Joey Restaurant Chain Secures Prime 17,000 Sq Ft Space in Toronto’s Financial District for Flagship [Interview]

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December 19, 2023

Future Joey King Street (Image: Dustin Fuhs)

Premium-casual restaurant Joey has secured a 17,000-square-foot ground-floor space at the foot of 20 King Street West in Toronto.

Alex Edmison, Senior Vice President, of the Urban Retail Team with real estate firm CBRE, said the space has 25-foot ceilings and is column-free.

“It’s at the corner of Yonge and King. So right down in the financial core,” he said. “I think it’s nice that you see them coming downtown because the narrative around downtown, I don’t think rightly, has been negative. It’s getting way more positive now and we’re seeing a lot of life downtown.

“And just seeing Joey’s joining the fray I think is fantastic. So I think that’s a good message to the market. They’re obviously a phenomenal tenant and that’s just so exciting on so many levels.

“It’s going to be a great addition to Toronto.”

Future Joey King Street (Image: Dustin Fuhs)

No date has been announced for the opening of the restaurant.

Edmison said the building had been occupied by the Royal Bank since it was built in the 1960s and it sits at centre ice in the core of Toronto.

“This massive new Joey restaurant will not only give people a new reason to come to work, but to come and stay and play in the financial district,” said Edmison, noting that the restaurant will also offer premium private dining experiences for celebrations of all sizes.

“This is part of a wave of exciting new restaurants opening that are making downtown the place to be. These new restaurants popping up around the financial core are making it a dinner destination for office workers as well as those considering coming from around the GTA for an amazing downtown dining experience.”

The King Street JOEY location under construction. (Image: CBRE)

Edmison said Joey’s has secured a marquis location.

“If you asked ‘find me 17,000 square feet column-free with 25-foot ceilings’ there might be only one building in Canada that offers that. It’s very rare. I think there’s something very special to be said about the space,” he added.

“This building has been occupied by the Royal Bank since it was built. So to get this kind of real estate, and these opportunities, they don’t come around very often. Like, you might see a whole century pass and there might only be two tenants in this building in the span of 100 years.”

In a leasing brochure, CBRE said 20 King Street West is ideally connected to the PATH system, an underground pedestrian walkway that spans more than 30 kilometres of restaurants, shopping, services and entertainment. The PATH provides links between 75 buildings in the downtown core including some of Toronto’s most popular tourist and entertainment attractions, including Scotiabank Arena, The Eaton Centre, Roy Thompson Hall, The Hockey Hall of Fame, The CN Tower, and Ripely’s Aquarium. The PATH is also connected to six subway stations, including King Station which is located directly next door to 20 King West. King Station has a daily ridership of over 60,900 people.

Joey Eaton Centre at CF Toronto Eaton Centre (Image: Dustin Fuhs)

The Joey Restaurant Group, one of North America’s top restaurant chains, is demonstrating its firm belief in Toronto, added Edmison.

The Group has existing Toronto locations at CF Toronto Eaton Centre, Yorkdale Shopping Centre, CF Sherway Gardens, CF Markville and CF Shops at Don Mills (along with 18 other locations nationwide), and it had been looking for another space in the heart of downtown Toronto.

Edmison and his team at CBRE worked on securing the space on King St.

Black & Blue Toronto (Image: Dustin Fuhs)

CBRE said the Joey deal is the latest in a trend of high-end restaurants betting on downtown Toronto, including Alo Bar at 150 York (another CBRE deal) and Black & Blue at Exchange Tower, a deal that also involved CBRE.

Chinese fine dining concept Mott 32 is coming to the Shangri-La hotel at 180 University Ave and Daphne opened earlier this year at 67 Richmond St W, it added.

“The future of restaurants and great dining experiences in downtown Toronto has certainly never been brighter,” said Edmison.

Canadian Retail News From Around The Web For December 19th, 2023

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Retail Insider

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December 18, 2023

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.

Canadian retail sales increase faster than inflation (BIV)

Primaris wants more after two large retail 2023 acquisitions (Real Estate News EXchange)

Tim Hortons to revive beloved dutchie, other favourites to mark 60th anniversary (Financial Post)

Here’s a timeline of Tim Hortons’ 60-year history (CTV)

Ontario court approves sale of Mastermind Toys chain (Globe & Mail)

As the holidays approach, Canadians say they’re being tipped over the edge (CBC)

Hudson’s Bay digs into the archives for new tote bag release (Postmedia)

Buying time: Slow grocery checkouts boost connection in a hurried world (Globe & Mail)

Flagship Loblaws City Market at The Post in downtown Vancouver set to open in early 2024 (Daily Hive)

Love it or hate it, self-checkout is here to stay. But it’s going through a reckoning (Toronto Sun)

‘Support local’: Winnipeg shoppers flocking to small businesses this holiday season (CBC)

Here’s how people in N.L. feel about a long year of ballooning prices (for just about everything) CBC)

How two local toy stores are staying afloat during tough times for the industry (Ottawa Business Journal)

Woody the talking Christmas tree delights and terrifies visitors at a Nova Scotia mall (Globe & Mail / subscribers)

Play De Record Doc ‘Drop the Needle’ Amplifies a Toronto Institution (Exclaim!)

Louis Vuitton Updates Vancouver Flagship with Plans for More Standalone Canadian Stores

By

Craig Patterson

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December 18, 2023

Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)

Luxury brand Louis Vuitton has completed an expansion and renovation to its flagship ‘Maison’ at the Fairmont Hotel Vancouver in the city’s downtown core. The store features the brand’s most updated design, and is the latest investment by Louis Vuitton in the growing Canadian market.

The Hotel Vancouver store features an expanded assortment of men’s and women’s leather goods, accessories, connected objects, fragrances, ready-to-wear, shoes, jewelry, and watches, as well as the brand’s hardsided pieces and exclusive Objets Nomades collection. Various bespoke services are offered at the Maison such as on-site hot-tamping, a dedicated artisan who applies designs to hardsided trunks, and fragrance bottle engraving.

Included in the store is a new circular staircase in wood and leather that the company says is a “masterpiece of carpentry”. Women’s apparel, bags, footwear and accessories are carried on the main floor of the store, while menswear and related categories have been given a dedicated level upstairs. The store was expanded as part of the overhaul, including new storage space in the basement of the hotel.

Louis Vuitton newly redesigned store at the Fairmont Hotel Vancouver (Image: Louis Vuitton)

Louis Vuitton Hotel Vancouver store (Image: Louis Vuitton)

Artwork in the store includes a piece by Italian artist Isadora Capraro, designed for a curved wall — the art is flanked by an amber coloured Helene de Saint Lager coffee table and a Henri Bursztyn chandelier. Various Canadian artists have pieces in the store as well.

The Fairmont Hotel Vancouver Louis Vuitton store opened in 1996 at 730 Burrard Street in a much smaller one-level space that spanned about 2,000 square feet at the time. The store was expanded to about 10,000 square feet in 2010, making it the first ‘Maison’ in Canada and Vuitton’s 12th globally at the time (to mark the occasion, the company spent $1.5-million on a party that included a trip on a 70-year old steam engine train). The recent renovation to the store also resulted in a further expansion to add more space, though the company would not confirm the exact size of the store with Retail Insider.

Louis Vuitton’s first Vancouver store opened as a concession within Holt Renfrew in 1987. Holt Renfrew’s Vancouver store, which relocated in 2007, continues to house concessions for Louis Vuitton including a bag/accessory boutique on the main floor, a women’s ready-to-wear concession on the second floor, and a men’s ready-to-wear concession on the lower level men’s floor.

Sources say that Louis Vuitton was in talks with landlord QuadReal to open a store at the overhauled Oakridge Park in Vancouver (formerly Oakridge Centre) in 2025. Louis Vuitton has already confirmed that it will be opening a store in August of 2024 at Royalmount in Montreal, spanning about 9,200 square feet. It’s part of an investment by Louis Vuitton to expand in the Canadian market by opening standalone stores.

Louis Vuitton Calgary Chinook Centre Store in Calgary (Image: Louis Vuitton)

Louis Vuitton Edmonton store (Image: Louis Vuitton)

Louis Vuitton’s standalone store expansion in Canada accelerated before and into the pandemic when new stores opened in Calgary, Edmonton and Toronto. In the fall of 2018, the brand opened a 4,450 square foot store at CF Chinook Centre in Calgary while exiting its concession at Holt Renfrew in the city’s downtown core. In the summer of 2019, Vuitton opened a 4,600 square foot store at West Edmonton Mall in Edmonton while also exiting a downtown Holts (which ended up exiting Edmonton entirely). In the fall of 2020, Louis Vuitton opened a standalone store at Toronto’s Yorkdale Shopping Centre spanning more than 7,000 square feet — while at the same time keeping its 4,000 square foot bag/accessory concession at Holt Renfrew that was selling in excess of $40 million annually. Sales at the Holts concession are said to have been maintained at a similar level despite the standalone ready-to-wear store having opened nearby in the same mall.

In the fall of 2018, Louis Vuitton marked 35 years in Canada with an activation at Union Station in Toronto that included an immersive experience on Front Street and a small pop-up store in the retail concourse. Louis Vuitton opened its first Canadian store at 110 Bloor Street West in Toronto in 1983, spanning about 2,000 square feet. After the concession at Holts in Vancouver opened in 1987, Vuitton opened its third retail space in Canada in 1989 at the Ogilvy department store in Montreal. Louis Vuitton continues to operate in the same Montreal building which is now Holt Renfrew Ogilvy.

Louis Vuitton Holt Renfrew Ogilvy store, Montreal (Image: Louis Vuitton)

Louis Vuitton Yorkdale Toronto (Image: Louis Vuitton)

Louis Vuitton Holt Renfrew Yorkdale Toronto (Image: Louis Vuitton)

The Bloor Street Louis Vuitton moved to a 6,000 square foot space in the early 2000s at 111 Bloor Street West (where Loro Piana will open next year), and in the spring of 2012 Vuitton relocated to its current 15,980 square foot two-level space at 150 Bloor Street West.

Louis Vuitton also operates a 2,500 square foot concession space on the main floor of Holt Renfrew at 50 Bloor Street West in Toronto — the new concession opened in late 2018 as part of a renovation to the main floor of Holts.

Louis Vuitton Flagship Store Toronto (Image: dkstudio architects inc.)

From February of 2016 until early 2022, Louis Vuitton operated a 1,200 square foot bag/accessory concession at Saks Fifth Avenue in downtown Toronto. It closed along with a Dior concession on the main floor of the store. Louis Vuitton also operated a 3,000 square foot store at the Cascade Plaza shopping centre in Banff, Alberta, from 1996 until its closure in May of 2011.

Louis Vuitton is a division of luxury conglomerate Louis Vuitton Moet Hennessy (‘LVMH Group’), which includes several leading luxury brands under its corporate umbrella. Louis Vuitton was founded by a man of the same name in 1854, and now boasts a network of about 500 stores globally.

Additional Images from Louis Vuitton’s newly redesigned store at the Fairmont Hotel Vancouver

Canadians Shift Lifestyle and Spending Habits Amid Inflation and Climate Concerns [Study/Interview]

By

Mario Toneguzzi

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December 18, 2023

The EY Future Consumer Index Survey reveals deepening concerns around inflation (96 per cent) and climate change (84 per cent) are pushing Canadians to change how they live and what they buy.

“Over the last few years, there has been a gap between intention and action for both companies and consumers in their efforts to address sustainability, but the real effects of environmental change on people’s lives is narrowing that gap and sparking a new wave of change,” said Monica Chadha, EY Canada Retail Leader. “As we head into the holiday season and beyond, we’ll see more shoppers take control and do their research to optimize for both economic and environmental benefits.”

“Extreme weather events, rising energy costs and continued changes to harvests and crops have meaningfully impacted prices and affordability — some consumers have already made switches out of necessity and more are likely to follow,” added Elliot Morris, EY Canada Grocery and Consumer Packaged Goods Leader. “Consumer products companies can’t ignore the large percentages of Canadians who are changing their lifestyles and consumption habits in response to climate change and affordability concerns.”

Pusateri’s at Bayview Village (Image: Dustin Fuhs)

Some key findings from the survey include:

Over half of consumers plan to buy less, with 38 per cent indicating it’s to help the environment;
30 per cent of Canadians have changed dietary habits due to rising prices or limited food availability;
Baby boomer generation more likely than Gen Z to recycle and bring reusable bags to the store;
Fashion accessories (60 per cent) topped the list of product categories consumers plan to spend less on followed by toys and gadgets (52 per cent) and clothing, footwear, beauty and cosmetics (48 per cent);
Nearly one-third of Canadians have had to change the food they eat because climate change has pushed up prices or limited the availability of products. This is pushing consumers to think differently, with 32 per cent starting to consider buying products that can mitigate the effects of climate change;
Seeking ways to stretch their budgets, 41 per cent of respondents plan to cook and entertain more often at home. This also means sacrificing takeout food, with 48 per cent now planning to order less — a 15 per cent jump from just over a year ago;
64 per cent of Canadians attribute their efforts to drive change to a personal concern for the fragility of the planet (up eight per cent from October 2022), there’s a clear generational divide when it comes to behaviours like using less plastic, recycling more or conserving water. Globally, 65 per cent of baby boomers bring reusable bags to the store compared with just 43 per cent of Gen Z, and 63 per cent of baby boomers recycle or reuse packaging after use, compared with 48 per cent of millennials;
Younger generations in Canada are speaking with their wallets and double-checking company claims. One-quarter of Gen Z indicated that they are willing to pay for more sustainable goods and services compared with six per cent of baby boomers. And 32 per cent of Gen Z will check an organization’s sustainability policies online compared with seven per cent of baby boomers.

“People are more informed now about what sustainability means and have better access to information to assess whether a brand is living up to its promises,” said Morris. “Companies need to get ahead and respond now by creating new products or reformulating existing ones to make them healthier and more sustainable, so they can protect their profitability and the brand experience.

“Canada and Canadians face an affordability crisis. What I find striking about the results is that consumers are still committed to act and spend more sustainably. So typically in times of difficult economics you’ll find that consumers end up reverting back to lowest costs and of course that’s partially true today but there’s a persistent strain of people wanting to act and buy sustainably. That’s a meaningful change from what we would have seen in previous cycles, even five or 10 years ago.”

Morris said in the survey there’s a real bifurcation in behaviour. Older consumers are taking more personal action to change behaviour. That includes bringing reusable bags to the store or recycling. The younger generation is willing to pay a little bit more for sustainable goods and they’re checking on organizations’ sustainability policies.

“They’re effectively being able to harness the information available to them to be able to make better choices in how they consume. I think that’s the big difference we see between generations. But it also shows I think a fulsome view of how consumers generally are approaching sustainability today,” he said.

For retailers and consumer packaged goods, it’s important for them to understand who it is they’re trying to target and what’s important to them specifically.

“As we look at a time, again, of difficult affordability challenges, it is important to keep in mind that particularly the younger generation is deciding and switching between brands, deciding and switching between products, that information both on their business at corporate level and on an item level, are relevant to them. So it’s important to be able to continue to pursue some of those sustainability goals even in difficult economic times.”

Local artisans at The Distillery District in Toronto (Image: Dustin Fuhs)

Morris said people are buying less. There’s a meaningful moderation in how much people are willing to spend.

“Retailers and CPG’s who continue to balance a view of economic/profitability with sustainability over the long term are going to be winners. I think it’s important to recognize that there’s very different segments of consumers out there. Some of whom are going to be shopping for price and for a growing number of them they’re going to be balancing that with an increasing importance on sustainability,” he said.

“Over time, I think it’s important for CPG’s and retailers to remain committed to sustainability because consumers are going to continue to be committed to it.”

New Retailers to Open at ‘The Well’ in Downtown Toronto into 2024 [Interview]

By

Mario Toneguzzi

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December 18, 2023

The Well in Toronto (Image: Dustin Fuhs)

The massive joint venture development The Well, in the heart of downtown Toronto, is generating excitement with the growing number of retailers that have opened and will be opening there in the coming months.

The Well is a joint venture between RioCan REIT and Allied Properties REIT, bordering Front, Spadina and Wellington. It is a mixture of retail, commercial and residential space in downtown Toronto that will draw approximately 22,000 daily visitors, including the approximately 11,000 residents and employees that will live and work at The Well.

Ribbon Cutting at The Well in Toronto on November 17th, 2023 (Image: Dustin Fuhs)

Oliver Harrison, Senior Vice President, Leasing & Tenant Experience, RioCan REIT, said the project is essentially complete from a construction perspective.

A ribbon-cutting event was held recently to launch the retail component of the project.

“At that event we opened up essentially 50 per cent of the retail,” said Harrison.

The Well in Toronto (Image: Dustin Fuhs)

Le Creuset at The Well in Toronto (Image: Dustin Fuhs)

Indigo opened its new concept store. Shoppers Drug Mart, adidas, and some additional tenants opened as well.

Harrison said the retail component of The Well encompasses about 320,000 square feet. There’s 1.2 million square feet of office and another million square feet of residential.

“In terms of total density on the project, there’s approximately three million square feet of density which is why it isn’t an exaggeration when we describe it as the most ambitious mixed-use project of its kind in Canada,” explained Harrison.

Sweat & Tonic and Future Gotstyle at The Well in Toronto (Image: Dustin Fuhs)

Blue Banana at The Well in Toronto (Image: Dustin Fuhs)

There is also a 70,000-square-foot food market.

“There’s about 76 retail units, assuming there ends up being a tenant for every space and spaces aren’t consolidated or split up, you’re going to have 76 tenants in the retail excluding Wellington Market and within Wellington Market there’s another 57 tenants,” said Harrison.

Future Wellington Market (Left) at The Well in Toronto (Image: Dustin Fuhs)

Arcadia Earth and Indigo at The Well in Toronto (Image: Dustin Fuhs)

Arcadia Earth, an immersive, virtual reality, sustainability focused experiential tenant, has launched at The Well. A rooftop restaurant called Aera has recently opened by the Oliver & Bonacini Hospitality Group. It’s 11,000 square feet on the 38th floor of the office tower with a 2,500-square-foot rooftop patio.

“It has one of the most remarkable views, decor, design. It’s going to be one of the top producing restaurants in the country,” said Harrison.

Sweat and Tonic has launched its second fitness club at The Well. It’s a luxury fitness club combining fitness with lifestyle. There’s also a bar and lounge area.

“They’ve got one currently in Toronto which is just by the Eaton Centre. Hugely popular. Massive following,” said Harrison.

Sweat & Tonic at The Well in Toronto (Image: Dustin Fuhs)

“We are expecting to have the majority of the retail open to the public by early March. I’m expecting about 80 per cent of the retail will be open. 90 per cent of it is leased. Some of those tenants are going to take a little bit later to open because the deals that we did we did them were a little bit later and the types of tenants I’m talking about are lululemon, Sephora. These are international brands that would be very recognizable. They’re not going to be open until kind of May,” said Harrison.

“The Well is such a unique project and is going to draw from such a significant radius that we’re actually being very intentional to sort of sit back with that last 10 per cent of space because we think there’s going to be operators that we wouldn’t really have imagined at the outset to bring into this project, they’re going to see it and say ‘I want to be a part of The Well. This is absolutely remarkable. There’s nothing like this in Canada.’ And we don’t want to handcuff ourselves. Maybe there’s somebody else out there that we’re not expecting at the moment that when they see it and when they see it in its completed form, which we’re almost there, we’re going to end up with a way better result.”

All six of the residential buildings have been completed with three condo buildings and three multi-family rental buildings. The three condo buildings are by real estate company Tridel and the three rentals are owned by the private equity company Woodbourne and RioCan has a 50 per cent interest in one of those residential buildings RioCan.

“The majority of the condos are sold, otherwise they wouldn’t have been built and our residential building, there’s 650 units in 450 The Well (a rental), it’s actually the biggest residential building amongst the six, we started moving people in in August of this year and we’re already close to 40 per cent leased,” said Harrison. “If you look at a typical residential building with 600 units, your pro forma would probably contemplate a lease-up period/stabilization period to get to 90 per cent of anywhere between 12 and 18 months. We’ve already leased 40 per cent of the building in three months.”

Black Rooster Decor at The Well (Image: Dustin Fuhs)

In total, there’s 1,680 residential units.

The office component of The Well is pretty much fully leased.

“It took us 11 years from the land acquisition (to this point),” said Harrison. “It’s been 11 years since we acquired all the various parcels, went through the planning and approvals process. We started construction in 2017.

“It is a remarkable project.”

Exploring the Dynamics of Canadian Retail: A Conversation with Casdin Parr from JLL Canada [Video Interview]

By

Retail Insider

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December 17, 2023

Retail Leasing Market Trends with Casdin Parr From JLL Canada [Video Interview]

Craig and Casdin Parr, Vice President of Retail Advisory Services at JLL Canada, discuss Parr’s insights on the state of Canadian retail. They discuss the evolving trends and positive momentum the industry is witnessing, emphasizing the collaborative efforts between retailers and landlords. Parr sheds light on the exciting trajectory over the past 18 to 24 months, noting the shrinking inventory in high streets and shopping centres, showcasing the growth of top-quality brands. Looking ahead to 2024, expectations are set for a wave of exciting store openings, reflecting the collaborative spirit and the flourishing Canadian retail landscape.

Patterson asks Parr why international brands are entering Canada. Parr attributes it to the stability of the Canadian consumer and the concentrated performance of key markets like Toronto, Vancouver, and Montreal. He anticipates a continuation of this trend, highlighting ongoing partnerships with brands entering the Canadian marketplace in 2023 and promising prospects for 2024 and 2025. The conversation pivots to the preference of retailers for high streets versus shopping centres, with insights into how brands aim to showcase their best brand experience regardless of the location, fostering an opportunity-driven approach in the retail landscape.

As the interview progresses, the focus shifts to specific markets like Bloor-Yorkville, where Parr shares the remarkable transformation of the node over the past 18 to 24 months. The dialogue extends to Toronto’s luxury market, discussing the potential for a third luxury node and the impact of major projects like Royalmount in Montreal and Oakridge Park in Vancouver. The interview concludes with a glimpse into the thriving luxury retail scene in Alberta, emphasizing the unexpected success of luxury stores in West Edmonton Mall and the shifting definition of luxury in the modern retail landscape.

The Interview Series video podcasts by Retail Insider Canada are available through our Retail Insider YouTube Channel where you can subscribe and be notified when new video episodes are available.

If you prefer to listen to the audio version, it is available below:

The Interview Series audio podcasts by Retail Insider Canada are available on Apple Podcasts, Stitcher, TuneIn, Google Play, or through our dedicated RSS feed for Overcast and other podcast players. Also check out our The Weekly audio podcast where Craig and Lee discuss popular content published on Retail Insider which is part of the The Retail Insider Podcast Network.

Featured during this interview:

Casdin Parr, Vice President Retail Advisory Services, JLL
JLL Canada

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Reitmans’ New CEO Andrea Limbardi Eyes Growth and Modernization Amid Economic Challenges [Interview]

By

Mario Toneguzzi

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December 17, 2023

RW&CO at CF Rideau Centre (Image: Reitmans)

As a Montrealer, Andrea Limbardi has always had a special tie to the iconic retail brand Reitmans.

Limbardi, who took over the reins of Reitmans as President and Chief Executive Officer on September 5 after 21 years with Indigo most recently as President, said the story of Reitmans always interested her.

“Founded in 1926 with a female co-founder which at that time was really rare and I always followed the story. Even back in 2003 my engagement photos, the dress I’m wearing is from Reitmans. It’s been part of my life for as long as I can remember,” she said.

“When I got the phone call, I met with them and immediately felt the connection with the board members I met with, with Stephen Reitman who is the Executive Chairman of the Board. And continued the conversations with really no expectations. And the more I learned, the more intrigued I was and I was really fascinated by the culture that’s been built – a 100-year company that’s a Canadian success story. It’s really fascinating to see now all the inner workings of how that’s come to be.”

RW&CO at CF Rideau Centre (Image: Reitmans)

The company is a leading women’s specialty apparel retailer with retail outlets throughout Canada. As of October 28, 2023, the company operated 401 stores consisting of 231 Reitmans, 90 Penningtons and 80 RW&CO.

“We’re one of Canada’s largest specialty retailers. We have over 400 stores across Canada over the three brands. As I’ve now seen our customer metrics, our net promoter score and customer satisfaction results, they’re off the charts,” explained Limbardi. “We have a dedicated, engaged, passionate customer who is very opinionated in all the best ways.

“The company itself is really well run operationally from all different aspects and for me I think it’s Canada’s best-kept secret. The attention to quality and fit. The attention to the customer is like nothing I’ve ever seen before. And the more that we can get that story out of the time and energy spent by the teams in Montreal. We have big teams in Montreal designing our every garment that we sell and that’s rare in Canada. There’s not many other retailers that have everything happening pretty much in Canada directly. We have so many brands from elsewhere. So to see it maintained for this long is incredible. But the passion behind the quality is exceptional.

“I see a huge opportunity for us to grow our brands. I see a huge opportunity for us to leverage that customer love even more and share a little bit more about our story and what we do, the attention we spend on making it right for our customer.”

In 2023, the company opened five net new stores:

RW&Co. at CF Rideau Centre in Ottawa (opened Dec/23)
Reitmans at CF Polo Park in Winnipeg (opened May/23)
Reitmans at CF Market Mall in Calgary (opened July/23)
Penn at SmartCentres Oakville in Oakville (opened March/23)
Penn at Faubourg Boisbriand in Boisbriand, Quebec (opened Mar/23)

In 2024, it has four net new stores confirmed, and two major relocations. And more to come.

Reitmans Southcentre Mall in Calgary (opening Winter ‘24)
Reitmans at Kingsway Garden Mall in Edmonton (Opening Winter ‘24)
Reitmans Place Montreal Trust in Montreal (Relocation from Montreal Centre Eaton – opening Winter ‘24)
RW&Co. at Sherway Gardens (Relocation to a larger store – Winter ‘24 opening)
RW&Co. at Toronto Premium Outlets in Halton Hills (Net new – 2024)
RW&Co. at Premium Outlets Montreal in Mirabel (Net new – 2024)

“I do see growth. We have opportunities to open more stores in all three brands,” said Limbardi. “We’ll be kicking off our strategy process early in the new calendar year.”

Limbardi, who has been in the retail industry for 30 years, said the industry is a bit of a roller coaster always with some highs and some lows.

“You stay on that roller coaster as a lifelong retailer. It’s part of the fun of it. Understanding how you always answer the customer’s ever-evolving needs. That’s what I love the most,” she said.

“I think right now the economic situation in the world, forget just retail, is affecting Canadians massively. We know that. We see it in mortgages, property taxes and grocery all climbing. That’s hitting our customers. We hear it from them very clearly that it’s been a hard go for a while. I think we expect there’s going to be some challenges in the economy for probably the next year.

“As a retailer, it’s always about getting what you clearly can offer to the customer out and clear and not lose that. I think it’s easy to go into looking into how do we cost cut our way into greatness but that never works. From our point of view, I think where we have a unique position is that the level of quality and fit and style we have for our really reasonable price point is where we can win. So when you want to treat yourself to something but you want it to be long-lasting, you want it to be versatile, so you can wear it to the office or you can wear it to a party, but you also want it to be affordable, we hit all of those check marks and I think that’s where we’ll weather what is a real storm for a bit. And after we get through the economic pressures, retail is here to stay. That in-store experience is so critical. It’s what we all love about retail – going in and touching the product and talking to the sales associate and understanding more. We’re going to be really investing in what our in-store environment looks and feels like in the future. We’ve started discussions on that already.”

Reitmans in CF Market Mall (Image: Mario Toneguzzi)

Recently, Reitmans reported its financial results for the third quarter, for the 13 weeks ended October 28, 2023, of fiscal 2024.

In the third quarter, net revenues were $193.4 million compared to $206.2 million for the third quarter of 2023. Net earnings were $5.3 million compared to $14.6 million for the third quarter of 2023.

Year to date fiscal 2024, net revenues were $573.7 million compared to $590.4 million for the year to date fiscal 2023 while net earnings were $14.8 million compared to $50.2 million for the year to date fiscal 2023

“Our Fall styles resonated well with our customers in all three brands, despite the fact that the economic headwinds and warmer than usual weather impacted our traffic. We also are pleased with strong results in two key strategic categories of men’s fashion at RW&CO. and HYBA activewear at Reitmans,” said Limbardi as the company reported its financial results.

“Our strong balance sheet and focus on our long-term strategic roadmap to deliver modernization in digital technology and in our distribution centre, continue to progress positively. In the third quarter, we launched a new robotics system in our distribution centre, significantly speeding up processing times. As well, we are on schedule to rollout a nation-wide point-of-sale system in our 400+ stores across Canada in 2024. RCL is well positioned, with our strong customer loyalty and financial standing, to deliver long-term value to our shareholders.”

Luxury Dress Brand MIKAEL D Opens 1st Canadian Showroom in Montreal, Strategizes Market Expansion [Interview]

By

Shelby Hautala

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December 17, 2023

MIKAEL D, celebrated for its luxury evening and bridal wear and worn by celebrities like Shakira, Halle Berry, and Mariah Carey, has launched its first Canadian showroom in Montreal. Mikael Derderian, the creative director and founder, discusses the brand’s unique offerings, consumer expectations, and future prospects in the Canadian market.

The brand is well known internationally as it has collections featured in over 20 locations worldwide including in Asia, Europe, North America, Middle East, Russia, South America, and now for the first time in Canada. The Montreal location is the brand’s third showroom with existing locations in Paris and Lebanon.

Located at 433 Chabanel West, the 6,750 square foot Montreal showroom opened on November 30th.

“We are celebrating our ninth year and gearing up for our tenth anniversary next year, marking it with a significant milestone – expanding into Montreal. This is not just an opening; it’s a homecoming, a return to the roots in my hometown of Montreal, where the journey began.”

Currently operating by appointment only, the showroom is set to be fully operational by early Spring and will also be celebrating its grand opening.

Offering high-end fashion and accessibility to the Canadian market, consumers can find wedding dresses in a variety of styles such as couture. Unique to the store is its option to rent dresses, allowing consumers to experience luxury fashion for special events without the commitment to purchasing and is also sustainable.

Innovative Ready-to-wear and rental services

Ready-to-wear options will be available to consumers this Spring. Consumers will be able to walk in, find a dress they like, and walk out with it – making it easier for those last-minute plans.

“As we move forward, we felt the need to evolve and take the brand to the next stop, offering more ready-to-wear collections that are accessible to a larger variety of consumers. This is about more coverage within the evening market itself, from cocktails to fancy dinners. It is our project that we started during the pandemic and now is coming to life. The ready-to-wear collection is about making our brand more accessible, while still retaining the high-quality and unique style that we are known for.”

Renting is both available for evening wear and wedding dresses. Consumers will need to book an appointment where they can try on a variety of options and customize the dress including adding sleeves, altering the size, or modifying necklines to better fit the consumers preferences and body type. During the appointment, rental fees and return policy will be noted.

“We feel like the need for the rental market is going to be huge. There is a shift towards wanting something grandiose and spectacular for special events, but not necessarily having a big budget or the desire to keep the dress afterwards. We are seeing more brides who want to look great for their social media and photos, but do not want to keep the dress or spend too much. It is not just about cost-effectiveness; it is also about being conscious of sustainability. The economy is hitting hard, and priorities are changing – people are more conscious about not overspending and are looking for sustainable options.”

Future Expansion Plans

While physical showroom expansion isn’t on the horizon at the moment, Derderian is excited the brand’s future including: plans for online sales, have a department store presence in Canada, collaborate with fashion schools and fresh talent in Canada, have manufacturers in Canada to handle orders, host high-profile events, and collaborate with other bridal stores.

“Our expansion plan is really more about creating additional divisions within our company, like a ready-to-wear bridal line that is accessible to other stores in Canada. We aim to approach partners and ex-partners within the Canadian market who have already sold our products, targeting a more price conscious market. We are looking to reach a bigger market share in Canada, not just by selling high-end products, but by offering collections at a wholesale level to different bridal stores.”

To keep designs fresh and innovative, Derderian says he is looking to add new Canadian talent starting in January. The plan is to hire new designers and collaborate with fashion schools in Canada to get the latest trends, new ideas, and creativity to the brand. By having the newest talent, the brand will also receive the newest fashion trends and will keep consumers guessing to what is next.

“I hope we can meet expectations and be able to host consumers in the new showroom whether it is directly there or it’s through our online channel, which we are developing as we go. We really want to make sure that the MIKAEL D brand becomes accessible to everyone and everybody can enjoy a small bit of that luxury element we have worked so hard on achieving.”

Canadian Retail News From Around The Web For December 18th, 2023

By

Retail Insider

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December 17, 2023

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 three days.

Furniture prices could spike again as industry group pushes for more tariffs on imports (CBC)

Better Buy: Dollarama Stock or Alimentation Couche-Tard? (Motley Fool)

‘Boycott Zara’: Canadians join protests after critics link fashion giant’s ads to Israel-Hamas war (Yahoo)

Gildan’s largest investor, Jarislowsky Fraser, calls for reinstatement of ousted CEO (Financial Post)

Okanagan retailers banking on last-minute spending amid slower holiday shopping (Global)

Expansion of alcohol sales ‘really good news’ say London, Ont., convenience store owners (CBC)

The Beer Store must ‘reinvent itself’ to survive, retail expert says (CTV)

Who needs the Beer Store or LCBO? (Globe & Mail)

Some N.S. corner stores looking to get into the booze game (CTV)

Grocer says fuel tax freeze won’t make big dent in prices (Penticton Herald)

Suspect sought after woman assaulted and locked in Toronto store (CP24)

Canadian Retail News From Around The Web For December 15th, 2023

By

Retail Insider

-

December 14, 2023

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.

Empire promises to crack down on supplier price increase requests as Q2 profit slips (BNN)

‘They just can’t be justified’: Empire’s Medline says multinational suppliers still driving food inflation (Financial Post)

How Canadians’ fears about the economy translate to their spending habits (CTV)

Reitmans (Canada) Limited announces its results for the 13 and 39 weeks ended October 28, 2023 (Newswire)

Ontario to allow beer and wine sales in convenience stores by 2026 (National Post)

Closing time for Beer Store? Experts say corner store sales will crush the one-time Ontario monopoly (Toronto Star)

A look at alcohol sales rules by province across Canada (CityNews)

Vancouver barbers, spas and retail stores to sell booze under new liquor rules (Vancouver Sun)

Maritime downtown businesses featured in report (CTV)

Artis REIT puts Western Canada retail portfolio on the block (Western Investor)

WARMINGTON: It may look like a movie, but jewelry heists are as real as they are dangerous (Toronto Sun)

Toronto’s Real Fruit Bubble Tea expands to BC market (Richmond News)