King Street in Downtown Toronto (Image: Dustin Fuhs)
Thousands of Canadian businesses could be on the brink of closure with the upcoming January 18 deadline to repay their Canada Emergency Business Account loans.
Dan Kelly
And it’s highly unlikely the federal government will provide small businesses more time to repay their loan in order to keep the forgivable portion.
“Following many conversations with government, I’m convinced there won’t be any last-minute extension to the current January 18 deadline,” said Dan Kelly, President of the CFIB.
“For business owners who remain eligible, now is the time to repay if you possibly can. There’s only (a few days) left to repay the loan while securing the up to $20,000 forgivable portion. And with over 900,000 small businesses holding CEBA loans and 22 per cent not in a position to repay at this time, this decision has huge implications for Canada’s economy.”
In this video interview, Kelly talks about the situation and the consequences for businesses who can’t come up with the money to repay the loan as well as the consequences of business closures to the overall Canadian economy.
The CFIB said it has been flooded with calls from panicked small business owners who are struggling to repay their loans and getting inconsistent answers and little help from government and banks.
According to the CFIB, here are a few things CEBA loan holders need to know:
If you are looking to borrow to repay your CEBA loan and keep the forgivable portion, you need to apply for a refinancing loan with the bank that issued your original CEBA loan before January 18, 2024, to qualify for a special extension to March 28, 2024. As bank staff often do not understand these rules, CFIB recommends small business owners ensure they document any requests or applications for refinancing;
If you are rejected for refinancing from your CEBA bank, you will still qualify for the extension to March 28, 2024, as long as your account is in good standing. This provides some extra time to look for alternative financing;
If you remain eligible but cannot repay or borrow to repay your loan, you will lose the forgivable portion, but you will have three years until the end of 2026 to repay the balance at five per cent interest; and
For approximately 50,000 small businesses that have been deemed ineligible for the loan they received and spent, they have already passed their deadline of December 31, 2023 and have lost access to the forgivable portion. Collection efforts will begin in the spring of 2024. After extensive pressure from CFIB, the government announced it will provide new flexibility for these cases, including up to a two-year repayment period with no penalties and five per cent interest.
Corinne Pohlmann
“With the increase in payroll taxes (EI and CPP) on January 1, this is not a good start to 2024 for small businesses. This is all the more reason for Ottawa to reduce the cost of doing business and alleviate some of the cost pressures facing small firms. The federal government can start by returning the $2.5 billion in carbon tax revenue it promised to small businesses as soon as possible,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB.
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Dan Kelly
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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.
Dustin and Mario discuss the prestigious recognition, marking them as key influencers in the Retail and Consumer Packaged Goods (CPG) industries. Their selection for the Top Retail Experts (TRE) award is not just a personal achievement but also a significant milestone for Retail Insider, as it becomes the only Canadian publication to have members recognized in this category.
In this engaging conversation, we’ll discuss:
The journey and contributions of Dustin and Mario in reshaping the retail landscape.
The rigorous selection process for the TRE award and what it means to be recognized among the industry’s best.
Insights into the future of retail and CPG industries from two of Canada’s leading retail experts.
The role of Retail Insider in providing cutting-edge industry news and analysis.
We’ll also dive into how Dustin and Mario are leveraging their expertise to influence and redefine the retail industry.
Don’t forget to like, subscribe, and share this video for more insightful content from Retail Insider.
Congratulations once again to Dustin Fuhs and Mario Toneguzzi on this outstanding achievement!
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Old Navy at CF Toronto Eaton Centre Closing (Image: Dustin Fuhs)
As the dust begins to settle from an eventful holiday season in Canadian retail, properties across the country are starting to be a hive of leasing activity.
The shopping centre is about two million square feet of space with around 250 tenants. In total, with four office towers and a total of 4.5 million square feet of office and retail, the mixed-use property is one of the busiest and most recognizable hubs in all of Canada.
CF Toronto Eaton Centre (Image: Dustin Fuhs)
There are a number of tenants that will be exiting the property, including long-term brands like Old Navy and Williams Sonoma. Retailer Guess will be shuttering its first floor storefront in the coming month and Starbucks will be moving from its single centre court kiosk footprint to open two new locations.
With all of these moves comes news of what will be taking the spaces of these soon-to-be-empty storefronts.
Old Navy at CF Toronto Eaton Centre Closing (Image: Dustin Fuhs)
The brand that has been discussed widely in the national media was Old Navy, which has confirmed that two of its stores, CF Markville and CF Toronto Eaton Centre, will be closing by the end of the month. Closing signage was installed at the end of December.
“Old Navy is always evaluating its real estate portfolio to ensure a healthy fleet of stores that can provide the best possible experience for our customers,” a store spokesperson said. “Because of this, we have made the difficult decision to close two locations in Ontario. Local customers can continue to shop other nearby Old Navy locations in Toronto, Vaughan, Richmond Hill and Scarborough.”
Old Navy at CF Toronto Eaton Centre Closing (Image: Dustin Fuhs)
Gap-owned brands have a large presence in the downtown Toronto mall, including The Gap, which has a combined Gap/Gap Kids location after a standalone kids’ store shuttered in 2020.
Banana Republic has two stores in the mall, with an 8,584 square foot women’s store on level three and a 7,091 square foot men’s store on level two. The most recent Gap-owned store to open at CF Toronto Eaton Centre was a 4,825 square foot Athleta in February 2023 on the third floor, located between Ted Baker and Coach.
As Old Navy winds down operations, multiple sources have shared with Retail Insider that TJX-owned Winners will be taking the 25,000 square foot space for an expanded presence in the downtown market.
Old Navy at CF Toronto Eaton Centre Closing — Winners will be the new retail tenant (Image: Dustin Fuhs)Williams Sonoma Closing at CF Toronto Eaton Centre (Image: Dustin Fuhs)
Williams Sonoma has also confirmed to be closing its third floor 4,099 square foot location and is in full liquidation mode at this point, with sales at 50% to off-load its remaining stock.
The California-based home goods specialty retailer operates stores in Canada under multiple banners, including West Elm, Pottery Barn and Pottery Barn Kids.
Retail Insider reported in 2019 on Williams Sonoma’s exit from the Quebec market. The brand opened its first store in Quebec in November of 2012 at CF Carrefour Laval, and opened several more before exiting the province in November 2019.
Williams Sonoma will be left with four Canadian locations after CF Toronto Eaton Centre closes, including CF Chinook Centre in Calgary, Granville Street in Vancouver, CF Sherway Gardens in Toronto and Yorkdale in Toronto.
There is no confirmed replacement for the Williams Sonoma space at CF Toronto Eaton Centre, and we’ll update when Retail Insider learns more.
Williams Sonoma Closing at CF Toronto Eaton Centre (Image: Dustin Fuhs)Future % Arabica at CF Toronto Eaton Centre (Image: Dustin Fuhs)
Retail Insider is also able to confirm that world-renowned Japanese coffee brand % Arabica will be opening in CF Toronto Eaton Centre, which is part of a larger expansion for the coffee brand.
“After a successful first launch into the Canadian market in 2022 at Yorkdale Shopping Centre and the launch of our first Downtown Toronto location at Union Station in July, % Arabica is excited to continue our expansion in Canada,” said the brand with an exclusive report to Retail Insider. “We have plans to continue opening stores in the Toronto market with expected store openings in the Eaton Centre, Sherway Gardens and Queen St. We also look forward to bringing the world’s best coffee to the wider Canadian market with upcoming store openings in Whistler, Vancouver and Montreal.”
Starbucks Coffee Company at CF Toronto Eaton Centre (Image: Dustin Fuhs)Starbucks Coffee Company at CF Toronto Eaton Centre (Image: Dustin Fuhs)
The new % Arabica location will be replacing Starbucks on the first floor atrium, across from adidas and The North Face pop-up.
Starbucks will be opening two new locations at CF Toronto Eaton Centre, with the first being a 1,702 square foot store in between GEOX Respira and Jack & Jones by the Queen Street entrance of the shopping centre. The second new Starbucks location will be at the former Shoo by Steve Madden, which closed its only concept location back in January 2023. The future 1,692 square foot Starbucks will be across from DAVIDsTEA and beside Lindt.
Future Starbucks at CF Toronto Eaton Centre (Image: Dustin Fuhs)Future Starbucks at CF Toronto Eaton Centre (Image: Dustin Fuhs)Soon to Close Guess at CF Toronto Eaton Centre (Image: Dustin Fuhs)
And finally, Retail Insider has learned that Guess By Marciano will be closing its 5,474 square foot store at CF Toronto Eaton Centre by the end of January.
Guess relocated its Yorkdale location in 2023 to the former Victoria’s Secret, taking a unit beside Canada’s first Mango store. This was as a result of Vancouver-based Aritzia expanding its storefront to the corner unit across from Sport Chek and H&M. The retailer grew from an original 5,000 sf unit to 10,000 sf and eventually to its current 20,000 square feet corner location, which resulted in the relocation and downsizing for Guess.
The CF Toronto Eaton Centre location is prime real estate, as the soon-to-be-former Guess unit is in the infamous bottleneck of traffic that’s often showcased in Black Friday & Boxing Day holiday shopping images. Alongside TNA, Bath & Body Works, B2 by Browns Shoes, Levis, Nike and Under Armour.
Soon to Close Guess at CF Toronto Eaton Centre (Image: Dustin Fuhs)CF Toronto Eaton Centre (Image: Dustin Fuhs)
We’ll be reporting more on CF Toronto Eaton Centre in 2024 as new retailers open in the mall.
Shopify Headquarters in Ottawa (Image: Dustin Fuhs)
Multi-national ecommerce platform Shopify, founded in Ottawa, has released a new study which finds that most enterprises are thinking about upgrading their commerce platform, but they have no patience for implementations that drag on, and they have zero tolerance for costs that run out of control.
The data was collected from 1,000 enterprises in partnership with International Data Corporation.
Highlights include:
67 per cent are at least considering changing their commerce platform in the next three years, but nearly as many (61 per cent) said the cost of implementing new tech will be tough;
94 per cent said a timely implementation is important;
67 per cent cited ease of use as one of the top things they value in a commerce platform;
Image: Shopify
When it comes to enterprise SaaS, there’s a clear winner when you look at the data, said Shopify:
27 per cent are fully headless and modular, using a mix of modules and apps from different vendors;
29 per cent have a full-stack platform; an all-in-one solution;
45 per cent have a composable front-end and a full-stack back-end; the perfect blend
“Since launching Commerce Components in early 2023, we’ve expanded our solutions for enterprise retailers. One example is that we now offer Shop Pay offering to enterprise retailers (on or off Shopify),” said Shopify.
“Shop Pay boosts conversion by as much as 50 per cent compared to a guest checkout, outpacing all other accelerated checkouts by at least 10 per cent, according to a recent study by one of the Big Three consulting firms.”
“Commerce moves fast. Like all merchants, enterprises are trying to keep up. But there’s one big problem getting in their way: The software many of them rely on is an unwieldy monster,” explained Shopify.
The IDC report, SaaS Commerce Platforms: The Future of Simplified Business Operations, said commerce platforms are evolving to align with changing business priorities.
Ritu Khanna
“In the fast-paced world of commerce and retail, one of the most significant obstacles enterprise businesses face is the cumbersome nature of the software they depend on,” shared Ritu Khanna, VP, Global Partnerships at Shopify.
“Shopify wanted to dig deeper into how enterprises are using SaaS commerce platforms to support their sales strategies. That’s why we commissioned IDC, a leading provider of IT research and advice, to conduct a survey of 1,000 retail enterprise businesses in the US, UK, Germany, France, Australia and Japan.”
There were a number of key findings from the report worth noting:
67% are at least considering changing their commerce platform in the next three years, but nearly as many (61%) said the cost of implementing new tech will be tough
94% said a timely implementation is important
67% cited ease of use as one of the top things they value in a commerce platform
28% of companies have already gained significant benefits and efficiencies through the deep integration of a SaaS commerce platform into their business
A lack of technology scalability was the second most common internal challenge they cited (31%), behind a lack of digital skills (38%).
Cost effectiveness is a must-have with 91% of enterprises on average saying that low total cost of ownership is important when changing their SaaS commerce platform.
Image: Shopify
“Enterprise decision-makers are facing immense pressure to drive outcomes while being told to do more with less,” shared Khanna. “Now, more than ever, simplicity and speed are critical. Cumbersome SaaS implementations are no longer tolerated. Enterprise businesses are looking for a modular platform that can be customizable and pave the way for innovation and connectivity to rapidly build and launch new customer experiences.
“Shopify’s goal is to bring our vision of commerce to enterprises all over the world. That’s why we’ve doubled down on building to ensure enterprises have access to the best tools for commerce with speed, customization, and conversion, so they can match all the shifts in commerce and boardrooms.”
“Shoppers have come to expect the convenience of shopping wherever they are and they want seamless experiences when engaging with their favorite brands. As the leading global commerce company, Shopify provides retailers with the necessary tools, whether it’s through online, social platforms or offline channels.
“We’ve also seen that checkout is the most crucial part of the shopping experience, which is why we offer Shop Pay to enterprise retailers on and off our platform. Everlane is a great example of this. Their composable front-end allows them to integrate with Shop Pay, while they continue to use their existing back-end stack. Available through Shopify Payments, Shop Pay boosts conversion by as much as 50% compared to a guest checkout, outpacing all other accelerated checkouts by at least 10%, according to a recent study by one of the Big Three consulting firms.”
Image: Shopify
“Lack of talent and fierce competition are significant challenges for businesses. As companies adopt more advanced omnichannel business models, the commerce architecture they require must deliver greater speed, efficiency, and scalability. However, this could result in increased IT complexity,” said the report.
“As enterprise decision-makers have a low tolerance for cumbersome implementations, enterprise software as a service (SaaS) should be simple and fast; cost-effectiveness, speed, and innovation are crucial. To better understand how enterprises are using SaaS commerce platforms to support their sales strategies, Shopify commissioned IDC to conduct a survey of 1,000 retail enterprises globally. Results of the survey show that fast time to market and ease of use are considered key platform features by 75 per cent and 67 per cent of enterprise companies, respectively.
“Companies are exploring different models, from full stack to blended and fully composable, depending on their requirements. Platforms that can deliver features such as enhanced payment, AI, and social commerce are strongly favored, as are strategies to achieve lower total cost of ownership (TCO). Migrating from legacy commerce platforms means decision-making is driven by customer experience, cost-effectiveness, and fast time to market.”
The report said an increasingly competitive and complex market environment is a major concern for companies, as it can threaten their business and market share. Additionally, companies are facing a shortage of digital skills and talents (which can make it difficult to keep up with the latest technological developments) and a lack of technology scalability (which can limit their ability to grow and hamper innovation and competitiveness).
“Companies are prioritizing efficiency and productivity, as well as enhancing customer experience and streamlining the path to purchase. To achieve these goals, companies see digital commerce as key in better understanding their customer’s preferences and behaviors and providing personalized shopping experiences. Breaking data silos and fostering better internal communication and collaboration is also a key benefit of digital commerce. Leveraging digital commerce solutions can give companies a competitive edge and position them for long- term success,” added the report.
“Companies require the right tools to improve customer experience, increase cost-effectiveness, and accelerate time to market. Enterprise commerce SaaS platforms are instrumental in achieving these goals.
Self Checkout at Rexall in Metro Hall (Image: Dustin Fuhs)
“Full-stack commerce platforms offer comprehensive, all-in-one solutions; are cost-effective and easier to run; and are suitable for companies with basic digital commerce requirements.
“As companies embrace more advanced omnichannel models, they seek more agile capabilities with greater composability. A blended approach to SaaS commerce platforms, or a full-stack back end and composable front end, can be the optimal solution. This mix of pre-integrated modules and optionally selected applications delivers fast time to market, improved customer experience, and cost-effectiveness without requiring advanced in-house technology expertise.
“Blended SaaS commerce platforms might not be enough for more digitally mature companies with a more advanced omnichannel mix and stronger in-house IT skills. These companies have ambitious innovation strategies that require fully headless and modular platforms, consisting of a mix of individual modules or applications from different vendors. These give access to advanced features and cutting-edge technologies to deliver enhanced customer experience and operational gains (e.g., faster updates, accelerated time to market, and increased cost-effectiveness).”
As the omnichannel customer journey evolves and the complexity of retail operations increases, the business environment becomes more demanding and requires more advanced commerce architectures, explained the IDC report.
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.
Sweat and Tonic at The Well (Image: Sweat & Tonic)
Sweat and Tonic, a luxury fitness and wellness brand, has recently opened its new location at The Well in Toronto. The facility transcends the traditional concept of a gym offering wide ranges of classes, wellness therapies, and social spaces. David Ingram, the founder of Sweat and Tonic, discusses the new location, guests’ experiences, and what is coming next.
The Well location has been open for a few weeks and is its second location in Toronto with the first one located on Yonge Street, and will be offering the same services while continuing to innovate. Currently, the new location is fully open, but is running at around 75 percent of the usual schedule and will be at 100 percent in the first few months of 2024.
“In January we will be running just under 200 classes a week and then we will go over 200 when we hit around March. The Tonic House, which is our shared workspace with the patio area and the bar where most people will congregate and socialise is fully open; and the smoothie, coffee, and food bar is also open. The vendors remaining are expected to open around February is the whole spa and wellness section, which is just finishing construction now,” says David Ingram.
Sweat and Tonic at The Well (Image: Dustin Fuhs)Sweat and Tonic at The Well (Image: Sweat and Tonic)
Ingram says the capacity for classes is around 216 a week at The Well and will be building up to the amount. The gym offers classes for everyone such as yoga, pilates, hiit, ride, and personal training options and has around 50 instructors.
The decision to locate to The Well was influenced by the area’s development, the appealing mix of retail and residential spaces, and its prime position in the city – making it an ideal setting for a modern, holistic fitness and wellness centre. The space will also include space for social events for members which will occur monthly. The gatherings will provide an opportunity for members to celebrate achievements, participate in activities, and contribute to social causes.
New Location, New Innovations
Sweat and Tonic Yoga Studio at The Well (Image: Sweat and Tonic)
The Well location will offer the use of lighting and video screens for guests using its ride and yoga studios.
“We have been building and creating our own digital content for video, so when you go into the right gear for example, you will see an electronic EDM style format which will give you the sense of being in a nightclub with the same type of music so that people can have a class that will give them all the natural highs that come from getting up the heartbeat and excitement of being in that kind of music – but obviously, in a more natural setting versus what will be in a club. So that is new and unique for us in the ride studio and yoga studio.”
Sweat and Tonic at The Well (Image: Sweat and Tonic)
Guests will experience an immersive yoga session as the lighting has unique themes such as going through water, moonscapes, ocean images, and more. A yoga class meant for relaxation will have a warm glow and will be different from a pilates class.
“We have very different formats in some ways because of what we can do with lighting and video content than what we did at the first studio, it is really just a development of trying to take the studios to the next stage.”
New Spa and Wellness
Sweat and Tonic at The Well (Image: Dustin Fuhs)Sweat and Tonic at The Well (Image: Dustin Fuhs)
Ingram says the spa and wellness section, new to Sweat and Tonic, will hopefully go live on February 20th.
When it opens, those who have the pool membership will have access to use the 50 foot lap pool, the sauna, hot tub, and the cold chilled shower so they can do the hot and cold rotation with the sauna.
There will also be six touch therapy rooms for physical therapy including services such as massages, facials, lymphatic drainage, and more. The section will also have six rooms dedicated to technology applications such as cryotherapy and red light therapy.
“We are also looking at using intravenous drips, naturopaths, and DEXA scanning machines. So, there will be six rooms with that technology and six rooms dedicated to the touch therapy all built in within the spa space.
Enhanced Approaches: Lessons from Yonge Street
Sweat and Tonic Shutter Street (Image: Dustin Fuhs)Sweat and Tonic Shutter Street (Image: Sweat and Tonic)
Looking at the first location, Ingram says by looking at the core demographic of young, professional women provided the team with key insights leading to a diverse range of fitness and wellness options. The new understanding shaped the options available to have more holistic features balancing fitness with wellness practices and socialization.
The biggest learning curve was the demand for pilates which exceeded expectations and revealed a strong interest among members. Because of this, The Well location has an increased emphasis on pilates and yoga spaces, ensuring these popular classes are a prominent feature of the wellness experience.The new spa and wellness section was created also because of a high interest as guests don’t just want to focus on exercise, but also overall health.
“What we didn’t expect was just how popular the pilates and yoga spaces would become. We expected ride and hiit to have an audience that was looking for real active physical fitness routines – we under-appreciated the demand for all of the different types of classes and products that guests would be looking for. Guests are really looking to take care of both their health and fitness.”
Retail Aspects
Sweat and Tonic at The Well (Image: Sweat and Tonic)
Guests also have access to its retail section where it has expanded offerings to include a variety of products from local and national suppliers, including lululemon. The expansion reflects the move to cater to the growing trend of fitness fashion, providing members with high-quality clothing and fitness accessories. Sweat and Tonic also offers its own branded products.
“Retail is a growing category for us. We have been a partner with lululemon from the very beginning, but we have also tried to pick local retail merchants and products. We are trying to keep local suppliers as well as national suppliers to provide more options for shoppers.”
Sweat and Tonic at The Well (Image: Dustin Fuhs)
Currently, Sweat and Tonic offers clothing options and although unsure what will come next, Ingram says they are looking to see what other categories they can expand into such as the possibility of candles and tote bags.
“We are trying to think about the next location, and what else do people really want that we don’t provide yet and we think there are still a few more things we can add. There is nothing big that we are looking to change for the next one, but there is a list of small things that we will continue to upgrade as we go through each facility, one at a time.”
Canadian retail sales grew 2.6% YOY for All Sales in October, below the rate of inflation as well as the CPI rose 3.1% compared to 2022. Discretionary spend also remains low as All Stores Less Automotive, Food, and Pharmacies were up a mere 1.2% YOY.
Gas prices have been decreasing in Ontario, as reflected in Gasoline Stations with a decrease of -10.4% YTD. Contrary to this decrease, is the increase in Motor Vehicle and Parts Dealers are up 10.1% YOY and 7.1% YTD, likely a result of:
The average price of a new car was up 22% in 2022 in Ontario, and is now up 20% in 2023 in Canada (the average new car in Canada will now cost you $67,817), and
The increase in EVs has resulted in an increase of the average price of new cars as the prices for batteries are still high.
West Edmonton Mall Toyota (Image: West Edmonton Mall)
Continuing on a downward trajectory in October is Beer, Wine, and Liquor Stores with sales down -6.9% YOY. The trend of people moving away from alcohol continues to gain traction, and the appeal of cannabis alongside it. As such, Cannabis Stores are up 15.0% YOY. This category will likely continue to grow through 2024 as Mississauga begins to role out cannabis stores, and as regulations changed to allow cannabis retailers to operate up to 150 stores (up from 75).
Ecommerce Sales grew 11.4% in October as Amazon’s final Prime Day of 2023 performed better than previous years. Customers began their holiday shopping even earlier this year with these sales spreading out their holiday budget, though it is likely to have a minimal impact on Black Friday/Cyber Monday performance. Though early predictions from StatCan are that November sales remain largely unchanged, Shopify reported a growth of 22% over Black Friday in 2023 compared to 2022.
Some predictions JCWG has going into 2024 are:
In 2023, the Canadian market lost Nordstrom. Though StatCan does not report directly on Department Store sales, the category is down in the US. The Canadian department store industry, even without Nordstrom, is still over saturated. JCWG expects this category to have a reduction in the number of stores.
Physical retail will continue to perform well, and vacancy rates will continue to decrease. This will be reliant upon relevant/exciting activations in the spaces.
With the increase in physical retail, JCWG expects there to be more shopping centre operators announcing redevelopments to orient their centres further towards mixed use, especially in secondary markets.
Travel will continue to increase, though travel related products will not grow to the same extent. However, categories popular amongst wealthy tourists (luxury, etc.) will likely benefit from this increase tourism.
As the population ages, we expect the results of “downsizing” will continue to grow the secondary retail market (consignment, thrift stores, etc.). JCWG also expects more brands to control their own resale markets as brands such as Patagonia, Arc’teryx, etc. have already done.
Clothing retailer Gotstyle is growing its brand with the opening of a new store in The Well, a massive mixed-use development in downtown Toronto.
Melissa Austria
Melissa Austria, Founder of the retail brand, said the new 3,000 square foot store will open in early 2024.
Gotstyle, which began in 2005, also has a 7,000-square-foot-store in the historic Distillery District in Toronto.
“We had the other store on the west side at Bathurst. Our landlord wanted to increase our rent. We decided not to renew our lease. We had a closing party February 2020 and then two weeks later the first (COVID) lockdown happened so we completely lucked out that way,” said Austria.
“We’re super excited to be back on the west side. It’s just that much closer to our core clientele. Our core clientele are guys who are single, working, and going out a lot.”
Future Gotstyle at The Well (Image: Dustin Fuhs)Future Gotstyle at The Well (Image: Dustin Fuhs)
Gotstyle is a menswear store, offering formal to business casual, custom suits, and personal styling services. It also has a women’s collection.
Austria said it was important for the retailer to be back on the west side of Toronto.
“Unfortunately with the way traffic is in Toronto, you can’t get across the city anymore. So a lot of my guys who live on the west side they’re telling me they can’t get to my store. If they want to buy a blazer for a night out they cannot get there because it will take them 45 minutes to an hour,” she said.
“So we realized that shopping is based on convenience of course. We know we need to be more convenient to our clients. We’re excited with what’s going on with The Well. The space itself, in terms of the actual building, is incredible. They did an amazing job of really mixing the different types of material so it’s got more depth to it as a building compared to any other mall. I like the fact that there’s 750 parking spots and that’s just for the office building. So I can imagine on the weekend there’s going to be a lot of parking spots available. It’s definitely one thing I hear over and over again from my clients that there’s no parking in the Distillery.”
Ride the Wave Dinner Event at Gotstyle Distillery (Image: Gotstyle)Melissa and Christopher Bates from Top Gun x Christopher Bates event at Distillery Gotstyle (Image: Gotstyle)
Austria said she has always wanted to scale the business.
“But I really find in retail you either need to have one or you need to have 10. I find anything in between that is tougher to manage. So I think just having the one or two stores and then really pushing out on the digital aspects that we’re trying to do but make the store that we do have, the physical space that we do have, make that be an amazing experience,” she said.
“At The Well we will be getting a liquor licence. The cash desk is an actual bar. It’s one of those old school wooden bars with the footrest on the bottom.
“We are as most businesses are, everyone is looking for the next evolution of shopping. We are working on a couple programs, including an expansion of our live shopping. We’re definitely going to be using AI for made to measure, to make our customers lives easier where we’re managing your wardrobe to take that stress level off. We’re working on a couple of things in that direction.”
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.
