The Body Shop at CF Pacific Centre (Image: The Body Shop)
The Body Shop officially announced Wednesday that The Serruya Group will become the new Head Franchisee for The Body Shop Canada. As the exclusive operator of the ethical wellness and lifestyle brand in the Canadian market, The Serruya Group will oversee all aspects of the brand’s operations across the country, the company said in a news release.
“We are committed to building a seamless omnichannel experience that is accessible, intuitive, and values-driven. Our focus will be on fostering long-lasting connections with The Body Shop community, ensuring that the experience is personal and fully aligned with the values that matter most to customers,” said The Serruya Group.
Charles Denton
“We’re delighted to welcome The Serruya Group as our Head Franchisee for Canada. Their extensive experience in leading omnichannel businesses makes them the ideal partner for this market. We look forward to collaborating to build a strong platform for growth,”said Charles Denton, CEO of The Body Shop.
Known for its expertise in transforming businesses through experienced leadership and operational excellence, The Serruya Group brings a wealth of knowledge in retail management to its partnership with the retailer, said the news release.
“The Body Shop first entered Canada in 1980, opening its inaugural store in Toronto. The brand has since become a pioneer in high-quality skincare, body, hair, and makeup products, distinguished by its innovative approach and commitment to using natural, ethically sourced, and fairly traded ingredients from around the world,” it said.
In March last year, The Body Shop Canada, the Canadian subsidiary of the global beauty brand with 105 stores across the country, announced it had commenced restructuring proceedings by filing a Notice of Intention (NOI) to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada). It will be closing 33 Canadian stores, it said at the time.
“Today, The Body Shop operates 61 stores across Canada, with an imminent revitalized e-commerce platform. As the new Head Franchisee, The Serruya Group plans to elevate the brand’s footprint by delivering an exceptional omnichannel experience.”
The company was founded in 1976 in Brighton, England by Dame Anita Roddick. Since its beginning, The Body Shop said it has been a pioneer of ethical beauty, offering high-quality, innovation-led skincare, body care, haircare and make-up made with natural, fairly traded ingredients from around the world.
The Bank of Canada trimmed its overnight interest rate 25 bps to 3.0%, the sixth consecutive cut for a cumulative reduction of 200 bps.
The move was as expected and cements the Bank’s title of most aggressive cutter in the world. In addition, in a bit of a surprise, the Bank also abruptly ended quantitative tightening, and will begin term repos in early March. And, in another technical move, the Bank widened the spread between the Bank rate and deposit rate, with the latter now 5 bps below the overnight rate, which should help pressure CORRA back toward target, explained Douglas Porter, Chief Economist at BMO.
Douglas Porter
“Today’s steps by the Bank of Canada can be viewed as battening down the hatches ahead of a possible trade war storm. As noted, the 200 bps of cumulative rate cuts are setting a much more positive backdrop for the Canadian economy—arguably one of the most rate-sensitive economies in the world. Next steps clearly are dependent on what unfolds on the trade front; we suspect while the Bank may initially respond cautiously to a trade war, eventually it would be compelled to cut much more than the market currently expects,” said Porter.
The Bank’s commentary today:
“In Canada, past cuts to interest rates have started to boost the economy. The recent strengthening in both consumption and housing activity is expected to continue. However, business investment remains weak. The outlook for exports is being supported by new export capacity for oil and gas.
“Canada’s labour market remains soft, with the unemployment rate at 6.7% in December. Job growth has strengthened in recent months, after lagging growth in the labour force for more than a year. Wage pressures, which have proven sticky, are showing some signs of easing.
“The Bank forecasts GDP growth will strengthen in 2025. However, with slower population growth because of reduced immigration targets, both GDP and potential growth will be more moderate than was expected in October. Following growth of 1.3% in 2024, the Bank now projects GDP will grow by 1.8% in both 2025 and 2026, somewhat higher than potential growth. As a result, excess supply in the economy is gradually absorbed over the projection horizon.
“CPI inflation remains close to 2%, with some volatility due to the temporary suspension of the GST/HST on some consumer products. Shelter price inflation is still elevated but it is easing gradually, as expected. A broad range of indicators, including surveys of inflation expectations and the distribution of price changes among components of the CPI, suggests that underlying inflation is close to 2%. The Bank forecasts CPI inflation will be around the 2% target over the next two years.
“Setting aside threatened US tariffs, the upside and downside risks around the outlook are reasonably balanced. However, as discussed in the MPR, a protracted trade conflict would most likely lead to weaker GDP and higher prices in Canada.
“With inflation around 2% and the economy in excess supply, Governing Council decided to reduce the policy rate a further 25 basis points to 3%. The cumulative reduction in the policy rate since last June is substantial. Lower interest rates are boosting household spending and, in the outlook published today, the economy is expected to strengthen gradually and inflation to stay close to target. However, if broad-based and significant tariffs were imposed, the resilience of Canada’s economy would be tested. We will be following developments closely and assessing the implications for economic activity, inflation and monetary policy in Canada. The Bank is committed to maintaining price stability for Canadians.”
“This more conservative approach makes sense for an economy that churned out 91k jobs last month and is likely to see solid GDP growth for the fourth quarter of 2024 of around 2%. At the same time, inflation remains under control, allowing the BoC to focus on the state of the economy. This approach also mitigates the risk that the policy rate diverges too much from the Fed (which is clearly on hold). The loonie remains under pressure, but seems to have stabilized at around 69 U.S. cents,” he said.
“The economic outlook has become highly uncertain with Donald Trump threatening to make an announcement on tariffs this Saturday. Canada exports $1.9 billion daily in goods and services south of the border. This sums to around 20% of Canada’s economy, with nearly two million jobs dependent on U.S. trade. We are still hopeful that tariff threats are more of a negotiation tactic, meaning they would be temporary and carry less long term impacts. Yet, this is a tail risk that remains front and center in the mind of the BoC. Our baseline forecasts remains that the BoC will cut rates to 2.25% by year-end, but should 25% tariffs come into play for more than a few months, we’d expect the central bank to cut more aggressively in order to cushion the economy.”
Priority Software is transforming how small and medium-sized retailers manage their operations, offering a robust ERP-backed solution that centralizes retail management, point-of-sale (POS), and e-commerce functionalities. In an interview with Retail Insider, Keren Halpern, Product Marketing Director for Retail at Priority Software, discussed how the company’s approach addresses common challenges in the retail industry.
Keren Halpern, Product Marketing Director for Retail, Priority Software
“Our solution allows retailers to manage all aspects of their business through a single platform,” Halpern explained. “This eliminates the need for additional integrations, making it easier for retailers to scale as they grow.”
The flexibility of Priority Software’s ERP platform means retailers can adopt only the components they need while maintaining the option to expand functionality over time. This adaptability is a critical advantage for retailers operating in an increasingly competitive landscape.
Addressing Industry Challenges
Small and medium-sized retailers face mounting pressures, including rising consumer expectations, razor-thin profit margins, and the need to compete with larger retailers. Halpern pointed out the challenges many retailers encounter.
“Retailers need to deliver the same quality of customer experience as larger chains while managing costs. The demand for a seamless omnichannel experience, combining physical stores and online shopping, is more critical than ever,” she said.
Omnichannel integration has become essential, as consumers now expect a seamless transition between online and in-store shopping. “A customer might browse online, then visit a store to purchase. Retailers must ensure the experience is consistent across all touchpoints,” Halpern added.
Priority Software’s approach to omnichannel emphasizes creating a “single view” of the business. By unifying customer data, inventory, and promotions into one platform, retailers can ensure accuracy, efficiency, and an enhanced shopping experience.
Image: Priority Software via Shutterstock/licensed
Revolutionizing the In-Store Experience
While online channels drive growth, the in-store experience remains vital for many retailers. However, Halpern emphasized that store environments have changed little over the past several decades:
“The traditional model—where customers browse, make decisions, and complete purchases at a checkout counter—has stayed the same. Retailers need to modernize and incorporate digital tools to create a more engaging, dynamic experience.”
Priority Software’s ERP platform enables these changes by integrating digital capabilities into physical locations. Retailers can connect mobile apps, digital kiosks, and cloud-based POS systems to streamline operations and improve customer engagement.
Halpern also highlighted the need to break the “counter barrier” in stores. “Moving away from the traditional checkout counter toward an immersive experience that blends physical and digital channels is key,” she explained.
The Shift to Cloud-Based POS
The company’s cloud-based POS system is a standout feature, addressing the limitations of traditional on-premises solutions. Cloud POS allows retailers to centralize operations across multiple locations and channels, providing real-time data on inventory, promotions, and customer transactions.
“With cloud-based POS, retailers reduce costs and simplify operations,” Halpern said. “They no longer need to manage hardware or software maintenance, making it easier to focus on enhancing the customer experience.”
The system also supports BOPIS (Buy Online, Pick Up In-Store), a growing trend that requires retailers to connect inventory and order fulfillment processes seamlessly.
Warehouse management, image: iStock/licensed
Overcoming Implementation Hurdles
Transitioning from legacy systems to modern retail platforms is a significant challenge for many retailers. Halpern acknowledged the difficulty of this process and outlined Priority Software’s gradual implementation approach.
“We work closely with retailers to minimize disruption. By focusing on their top priorities, we ensure the transformation is manageable and aligns with their business goals.”
Halpern cited the example of a Canadian retailer Cowtown that expanded from a single store to a chain but struggled with disconnected systems. Priority Software centralized their operations, connecting locations and improving inventory management, customer experiences, and overall efficiency.
The company has also successfully implemented its solutions with global brands like ACE Hardware and Columbia. In each case, Priority Software started by addressing the most pressing needs—such as physical store management or online integration—and gradually expanded to include warehouse management, HR systems, and financial processes.
Image: Priority Software via Shutterstock/licensed
Enhancing Operational Efficiency
Priority Software’s retail management solution addresses key pain points in operations management, including inventory management, replenishment, order handling and employee task coordination. As retailers grow, managing these elements across multiple locations and channels becomes increasingly complex.
Halpern emphasized the importance of automation in streamlining operations. “Automation allows retailers to manage inventory, forecast demand, and coordinate tasks across locations. This reduces manual effort and ensures consistency across all channels.”
By centralizing processes, retailers can also improve employee engagement. Priority’s new B2E (Business-to-Employee) app allows shop assistants to manage tasks and access real-time information directly from their mobile devices, improving communication and efficiency in the store.
Preparing for Future Retail Trends
Looking ahead, Halpern highlighted several trends shaping the retail industry:
Blended Digital and Physical Experiences: The ability to seamlessly transition between online and in-store shopping is becoming a customer expectation.
Hyper-Personalization: Retailers need centralized data to create tailored experiences for individual customers.
BOPIS (Buy Online, Pick Up In-Store): This growing trend requires robust systems to connect inventory and order fulfillment processes.
Immersive Store Environments: Modern stores should go beyond traditional layouts, incorporating digital tools to create connected, engaging spaces.
Employee Empowerment: Tools like Priority’s B2E app enhance team collaboration and operational efficiency.
Practical Advice for Retailers
For retailers considering Priority Software’s solutions, Halpern offered the following advice. “Prioritize your needs and choose a solution that can grow with your business. Look for a partner who understands your industry and can tailor solutions to your processes.”
With a potential trade war looming between the U.S. and Canada, nine in 10 Canadian business leaders “wholeheartedly believe” that the federal and provincial governments “must stand firm in protecting Canada’s sovereignty and values” and that includes fighting tariffs with tariffs even if it hurts their business, finds a new survey by KPMG in Canada.
Over eight in 10 want a targeted, dollar-for-dollar retaliatory response, said KPMG.
“Nine in 10 business leaders across the country want the federal and provincial governments to take immediate steps to eliminate inter-provincial trade barriers, reform the tax system, provide incentives to onshore, and encourage Canadians to ‘Buy Canadian’ – in short, they want a stronger, more resilient country.”
While 80 per cent are now preparing or bracing for a recession, 81 per cent are willing to endure the short-term pain of retaliatory tariffs if Canada can negotiate a fair deal that protects the country’s trade-based economy, independence and sovereignty. In a 2019 analysis, the Bank of Canada estimated a 25 per cent tariff by the U.S. on all imports from Canada and other countries, along with retaliatory tariffs, would cut global gross domestic product (GDP) by 3 per cent and Canada’s by 6 per cent. The bank will publish a new analysis of tariffs today, added KPMG.
“With more than half (56 per cent) saying they will be forced to lay off employees if tariffs are imposed, 80 per cent agree the federal government should support Canadians whose jobs are disrupted or lost with pandemic-style aid.
“KPMG just completed a survey of 250 business leaders across Canada to gauge their reaction to U.S. President Donald Trump’s tariff threats and what actions, if any, they had already taken or were planning to take. Eighty-eight per cent of the companies surveyed export or sell to the U.S. and 81 per cent say their business will be impacted by U.S. tariffs.”
Key Poll Findings:
Nine in 10 of 250 Canadian business leaders “wholeheartedly believe” that the federal and provincial governments “must stand firm in protecting Canada’s sovereignty and values”
This is consistent across the country, with 96 per cent in Alberta, 90 per cent in Quebec, 88 per cent in Ontario, and 82 per cent in B.C.
85 per cent believe Canada should fight U.S. tariffs with retaliatory tariffs
88 per cent in Quebec, 86 per cent in Ontario, 79 per cent in B.C., and 76 per cent in Alberta
94 per cent say Canada and the 13 premiers must show a united front to the U.S.
This is consistent across the country, ranging from 95 per cent in Quebec, 94 per cent in Ontario, 92 per cent in Alberta, and 88 per cent in B.C.
82 per cent want a targeted, dollar-for-dollar retaliatory response
80 per cent are preparing or bracing for a recession this year
60 per cent say they can withstand a prolonged trade dispute with the U.S.
90 per cent say it’s time to eliminate inter-provincial trade barriers
88 per cent want governments to encourage domestic production, onshoring where possible
90 per cent want government to encourage Canadians to “Buy Canadian”
85 per cent say the federal and provincial governments must reduce business taxes and reform the tax system to stay competitive with future U.S. tax reform
56 per cent say they will have to lay off employees if tariffs are implemented
80 per cent agree the federal government should reintroduce income supports similar to those offered during COVID to help Canadians whose jobs are disrupted or lost due to tariffs, yet 79 per cent are concerned about the related inflationary impacts of increased fiscal spending if a “bailout fund” is created
BeaverTails at Canada's Wonderland (Image: BeaverTails)
BeaverTails, the iconic Canadian pastry brand, is gearing up for significant growth, with a keen focus on the U.S. market, according to CEO Pino Di Ioia. Known for its indulgent fried pastries and a growing range of innovative offerings, the company has reached a pivotal point in its evolution.
“We’ve exhausted Canadian tourist centres and we like big stores like the Whistler one we did and the Banff one,” Di Ioia explained. “There’s not many of those left here, which is great for the iconicism of our brand. But in order to grow, we’ve got to go to the U.S. side.”
Expansion Plans in the U.S.
BeaverTails’ strategy for U.S. expansion targets areas with strong ties to tourism and outdoor activities. “Our big focus now is the big USA,” Di Ioia said, highlighting ski resorts on the West Coast and select regions on the East Coast as key locations. “We’re debating between the Northeast, closer to home, or Fort Lauderdale, which for many at least Quebeckers is even closer to home.”
The brand already has a modest presence in the United States, with operations in a few amusement parks and a mobile trailer in Arkansas. “We’d like to do two [locations] a year,” said Di Ioia. “Our brand is special. We want to do it right.
“Based on just Canadian numbers, it should be easily 500 or 1,000 stores. That’s realistic. But we’re going much humbler than that. We’d like to do two a year.”
Strong Growth in 2024
BeaverTails achieved nearly 10% growth in 2024, a record year for the company. “Including inflation, it was another strong year for us,” Di Ioia noted. Tourist hotspots have been a significant driver of success, as both Canadian and international visitors indulge in the iconic treat.
“Whether you’re a Canadian on vacation or an international person visiting Canada, we’re in all the tour books,” said Di Ioia. “Cruise ships don’t even advertise for us, but they recommend us as a must-do.”
Diversified Offerings and Post-COVID Trends
The company’s portfolio has expanded significantly in recent years, including take-home versions of BeaverTails, savory options like poutine and BeaverDogs, and a growing ice cream business. “We’re Canada’s largest Canadian-owned ice cream parlor. We have about 60 operations selling ice cream,” Di Ioia said, noting that ice cream has become “quite big” in their operations. “It’s becoming big and growing as part of our business.”
Di Ioia attributed part of this success to changing consumer behavior during COVID-19. “COVID allowed everybody to rewrite the rules,” he said. “We find ourselves at a good moment.”
A Brand Built on Fun
BeaverTails continues to embrace creative projects that enhance its celebratory brand image. One example was their limited-edition Polarized Vodka. “It’s a little fireworks on our brand,” Di Ioia said. “If it comes out, it’s because it was fun.”
As the company prepares for 2025, Di Ioia hinted at more innovative projects in the pipeline. “We’re working on a few [projects] that we can’t talk about yet,” he said. “They’ll be fun if we do them.”
Looking Ahead
With a measured approach to expansion and a commitment to preserving its unique brand identity, BeaverTails is poised for continued success. “We have a wonderful brand, and we remind ourselves we’re here to curate and take care of it,” Di Ioia said. “Don’t abuse this brand. It’s a weird one, but it is special.”
Peavey Mart in Red Deer, Alberta (Image: Peavey Mart)
The closure of all its stores by Peavey Industries LP, Canada’s largest farm and ranch retail chain, has sent shockwaves across the retail industry throughout Canada.
The decision follows the company’s filing for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), granted by the Court of King’s Bench Alberta and the closures will affect 90 Peavey Mart stores and six MainStreet Hardware locations, with liquidation sales set to begin immediately.
This marks the end of a nearly six-decade-long legacy for the Alberta-based retailer, which has been a staple in Canada’s rural and suburban retail market.
“Peavey Mart is a legacy Canadian brand for over six decades with its mid 60s roots in Dawson Creek, B.C. The Peavey Mart filing is emblematic of the challenges facing Canadian retailers, large and small. The challenges include low consumer confidence and increasing occupancy costs, among others,” said Kehoe.
“The impact will be felt in small markets on the commercial real estate side, where larger format retail spaces are not as easily or quickly released or repurposed. The Peavey Mart brand will emerge in some form in the future as the insolvency process works its way through the courts. It’s a sad day to be sure for a small market Canadian retailer.”
“Geographical proximity to customers, in this case rural customers, may not have been enough as other retailers have expanded into medium-sized cities of late. If competitors can sell for cheaper, customers may drive the extra hour to save money. Online shopping may have played a role too as e-tailers avoid costly brick-and-mortar overhead costs that legacy retailers have.
“Without knowing the details from Peavey, I wonder if the acquisition of TSC (a few years ago) played a part in their demise? Did they overpay? Did they take on too much debt to acquire TSC? I also wonder if the farm and agricultural market is in decline or has changed considerably from an ownership perspective?”
Although every chain closing story has its own nuances, one can see how overall consumer and business headwinds may have played a role in this latest development, added Winder.
“To remain in business as a brick-and-mortar retailer, you have to have a strong, defendable and unique value proposition or customers will pass you by. Today, more than ever, price is a deciding issue and if you don’t have the scale of other large retailers your prices are just too high,” he said.
“Store closings are part of the natural retail ‘circle of life’ and are expected as the industry refreshes itself as customer desires change. Having said that, I think we are at a point where we will see more chains close than we are used to, based on the headwinds customers and businesses face. If President Trump enacts large sweeping tariffs, then things will get even worse on both sides of the border as inflation causes customers to spend less.”
“I was on the buy side of a deal bidding against Peavey Mart to buy the TSC stores in Canada. That was about nine years ago. It is a challenge to acquire and assimilate a brand like TSC into Peavey Mart, which was a going concern at the time. M&A’s seldom become the success story everyone thinks they can be. I am also reminded of the M&A of SAKS by Hudson Bay. I was on a CBC program where Kevin O’Leary asked me about synergies. I said that they don’t always work out. He looked at me disappointed,” he said.
“The theory is that there are cost savings to be made, which will be able to service debt but that doesn’t always pay out. However, these theories don’t consider customers abandoning a brand—higher costs, bad locations that need to be closed. Any kind of retail expansion is not as easy, whereas some without real operational experience may portray it to be that.
“I believe this was Peavey Mart’s undoing.”
Minakakis said it’s going to become even more challenging for businesses to secure and raise capital.
“Unless a retail chain can prove its digital transformation is both growing in revenue and profits, its physical stores could be seen by investors as irrelevant with consumers. Retailing isn’t about financial engineering and merchandising alone. It is about a brand with a purpose in consumers’ lives and minds. That is a living brand. However, I am seeing store closures. I believe that consumer dynamics (price sensitivities) in Canada are shifting buying habits, and that puts a lot of pressure on the industry,” he said.
“My view on retailing today is about the impacts of the known and unknown. The known is AI. This, for me, is the beginning of The Next Customer Revolution. If a retail chain doesn’t have the strategic, human, and financial capabilities to make this leap, it’s going to be tough for them. The unknown are black swan moments, and in this case, we have a very good indication of what that’s going to be. Tariffs! if all this happens and you pressure consumers to pay more, this will push retail chains to rationalize either their store counts or whether or not they are still a viable business model. Facing the same decision as Peavey Mart.”
“If you take a close look at the comments, you will find stories of vendors not being paid on time, customers having a poor experience in the store, a failed attempt at online shopping by Peavey and so on. At the same time, you will find customers saying that Peavey was a preferred choice to get specific farming supplies like feed, fertilizer, fencing equipment, exchanging carbon dioxide tanks and other niche items. Such customers are lamenting the fact that they will likely have to travel further to get those particular items. One would expect that this demand will either be met by other, local businesses or by the likes of Canadian Tire/Home Depot/RONA,” she said.
“As it relates to implications for the retail industry, regardless of whatever corporate word salad statements are released blaming closures on generic issues like ‘supply chain disruptions,’ the fact is that a closure like this is self-inflicted. Retailers that can’t master their fundamentals will eventually fail and make excuses when they do. So, this in fact, is part of a needed cleansing of poorly-run businesses from the retail category. The tough part is that front-line staff will lose their jobs because those in the corporate office couldn’t do theirs properly.
“Are we to expect more closures and bankruptcies to happen across North America? You bet, because winning companies will continue to win and losing companies will continue to lose. And, the gap between winners and losers is growing.”
Kristy Miller, the founder of The Scented Market, is taking a bold step in her entrepreneurial journey by expanding her business into the United States after successfully securing a trademark there. The move represents a significant milestone for the Canadian-based brand, which specializes in farmhouse-style mason jar candles.
“When I first started The Scented Market six years ago I knew I immediately wanted to trademark in Canada and in the U.S.,” said Miller.. “It happened for me very quickly in Canada and easily but someone owned something similar to The Scented Market in the U.S. So I was unable to acquire a successful trademark.
“They let their trademark slip and didn’t renew it. So I kind of slid in there and was able to successfully get a trademark in the U.S. which was a big deal for me because I believe that in order for The Scented Market to grow we need to grow the country and all of North America. I really think this opens up huge stores for us.”
Kristy Miller
The expansion marks a new chapter for The Scented Market, six years after Miller launched the company.
“When I received the email on, I think it was like December 26th or something, it was something crazy. I was like, ‘Oh my God, my Christmas gift as an entrepreneur,'” Miller shared, reflecting on the moment she realized her U.S. trademark had been approved.
Her entrepreneurial journey began a few years ago out of her kitchen in Guelph, Ontario.
Little did she know then how her simple fascination for scents and her eco-friendly candles would take off in popularity.
The Scented Market is a fast-growing Canadian business known for its self-care mission and soy wax candles, home decor, and body products.
And from that simple idea, Miller has created a growing retail empire with some fascinating exposure along the way. In November 2022, Miller was on the hit CBC television show Dragon’s Den where she received offers from six of the dragons before accepting a deal with well-known entrepreneurs Arlene Dickson and Michele Romanow.
Miller sees enormous potential in the U.S., where she believes the brand can grow substantially. “I would like to make Canada 20 per cent of our business and the U.S. 80 per cent of our business,” she explained. The market’s larger size and spending power, combined with the popularity of farmhouse-style decor, align perfectly with her brand’s aesthetic and vision.
“We will never forget our Canadian fans and our Canadian communities. We want to always prioritize them but in 2025 our goal and our vision is to really put a ton of effort into growing the U.S. side of things.
Despite her enthusiasm, Miller is realistic about the challenges. “A lot of people think, ‘Oh, it’s easy. Just slide into the U.S. and blow up.’ And so I don’t think it’s that easy,” she noted. “It’s like a baby business that I have to restart all over again.”
Currently, The Scented Market is focusing on online retail and wholesale distribution in the U.S. Miller is also contemplating future growth strategies, including potentially establishing a physical presence or manufacturing division south of the border.
Canada Remains a Priority
While expanding into the U.S. is a key focus for 2025, Miller emphasized her commitment to the Canadian market. “We have an incredible foundation in Canada,” she said. “We’ll definitely still be growing the Canadian side of things, but I need to look at The Scented Market in a long-term vision.”
Miller believes diversifying geographically will also mitigate challenges such as currency conversion rates, which have posed financial hurdles for Canadian businesses.
Kristy Miller
Building Community and Brand Presence
The Scented Market’s success has been driven by more than just its products. The company has cultivated a community of customers who value not only candles but also home decor and self-care.
The expansion into the U.S. represents a new opportunity to connect with influencers and celebrities who align with the brand’s mission and values. “Farmhouse style is huge in the States,” Miller said, expressing optimism about the brand’s future growth.
Looking Ahead
With her sights set on making The Scented Market a household name across North America, Miller is determined to balance ambition with strategic planning. “We will never forget our Canadian fans and our Canadian community,” she said. “But growing in the U.S. could make a huge impact and a huge difference for us.”
The year ahead promises to be a pivotal one for The Scented Market, as Miller embarks on her mission to light up homes and hearts across borders.
Innovative Fitness Bloor, Toronto, ON (Image: Nick Lachance)
As part of Retail Insider’s ongoing review of the Canadian retail industry by vertical, this article provides insights into the current state of Fitness Studios in Canada. The objective is to offer retail leadership valuable insights into market dynamics, trends, and industry opinions. This summary will be revisited annually, supplemented by additional articles that expand on key developments and expert perspectives.
The Fitness Studios in Canada Market Landscape
The Fitness Studios in Canada segment is a key component of the broader Health and Wellness retail industry. This vertical includes boutique fitness studios, group training gyms, franchised workout studios, and wellness-focused fitness centres. It caters to a diverse consumer base, offering specialized services such as high-intensity interval training (HIIT), yoga, Pilates, cycling, strength training, and holistic wellness programs. The segment has evolved rapidly, especially post-pandemic, with the integration of digital fitness solutions, hybrid memberships, and a stronger emphasis on community-driven wellness experiences.
Exterior of Anytime Fitness location. Photo: Anytime Fitness
National Chains & Large Fitness Operators
GoodLife Fitness: Canada’s largest fitness club operator, integrating wellness and recovery programs.
Orangetheory Fitness: A leader in boutique fitness with a strong network of studios across Canada.
Anytime Fitness: A well-known 24/7 access gym with numerous locations across the country.
LA Fitness: A full-service gym chain offering strength training, cardio, and group classes.
Franchise-Based & Specialized Studios
F45 Training: A rapidly growing functional fitness franchise with a strong member base.
HOTWORX: Specializing in infrared-heated fitness studios focusing on strength training and high-efficiency workouts.
9Round: A kickboxing-themed fitness studio providing high-intensity circuit workouts.
Club Pilates: A leading name in boutique Pilates fitness.
Luxury Fitness Chains
Equinox: A high-end fitness chain offering premium services, group classes, and spa amenities.
Barry’s: A popular boutique fitness studio known for its high-intensity interval training (HIIT) workouts.
Independent & Boutique Studios
Local Boutique Studios: Many independent operators cater to niche fitness communities, such as yoga, barre, and boxing studios.
SPINCO: A Canadian-based indoor cycling studio with a loyal customer base.
Fit Factory: A boutique training facility offering group classes and personal training.
NYSE in New York. AP Photo: Seth Wenig.
Notable Financial Trends for Fitness Studios in Canada
In reviewing the Canadian businesses noted above, the majority are privately held companies and only two are publicly traded. Looking broadly over the publicly traded information for F45 (publicly traded under the ticker symbol FXLV) and Club Pilates (operated by Xponential Fitness, which is publicly traded under the ticker symbol XPOF) identified:
In contrast, Xponential Fitnessreported positive financial trends. In the third quarter of 2024, the company achieved a 21% year-over-year increase in system-wide sales, reaching $431.2 million. Additionally, the quarterly average unit volume (AUV) grew by 8% to $631,000, and total membership rose by 16% to 827,000 members.
Generally across the Canadian marketplace for Fitness Studios for financial trends identified:
The Canadian fitness industry is projected to reach $4.5 billion in 2024, a decline from pre-pandemic levels in 2019.
Over the past five years, the industry has faced a negative 3.8% compounded annual growth rate (CAGR).
Despite this, major brands like Orangetheory Fitness and GoodLife Fitness are seeing steady growth, with recovery rates of 85-95% of pre-COVID levels.
The industry is shifting towards hybrid revenue models, blending in-person training with digital subscriptions.
UNITY Fitness
Trends for “Fitness Studio Industry”
This section explores the latest trends shaping the fitness studios in Canada, driven by consumer demand and technological advancements.
Hybrid Fitness Models: A blend of in-person classes and digital fitness experiences.
Wearable Tech Integration: Increased use of smart devices for personalized workout tracking.
Mental Health & Wellness Focus: Holistic fitness experiences integrating mindfulness and stress management.
Community-Driven Fitness: Group workouts and social fitness activities becoming more popular.
Recovery & Regenerative Fitness: Increased focus on active recovery services like cryotherapy, massage, and infrared saunas.
Mature Adult Fitness: Strength training for individuals over 40 is on the rise.
Sustainability in Fitness: Eco-conscious gyms promoting green practices.
Montreal Eaton Centre, photo: Shutterstock/licensed
Industry Opinions
Blake MacDonald, Orangetheory Fitness Canada: The industry has not yet returned to its 2019 revenue highs but is gradually recovering, with contraction still visible in some areas.
Tammy Brazier, GoodLife Fitness: Membership numbers are back to pre-pandemic levels, with check-in rates surpassing pre-2020 figures. The focus is now on community, mental well-being, and social connection.
Stephen Smith, HOTWORX: Strength training is a rising trend, particularly among women, with a surge in interest in resistance training and supplements.
Industry Associations’ Perspective
Industry associations provide a broader perspective on the fitness studio retail sector, highlighting ongoing trends and key challenges.
Gabriel Hardy, Executive Director, Fitness Industry Council of Canada: The industry is experiencing a positive recovery, although around 20-25% of gyms permanently closed due to the pandemic. However, demand for preventive health solutions and longevity-focused fitness is growing.
Recent reports from Deloitte and the International Health, Racquet & Sportsclub Association [IHRSA] indicate:
Digital integration remains critical: The rise of AI-driven fitness and customized coaching is expected to expand further. 2024 Sports Industry Outlook (Deloitte)
Longevity and health optimization trends: Fitness centres are focusing on long-term health metrics such as VO2 max and bone density preservation. Noted in both studies above.
Retail Insider’s Opinion
Retail Insider believes that Fitness Studio Retail in Canada is poised for a transformative period. While financial constraints and pandemic aftershocks have slowed recovery, new opportunities are emerging in the form of hybrid fitness models, social-driven engagement, and longevity-focused wellness solutions.
The Impact on Canada
Health and Economic Impact: The shift towards preventive healthcare and wellness positions the fitness industry as a crucial pillar in Canada’s public health system.
Consumer Behaviour: Gen Z and Millennials are driving demand for personalized fitness experiences, while older demographics are increasingly embracing strength training for longevity.
Market Consolidation: Studios will need to innovate or partner with larger fitness chains to remain competitive in the evolving landscape.
Sustainability: Expect eco-conscious fitness initiatives to gain traction, with green gyms becoming more prevalent in urban centres.
The Fitness Studio segment is at an inflection point, and its success will depend on how well busnesses adapt to these shifting trends while continuing to deliver value to Canadian consumers.
Retail crime is an increasingly pressing challenge across Canadian cities, impacting retailers, law enforcement, and communities. On March 19, 2025, the Retail Secure Conference, hosted by Retail Council of Canada (RCC), will unite the retail loss prevention community to address this critical issue.
Taking place in Mississauga, Ontario, this leading event for retail safety professionals offers insights to protect retail’s most vital assets—people, property, and data. With a focus on collaboration and innovation, the agenda tackles key topics, including:
The Increasing Threat of Violent Retail Crime: Learn how specialized Retail Crime Units are combating challenges and disrupting organized crime networks with presentations from Toronto Police Service, Winnipeg Police Service, and the Canadian Border Service Agency.
Leveraging Body-Worn Cameras for Deterrence: Discover how this technology enhances safety through global case studies and pilot program insights.
From Attack to Action: Cybersecurity in Retail: LCBO shares insights and experiences from the frontlines of combating cybercrime, offering valuable lessons about the evolving threat landscape.
Celebrate Canada’s Loss Prevention Heroes
The day begins with the Retail Secure Legends Awards Breakfast, a celebration of excellence in retail safety. This prestigious event recognizes individuals who have made extraordinary contributions to the field, from emerging talents to seasoned leaders. RCC is currently accepting nominations—submit your candidate today to honour those who keep retail safe.
Why Attend Retail Secure 2025?
Engage with Industry Leaders: Participate in tailored sessions, keynotes, and panels designed to address your biggest challenges.
Build Your Network: Connect with peers, mentors, solution providers, and police services from across Canada during networking sessions and a closing cocktail reception.
Save Big: Register by February 19to save $100 per ticket. Bring your team—groups of five or more receive an additional20% discount.
Take Action Today
Don’t miss this crucial gathering for retail safety. Visit rccretailsecure.ca to:
Loro Piana store at 111 Bloor St. W. in Toronto. Image: ETHAN ESPIRITU/Loro Piana
The Canadian retail landscape experienced a notable shift in 2024, with fewer international retailers entering the market compared to previous years. Over the last decade, Canada has witnessed a surge of global brands making their debut, catering to the country’s increasingly diverse and affluent consumer base. However, 2024 marked a departure from this trend, reflecting broader economic uncertainties and shifting market dynamics.
Despite the slowdown, several prominent international retailers strategically entered the Canadian market, aiming to carve out their niche across key cities and retail hubs. Below is a detailed look at the 15 international retailers that ventured into Canada in 2024.
Rodd & Gunn Yorkville (Image: Craig Patterson)
Rodd & Gunn: A Sophisticated Debut in Yorkville
New Zealand’s upscale menswear brand, Rodd & Gunn, launched its first standalone Canadian store in March 2024 at 21 Hazelton Avenue in Toronto’s upscale Yorkville area. Known for its high-quality craftsmanship and timeless designs, Rodd & Gunn’s entry marked a significant addition to the neighbourhood’s already impressive roster of global brands.
The boutique, offering an immersive shopping experience, showcases the brand’s full range, including apparel, footwear, and accessories. Jordan Karp of Savills Canada coordinated the lease deal for the new store — he listed the space and he also has the mandate to represent Rodd & Gunn in Canada as the brand expands and opens more stores. Hanard Investments owns the building at 19-21 Hazelton Avenue which is managed by Greenwin.
Grand Opening of Windsor Fashions at CF Lime Ridge Mall in Hamilton, Ontario (Image: Windsor)
Windsor: Expanding Fast Fashion to the Canadian Market
U.S.-based women’s fashion brand Windsor opened its first Canadian store at CF Lime Ridge in Hamilton in April 2024. Renowned for its affordable and trendy apparel, particularly for formal and special occasions, Windsor announced plans for an aggressive expansion, opening five stores in the country within the year.
In addition to the Hamilton store, Windsor opened stores in Southern Ontario including at the Oshawa Centre in Oshawa, Hillcrest Mall in Richmond Hill, Upper Canada Mall in Newmarket, and Dufferin Mall in Toronto.
Carm Sivers, VP/Managing Director, Canada, said, “When I look at it, honestly we can grow the Canadian market to be in the range of 60-80 stores. It will all depend on the consumer demand. We don’t want to oversaturate the market.”
Facade of the Loewe store at Toronto’s Yorkdale Shopping Centre. Photo: Michael Muraz
Loewe: Luxury Comes to Yorkdale
Spanish luxury brand Loewe entered Canada in April 2024 with a striking standalone boutique at Toronto’s Yorkdale Shopping Centre. The store’s modern and artistic design mirrors Loewe’s emphasis on craftsmanship and innovation. Showcasing the brand’s leather goods, ready-to-wear collections, and accessories, the Yorkdale location reinforces Toronto’s status as a burgeoning hub for luxury retail.
The brand continues to be carried at Holt Renfrew and selected retailers, and Retail Insider has learned that in 2025, Loewe will open a second Canadian storefront at Oakridge Park in Vancouver.
Soch Brampton (Image: Soch)
Soch: Indian Fashion Finds a New Market
India-based women’s fashion retailer Soch launched its first international store in Brampton in June 2024, marking its official entry into Canada. Known for its vibrant ethnic wear and fusion styles, Soch caters to the large South Asian diaspora in the Greater Toronto Area.
The brand’s debut aligns with its strategy to expand internationally while maintaining a strong connection to its cultural roots, with Canada being the brand’s first international market. Soch’s presence at a location with significant South Asian foot traffic reflects its commitment to serving its core demographic while introducing its offerings to a broader audience.
There are plans for Soch to expand further in Canada with stores. The retailer’s CEO, Vinay Chatlani, said in an interview in Retail Insider, “We’re looking at Vancouver and Montreal next. We’re hoping to have three open in the next two years in Canada.”
Photo courtesy of Sleepare
SleePare: Revolutionizing Mattress Shopping in Toronto
In August 2024, SleePare, a U.S.-based online mattress retailer, launched its first Canadian “try-and-buy” showroom in Toronto. The concept combines e-commerce with physical retail, allowing customers to test various online mattress brands in one location before making a purchase.
The innovative approach addresses a gap in the market, providing convenience and confidence to consumers navigating the competitive mattress industry. SleePare’s decision to establish a physical presence highlights the importance of tactile customer experiences, even amid competition and an increasingly digital retail landscape.
In terms of future Canadian stores, SleePare’s CEO Shanir Kol told Retail Insider, “We’ll wait and see at the end of the year if everything makes sense to grow to other cities. We’re definitely seeing interest from other cities in Canada.”
Yeti at CF Chinook Centre in Calgary. Photo: Jayme Barbosa
Calgary’s active lifestyle and proximity to the Rockies make it a strategic location for the brand’s Canadian debut. The CF Chinook Centre, known for its blend of high-end and mainstream retailers, was carefully chosen to align with Yeti’s brand ethos and target audience.
Yeti is expected to expand further with stores in key Canadian markets. Sari Samarah, President, CEO and Broker of Record for Value Insight Realty represented YETI for the CF Chinook Centre transaction.
Wellensteyn at Outlet Collection at Niagara. Photo: Wellensteyn
Wellensteyn: Performance Outerwear Debuts in Niagara
German outerwear brand Wellensteyn made its Canadian debut in August 2024 at the Outlet Collection at Niagara. Renowned for its functional and stylish outerwear, Wellensteyn’s entry targets value-conscious consumers seeking high-quality apparel. The brand’s decision to launch at an outlet centre reflects its strategy to build brand awareness in a competitive market. Brokers involved in the deal highlighted the significance of outlet malls in introducing premium brands to new audiences.
Tony Flanz of Montreal-based brokerage Think Retail is working with Wellensteyn on its Canadian expansion, with more stores planned. Flanz told Retail Insider, “Think Retail congratulates Wellensteyn on its official Canadian market entry and we are thrilled to work with the team on its growth—the vision is to open two to three more stores in 2025, with an initial focus on outlet centres in Ontario.” He went on to say in a previous article that after focusing on Ontario, Wellensteyn stores are expected to eventually open in British Columbia and Alberta, ideally in retail spaces in the 2,000 square foot range.
TimeVallée by Birks at Royalmount in Montreal. Image: Birks Group
TimeVallée Opens in a Timely Fashion at Royalmount
In September 2024, Montreal-based jeweller Maison Birks introduced the luxury multi-brand watch retailer TimeVallée to the Canadian market. The inaugural Canadian TimeVallée boutique opened on September 5 at Montreal’s Royalmount development, occupying approximately 2,800 square feet. TimeVallée, founded by Richemont, offers an extensive selection of prestigious timepieces within a sophisticated retail environment. The boutique features an array of high-end watch brands, providing an immersive shopping experience for horology enthusiasts. Seven luxury watch brands are carried a the Montreal store, including Baume & Mercier, Cartier, Chopard, Grand Seiko, Jaeger-LeCoultre, Panerai and Piaget.
In 2025, TimeVallée will open a second Canadian storefront at the Oakridge Park development in Vancouver. It’s not known if any more locations will open after that in Canada.
Photo courtesy of LOJEL
LOJEL: Travel Goods Arrive in Vancouver
Asian travel goods brand LOJEL opened its first Canadian store in Vancouver’s Kitsilano neighbourhood in September 2024. The brand’s minimalist yet functional luggage and travel accessories cater to Vancouver’s globally minded and design-savvy shoppers. LOJEL’s entry aligns with its expansion strategy targeting key urban markets worldwide.
More locations are on the way for Canada in 2025, including at Montreal’s Royalmount.
Derek Rose at 14 Hazelton Avenue in Toronto on opening day. Photo: Craig Patterson
Derek Rose: British Luxury on Hazelton Avenue
British heritage brand Derek Rose debuted in North America with a standalone store on Hazelton Avenue in Toronto in September 2024. Known for its luxury loungewear, sleepwear, and resort wear, the boutique brings a sophisticated offering to Yorkville. Derek Rose’s entry highlights Toronto’s growing appeal to niche luxury brands seeking customers that understand the product.
In an interview, Canadian co-owner William Grant hinted at future growth: “A North American expansion is on the horizon. New York, Miami, Los Angeles , Montreal, maybe Vancouver, or a second Toronto location are possibilities.”
DWSV Realty acted as brokers for Derek Rose and negotiated the lease deal for the Hazelton Avenue store.
Loro Piana at Toronto’s Yorkdale Shopping Centre. Image: Loro Piana
Loro Piana: A Double Debut in Toronto
Italian luxury brand Loro Piana expanded into Canada with two standalone stores in Toronto in October 2024. The first opened at Yorkdale Shopping Centre, followed by a downtown flagship location at 111 Bloor Street. Renowned for its premium cashmere and wool products, Loro Piana’s Canadian debut underscores its commitment to expanding its presence in North America.
The lease negotiations for the Bloor Street and Yorkdale locations were facilitated by David Wedemire and Stan Vyriotes of DWSV Realty. The landlord of the Bloor Street building was represented by Tom Balkos of P3 Global Realty Advisors, Alex Edmison, and Brett Taggart of CBRE.
It’s unknown if Loro Piana will open any more Canadian storefronts. If it were, Vancouver’s Oakridge Park would be a strong guess for a store.
Adopt store at Galeries d’Anjou in Montreal. Photo: Think Retail
Adopt: French Fragrance Finds a Home in Montreal
French fragrance retailer Adopt entered Canada in November 2024 with a store at Galeries d’Anjou in Montreal. Offering affordable perfumes and beauty products, its entry reflects a growing demand for niche and affordable luxury in the beauty sector.
Adopt’s expansion in Canada aligns with its broader international strategy, positioning the country as a priority market. “The Canadian market is one of the priority objectives in our international development,” said Canadian operator Marcel Rinaldy, reflecting the brand’s readiness to expand its footprint.
Following the Galeries d’Anjou opening, Adopt launched two more Quebec locations—at CF Carrefour Laval near Montreal and at Place Ste-Foy in Quebec City. Additionally, plans for 2025 include six to eight new stores across Quebec, with a potential Ontario market entry by late 2025.
Adopt’s plans for expansion extend beyond Quebec, with a focus on super-regional malls and high-traffic commuter hubs, such as airports and train stations. Tony Flanz of Think Retail represents Adopt’s Canadian expansion.
Image: PayMore Canada
Paymore: Second-Hand Electronics in the GTA
U.S.-based second-hand electronics retailer Paymore opened its first Canadian stores in December 2024 in Mississauga and Brampton. The brand’s model focuses on buying and selling pre-owned electronics, appealing to eco-conscious and budget-savvy consumers. Paymore’s Canadian expansion underscores the growing trend of circular economy practices in retail.
The retailer’s Canadian expansion is led by master franchise holder Founder Brands, led by the Corrin brothers and a team of investors. Adam Corrin told Retail Insider, “We’re targeting a total of 120 locations across Canada over the next 10 years. Our goal is to make PayMore a household name in Canada and to bring our services to communities nationwide.”
Gem Studio at The Well in Toronto. Photo: Craig Patterson
Gem Studio offers customers a unique, hands-on experience in crafting personalized jewelry. Participants can select from a wide array of semi-precious gems and, under the guidance of skilled silversmiths, create custom pieces such as rings, bracelets, earrings, and more. The studio emphasizes the use of high-quality .925 sterling silver, ensuring each creation is both durable and tarnish-resistant.
Founder Brands’ Adam Corrin told Retail Insider that the company is looking for franchisees in major Canadian markets. Founder Brands also plans to bring more global franchises into the Canadian market, according to Corrin.
Inside the new RAINS store in Vancouver. Photo: LB via Google Maps/Images
RAINS: Danish Outerwear Comes to Vancouver
Danish outerwear brand RAINS opened its first Canadian store on December 21, 2024, in Vancouver’s Kitsilano neighbourhood at 2142 West 4th Avenue. Known for its sleek, minimalist rainwear and accessories, RAINS has built a global reputation for combining Scandinavian design aesthetics with practical, weather-resistant functionality. The brand’s product lineup includes waterproof jackets, bags, and outerwear that appeal to urban consumers seeking stylish yet durable options for inclement weather.
A Year of Selective Expansion
Analyzing the numbers, 2024 saw a total of 15 international retailers entering Canada, marking a selective but impactful year. Toronto dominated the landscape with eight retailers establishing themselves in the Greater Toronto Area (GTA). Two of these new entrants chose Hazelton Avenue in the Yorkville area, highlighting its continued draw for luxury and boutique brands. Yorkdale Shopping Centre also hosted two new arrivals, reaffirming its position as a top-tier destination for international luxury retail entrants.
The geographic distribution of entrants illustrates Toronto’s appeal, with 53% of the year’s total openings in the GTA. Other cities included Vancouver and Montreal hosting two new retailers, and Calgary, Hamilton, and Niagara-on-the-Lake, each hosting one new retailer. This distribution reflects the concentration of Canada’s retail opportunities in urban hubs, particularly in regions with affluent and diverse populations.
Among the 15 retailers, four were luxury brands (including multi-brand TimeVallée), further solidifying Canada’s position as a growing market for high-end offerings. Notably, two retailers were brought to Canada by Founder Brands, showcasing the company’s strategic focus on introducing innovative international franchises to the local market. The numbers suggest a cautious but intentional approach by international brands, prioritizing markets and locations with the highest potential for success.
While the total number of entrants is lower than in previous years, the focus on strategic urban locations and the inclusion of high-profile luxury brands underscore the enduring attractiveness of Canada’s retail market. The dynamics of 2024 reflect a recalibration of strategies in response to global economic uncertainties, ensuring that market entries are calculated and impactful.
2025 Expected to be a Banner Year for International Luxury Entrants
Retail Insider anticipates 2025 to be a significant year for Canadian retail, with numerous first-to-market luxury store openings already confirmed. This includes high-profile additions at developments like Oakridge Park in Vancouver, where luxury brands such as Chaumet, Jacob & Co., Maison Margiela, and Miu Miu will launch their first Canadian stores. Downtown Vancouver is also set to welcome Canada’s inaugural Marella and Max & Co. locations in the coming weeks, both opening at CF Pacific Centre. Meanwhile, in Toronto, Chrome Hearts is among the brands confirmed to be debuting in 2025. Retail Insider will return in January 2026 with a comprehensive report on the international brands that entered Canada through new store openings.
Editor’s Note on previous years and this study:
For over a decade, Retail Insider has been tallying the number of international retailers that have entered Canada with first brick-and-mortar stores. The following is a breakdown with hyperlinks to previous reports:
In 2022, we reported in Retail Insider the magazine that 21 international brands entered Canada by opening stores, while in 2021, we also saw 21 international retailers enter the country.
In 2020, we counted 13 brands that entered Canada by opening stores — a year with considerable uncertainty and lockdowns due to the COVID-19 pandemic.
In 2019, we reported that 30 retailers had entered the country by opening stores, which was about the same number as in 2018.
In 2017, a record-breaking 50-plus international brands entered the Canadian market with stores.
In 2016, Retail Insider wrote a special edition piece for Retail Council of Canada’s publication, Canadian Retailer, within which we listed 21 international retailers that had come to Canada by opening stores that year.
In 2015, we reported that 28 retailers had opened their first freestanding locations in Canada that year. And, in 2014, we counted 20 international brands that entered Canada by opening stores.
