong financial position, with liquidity of $1.3 billion and an Adjusted Debt to EBITDA ratio of 9.1x. Recent financing initiatives include $1.05 billion in debt restructuring at favorable rates, positioning RioCan to navigate future growth opportunities.

These results underscore the continued demand for RioCan’s necessity-based retail centres and mixed-use developments across major Canadian markets, as the Trust looks forward to sustained momentum heading into 2025, it said.

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Home Depot reports strong Q3 sales with 6.6% growth, adjusts Fiscal 2024 guidance

By
Mario Toneguzzi
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Image: Home Depot Canada

Home Depot, the largest home improvement retailer worldwide, has posted notable sales results for its third quarter of fiscal 2024, reporting a 6.6% increase in total sales year-over-year, reaching $40.2 billion. Despite a modest decrease of 1.3% in comparable sales, the company’s performance outpaced expectations in a quarter marked by changing consumer spending patterns and challenging economic conditions.

Operating income for the quarter held steady at $5.4 billion, representing an operating margin of 13.5%. Adjusted operating income rose to $5.6 billion, with an adjusted operating margin of 13.8%. However, net earnings dipped slightly to $3.6 billion, translating to $3.67 per diluted share compared to $3.81 per diluted share in the same period last year.

Ted Decker
Ted Decker

Ted Decker, chair, president, and CEO of The Home Depot, credited the resilience of the company’s performance to favorable shifts in weather and increased demand for seasonal and outdoor products, including incremental sales from hurricane preparedness efforts. “While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations,” said Decker in a news release. “Our associates continue to show outstanding dedication to serving our customers and communities.”

Fiscal 2024 Guidance Update

The company has adjusted its fiscal 2024 guidance, incorporating an additional 53rd week in its operating calendar. Projections include a 4% increase in total sales, with the 53rd week contributing an estimated $2.3 billion. However, comparable sales are expected to decline by approximately 2.5% for the 52-week period relative to fiscal 2023, it said in a news release.

The updated guidance reflects expectations of $6.4 billion in incremental sales from the strategic supply chain investments (SRS), and Home Depot anticipates opening approximately 12 new stores by year-end. Key metrics forecasted for the 53-week period include a gross margin of approximately 33.5% and an operating margin of about 13.5%, alongside a tax rate around 24%, said the company.

Despite the anticipated challenges, Home Depot expects to maintain steady growth, with diluted earnings per share projected to decline by 2% year-over-year but benefit from an extra $0.30 from the 53rd week. Similarly, adjusted earnings per share are set to dip by 1%, with the 53rd week contributing $0.30.

Operational Footprint

At the close of the third quarter, The Home Depot’s retail presence spanned 2,345 stores and over 780 branches across North America, including the U.S., Canada, and Mexico. Employing over 465,000 associates, the company remains a dominant force in the retail sector, with shares traded on the New York Stock Exchange (NYSE: HD) and included in both the Dow Jones Industrial Average and the S&P 500 index.

The Home Depot’s Q3 performance underscores its resilience in navigating a complex retail landscape, balancing steady growth and strategic adaptation amidst macroeconomic headwinds. The company’s adaptability continues to solidify its position as a leader in the home improvement industry, it said.

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Jeff Kinnaird exits Home Depot to take helm at Peak Group

Yves Rocher expands Canadian presence through Shoppers Drug Mart and Pharmaprix partnership (Interview)

By
Mario Toneguzzi
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CF TORONTO EATON CENTRE YVES ROCHER LOCATION. PHOTO: CRAIG PATTERSON

Yves Rocher, a pioneer in dermo-botanical beauty, has announced a significant expansion in Canada through a partnership with Shoppers Drug Mart and Pharmaprix. This marks the first time the global beauty brand will distribute its products outside of its own channels, bringing its plant-powered skincare, bath, body, and hair care products to Shoppers Drug Mart and Pharmaprix locations nationwide.

The move is part of the company’s strategic vision to grow its Canadian footprint, following the brand’s “Retour aux Sources” initiative, launched nearly a year ago. This initiative aims to reconnect Yves Rocher with its origins and with consumers by focusing on natural, sustainable beauty. Julie Huynh, Managing Director of Yves Rocher North America, describes the partnership as “a transformative moment,” enabling the brand to connect with more Canadians looking for responsible beauty options.

Julie Huynh
Julie Huynh

Just over a year ago, Yves Rocher unveiled its new brand strategy, “Retour Aux Sources” which is reconnecting the retailer with its roots.

The new brand strategy for the botanical beauty brand includes: a renewed in-store shopping experience, a redesigned pricing strategy, and a revised loyalty program.

At the time, Huynh told Retail Insider the updated strategy aims to reconnect the brand to its founding mission: to offer natural, responsible beauty, by cultivating, revealing and transmitting the incredible power of plants through cosmetics with proven plant power. 

In addition, the new strategy aims to forge an even deeper and more authentic connection with the customer, whose input was at the heart of this brand repositioning initiative

Huynh said there are 39 Yves Rocher stores located in Quebec.

“We had to transform the brand to reposition the brand with all the legacy and where the brand comes from. One year later, now we’re ready with a brand new image,” she said, adding the rollout in Shoppers has begun with about 20 to 30 stores.

“By the end of December, we will have 70 across all of Canada.” She said 32 of those locations will be in Quebec. “The main reason why is to be more accessible to more Canadian customers. Having only 39 own stores only in Quebec is not enough.”

She said Shoppers has an incredible network of stores across Canada and there is the potential in the future to have a presence in even more of the drug stores.

“And perhaps why not if our customer is willing to find our brand in such channels why not consider out distribution (channels) and other retailers. But for the time being this is the very, very beginning let’s make it first successful and expand to make the footprint bigger.”

Gwennaëlle Varnier
Gwennaëlle Varnier

Shoppers Drug Mart and Pharmaprix Vice President Gwennaëlle Varnier is equally enthusiastic, noting an increasing demand among Canadians for clean, responsibly sourced beauty products. “Canadians trust Shoppers Drug Mart to offer them the best in beauty, and this partnership with Yves Rocher reflects our commitment to offering sustainable options in communities across the country,” she said.

In addition to store shelves, Yves Rocher products will be available online, offering further convenience for consumers. Prestilux, a Canadian distributor known for working with prestigious brands, is managing the distribution, adding an established partner to ensure the expansion’s success, said a news release.

The collaboration underscores Yves Rocher’s dedication to innovation and sustainability, while keeping true to its founding mission: harnessing the power of plants to provide natural beauty solutions. As Yves Rocher continues to evolve, Canadian consumers will now have easier access to the brand’s unique dermo-botanical expertise, available just around the corner at Shoppers Drug Mart and Pharmaprix locations across the country, according to the release.

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