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 48 hours.
Despite the heavy snowstorm, people were lined up outside the store starting at 4 a.m. to be first in for the grand opening.
This is the company’s 38th store in North America, with the previous store opening in Bellevue, Washington. It is also the second downtown Toronto location, with the store size of 31,000 square feet, fairly the same as T&T College store.
The store will be open seven days a week, from 9 a.m. to 10 p.m.
The store is bringing food offerings that T&T fans know and love, including a street food section, self-serve hot food, sushi, PaPa Chicken, Egg Tart and more!
CEO Tina Lee. Source: T&T
This is the only store in the GTA that features a self-serve kiosk in its street food section, allowing customers to order fancy Chinese crepes, rice wraps and more street foods on their own, said the company.
“We’ve seen such overwhelming demand at our College and Spadina location, we knew the city was ready for more. When deciding on the location of the new store, we knew a large portion of our delivery orders were going to the Yonge and Dundas area, so it was the natural choice,” said Tina Lee, CEO, in a previous story with Retail Insider.
“University students, with their busy schedules and often on their own for the first time, may not have the time or the knowhow to cook for themselves. In addition to ready-to-eat meals, fresh fruits and vegetables, and, of course, late-night study snacks, we’re happy to offer students in the area some familiar flavours from home.”
“Yonge and Dundas is the most iconic intersection in the whole country. So it’s very exciting to be there together and alongside some of the biggest brands in Canada and some of the biggest international brands that come to Canada. They want to be at that intersection as well,” said Lee.
For years, the retail industry has debated the benefits of wholesale versus direct-to-consumer (DTC) sales. While DTC has been celebrated as a profitable alternative, many brands are discovering that eliminating wholesale partnerships is not the silver bullet they once thought. In her new book, The Whole Sale, Liza Amlani, Principal and Founder of Retail Strategy Group, challenges this misconception and offers a comprehensive guide for brands navigating the wholesale landscape.
Amlani, a retail expert with over two decades of experience, co-authored the book with her husband, Raj Dhiman, PhD. The book provides insights and practical tools for brands looking to establish and maintain successful wholesale partnerships. In an interview, Amlani shares her perspective on why wholesale remains a crucial strategy for growth and long-term profitability.
The Genesis of The Whole Sale
“The idea for the book actually came from our newsletter, The Merchant Life,” Amlani explains. “We wrote an article called ‘Wholesale Isms’ about what brands need to succeed in wholesale, and it really resonated. It got forwarded around and referenced often, so we realized there was a gap in the market for a comprehensive guide.”
Liza Amlani and Raj Dhiman, PHD
After conducting research, Amlani found a surprising lack of resources available for brands looking to navigate wholesale effectively. “I taught at the Fashion Institute of Technology (FIT), and they had a wholesale course, but it focused on sales rather than strategy. That was another signal that brands needed more guidance. We also saw a widespread misconception that wholesale isn’t as profitable as DTC, which we knew wasn’t true,” she says.
Structuring the Guide
Designed as a practical toolkit, The Whole Sale offers brands step-by-step guidance, complete with templates, tables, and tools to streamline wholesale operations. “The book isn’t a heavy lift—it’s only 40 pages—but it’s packed with actionable insights,” Amlani says. “I’ve even sent it to retail buyers, and they’ve told me, ‘I wish brands had this before they came to see us.’”
Having spent 20 years as a buyer, Amlani saw firsthand the inconsistencies in how brands presented themselves. “Every brand came in with different formats for line sheets, different negotiation strategies, and often without doing the necessary homework. The book helps brands not only get onto shelves but also stay there,” she emphasizes.
Wholesale vs. DTC: A Profitability Misconception
The narrative around DTC has often positioned it as a more lucrative strategy, but Amlani argues that wholesale offers critical advantages. “When brands go DTC, they take on all the costs of inventory, marketing, customer acquisition, and logistics. These costs eat into margins,” she explains. “With wholesale, retailers absorb a lot of those operational costs, making it a highly profitable channel in many cases.”
Wholesale also enables brands to scale efficiently. “If a brand wants to enter a new market, setting up stores or e-commerce fulfillment in that region is incredibly expensive and resource-intensive. Partnering with a retailer that already has a footprint there provides access to customers without the same level of investment,” Amlani adds.
The Modern Wholesale Landscape
The past decade has seen dramatic shifts in retail, especially post-pandemic. Amlani notes that brands today must be more strategic than ever when approaching wholesale. “Retailers are constantly looking for fresh, exciting products to keep their customers engaged. Some Canadian retailers, for instance, are prioritizing ‘Made in Canada’ products or those with a transparent supply chain,” she points out.
Technology has also played a role in reshaping wholesale relationships. “Retailers and brands are using insights from data to refine their strategies. Localization, curated product assortments, and personalized customer service are now table stakes,” she explains. “Brands that can offer retailers a clear merchandising strategy and performance insights have a better chance of securing partnerships.”
The Wholesale Conditions Test
For brands considering wholesale, Amlani and Dhiman developed the Wholesale Conditions Test—three key questions to determine the right retail partners:
Where are your target customers shopping?
Where are your competitors selling?
Which retailers align with your brand DNA?
“This helps brands narrow down their approach and ensure they’re targeting the right retailers,” Amlani says. “For instance, should they be in luxury, off-price, grocery, or specialty stores? A retailer like Joe Fresh carries brands like Levi’s and Puma, so there’s a fit for wholesale across different categories.”
Wholesale in the Next Five Years
Looking ahead, Amlani predicts continued growth in wholesale, driven by the need for retailers to offer unique, curated assortments. “Retailers are always looking for exciting products to differentiate themselves and keep customers coming back,” she says. “At the same time, brands will need to be more strategic, ensuring they’re offering the right products to the right retailers.”
She also anticipates shifts in merchandising strategies. “We’ll see retailers refining their product assortments to meet changing consumer demands. Sustainability, resale models, and community-building will become more important,” she notes. “Brands that align with these trends will have an advantage.”
Advice for Brands Hesitant About Wholesale
For brands hesitant to enter wholesale, Amlani has clear advice: preparation is key. “Retail buyers are inundated with pitches, and many brands don’t get a response. But if you come to the table with a well-thought-out plan, you have a better chance of standing out,” she advises.
One of the key concepts in The Whole Sale is merchandising strategy, which Amlani defines as the intersection of product, distribution, and pricing. “It’s about what you sell, where you sell it, and at what price. Brands need to curate their product mix for each retailer or platform they work with,” she says.
Negotiation is another critical skill. “Brands can—and should—negotiate product placement, pricing, and marketing support. Many brands assume retailers will automatically provide these things, but it’s always best to clarify terms upfront,” Amlani adds.
A Must-Have Resource for Brands
Now available in paperback, The Whole Sale is positioned as an essential resource for brands attending trade shows or meeting with retail buyers. “It’s designed to be a reference guide that brands can bring with them to meetings and use in real time,” Amlani says. “It includes prompts for talking to buyers, strategies for getting retail-ready, and even real-world examples from my own experience.”
Ultimately, Amlani believes wholesale remains an essential growth avenue for brands, particularly in today’s complex retail landscape. “The goal isn’t just to get on shelves—it’s to stay there. That’s where preparation, strategy, and the right partnerships make all the difference.”
In an era dominated by fast fashion and rapidly shifting retail landscapes, Toronto-based luxury brand Arpinō is carving a niche with its authentic craftsmanship and timeless elegance. Founded by Mina Elyasian, Arpinō redefines luxury through bespoke knitwear and outerwear crafted from the finest Italian materials.
The Story Behind Arpinō: Rooted in Heritage and Experience
“After COVID, the retail landscape changed dramatically,” Elyasian reflects. “I took time to reassess where I wanted to go and how to pursue it.” Drawing from her deep connections in Italy, she decided to create her own brand, sourcing materials directly from family-owned factories in the Arpinō region near Rome.
Mina Elyasian
Elyasian’s journey spans over two decades in the fashion industry, with experience in retail, styling, and consulting. “Retail is in my DNA,” she says. From owning boutiques to serving as a sales director and stylist for brands like Millie’s and Andrews, Mina’s career is rooted in both the art of fashion and consumer connection. “I’ve traveled the world of retail, from buying to consulting, and styled countless clients. Arpinō is the culmination of everything I’ve learned.”
The name Arpinō honors this rich history. “Arpinō comes from a beautiful region near Rome, filled with olive groves and artisanal traditions,” says Elyasian. “It’s deeply personal to me and my partner, connecting our story with the community that inspires us.”
Redefining Retail: A Bespoke Luxury Experience
Unlike traditional retail models, Arpinō thrives through exclusive trunk shows and private appointments. “I call it a transformational experience,” Elyasian explains. “There’s often a disconnect in retail between product and brand identity. I wanted to change that.”
Arpinō plans to eventually open a showroom atelier in Toronto’s Rosedale or Yonge and St. Clair areas, designed for intimate, by-appointment experiences. “I don’t want a conventional retail store,” Elyasian emphasizes. “It’s about creating a space where luxury feels personal and immersive.”
Image: Arpinō
Italian Craftsmanship: From Artisans to Wardrobes
Arpinō’s product range is crafted in Italy, focusing on small-batch production and sustainable sourcing. The luxury outerwear collection features sophisticated styles made from Sable Wool and Cashmere blends, with optional fox fur trims.
“There’s a niche in Canada for elevated coats beyond parkas and puffers,” Elyasian notes. “We offer elegant, unlined cashmere and sable wool coats, sourced from small, family-owned Italian factories.”
Every garment connects directly to the artisans. “I visit the factories, have meals with the families, and witness the craftsmanship firsthand,” says Elyasian. “When a client buys a piece, I can show them exactly who made it and how it was crafted.”
Bespoke Fashion: Personalization at Its Core
Arpinō’s commitment to bespoke fashion allows clients to select from a variety of colours, styles, and fur trims, with custom orders delivered in four to six weeks. “It’s about creating pieces that reflect individuality,” Elyasian explains. “One client spent $17,000 on custom coats, choosing every detail herself. That’s the level of connection we offer.”
Knitwear, another cornerstone of Arpinō, features materials like cashmere, merino wool, and silk. Priced around $595 for alpaca blends, these knits merge contemporary design with traditional craftsmanship. “If you’re spending $300 on a mass-produced sweater, why not invest a little more in something timeless from Italy?” Elyasian suggests.
Image: Arpinō
Ethical Sourcing and Sustainability: Beyond Trends
Addressing fur’s environmental impact, Elyasian is candid. “Our furs come from ethical sources in Denmark and Finland, crafted by generational Italian furriers,” she explains. “Interestingly, real fur has less environmental impact than synthetic alternatives, which are petroleum-based and harmful to ecosystems.”
She elaborates, “People often overlook that fake fur contributes significantly to environmental degradation because it’s made from plastic-based materials that don’t biodegrade. In contrast, real fur is a natural product with a much smaller ecological footprint over its lifecycle.”
Arpinō’s sustainability commitment extends to small-batch production, emphasizing quality over quantity. “We’re not fast fashion,” Elyasian states. “Our pieces are meant to last, becoming treasured items in a client’s wardrobe.”
Mentorship and Industry Influence
With two decades of industry experience, Elyasian also mentors aspiring fashion professionals. “I believe in homegrown talent,” she shares. “I recruit from schools like Ryerson, where I graduated, to give back and support future fashion leaders.” She frequently lectures at fashion programs, providing real-world insights to the next generation of designers and retailers.
Image: Arpinō
Strategic Growth: The Future of Arpinō
Looking ahead, Arpinō plans to expand thoughtfully. “We’re considering a permanent showroom, possibly converting a heritage brownstone into an atelier,” says Elyasian. “I love the idea of transforming a character-filled space into an intimate showroom where clients can immerse themselves in our brand’s story.”
“It’s not about rapid growth,” she adds. “It’s about perfecting each collection before moving to the next.”
The brand also plans trunk shows at luxury ski clubs and private events across North America. “Our clients are global,” Elyasian notes. “From Aspen to Banff, we meet them where they are, offering personalized experiences.”
Authentic Marketing and Brand Loyalty
Elyasian employs traditional marketing strategies to build genuine relationships. “A lot of my marketing is old-school,” she says. “I reach out directly to people, host trunk shows, and focus on personal connections. It’s about engaging with clients one-on-one and building trust.”
This personal approach fosters strong client loyalty. “When you build real relationships, clients don’t just buy your products; they believe in your brand,” Elyasian explains. “That’s the foundation of everything we do at Arpinō.”
Rains store at 2142 W 4th Ave, Vancouver. Photo: Rains
Danish outerwear brand Rains has officially entered the Canadian retail market with the opening of its first standalone store in Vancouver. The 1,175-square-foot boutique, located at 2142 West 4th Avenue in the Kitsilano neighbourhood, marks a milestone in the brand’s global expansion. This is Rains’ 30th store worldwide and the seventh in North America.
The store’s design reflects both Vancouver’s rugged, outdoor-centric environment and Rains’ signature neo-Scandinavian aesthetic. It features artwork by Danish artist Jacob Egeberg, a frequent collaborator with the brand. The store offers a curated selection of Rains’ core outerwear styles, bags, and seasonal collections designed for the urban consumer facing varied climates.
Building a Stronger Canadian Presence
Rains has been steadily growing its presence in Canada for over a decade. Initially operating through a distributor based in Vancouver, the company took over its own distribution in the market approximately two years ago. This shift allowed the brand to refine its strategic approach to retail expansion in Canada.
“We’re excited to solidify our ties to Canada,” said Daniel Brix Hesselager, Co-Founder of Rains. “We’ve been working with renowned retailers including SSENSE, Holt Renfrew, and La Maison Simons for some time, and it felt like the perfect time to cement our presence with a store. It’s crucial to have that physical connection to consumers, and our locations are the truest representation of our vision and ethos as a company. By stepping inside, customers can be immersed in both our products and wider universe.”
Jan Stig Andersen, CEO of Rains North America, emphasized the importance of the brand’s investment in Canada: “Canada has always been a key region for Rains, and we are excited to bring our brand closer to consumers here through these strategic partnerships and store openings. We believe that our continued investment in this market will solidify our presence and set the stage for long-term success.”
Rains Spring/Summer 2025 campaign image
Toronto Showroom Strengthens Wholesale Business
In addition to the Vancouver store, Rains recently opened a showroom in Toronto on Wingold Avenue. The showroom is part of the brand’s strategy to strengthen its wholesale relationships and provide retail buyers with a comprehensive look at its offerings.
“The showroom is something we do both for our internal teams and for retailers,” said Andersen. “It allows our partners to see the full breadth of our collection, how it’s merchandised, and the potential for their stores. Branding-wise, it’s been very important for us.”
Having a physical space has also been a game-changer for the brand’s operations. “Previously, without a showroom or stores, many of our team members were working remotely. Now, we have a space where we can immerse both our team and visitors in the Rains brand experience,” he added.
Inside the RAINS showroom at 90 Wingold Avenue in Toronto. Photo supplied
Retail Distribution and Growth Strategy in Canada
Beyond its direct-to-consumer retail expansion, Rains maintains a strong presence in Canada through partnerships with key retailers. The brand is currently stocked at approximately 30-40 independent stores. The company is actively expanding its reach among high-end independents, leveraging the Toronto showroom to build deeper relationships with retailers across the country.
In terms of retail stores, Rains follows a ‘cluster strategy’ for retail expansion, focusing on key cities and growing within those markets before expanding further. “When we built our presence in New York, we started with one store. Now, we have six locations there,” Andersen explained. “We plan to follow a similar approach in Canada, beginning with Vancouver and eventually expanding into Toronto and Montreal.”
West 4th Avenue in Vancouver. Image: Apple Maps
Product Offering and Customer Segments
Rains’ product range in Canada consists of outerwear, bags, and accessories, with an even split between apparel and bags. The brand has experienced significant growth in the travel segment, as consumers seek innovative and stylish luggage solutions. Additionally, demand for outerwear—particularly puffer jackets and layered transitional pieces—continues to rise.
The brand attracts two primary consumer groups: those looking for functional, waterproof gear, and a younger, fashion-forward audience drawn to its minimalist, urban aesthetic. “You have the cool young people wearing Rains every day and their parents who might only use it when it rains,” Andersen noted. While rainwear remains core to the business, it represents only about 20-25% of overall sales.
Omnichannel Synergy and Future Expansion
A key element of Rains’ strategy is its focus on creating a seamless shopping experience across retail, wholesale, and e-commerce channels. “The synergy between revenue streams is what’s important,” Andersen said.
“Consumers might see a product in-store, then buy it online, or discover something online and go to a store to try it in person. The key is providing a cohesive experience across all touchpoints.”
Online sales data also plays a critical role in determining retail expansion. By analyzing web traffic and conversion rates in different cities, Rains identifies where consumer interest is highest. “Vancouver is our number one city in Canada, followed by Toronto and Montreal. That’s why our expansion starts in these markets,” he explained.
Distinct Store Design Approach
Unlike many brands that maintain uniform store designs globally, Rains tailors each location’s interior to reflect its surroundings. “Each of our six stores in New York looks different,” Andersen said. “We want each location to feel unique while still aligning with our brand DNA. Some stores serve as community hubs with events and activations, while others focus purely on retail.”
The Vancouver store offers a balanced presentation of outerwear and bags, reflecting the city’s climate and consumer needs. While it isn’t one of Rains’ larger ‘community’ stores, future expansions in Canada could see more flagship-style locations.
Nearly one in five (18%) small- and medium-sized businesses (SMEs) are experiencing cancelled or paused orders due to the ongoing uncertainty around the U.S.-Canada tariff situation, finds new data by the Canadian Federation of Independent Business (CFIB). That number rises to 34% among exporters.
“The uncertainty around tariffs is almost as damaging as tariffs themselves. It reverberates among business owners right now and businesses are adjusting operations on the fly as a result,” said Simon Gaudreault, CFIB’s chief economist and vice-president of research. “While we may have a few weeks of reprieve, there is still concern about the long-term impact of tariffs on small businesses.
Simon Gaudreault
“Some firms may change their business models and find new markets, but it’ll take some time. Many exporters though are telling us it will be a major struggle to pivot, and they’ll have to decide whether to lay off staff, remain in Canada or explore other markets.
“In some sectors, like retail, many businesses are indicating they’ll be forced to pass on increased costs to customers. Others, like in the agri-business sector, report they will be forced to eat most of the increased costs. Overall, small business owners are sending a clear message that U.S. tariffs and Canada’s retaliatory measures will add further financial strain on businesses and Canadians alike.”
The CFIB is Canada’s largest association of small and medium-sized businesses with 100,000 members across every industry and region.
“About one in five businesses say they can survive less than three months without support if tariffs hit. This should sound an alarm for policymakers. Now is the time to cut taxes, adopt mutual recognition to address interprovincial trade barriers, and promote buying local,” added Gaudreault. “If Canada hits the U.S. with retaliatory tariffs, it must make sure any support programs include the needs of small businesses and that the revenue from those tariffs go back to both importers and exporters as quickly as possible.”
The CFIB said a majority (54%) of SMEs say they don’t feel prepared for the impacts of U.S.-Canada tariffs. CFIB data also found that:
24% are looking to delay expansion plans,
20% are looking to reduce workforce/hours,
45% of small firms are looking for new suppliers to address the tariff situation,
62% can pass on costs to customers or clients at varying levels if U.S.-Canada tariffs are imposed.
The CFIB said a strong majority of small firms (81%) said they want Parliament recalled to deal with the tariff threat. CFIB is calling for Parliament to immediately reconvene to help small businesses through this period of instability by:
Stopping the April 1 carbon tax increase
Passing legislation to make sure carbon tax rebates for small businesses are tax free
Passing proposed legislation to increase the lifetime capital gains exemption threshold to $1.25M and ensuring the Canadian Entrepreneurs’ Incentive stays in place.
Small business owners can share their thoughts and experiences with CFIB by visiting cfib.ca/tariffs.
Smile Tiger Coffee Roasters. Photo, Explore Waterloo Region
Happy Belly Food Group Inc., a leading consolidator of emerging food brands, says it has signed an area development agreement for British Columbia to open 25 new franchised locations of its newest acquisition that closed recently, Smile Tiger Coffee Roasters, an emerging brand in the quick service beverage industry.
Sean Black
“As we continue to focus on asset light growth, it made so much sense to partner with Scott Grandin who is easily one of the top Area Developers in Canada’s QSR industry,” said Sean Black, Chief Executive Officer of Happy Belly.
“We are committed to creating shareholder value across our portfolio with our disciplined approach to organic & inorganic growth as we are just getting started in the quick service beverage industry.
“Acquiring cash-flow-positive brands that are debt-free and demonstrate positive same-store sales like Smile Tiger aligns with our low-risk strategy for delivering consistent returns. Now our focus is on leveraging our platform to scale the brand across Canada with a focus on doubling the EBITDA in 24 months or less.”
“We currently have 446 contractually committed retail franchise locations from area developers across all emerging brands in the Happy Belly Food Group portfolio including those in development, under construction or already open. We are working to actively expand this pipeline significantly in 2025 & 2026 with our disciplined approach to growth. It is key for us to continue selecting the right franchise partners along with the right real estate in order to achieve our development goals for the brands. The selection process has now officially started.”
Photo: Smile Tiger Coffee Roasters
“Happy Belly’s track record over the last several years speaks for itself – whether with Heal Wellness, iQ Foods, Via Cibo, Rosie’s Burgers, or Yolks Breakfast, we have consistently proven our ability to acquire high-potential assets at reasonable multiples and rapidly expand their EBITDA. Smile Tiger is no exception. Signing this area development agreement for 25 net new locations in British Columbia alone, exemplifies our ability to identify and integrate strong-performing brands, setting them up for even greater success under our Happy Belly operational framework,” added Black.
Triangle spend per member was up in Q4, as members earned and redeemed at higher levels than last year, it said, adding that Q4 Diluted Earnings Per Share (EPS) was $7.37; Q4 Normalized Diluted EPS was up 20.4% to $4.07 while Full-year Diluted EPS was $15.92; Full-Year Normalized Diluted EPS was up 21.7% to $12.62.
“In the quarter, we charted strong earnings and a return to growth, while observing economic green shoots like improved consumer sentiment and spending,” said Greg Hicks, President and CEO, Canadian Tire Corporation. “The strength of Triangle Rewards was on display in Q4, as loyalty sales grew 4% and we activated more personalized promotions – having attracted and engaged nearly half-a-million new and returned members in 2024.
Greg Hicks
“As we look beyond our Better Connected strategy, we have growing evidence and conviction that a deeper connection of our retail banners and our loyalty system drives higher member engagement and sales.”
FOURTH-QUARTER HIGHLIGHTS
Consolidated comparable sales and consolidated retail sales returned to growth and were both up 1.1%, driven by strong December sales across all banners; loyalty sales were up 4%.
Canadian Tire Retail (CTR) comparable sales grew 1.1%. Strong growth was led by Automotive and offset by modest declines across other divisions. Essential categories were up 4%, while consumer demand remained constrained in discretionary categories, which were down 2%.
SportChek comparable sales were up for a second consecutive quarter, with growth of 0.4% driven by strong franchise sales. Hockey, hydration, and lifestyle footwear were top performing categories in the quarter.
Mark’s comparable sales were up 1.8%, as the industrial businesses returned to growth and new store openings drove broad-based growth across Mark’s categories.
Consolidated income before income taxes (IBT) was $529.1 million, up $266.1 million. Normalized IBT was up $39.7 million or 13.9% to $324.3 million. Improved retail segment profitability drove the increase.
Retail IBT was $436.7 million, up $275.0 million or $41.2 million on a normalized basis, driven by favourable gross margin dollars as a result of higher revenue, lower operating expenses, and lower net finance costs.
Financial Services IBT was down $17.7 million, or down $10.3 million on a normalized basis after accounting for costs related to the recently-completed strategic review and targeted headcount reduction in the prior year. Expected increases in net impairment losses, as well as higher funding costs, drove the remainder of the decline.
FULL-YEAR HIGHLIGHTS
Consolidated retail and comparable sales, excluding Petroleum, were down 1.7%, reflecting a weaker consumer demand environment. At CTR, essential categories were up 1%, led by Automotive, and outpaced the 5% decline in discretionary categories.
Loyalty sales penetration represented 54.4% of full-year retail sales on a direct scan basis, growing the amount of electronic Canadian Tire Money (eCTM) in the ecosystem and driving redemption to create more value for Triangle members. Canadians redeemed $360 million of eCTM in 2024, up 7%.
Delivering an improved Retail gross margin rate, excluding Petroleum, up 50 bps to 36.0%, and maintaining operating expense discipline contributed to improved Retail segment profitability and Retail Return on Invested Capital (ROIC) at 9.4%. Normalized Retail IBT was $558.0 million, up 27.4%; Retail IBT was $772.2 million, including the gain on the sale of a Brampton industrial property completed in December 2024.
Continued sell through of existing inventory, partially offset by investments in newer retail inventory ahead of 2025, resulted in year-end inventory down 5% compared to year-end 2023. Working capital improvements contributed to strong retail cash generated from operating activities of close to $1.7 billion, compared to $1.1 billion in 2023. At the end of Q4, CTC had fully repaid the $895 million of borrowings associated with its October 2023 repurchase of 20% of the Canadian Tire Financial Services business.
PHOTO: CANADIAN TIRE
STRATEGIC HIGHLIGHTS
Since 2022, the Company has been executing its Better Connected strategy, modernizing core retail foundational elements by investing in the business, with total Operating Capital Expenditures of $1.8 billion. Over that time, the Company has also returned $1.9 billion to shareholders, by way of share repurchases and dividends paid.
The third year of the Company’s Better Connected strategy has seen CTC:
Roll out further CTR store investment projects, with close to a quarter of the Company’s 502 CTR stores updated since 2022. Combined with new store formats and refreshed stores at other banners, CTC has added an incremental ~1 million of retail square feet across its banners over the same period. The Company also drove value by monetizing redundant real estate assets during 2024.
Bolster its digital capabilities, better connecting digital and physical channels and supporting $1.1 billion of annual eCommerce sales. These enhancements have contributed to an enhanced customer experience, as demonstrated by improved customer Net Promoter Scores (NPS).
Continue to strengthen the Owned Brands portfolio across our banners, growing and elevating our largest brands such as MotoMaster, which delivered double-digit growth in 2024. Since 2022, an additional three brands have achieved annual sales of over $100 million, taking the total to 17. Owned Brands continued to deliver a significant margin differential vis-à-vis National Brands. Customer attachment to these brands remains strong.
Grow the base of active registered Triangle members from 7.8 million at the end of 2021 to 9.2 million at the end of 2024. Direct scan Loyalty Penetration is up by 480 bps, delivering even stronger first-party data on which to build.
Continue to transform its supply chain network and invest in IT network modernization and resilience. Supply chain investments included optimized capacity utilization and automated fulfilment at existing Distribution Centres (DC) and regional capacity expansion in Western Canada with a new DC in Metro Vancouver, set to open in 2025.
Canadian Tire Corporation is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Its retail business is led by Canadian Tire, which was founded in 1922. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere. The company’s close to 1,700 retail and gasoline outlets are supported and strengthened by CTC’s Financial Services division. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway.
At the Yorkdale Shopping Centre in Toronto. Photo: The Remix Project/Oxford Properties
Oxford Properties has partnered with The Remix Project to bring emerging artists to the forefront of the Greater Toronto Area’s cultural landscape. The year-long initiative, which aims to nurture young creative talent, is launching with a Black History Month campaign featuring art, photography, and music at some of the region’s most prominent shopping centres and Financial District offices.
“This partnership is about creating visibility and opportunities for emerging creatives by integrating their work into the spaces where millions of people shop and work every day,” said Lucia Connor, Vice-President, Oxford Properties. “It’s a meaningful way for us to support community engagement and cultural representation while leveraging our properties as platforms for artistic expression.”
Supporting Emerging Artists Through Financial and Educational Investments
As part of its commitment, Oxford Properties will support The Remix Project throughout its 20th anniversary and beyond. Scarborough Town Centre (STC) has contributed $20,000 to the program, which will be used to acquire new digital equipment and expand educational opportunities. This funding will help participants gain access to industry-standard tools, mentorship, and hands-on learning experiences to build sustainable careers in the arts.
“This collaboration with Oxford Properties is a significant step toward embedding emerging creatives and celebrating their work across the GTA,” said Abel Lulseged, Executive Director of The Remix Project. “At The Remix Project, we believe in the power of visibility and access—when young creatives see their work showcased in spaces where thousands of people pass through daily, it validates their artistry and fuels their creative journey.”
At the Scarborough Town Centre in Toronto. Photo: The Remix Project/Oxford Properties
Black History Month Initiatives at Oxford Properties Locations
The first phase of the collaboration includes immersive galleries, installations, and digital content showcasing Black artists and their contributions to the arts. Highlights include:
Scarborough Town Centre’s Remix Gallery
A 300-foot gallery featuring 15 students and alumni from The Remix Project will launch at Scarborough Town Centre on February 11 at 2 p.m. The unveiling will include a guided Art Walk, where seven creators will share insights into their creative journeys and featured work.
STC’s blog and social media channels will also highlight the participating Black artists, exploring how identity shapes their artistic expression.
Yorkdale Shopping Centre’s Community Over Everything Photography Exhibit
A suspended exhibition in Yorkdale’s main atrium will celebrate Black culture and identity through photography by Remix Project artists. The pieces will explore themes of self-love, joy, style, and community.
Yorkdale’s website and social platforms will feature video content of the display and artist interviews to further engage audiences.
Square One Shopping Centre’s Digital Creator Series
Square One will showcase content created by Remix Project participants on digital screens throughout the shopping centre. Select creators will also have the opportunity to produce original content after hours, incorporating the retail environment into their projects.
At the Yorkdale Shopping Centre in Toronto. Photo: The Remix Project/Oxford Properties
Financial District Art Installations
Oxford Properties is extending the initiative to its Financial District offices, where installations by well-known Black artists and Remix Project instructors will be displayed:
Richmond Adelaide Centre (February 6–28): Large-format works by Taha Muharuma, known for his vibrant visual storytelling and striking use of colour.
1 University Ave (February 11–28): A large-scale activation wall by Afro-futuristic portrait artist Adeyemi Adegbesan, aka Yung Yemi.
WaterPark Place (February 14–28): A series of vibrant portraits by Benny Bing celebrating Black identity and empowerment.
At the Scarborough Town Centre in Toronto. Photo: The Remix Project/Oxford Properties
About The Remix Project
Founded as a community drop-in program, The Remix Project has grown into an internationally recognized platform for young creatives. Originally known as Inner City Visions (ICV), Remix has helped countless young adults transition from the streets into studios, equipping them with the skills and networks to pursue careers in arts, entertainment, and creative industries. Participants can earn high school credits and apply for scholarships with Remix’s educational partners.
About Oxford Properties Group
Oxford Properties Group is a global real estate investor, developer, and manager overseeing C$84 billion in assets. Founded in 1960, Oxford’s portfolio spans office, logistics, retail, multifamily residential, life sciences, hotels, and alternative investments. The company is a thematic investor with active development projects worldwide. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario’s municipal employees.
“Reflecting on our 2024 results, I am pleased with our strong financial and operational performance,” said Mitchell Goldhar, CEO of SmartCentres. “Our net operating income has shown steady and consistent growth through the year fueled by strong leasing momentum in all areas, resulting in an industry-leading 98.7% in-place and committed occupancy rate up from 98.5% in the prior quarter.
“Same property NOI continued to deliver strong results in the fourth quarter, growing 3.8% from the same period a year earlier. The strong interest stems not only from our CRU and mid-size users, but also from large format retailers like Walmart, Costco, TJX, Canadian Tire and virtually all of the food stores. Walmart Canada recently announced it will open a new Supercentre later in 2025 in South Oakville, Ontario, Hopedale Mall as part of its announced $6.5 billion expansion in Canada.
“The Millway, our purpose-built rental project in the VMC achieved occupancy of approximately 95% by the end of the quarter, at average rental rates above our original budget. Our mixed-use development pipeline continues to add to the bottom-line with the completion of our self-storage facility in Stoney Creek this quarter, and the closing of 11 additional townhomes at our Vaughan NW project. We are executing on various levels adding FFO and NAV now and for the long term. Subsequent to the quarter end, we also raised $300 million via a 6.5-year term debenture which we used to repay our recent $160 million debenture maturity and outstanding floating rate debt on our operating lines, all on an accretive basis while filling gaps in our ladder and extending the average term to maturity of our debt.”
SmartCentres Kamloops. Image: SmartCentres REIT
2024 Fourth Quarter Highlights
Retail Operations
With growing demand for its retail centres, Same Properties NOI excluding Anchors for the three months ended December 31, 2024 increased by 6.0% (3.8% including Anchors) compared to the same period in 2023.
192,353 square feet of vacant space was leased during the quarter, resulting in an in-place and committed occupancy rate of 98.7% as of December 31, 2024 (September 30, 2024 – 98.5%). In addition to vacant space lease-up, there is growing demand for new build retail, for which it executed 253,000 square feet in the year.
Renewed and extended over 91% of leases maturing in 2024 representing 5.0 million square feet at strong rental growth of 8.8% (excluding Anchors).
Completed a deal with Costco for the vacant ex-Rona store at Highway 401 and Winston-Churchill Boulevard, which will open in the fall of this year.
Development
Its significant stock of municipal approvals is expected to provide long-term portfolio expansion and profitable growth from the approximately 59.1 million square feet (at the Trust’s share) of zoned mixed-use development permissions, including 1.0 million square feet of sites currently under construction.
The Millway, a 458-unit purpose-built rental, was completed in Q4 2023. Leasing activity is strong with approximately 95% of the units leased and committed by the end of 2024.
Self-storage facility in Stoney Creek opened in October 2024. Construction of self-storage facilities in Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.) is progressing, with all three facilities on schedule to open in 2025. Early site preparation and demolition works have commenced to facilitate the construction of three additional self-storage facilities in Montreal (Notre Dame St. W.), Laval E., Quebec, and Burnaby, British Columbia, which are expected to be completed in 2026.
Construction of Phase I of the Vaughan NW townhomes is progressing well, with 11 units completed and closed in Q4 2024, bringing the total to 86% of the pre-sold units now closed.
Siteworks and excavation are now complete at the ArtWalk condo Phase I and construction is advancing. Tower crane was erected and footings are underway, with approximately 93% of the 340 units in Tower A pre-sold.
Siteworks for the 224,000 square foot Canadian Tire and ancillary retail units project on Laird Drive in Toronto have progressed and exterior services upgrades are almost complete. The below grade parking structure is substantially constructed and work is proceeding on the ground floor slab, with possession expected in Q2 2026.
The REIT said net rental income and other for the three months and year ended December 31, 2024 was $141.6 million and $547.5 million, respectively, representing an increase of $13.1 million or 10.2% and $33.9 million or 6.6% compared to the same periods in 2023. This increase was primarily due to lease-up activities for retail and mixed-use properties, an increase in CAM recoveries, and increase in residential closing revenue from townhome closings, it said.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 195 strategically located properties in communities across the country. SmartCentres has approximately $11.9 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.3 million square feet of leasable space with 98.5% in place and committed occupancy, on 3,500 acres of owned land across Canada.
