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GoodLeaf Farms expands as Canada’s largest vertical farming company

By
Mario Toneguzzi
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Source: GoodLeaf Farms
Source: GoodLeaf Farms

GoodLeaf Farms, Canada’s leading vertical farming company, continues to grow, strengthening its position as a sustainable leader in the country’s leafy greens industry.

Andy O’Brien, President and CEO of GoodLeaf Farms, joined the company in July after an extensive research period. “I started discussions with GoodLeaf about a year ago and officially joined the company in July. Before that, I spent about six months researching the industry and the company. I reviewed employee files, strategy plans, business models, and competitive reviews. The previous CEO was stepping down for health reasons, so I was connected with him and spent three months working through the transition before officially joining. So while I’ve been here since July, in reality, it feels more like 10 months,” said O’Brien.

Founded in 2019, GoodLeaf Farms operates three large-scale vertical farms across Canada. “We are a Canadian-owned vertical farming company. We have three farms—our first was established in Guelph in 2019 and spans about 50,000 square feet. In 2023-2024, we expanded with two new farms in Calgary and Montreal, each about 115,000 square feet. That brings our total grow space to 280,000 square feet, making us the largest vertical farming company in Canada and, from what I understand, the largest in North America,” O’Brien explained.

Andy O'Brien
Andy O’Brien

GoodLeaf specializes in growing leafy greens, including baby greens like lettuce, romaine, and spinach, as well as nutrient-dense microgreens such as micro arugula, micro broccoli, and micro spinach. “These are highly nutrient-dense, sometimes up to 100 times, 40 times is kind of the average. They are extremely flavourful. They have a 21-day shelf life and reach stores within 10 days of harvesting. Because we operate in a controlled environment, we can grow year-round,” said O’Brien.

The company’s distribution network spans major Canadian retailers. “We pack everything in-house using automated harvesters and a traditional packaging line, similar to what you’d see in food production for juices or cereals. The real magic happens in our grow rooms—completely sealed, technologically controlled environments for light and irrigation. In our Calgary and Montreal farms, we have 1,300 large benches continuously rotating with fresh crops. Once packaged, our greens are distributed to every major grocery retailer across Canada, including Loblaws, Sobeys, Save-On-Foods, and Costco, all under the GoodLeaf brand. We’re also exploring expansion into convenience stores and drug stores,” O’Brien shared.

“There’s lots of growth opportunity.”

While GoodLeaf currently focuses on Canada, U.S. expansion is on the horizon. “Not yet, but it’s part of our long-term strategy. Over 90% of Canada’s leafy greens come from California and Arizona, requiring long transportation times that affect taste, quality, and nutrition. A vertical farming business uses a far less footprint 97% less and 99% less water, with no pesticides and a longer shelf life. Given that the northeastern U.S. faces similar supply chain challenges as parts of Canada, we see an opportunity there. But for now, our priority is to strengthen our presence in Canada,” said O’Brien.

“Because it’s farmed and then brought to the stores so quickly, the tastes are that much richer.”

Source: GoodLeaf Farms
Source: GoodLeaf Farms

Looking ahead, GoodLeaf has ambitious growth plans. “We have strong ownership partners, including the McCain family and Power Sustainable Lios out of Montreal. We have two very strong Canadian families that back us. We also have support from EDC and Farm Credit Canada. Two very strong government agencies who have been very supportive. We do have plans to continue to grow and evolve with new farms, new products and new categories,” O’Brien confirmed.

As the company continues to revolutionize farming, its long-term vision remains clear. “Our vision for the next five to seven years is to revitalize farming by providing Canadians—and eventually, the world—with healthier, sustainably grown products,” said O’Brien.

With sustainable farming at its core, GoodLeaf Farms is poised to redefine the future of agriculture in Canada and beyond.

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Smaller QSR chains and independents drive growth and innovation in Canada: Circana

By
Mario Toneguzzi
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Photo by RDNE Stock project
Photo by RDNE Stock project

The Canadian quick-service restaurant (QSR) market is undergoing a significant transformation, with smaller chains and independent operators emerging as key drivers of growth and innovation. According to a new report from Circana, The Rise of Small QSR Chains and Independents in Canada, the evolving dynamics of the QSR segment reflect changing consumer preferences, the popularity of global cuisine, and the digital advancements reshaping the industry.

Vince Sgabellone
Vince Sgabellone

“The rise of smaller QSR chains and independents reflects a broader shift in consumer behavior and market dynamics,” said Vince Sgabellone, foodservice industry analyst at Circana. “With Gen Z and ethnic communities leading the charge, the foodservice industry is ripe for transformation. Operators who are willing to adapt, innovate, and cater to evolving tastes will shape the future of this space. Those who hesitate may find themselves left behind.”

Key Findings from Circana’s Research:

Smaller Brands Leading the Charge
From 2019 to 2023, smaller chains have experienced impressive growth, adding approximately 900 units. In addition, independent operators have successfully rebuilt their presence, adding 1,000 units, even after facing pandemic-related disruptions. Meanwhile, major QSR chains collectively struggled, adding fewer than 200 units during the same period, highlighting the shift in consumer preferences toward smaller brands.

Gen Z and Ethnic Communities Driving Trends
Gen Z, which now accounts for over 20% of total foodservice visits, is a significant factor in the success of smaller QSR brands. This demographic commands a 30% share of visits to non-major chains, with a strong preference for authentic global cuisine and brands that align with their values. Additionally, ethnic consumers, who represent approximately one-third of all foodservice visits, are increasingly gravitating toward newer QSR brands offering authentic global flavours.

Digital Innovation Gives Smaller Operators an Edge
Smaller chains are leveraging digital tools more effectively than their larger counterparts. Focused on online ordering and digital marketing, these operators are using third-party aggregators at twice the rate of major chains, giving them access to a broader digital customer base. As a result, digital ordering now accounts for a higher proportion of visits to non-major chains compared to major chains. This advantage is partially due to the limited drive-thru infrastructure of smaller operators and the higher concentration of digitally savvy Gen Z consumers.

Mastering On-Premises Dining Experiences
While major chains dominate the grab-and-go morning meal occasion, smaller chains are excelling in creating on-premises dining experiences that cater to consumers’ growing desire for social interactions during lunch and supper. Many consumers perceive these smaller operators as offering higher quality or more unique dining environments, setting them apart from the larger, more traditional chains.

The growth of smaller QSR chains and independents in Canada signals a pivotal shift in the foodservice industry. By focusing on global flavors, digital innovation, and an elevated in-person dining experience, these operators are reshaping the future of the Canadian quick-service restaurant market.

About Circana
Circana is a leading advisor on the complexities of consumer behavior. Through advanced analytics, superior technology, cross-industry data, and deep expertise, Circana helps nearly 7,000 of the world’s leading brands and retailers unlock business growth. Circana’s insights guide clients in meeting consumer demand, outpacing the competition, and driving innovation.

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No Holiday Miracle for Canadian Retailers in December [Analysis]

By
Retail Insider
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West Edmonton Mall in December, 2024. Photo: Craig Patterson

By J.C. Williams Group

The month of December is always a critical period for retail sales, as it encompasses the holiday shopping season. This year, Canadian retail sales showed a 3.7% YOY growth across all stores. For All Stores Less Automotive, Food, Pharmacies, the growth was 3.2% YOY. While these figures seem promising, a deeper dive into the data reveals some intriguing trends and raises questions about the underlying factors influencing these numbers.

Despite the introduction of the GST/HST break, which was expected to boost consumer spending, there was seemingly no impact on the food categories or alcohol sales, where we expected to see impact. In fact, some segments saw a decline:

  • Supermarkets and Other Grocery Stores: down -0.4% YOY
  • Convenience Stores: down -4.7% YOY
  • Specialty Food Stores: down -2.0% YOY
  • Beer, Wine, and Liquor Stores: down -7.9% YOY

These declines suggest that consumers may not have been significantly swayed by the tax break in these categories. Conversely, categories that could have benefited from the tax holiday through toys and children’s items showed impressive growth:

  • Clothing and Accessories Stores: up 4.9% YOY
  • Sporting Goods, Hobby, Book, and Music Stores: up 6.1% YOY

A notable trend that continued even during the holiday season is the shift away from alcohol consumption towards other categories. This trend is reflected in the following data:

  • Beer, Wine, and Liquor Stores: down -7.9% YOY
  • Cannabis Stores: up 11.4% YOY
  • Health and Personal Care Stores: up 6.14% YOY

The significant growth in cannabis sales suggests a continually changing landscape in consumer preferences. Additionally, the increase in health and personal care store sales indicates a growing focus on wellness and self-care among consumers.

Despite the Canada Post strike from November 15, 2024, to December 17, 2024, ecommerce sales showed remarkable resilience with a 14.1% YOY growth. Several factors contributed to this:

  • Cyber Monday falling in December this year boosted online sales.
  • Shopify reported a 24% increase in ecommerce sales over the Black Friday to Cyber Monday weekend.

As we reflect on the December retail sales data, several critical questions arise for JCWG as we navigate the future:

  • How will tariffs and counter-tariffs affect North American relations, particularly with the recently added steel and aluminum tariffs?
  • Will Canadian retailers continue to remove American products from shelves even if tariffs are not implemented?
  • Will American brands start to see large return merchandise authorizations (RMAs) coming back from Canadian retailers for fear that the products will no longer sell? How might this change the way vendor contracts are written going forward?
  • How are YOU preparing for the anticipated changes in the cost of goods in Canada?

Retail Sales by Product Category, Same Month Comparison

Sales for the Month of DecemberDec-24Dec-23YOY
All Stores71,636,30669,109,5183.66%
Motor Vehicle and Parts Dealers16,307,76114,643,42411.37%
Gasoline Stations5,982,1876,058,244-1.26%
All Stores Less Automotive49,346,35848,407,8501.94%
Food and Beverage Stores14,337,70214,668,881-2.26%
Supermarkets and Other Grocery Stores*9,806,2069,846,802-0.41%
Convenience Stores682,788716,061-4.65%
Specialty Food Stores1,125,0471,148,167-2.01%
Beer, Wine and Liquor Stores2,723,6612,957,851-7.92%
Health and Personal Care Stores6,533,1556,155,0206.14%
All Stores Less Automotive, Food, and Pharmacies28,475,50127,583,9493.23%
General Merchandise Stores11,014,29010,670,1523.23%
Furniture, Home Furnishings, Electronic and Appliance Stores4,384,9004,418,075-0.75%
Furniture Stores1,232,2981,245,030-1.02%
Home Furnishings Stores836,438811,7553.04%
Electronics and Appliance Stores2,316,1642,361,291-1.91%
Clothing and Accessories Stores5,359,7975,111,2204.86%
Clothing Stores4,029,2323,811,8325.70%
Shoe Stores551,706534,3563.25%
Jewellery, Luggage and Leather Goods Stores778,859765,0321.81%
Sporting Goods, Hobby, Book and Music Stores4,756,5414,482,3986.12%
Building Material and Garden Equipment2,959,9752,902,1051.99%
Miscellaneous Store Retailers2,697,4862,514,8647.26%
Cannabis Retailers499,730448,67211.38%

Retail Sales by Store Category, Year to Date Comparison

Year-to-Date Sales Ending DecemberDec-24Dec-23YTD
All Stores802,638,797792,369,0581.30%
Motor Vehicle and Parts Dealers219,061,700213,063,2662.82%
Gasoline Stations76,710,54078,855,491-2.72%
All Stores Less Automotive506,866,557500,450,3011.28%
Food and Beverage Stores154,346,449152,927,9560.93%
Supermarkets and Other Grocery Stores*109,440,316107,264,1952.03%
Convenience Stores8,573,0138,889,235-3.56%
Specialty Food Stores10,743,94110,425,5283.05%
Beer, Wine and Liquor Stores25,589,18126,348,994-2.88%
Health and Personal Care Stores67,665,83964,749,1934.50%
All Stores Less Automotive, Food, and Pharmacies284,854,269282,773,1520.74%
General Merchandise Stores108,263,439104,304,0703.80%
Furniture, Home Furnishings, Electronic and Appliance Stores43,269,27643,819,600-1.26%
Furniture Stores13,973,22314,335,015-2.52%
Home Furnishings Stores8,433,2518,591,731-1.84%
Electronics and Appliance Stores20,862,80420,892,853-0.14%
Clothing and Accessories Stores42,497,13042,074,3991.00%
Clothing Stores32,824,84732,385,9991.36%
Shoe Stores4,881,8884,953,458-1.44%
Jewellery, Luggage and Leather Goods Stores4,790,3964,734,9401.17%
Sporting Goods, Hobby, Book and Music Stores45,099,24745,990,823-1.94%
Building Material and Garden Equipment45,725,17746,584,265-1.84%
Miscellaneous Store Retailers28,991,30529,474,381-1.64%
Cannabis Retailers5,204,8965,162,5300.82%

Ecommerce Sales

Dec-24Dec-23%
Ecommerce Sales, YTD              48,339,615              45,076,4037.24%
Ecommerce Sales, YOY                5,345,770                4,684,49514.12%

Regional Sales, Year to Date Comparison

RegionYear-to-Date, 2024Year-to-Date, 2023%
British Columbia107,938,589107,766,0320.16%
Vancouver54,052,54153,461,0651.11%
Alberta103,597,693101,979,0951.59%
Prairies*53,170,74052,007,6962.24%
Ontario299,601,223297,337,0130.76%
Toronto135,093,200135,103,909-0.01%
Québec180,282,077177,080,3451.81%
Montréal89,980,31288,836,8271.29%
Atlantic Canada55,213,86953,492,3153.22%
Territories2,834,6062,706,5624.73%

NATIONAL RETAIL BULLETIN

Thank you J.C. Williams Group for this report.

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Canada’s total consumer debt hits record $2.5 Trillion

By
Mario Toneguzzi
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Photo by Mikhail Nilov
Photo by Mikhail Nilov

Canada’s consumer debt reached a historic high of $2.5 trillion in the fourth quarter of 2024, marking a significant 4.5% increase year-over-year (YoY), according to TransUnion’s latest Q4 2024 Credit Industry Insights Report (CIIR). This growth is largely attributed to rising balances in both mortgage and non-mortgage debt, with the latter seeing a notable 5.8% YoY increase.

Revolving products, particularly credit cards and lines of credit, are central to the growth in non-mortgage debt. Credit card balances surged by 9.2%, maintaining a strong upward trajectory despite a slight slowing in growth. Similarly, line of credit balances grew by 4.2%. Although the pace of debt accumulation has slowed, the overall increase in balances remains substantial, says TransUnion.

Increased Credit Participation Reflects Changing Consumer Behavior

Credit participation also saw an increase, with 32.3 million Canadians now holding at least one open credit product, up by 2.5% YoY. This rise is partly attributed to a decline in interest rates and inflationary pressures that have made credit more accessible. Millennials and Gen Z consumers were the primary drivers behind this growth, collectively holding $1.1 trillion in outstanding balances, a 10% increase from the previous year. Gen Z, in particular, experienced a dramatic 29% YoY increase in credit participation as they expanded their debt portfolios beyond just credit cards, says the report.

Canada’s Consumer Credit Index Declines Amid Economic Uncertainty

Despite growth in overall debt, Canada’s Consumer Credit Index dropped to its lowest level since 2021, falling to 99.8 in Q4 2024. This decline indicates a weakening in the health of the Canadian retail credit market, driven by lower demand, slowing balances, and increasing delinquency rates. The index’s drop reflects deteriorating consumer behaviours and the broader economic uncertainty.

Credit Card Market Slows But Still Shows Growth

Credit card balances continued to grow in Q4 2024, marking the 31st consecutive month of YoY growth. However, the pace of this growth has slowed, indicating that the credit card market may be stabilizing. Bankcard originations, which refer to new credit card accounts, decreased by 3.7% YoY, with subprime originations seeing the most significant drop of 6.9%.

Despite this slowdown in new originations, credit card balance growth remained robust, with total market balances reaching $124 billion, up 9% YoY. This rise was fueled by an increase in revolving balances, indicating that consumers are increasingly carrying their credit card balances from month to month.

Delinquency Rates on the Rise Across All Generations

One of the more concerning trends highlighted in the report is the increase in consumer loan delinquency rates, particularly for credit cards. Serious consumer-level delinquency rates for bankcards rose to 0.93% in Q2 2024, up 9 basis points YoY. This uptick in delinquencies was most pronounced among younger consumers, with Gen Z experiencing a significant 26 basis point rise in their delinquency rate, now reaching 2.74%.

Matthew Fabian
Matthew Fabian

Matthew Fabian, Director of Financial Services Research and Consulting at TransUnion Canada, noted, “In an environment where new account growth is slowing, credit card issuers need to focus on optimizing account management strategies. Strengthening customer loyalty, fostering prudent balance growth, and engaging younger consumers to enhance lifetime value are crucial.”

Looking Ahead: The Future of the Credit Market

TransUnion’s data suggests that while the credit market is showing signs of stabilization, ongoing economic uncertainty and the high cost of living are weighing heavily on consumer spending decisions. The report anticipates that credit card originations will likely continue to slow into 2025, with a growing emphasis on managing existing accounts and optimizing consumer relationships.

“Gen Z consumers present a significant growth opportunity for lenders, especially through tailored credit card offerings,” Fabian emphasized. “They are educated and active credit users with a growing propensity to utilize credit throughout their lifecycle. Early management is crucial, as credit cards can be a valuable financial tool for Gen Z when managed responsibly.”

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Support for local shopping surges as Canadians prioritize community impact

By
Mario Toneguzzi
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Photo by cottonbro studio
Photo by cottonbro studio

A new survey by Interac Corp. reveals a significant shift in Canadian consumer behaviour, with nearly eight in 10 Canadians (79%) agreeing that supporting local businesses has become more important compared to last year. The survey highlights a growing commitment to community-driven spending, as more Canadians recognize the direct impact their purchasing decisions have on local economies.

According to the findings, over two-thirds of Canadians (68%) believe their spending choices directly affect their local communities. In a sign of their support, more than half (53%) of Canadians are willing to spend an extra $5 to purchase products locally, and a third (33%) are prepared to pay $10 more for the same reason.

Debbie Gamble
Debbie Gamble

“Amid the current climate of economic uncertainty and evolving tariff threats, Canadians are looking at their spending in a new light,” said Debbie Gamble, Group Head, Chief Strategy & Marketing Officer at Interac.

“Our survey results confirm that Canadians are very intentionally exercising their spending power – choosing to support local businesses even if they may need to spend more to do so. This trend has emerged despite longstanding cost-of-living pressures and demonstrates a powerful commitment to local communities.”

This shift is part of a broader “Buy Canadian” movement that has gained momentum in response to the economic climate. Nearly three in four Canadians (73%) now see more value in spending their dollars on local or Canadian-made products. The top reasons for this preference include a desire to support the local economy (79%), trust in Canadian quality standards (56%), and a sense of patriotism or Canadian pride (55%), according to the survey.

Despite this strong intent to support Canadian-made products, challenges remain in identifying these items. Although seven in 10 Canadians (71%) actively look for products that are clearly made in Canada, 40% struggle to verify the origin of products before purchasing. This highlights the need for clearer labeling and transparency at the point of sale, said the survey.

To help address this issue and promote local shopping, Interac has partnered with the Canadian Federation of Independent Business (CFIB) to increase the visibility of independent retailers and their locally sourced products. This initiative is aimed at providing small businesses with tools and resources to more effectively showcase Canadian-made goods, empowering consumers to make informed choices that benefit their communities.

Dan Kelly

Dan Kelly, President of CFIB, emphasized the critical role of consumer spending in supporting local businesses: “The ‘Buy Canadian’ energy and initiatives popping up across the country have been fantastic. The best way to support Canadian businesses is to support locally-owned small businesses in your community and looking for Canadian-made products wherever possible,” Kelly said. “Sixty-six cents of every dollar spent locally stays locally. It benefits the business, their employees and the whole community.”

Additional findings from the Interac survey include:

  • Eight in 10 Canadians (80%) are likely to choose Canadian-made products over imported ones.
  • A large majority of Canadians (82%) prioritize supporting micro and small businesses in their communities, compared to just under a quarter (24%) who support large international corporations.
  • Three-quarters of Canadians (76%) believe local businesses are more important to their communities than online-only retailers.

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Canadian Retail News From Around The Web For February 21, 2025

By
Retail Insider
-
Canadian Retail News From Around The Web

News at a Glance

Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.

Loblaw to start labelling ‘Made in Canada’ products as consumers shift from U.S.-made (Financial Post)

Looking to identify Canadian products? There’s a shopping app for that (National Post)

Loblaw takes PC Optimum charge in Q4 as more customers redeem loyalty points (CTV)

Buyers emerge for Ricki’s, Cleo and Bootlegger clothing brands. Can the stores be saved? (Insdie Halton)

Regina baby store says GST cuts played no impact on their sales (Sask Today)

Risk of tariff war fuels push for can manufacturing in B.C. (BIV)

Popular store ‘Popcore’ opens larger space in Markham’s Pacific Mall to huge crowds (Daily Hive)

Whimsical Toronto Luggage Stores (Trend Hunter)

2 men and teen charged after $200K worth of high-end fragrances stolen from GTA stores (CP24)

Walmart Canada Reports Strong Q4 FY25 Growth and E-Commerce Surge

By
Anita Mehra
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Image: Walmart Canada

Walmart’s Canadian operations demonstrated robust performance in the fourth quarter of fiscal year 2025 (Q4 FY25), showcasing significant growth across various channels and reinforcing its strategic importance within Walmart’s international operations. The company’s focus on e-commerce expansion, competitive pricing, and enhanced customer engagement has yielded positive results, positioning it as a key contributor to Walmart’s global success.

In Q4 FY25, Walmart Canada’s net sales reached $6.3 billion, marking a 5.5% increase compared to the same period last year. This growth was driven by strong performance across all channels, with notable contributions from both in-store and online sales. The festive season played a pivotal role, as increased consumer spending during holiday events bolstered sales figures. E-commerce sales experienced a remarkable surge of 30%, primarily attributed to the expansion of store-fulfilled pickup and delivery services. The food and consumables categories maintained consistent growth, while general merchandise also saw positive momentum.

E-Commerce Expansion and Digital Engagement

Walmart Canada’s e-commerce growth rate of 30% year-over-year underscores the company’s successful digital transformation efforts. Key factors contributing to this surge include the increased utilization of store-fulfilled pickup and delivery services, which offer customers convenient shopping options. 

The expansion of Walmart Fulfillment Services (WFS) in Canada led to a 20% increase in the number of WFS sellers, resulting in an 85% growth in sales of items delivered through WFS. Additionally, the launch of the Data Ventures platform in Canada has broadened Walmart’s analytics capabilities, enabling improved digital engagement with Canadian consumers.

Financial Performance Highlights

The gross profit rate in Canada saw an uptick, largely due to improved shrink management practices. However, operating expenses also increased, primarily driven by investments in associate wages and higher technology spending aimed at enhancing operational efficiency. 

These strategic investments, while elevating expenses, are essential for sustaining long-term growth and maintaining a competitive edge in the market. Consequently, operating income experienced a decline, reflecting the balance between increased costs and revenue growth.

Walmart at The Stockyards in Toronto. Photo: Walmart Canada

Comparable Sales Growth Trend

Walmart Canada’s comparable sales growth exhibited a positive trajectory throughout FY25, culminating in a 5.8% increase in Q4. This reflects a strong recovery, particularly during seasonal promotions and heightened consumer spending periods. The quarterly comparable sales growth rates were as follows:

  • Q4 FY24: +1.5%
  • Q1 FY25: +3.8%
  • Q2 FY25: +3.4%
  • Q3 FY25: +3.1%
  • Q4 FY25: +5.8%

This consistent upward trend indicates robust consumer demand and effective sales strategies implemented by Walmart Canada.

Strategic Role in International Growth

Canada has been identified as a key growth market within Walmart’s international portfolio, alongside Mexico and China. In Q4 FY25, Walmart International’s net sales grew by 5.7% in constant currency, with Canada playing a significant role in this expansion. The strong performance of Walmart Canada underscores its strategic importance in driving the company’s global growth objectives.

Kathryn J. McLay, President and CEO of Walmart International, expressed satisfaction with Walmart Canada’s top-line growth and highlighted the impressive 30% increase in e-commerce sales. She noted in an earnings call that this growth has accelerated each quarter over the past year, emphasizing the positive response from customers to Walmart Canada’s value-driven approach. McLay stated, “We’re pleased with the top-line growth we’re getting in Canada. But one of the real highlights for me has been the e-commerce performance, which has been up 30%. And their growth has accelerated every quarter over the last year.”

In alignment with its commitment to providing value, Walmart Canada offered a Canadian Thanksgiving meal promotion priced at CAD $40 for four people. This initiative reflects the company’s focus on price positioning and convenience to enhance customer engagement. McLay added, “We were able to offer a Canadian Thanksgiving lunch for $40 for four people. So really leaning into making sure we have the price positioning right, but also the customers really responding from a convenience perspective.”

Marketplace Expansion and Data Analytics

The expansion of Walmart Fulfillment Services (WFS) in Canada has been a significant contributor to the company’s e-commerce growth. The 20% increase in WFS sellers and the subsequent 85% growth in sales of WFS-delivered items highlight the success of this initiative. Furthermore, the introduction of the Data Ventures platform in Canada has enhanced Walmart’s ability to analyze consumer data, leading to more personalized and efficient customer experiences.

John David Rainey, Chief Financial Officer and Executive Vice President of Walmart Inc., discussed the financial investments made in Canada, noting that international sales grew by 5.7% in constant currency, with Canada contributing a 5.5% increase. He highlighted that operating income grew at a faster rate than sales, indicating improved efficiency and profitability. Rainey also pointed out the positive traffic and unit growth in Walmart Canada, especially in general merchandise during promotional events.

New Leadership at Walmart Canada

In January 2025, Walmart Canada announced the appointment of Venessa Yates as its new President and Chief Executive Officer. She brings a wealth of experience to the position, having previously held senior leadership roles within Walmart’s international divisions. Her strategic vision and commitment to innovation are expected to drive Walmart Canada’s growth and enhance its market position.

Major Investment in Canadian Expansion

Demonstrating a strong commitment to the Canadian market, Walmart Canada unveiled plans to invest approximately C$6.5 billion ($4.51 billion) to expand its store network and enhance its supply chain infrastructure. This investment, the largest since the company’s inception in Canada nearly 30 years ago, includes the construction of dozens of new stores, starting with five new supercenters in Ontario and Alberta by 2027. Additionally, the company plans to modernize its distribution centers to improve efficiency and better serve its customers.

In addition to expanding its physical footprint, Walmart Canada announced the sale of its fleet business to Canada Cartage. While the terms of the deal were not disclosed, this move is part of Walmart Canada’s strategy to streamline operations and focus on core retail activities.

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Pickleplex Social Club announces national expansion plan for 2025, opening 23 locations across Canada

By
Mario Toneguzzi
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Photo by Sergio Contreras Arcos
Photo by Sergio Contreras Arcos

Pickleplex Social Club, a Canadian-owned company focused on bringing pickleball enthusiasts together, has revealed its expansion roadmap for 2025. The club, known for its fun, community-centred approach to the growing sport of pickleball, will be opening 23 new locations across Canada through a mix of corporately owned and franchised venues.

The company has entered into lease and franchise agreements in key provinces including Ontario, British Columbia, and Alberta. This bold expansion plan aims to meet the needs of pickleball players across the country and provide them with accessible, high-quality facilities dedicated exclusively to the sport, it says.

Steve Fry
Steve Fry

“Pickleball is the fastest growing sport in Canada and we want to share our love of the game with players from coast to coast in a welcoming environment dedicated exclusively to pickleball,” said Steven Fry, Co-Founder and President of Pickleplex Social Club. “Working with entrepreneurs and landlords across the country, we believe we can help to grow the game in a uniquely Canadian way.”

Pickleplex Social Club has already launched its first location in Barrie, Ontario, which has received an overwhelmingly positive response from the local community. The facility has quickly become a hub for pickleball enthusiasts, with popular leagues, tournaments, and daily programming now well underway, says the company.

The company’s expansion will bring its expertise and sophisticated management team to new locations across Canada. With extensive experience working with major landlords and overseeing all stages of club development—from design to ribbon cutting—Pickleplex is committed to bringing indoor pickleball to the next level in Canada. The company’s well-capitalized position allows them to scale operations efficiently and meet the increasing demand for pickleball facilities.

Rendering of Pickleplex at The Shops at Pickering City Centre

Pickleplex says it is actively seeking franchisees and landlords interested in joining this exciting growth phase. Those interested in learning more about franchise opportunities are encouraged to visit the company’s official franchise page: Pickleplex Franchise Opportunities.

With the expansion of 23 locations planned for 2025, Pickleplex Social Club is set to play a major role in shaping the future of pickleball in Canada.

Restaurant Brands International acquires full ownership of Burger King China for $158M

By
Mario Toneguzzi
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Image: Burger King

Restaurant Brands International Inc. has announced that a subsidiary of the company has acquired all equity interests in Burger King China from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd (Cartesian) for approximately $158 million in an all-cash transaction.

As a result of the acquisition, RBI now owns nearly 100% of Burger King China. Moving forward, the company will engage advisors to assist in identifying a new local partner to inject primary capital into the business and assume the role of the controlling shareholder. This strategic move aligns with RBI’s long-term commitment to partnering with experienced local operators while maintaining a predominantly franchised business model, according to a news release.

TFI, a key partner in Burger King’s expansion in China, has played a significant role in the brand’s growth, helping the company expand from approximately 60 restaurants in 2012 to nearly 1,500 today. Despite this acquisition, TFI will continue to play a vital role in expanding operations in Turkey, one of RBI’s largest business partners worldwide.

Similarly, Cartesian has been instrumental in supporting Burger King’s development in the Chinese market, and RBI will continue to collaborate with Cartesian to grow the Tim Hortons brand in China, it said.

Rafael Odorizzi
Rafael Odorizzi

Rafael Odorizzi, President of Asia Pacific for RBI, commented on the deal: “We are thankful for TFI’s and Cartesian’s partnership over the years and their role in expanding the brand in China. This transaction marks the beginning of a new chapter for Burger King in China and reinforces our commitment to long-term growth in the region as we identify a new local operating partner. We are committed to offering our guests high-quality food and exceptional experiences in welcoming restaurants across China.”

Restaurant Brands International Inc. is one of the world’s largest quick-service restaurant companies, with annual system-wide sales of nearly $45 billion and over 32,000 restaurants across more than 120 countries and territories. RBI owns four of the world’s most recognizable and iconic quick-service restaurant brands: TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. Through its Restaurant Brands for Good framework, RBI is working to improve sustainability in food, the planet, and communities.

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The Shops at Pickering City Centre Drives Retail Evolution

By
Craig Patterson
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Pickering City Centre Renderings (Credit: CentreCourt Developments)

Pickering, Ontario, is undergoing a significant transformation, with Pickering City Centre emerging as a key focal point in the city’s growth. The property was acquired several years ago through a partnership between Salthill Capital, CentreCourt, and Cowie Capital. Previously known as Pickering Town Centre, the shopping complex has been rebranded as The Shops at Pickering City Centre and integrated into a larger master-planned community. This ambitious redevelopment reflects shifting demographics, growing local pride, and a strategic effort to redefine suburban retail.

From “Flyover Town” to Lifestyle Destination

For decades, Pickering struggled to shake off its image as a “flyover town” overshadowed by retail giants in neighbouring Scarborough, Oshawa, and Markham. According to Petr Kafka, Principal of Leasing at Salthill Capital, this perception is rapidly changing. “When we talk to retailers, they used to see Pickering as a secondary market,” says Kafka. “But with growing housing costs in Toronto and increased traffic congestion, people are gravitating toward satellite communities like Pickering.”

Petr Kafka, Principal of Leasing at Salthill Capital

The COVID-19 pandemic further accelerated this shift. Kafka explains, “People began treating their homes not just as places to sleep but as places to live and work. This increased dwell time in suburban areas, which retailers are noticing.”

The demographics within a 10-kilometre radius of the shopping centre are compelling. With over 318,000 people and an average household income exceeding $152,000, the area is predominantly made up of young families. This population is set to grow significantly, as 36,000 residential units are in various stages of approval or construction nearby. These developments promise to bring over 60,000 new residents to the area within the next decade.

 A Vision for Community and Connectivity

At the heart of this transformation is Pickering City Centre, a residential, retail and community hub integrated into a 56-acre master plan. The project includes over 6,000 new residential units spread across 10+ mixed-use towers. “We’re creating a true lifestyle centre,” says Kafka. “With residential, office, and retail spaces connected by transit, it’s all about convenience and community.”

Accessibility is a cornerstone of the development. The property features an enclosed pedestrian bridge connecting to the Pickering GO Station, which drives over 3.5 million visitors annually. Additionally, the centre offers abundant free ground-level parking—a feature that Kafka notes is crucial for retailers. “Retailers prefer traditional parking over underground or above-ground options,” he says. “It’s about maintaining convenience while embracing density.”

Image: The Shops at Pickering City Centre

Rebranding and Upgrading

In May 2024, Salthill Capital officially rebranded Pickering Town Centre as The Shops at Pickering City Centre. This change reflects the area’s transformation from a suburban mall into a central commercial and residential node. The rebranding included new exterior and interior signage, a website redesign, and upgrades such as digital directories and advertising screens.

Kafka emphasizes that the rebranding aligns with the evolving identity of Pickering. “Pickering is no longer just a bedroom community,” he explains. “It’s becoming a vibrant city, and our shopping centre is at the heart of that evolution.”

Image: The Shops at Pickering City Centre

Retailer Momentum Builds

The tenant mix at The Shops at Pickering City Centre has always had “good bones,” as Kafka describes. Anchor tenants include Farm Boy, Cineplex, Hudson’s Bay, H&M, Winners/HomeSense, and Saks OFF 5th. Over the past year, Salthill Capital has worked diligently to attract new retailers and enhance the centre’s appeal.

Lululemon recently opened a store in the shopping centre, a move Kafka describes as a “test” for the brand. “From what their store manager tells us, they’ve already exceeded expectations,” he says. Newcomers also include Booster Juice, Popeyes, Imperfect Fresh Eats, and Dave’s Hot Chicken. Sephora is set to open in June 2025, while other retailers like Mastermind Toys are reconfiguring and renewing leases. Kafka hints at ongoing discussions with major brands, as well as international names yet to be disclosed.

Rendering of ‘Centre Square’ at Pickering City Centre. Image supplied

Unique Experiences and Community Engagement

The Shops at Pickering City Centre is more than a retail hub; it’s a community gathering place. Salthill Capital’s Community Hub program is central to this vision. The program invites community groups into the shopping centre to host activities, workshops, and group classes for local customers. “This program strengthens our ties with the community while driving foot traffic,” Kafka notes.

Additionally, unique attractions like the Pickleplex indoor pickleball courts and Womens Fitness Club aim to create memorable experiences for visitors. “We’ll be hosting an activation where people can try pickleball in the common area,” Kafka adds. “It’s a perfect traffic generator during slower retail months like January and February.”

Rendering of Pickleplex at The Shops at Pickering City Centre
Rendering of Pickleplex at The Shops at Pickering City Centre

The transformation of The Shops at Pickering City Centre reflects broader retail trends. As suburban areas grow, retailers are tailoring their offerings to meet the needs of young families and professionals. “Think about what a resident in one of those towers would need on a weekly basis,” Kafka explains. “We’re focusing on lifestyle amenities like daycares, quick-service restaurants, and even niche offerings like gymnastics or swimming lessons for kids.”

Another growing trend is health and wellness. Kafka reveals that the centre is in talks with concepts like stretch labs and recovery-focused fitness studios. “Recovery is the next CrossFit,” he says. “People are prioritizing wellness, and we want to reflect that in our tenant mix.”

Durham Live and Regional Growth

Pickering is benefiting from significant regional growth, including the nearby Durham Live development. The multi-phase entertainment complex features attractions such as the Porsche Experience Centre, the first of its kind in Canada and only the third in North America. “Durham Live is a game-changer for the region,” says Kafka. “It brings additional attention and traffic to Pickering, and we see ourselves as a complementary destination.”

The revitalization of The Shops at Pickering City Centre also serves as a case study in suburban revitalization. “I saw the transformation of Vaughan and Mississauga,” Kafka reflects. “Pickering is next. With its proximity to Toronto and its growing population, it’s becoming a true city centre.”

Image: The Shops at Pickering City Centre

Looking Ahead

With the first residential towers set to commence construction in 2025 and over 6,000 new units planned, The Shops at Pickering City Centre is positioned for long-term success. Retailers like Lululemon and Sephora are already proving the market’s potential, and the addition of community-focused amenities promises to enhance the overall experience.

“The rebranding and redevelopment have injected new life into this property,” Kafka says. “It’s an exciting time for Pickering, and we’re proud to be at the centre of it all.”

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