Brick-and-mortar retail is experiencing a resurgence, with demand for neighbourhood plazas and grocery-anchored centres contributing to vacancy below one per cent in some Greater Vancouver suburbs, according to a new report from REMAX.
The REMAX Canada Fall 2026 Commercial Real Estate Report examined commercial real estate activity across Canada throughout the first half of the year in all key sectors including multi-family residential, industrial, office, retail, development land, and farmland. It identifies top-performing segments, key factors influencing the market, along with emerging trends, policies impacting growth, and barriers/levers to unlock future potential.
Retail continued to demonstrate remarkable resilience with positive momentum evident in Greater Vancouver, Edmonton, Calgary, Saskatoon, Winnipeg, London, the Greater Toronto Area, Ottawa, Halifax and Newfoundland-Labrador, said the report.
Plaza Retail REIT photo
Market conditions are strong for selected formats with the main drivers being grocery anchors, necessity-based shopping, medical and wellness services, restaurants and smaller-format tenants.
“Grocery-anchored shopping centres, neighbourhood plazas and smaller service-oriented retail properties remained among the most sought-after assets with health, wellness, beauty, medical and food-service operators accounting for an increasing share of demand,” explained REMAX.
“Smaller spaces, generally ranging between 1,000 and 3,000 sq. ft., continued to attract considerable attention as businesses reassessed their space requirements and sought greater operating efficiencies.”
Market Highlights:
Greater Vancouver emerged as one of the strongest retail investment markets, with retail investment dollar volumes rising while investment in other asset classes declined. Vacancy remained below three per cent downtown and less than one per cent in some suburban neighbourhoods, where a lack of new construction contributed to increasingly tight conditions;
Edmonton, Calgary and Ottawa also experienced strong demand for well-located retail space, while established shopping areas in London, Saskatoon and Winnipeg continued to perform well;
Conditions remained more subdued in Regina, where retail activity in the downtown mall was relatively flat and rents faced some pressure (but neighbourhood retail remained strong), and in Kelowna, where demand remained steady, but investment activity has yet to gain significant ground. Traditional shopping malls, larger retail units and select downtown locations continued to face challenges in several markets.
Regional differences:
▪ Greater Vancouver and Calgary benefit from limited new supply;
▪ Edmonton has strong demand along major roads;
▪ Toronto commands high rents in prime urban locations;
▪ Halifax benefits from neighbourhood consumer demand.
Household budget pressures, higher occupancy costs and weaker foot traffic in some traditional malls and downtown locations were identified as key risks for the retail market.
Don KottickKristie Kimnach
“Supply has become increasingly constrained in some of the country’s key commercial markets,” said Don Kottick, President of REMAX Canada. “Demand for smaller industrial units and neighbourhood retail space has remained strong in many markets, yet high construction and financing costs continue to limit new development. Higher bond yields and economic uncertainty could prolong that imbalance, depending on local demand and development activity. If confidence improves, limited suitable space could constrain transactions in some markets; the timing and extent of any change remain uncertain.”
“Capital is flowing, but investors are trying to make every dollar count,” said Kristie Kimnach, Global Executive Director of REMAX Commercial. “We’ve seen considerable investment in established, income-producing properties this year, particularly in markets where demand remains strong. The challenge in some of these markets seems to have been finding enough quality product to meet investor demand. Elsewhere, we are hearing that rising availability and slower absorption have put pressure on rents and values, creating a very different set of market conditions.”
Welcome to the Daily Synopsis by Retail Insider. We hope you enjoy the 16 articles we published covering key developments in Canadian retail. Here are a couple highlights with a full list of the day’s articles thereafter.
Meghan Roach is stepping down as President and CEO of Roots following the brand’s acquisition by Marquee Brands and JM&A, marking a transition from public to private ownership. The Shops at Buffalo Run near Calgary, a 279,756-square-foot retail centre with 93.7% occupancy, is now for sale, offering investors a stable, long-term income from a diverse tenant mix.
The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
When John Legend sat down at a piano inside Vancouver’s Oakridge Park on October 15, the space had been transformed from a fashion runway into a concert stage in a matter of minutes. The performance followed an elaborate presentation tracing decades of fashion history, with hundreds of invited guests gathered in the shopping centre’s North Atrium.
Behind the evening was a 250-person production crew, 612 guest seats, more than 40 boutiques hosting clients and approximately three months of planning. The event, called The Front Row, was also designed to encourage spending at Oakridge Park’s retailers and help boutiques develop relationships with luxury customers.
Organized by QuadReal Property Group, The Front Row is intended to become an annual fashion event at the recently opened mixed-use development at West 41st Avenue and Cambie Street. Irene Quan, Vice President of Marketing at Oakridge Park, told Retail Insider that the concept was developed to bring together fashion, retail and entertainment while drawing on the history of the former Oakridge Centre.
“We wanted a signature fashion platform of our own, not a one-off show,” Quan said.
The inaugural edition, themed Fashion Through the Ages, drew inspiration from the fashion shows once held at Oakridge Centre. Its retrospective of designer fashion connected the property’s past with its current collection of luxury retailers.
Turning Fashion Into Retail Sales
Irene Quan at Oakridge Park on October 15, 2026. Image: Instagram
One of the most significant aspects of The Front Row was its commercial structure. QuadReal developed a promotion called Shop Your Way to the Front Row, allowing customers to qualify for invitations through purchases at participating Oakridge Park retailers.
The program offered several spending thresholds. Customers making $10,000 in qualifying purchases could receive one Tier C seat, while spending $20,000 or $30,000 provided access to higher seating tiers. At $50,000, qualifying shoppers could receive two Tier A seats and two admissions to a group meet-and-greet experience.
The promotion ran from September 12 to October 9, with qualifying purchases made in person at participating retailers. It provided a direct incentive for customers to shop at Oakridge Park in the weeks preceding the event.
Quan said the program was developed to generate retail activity while giving boutiques another way to engage existing and prospective customers.
“It also gave our retailers a prospecting tool: a seat at the show was something a boutique could offer a new or lapsed client, a reason to reach out, bring them in, style them before the show and build the relationship after the night,” she explained.
For luxury retailers, where repeat customers and personal relationships are central to store performance, an exclusive invitation can provide an opportunity to arrange appointments, introduce new merchandise or reconnect with clients who have not shopped recently.
More than 40 boutiques hosted clients during The Front Row, according to Quan. The 612 seats were allocated among boutique customers, qualifying shoppers, homeowners, media representatives and content creators.
Quan said the campaign generated revenue for participating retailers before the show. The promotion illustrates how a shopping centre operator can connect a major entertainment event directly with retail activity, while giving tenants another opportunity to build customer relationships.
The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
Three Months to Produce a Major Fashion Event
Planning for The Front Row began in early summer, within weeks of Oakridge Park’s initial retail opening on May 28, 2026. Quan said the concept came together in approximately three months, with organizers coordinating a runway presentation, live entertainment, hospitality and hundreds of invited guests.
“For a first edition with a live runway, a headline artist, and more than 600 guests, that is compressed,” she said.
The event took place across several areas of the development. The North Atrium accommodated the runway and concert, the Presentation Gallery was used for the reception, and Time Out Market Vancouver hosted the after-party.
One of the largest logistical challenges was constructing a runway inside a shopping centre that remained open for business. Production crews also had to prepare the space for a live musical performance immediately after the fashion presentation.
Within minutes of the final runway walk, the space was converted into a concert stage, with a piano, lighting and sound equipment ready for Legend’s performance.
The production involved approximately 250 people, including QuadReal employees, models, dressers, hair and makeup professionals, technical crews, hospitality personnel, building operations staff and security.
Brittany Wong of Bash and Fete led the show’s creative direction and production, while Quinn PR handled communications. Hypebeast and The Kit participated as media partners, as did Retail Insider.
Audience management presented another challenge. Quan said demand for invitations exceeded the available seating in the final week, requiring organizers to distribute places among retailers, customers, homeowners and other invited groups.
The event required extensive coordination across the property, particularly given that Oakridge Park had only recently opened. Retail operations, invited guests, production crews and live entertainment all had to be accommodated within the same development.
The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
A Century of Fashion on the Runway
The fashion presentation traced major movements in designer fashion across approximately a century, acknowledging the history of the former Oakridge Centre and its fashion shows. The theme also provided an opportunity to connect the property’s heritage with the luxury brands now operating at Oakridge Park.
Fashion director and stylist Zeina Esmail led the creative direction and styling, selecting recognizable silhouettes to represent defining fashion movements across successive decades.
The retrospective included Jazz Age beaded fringe, the volume of postwar couture, metallic Space Age designs and the bohemian styles of the 1970s. Later looks reflected the pronounced shoulders of the 1980s, elaborate 1990s styling, eclectic 2000s fashion and the layered maximalism associated with the 2010s.
Quan said one of the principal creative challenges was maintaining a cohesive presentation across the different periods. The intention was to tell a connected fashion story while making each decade immediately recognizable.
The finale featured new-season merchandise from Oakridge Park boutiques, including Brunello Cucinelli, Dolce & Gabbana, Harry Rosen, Max Mara and Valentino.
“The history is context; the point is that you can walk out of the show and into the store,” Quan said.
The finale connected the historical presentation with merchandise available at the development. It also gave participating retailers an opportunity to showcase their brands to an invited audience.
Joe Zee at The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
Joe Zee’s Role Extends Beyond The Front Row
Fashion editor and stylist Joe Zee hosted the evening, although his relationship with Oakridge Park began through a separate retail initiative.
QuadReal has been developing The Style Office, a personal styling service intended to help customers navigate the property’s collection of more than 100 brands. The initiative involves vetted stylists who can provide guidance based on individual tastes and shopping preferences.
Zee, who grew up in Canada and has worked internationally across fashion media, styling and retail, was introduced to the Oakridge Park team during development of the service. He is now leading The Style Office and assembling its community of stylists, according to Quan.
“The collaboration with Joe began with The Style Office, not the show,” Quan explained.
Initially, Zee was invited to style VIP shoppers attending The Front Row. As planning progressed, his involvement expanded to hosting the fashion presentation.
The relationship gives Oakridge Park an established fashion personality involved in an ongoing customer-facing service. The Style Office could also encourage shoppers to explore multiple boutiques within the development, potentially creating additional opportunities for participating retailers.
John Legend performs at The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
John Legend Adds an Entertainment Dimension
Legend’s appearance was confirmed in early October, leaving organizers a relatively short period to finalize the performance arrangements. QuadReal selected the singer and pianist for an intimate concert format that could follow the runway presentation inside the North Atrium.
The performance involved a piano-and-vocal set, with Legend appearing shortly after the fashion finale. He also attended the VIP reception, where guests were able to meet him and have photographs taken.
Following the concert, Legend joined attendees at Time Out Market Vancouver for an after-party toast. His participation brought an internationally recognized performer into several parts of the evening’s program.
Quan recalled a conversation in which Legend was asked whether he still became nervous before performing. She said he responded that he no longer did, then discussed the preparation required to maintain his performance standards.
Another memorable moment came when guests joined Legend in singing All of Me. The audience participation provided a fitting conclusion to an evening that had moved from fashion history to contemporary luxury collections and live entertainment.
The Front Row at Oakridge Park in Vancouver, October 15, 2026. Image: Oakridge Park
Building an Annual Vancouver Fashion Event
QuadReal intends to bring The Front Row back annually, with a different theme for each edition. The event forms part of a broader programming calendar that includes Oakridge Summer Social, live music, chess activities and smaller invitation-only gatherings.
The strategy is connected to Oakridge Park’s mixed-use development, which brings together retail, entertainment, hospitality and residential uses. Some future homeowners attended The Front Row, ahead of the first residents expected to move into the development in 2027.
Oakridge Park’s luxury retail offering is also continuing to expand. Kith and Giorgio Armani opened stores this week, following the arrival of Celine, which is now operating at the property. The additions broaden the development’s fashion offering and provide more potential participants for future editions of The Front Row.
Quan said feedback from retailers and guests has been enthusiastic, with some attendees already asking about invitations to the next event. Although the longer-term commercial results have yet to be established, the response has encouraged QuadReal’s plans for future editions.
“The Front Row will return each year with its own theme, chosen to speak to the cultural moment we are in, so no two editions will look alike,” Quan said.
Bath & Body Works has launched its holiday campaign featuring new and returning fragrances, seasonal products and actress and musician Zooey Deschanel, as the retailer looks to connect its products with holiday shopping and gifting.
The Columbus, Ohio-based company introduced its Season of Wonder campaign on Monday, describing it as its most ambitious holiday marketing initiative to date. The campaign spans advertising, social media, products and in-store experiences in the U.S. and Canada.
Campaign combines marketing and product launches
Bath & Body Works said the campaign is designed to connect its brand, products and retail locations across consumer shopping experiences, with holiday fragrances and gift options at the centre of the initiative.
The company said it developed the campaign around its Consumer First Formula, using consumer preferences to shape the seasonal assortment and shopping experience. The initiative includes in-store displays, gift options and fragrances intended to draw on holiday traditions and memories.
“The holidays are a magical time, bringing people together through cherished traditions and moments of joy,” said Veronique Gabai-Pinsky, chief brand and product officer at Bath & Body Works. “With Season of Wonder, we’re celebrating everything that makes this time of year special through fragrances that evoke memories, thoughtful gifts that create connections and new experiences that inspire discovery. Our hope is to bring that holiday feeling to life in meaningful ways for every consumer through our Season of Wonder campaign and products.”
Deschanel will appear in campaign films and photography and promote the collection through Instagram and TikTok, where she will introduce the campaign to her followers. The campaign’s visual elements include pastel backgrounds, holiday accessories and iridescent lighting.
As the campaign’s Holiday Wonder Maker, Deschanel has also selected a range of products from the seasonal collection, including the Snowflakes & Cashmere three-wick candle, Vanilla Cocoa Flurries fine fragrance mist and Pure Wonder foaming hand soap.
“For me, holiday wonder is in the little things you look forward to every year: the scents, the lights and the feeling of finding a gift that is exactly right for someone,” said Deschanel. “The holidays have always been so special to me, and Bath & Body Works is a brand many people associate with the season. I love the quality and care that go into the products, and Season of Wonder is about celebrating all those little things that make the holidays feel special.”
Seasonal collection includes new and returning fragrances
The Season of Wonder assortment combines established fragrances with new products and additional formats, including expanded options for personal care, home fragrance and gifting.
Snowflakes & Cashmere, a returning fragrance featuring notes of vanilla cashmere cream, caramel woods and frosted clementine, will be available as an eau de parfum for the first time. The fragrance is also offered in body care, home fragrance and hand soap products.
Vanilla Cocoa Flurries is a new fragrance featuring white cocoa, chilled coconut milk and vanilla woods. It will be available across body care, home fragrance and hand soap categories.
The holiday assortment also introduces Bubble Bath, a formula described by the company as dermatologist approved and made with vitamin E and aloe. The product is formulated without sulfates, parabens or phthalates.
Returning home fragrance options include Pure Wonder, Moonlit Goddess, Fresh Balsam, Lavender & Pine and Winter.
Seasonal accessories and décor feature a teddy bear motif, along with collectible items intended for decorating and gifting. The company said iridescent packaging, seasonal décor and accessories extend the campaign’s theme across the product collection.
Bath & Body Works said the assortment is intended to combine familiar seasonal fragrances with new product formats and gift options.
Products available in Canada and the U.S.
The Season of Wonder collection is available at Bath & Body Works stores and online at bathandbodyworks.ca in Canada and the U.S., according to the company.
Bath & Body Works sells personal care and home fragrance products, including fine fragrance mists, body creams, lotions, eau de parfum, body wash, hand soap, hand sanitizer and candles.
The company said its retail network includes more than 1,900 stores in the U.S. and Canada, as well as more than 550 international locations.
ROYALMOUNT plans to introduce seasonal outdoor padel courts at its Montreal shopping centre in May 2027, adding a new recreational offering to its existing cultural and community programming.
The partnership with Kopa Padel will make ROYALMOUNT the first shopping centre in Quebec to offer dedicated padel courts, with programming planned to include coaching, children’s activities, leagues, tournaments and open-play sessions.
Padel to expand outdoor programming
The courts will be located in ROYALMOUNT’s Urban Park, a 77,000-square-foot green space at the shopping, dining and entertainment complex. The seasonal offering is intended to expand the activities available to visitors beyond retail and dining.
Kopa Padel, which operates a flagship club in Montreal’s Pointe-Saint-Charles neighbourhood, will partner with ROYALMOUNT to deliver the experience. The company was recently recognized as one of the 20 best padel clubs in the world, according to the announcement.
The planned programming will include group classes and coaching opportunities, alongside activities for children and organized competition. Visitors will also be able to participate in open-play sessions, giving the courts a role in both structured sports programming and recreational use.
“Padel is more than a sport; it is a social experience that brings people together,” said Thibault. “By introducing outdoor padel courts to our Urban Park, we are continuing to expand the ways guests can experience ROYALMOUNT beyond shopping and dining. This new seasonal offer reflects our vision of creating a destination where culture, wellness and community come together in unexpected ways.
Marie-Michèle ThibaultROYALMOUNT photo
New offering follows 2026 events season
The padel announcement follows ROYALMOUNT’s 2026 summer programming season, which drew more than 50,000 attendees across more than 30 events, according to the company.
The season’s calendar included activities spanning art, culture, music, wellness and family-oriented experiences. The centre said the programming was designed to bring people together through events and activities beyond traditional shopping and dining.
The planned launch in May 2027 will add a sports component to that mix, with seasonal activities centred on padel, a racket sport played in an enclosed court.
Retail and lifestyle complex
ROYALMOUNT was developed by Carbonleo and combines retail, dining and entertainment with public art and cultural programming. The property is anchored by its urban park and includes luxury retail stores.
The development is designed to pursue LEED Gold retail certification, according to the company, and is connected to Montreal’s de la Savane metro station by a climate-controlled skybridge.
Kopa describes itself as a padel, wellness and lifestyle company offering clubs, academies, events and wellness programming. Its Pointe-Saint-Charles location includes four indoor padel courts, pickleball facilities, two Pilates studios, a café and lounge, an academy and a padel retail shop.
Meghan Roach is stepping down as President and CEO of Roots after the completion of the sale of the brand to Marquee Brands and JM&A.
In a LinkedIn post, she said: “Today, I am stepping down as President and CEO of Roots after successfully completing its sale to Marquee Brands and JM&A. It has been an honour to lead the company through this process and to position Roots for its next chapter as a private company.
“There is no way to capture almost seven years in a LinkedIn post. What I can say is that I am deeply grateful to have had the opportunity to be a steward of this brand.
“I feel incredibly lucky to have worked with an amazing group of people at Roots, past and present. Roots would not be where it is today without their hard work and dedication.
“Thank you to Michael, Don, Denyse, and Diane, and to Oliver, Eric, and Erol at Searchlight Capital Partners for your support over the years.
“Congratulations to Marquee Brands, Joe Mimran, and Frank Rocchetti. I look forward to supporting Roots through this transition over the next few months, and I am excited to see where the brand goes from here.”
Meghan Roach
Roots announced Monday the completion of the previously-announced plan of arrangement under the Canada Business Corporations Act, pursuant to which Marquee Brands, through its strategic operating partner JM&A Design & Development Inc., acquired all of the outstanding common shares of Roots for C$4.10 per Share in cash.
The shares are expected to be delisted from the Toronto Stock Exchange shortly and the retail brand intends to make an application to cease to be a reporting issuer in each of the provinces and territories of Canada, said the company in a news release.
Early Warning Reporting
“In connection with the completion of the Arrangement, the Purchaser acquired 39,197,166 Shares, representing 100% of the issued and outstanding Shares immediately prior to the completion of the Arrangement. Each holder of Shares received, in exchange for each Share, C$4.10 in cash, and the aggregate consideration delivered pursuant to the Arrangement was C$160,708,380.60. Prior to the completion of the Arrangement, the Purchaser did not own or control any Shares,” said the release.
Leadership Transition
The company said Roach will continue to support the company in an advisory capacity to ensure a smooth transition.
Roach has served as President and Chief Executive Officer of Roots since 2020, having first joined the Company as interim Chief Financial Officer in 2019.
“It has been a privilege to lead Roots and to work alongside such a talented and dedicated team,” said Roach in the news release. “With the transaction complete, this is the right moment for me to step aside. I have every confidence in the team’s ability to carry the brand forward, and I am excited about the future of the Company. I wish everyone at Roots continued success.”
Roots flagship store on Robson St. in downtown Vancouver. Photo: Brandon Artis
“Meghan Roach is an outstanding leader, and Roots is a stronger company because of her,” said Erol Uzumeri, former Chair of Roots Board of Directors. “From her first days as interim CFO through her tenure as CEO, she has combined financial discipline with a deep passion for this iconic Canadian brand. She steered Roots through an extraordinary period of change, earned the trust of her team, her partners, and the Board, and delivered a result that reflects the full value of what she has built. Meghan’s leadership has left a lasting mark on Roots, and the Board is profoundly grateful for everything she has accomplished. We wish her every success in her next chapter.”
In a LinkedIn post, Mimran said: “Our plan is simple: lead with product and design, bring more creativity and more categories to the brand, and give our customers more reasons to come back to Roots. The next chapter starts now.”
Roots was established in 1973 and operates over 100 locations in Canada, two stores in the United States, and an eCommerce platform, roots.com. It has more than 100 partner-operated stores in Asia, and it also operates a dedicated branded storefront on Tmall.com in China.
High Liner Foods Inc. has agreed to be acquired by Japanese seafood company Umios Corp. in an all-cash deal valued at approximately $1.25 billion, with the Nova Scotia company’s headquarters, workforce and operations expected to remain in place.
Under the agreement announced Monday, Umios will acquire all outstanding common shares of High Liner Foods for $27 per share in cash, subject to shareholder, court and regulatory approvals. The offer represents a 79 per cent premium to High Liner Foods’ closing share price on Oct. 23 and an 86 per cent premium to its 20-day volume-weighted average price.
The transaction values High Liner Foods at approximately $804 million on a fully diluted equity basis and $1.25 billion on an enterprise value basis. The acquisition is fully financed and is not subject to a financing condition. High Liner Foods will repay its outstanding credit facilities when the transaction closes.
Umios, which operates across the seafood value chain, from fishing and aquaculture to processing, distribution and branded consumer products, is a longstanding supplier to High Liner Foods. The acquisition is intended to strengthen Umios’ North American presence by combining its global sourcing capabilities with High Liner Foods’ processing expertise, brands and customer relationships.
High Liner Foods photo
Headquarters to remain in Nova Scotia
Following the acquisition, Umios plans to establish High Liner Foods as the core platform for its North American business while maintaining the company’s headquarters in Nova Scotia. The agreement includes commitments to maintain High Liner Foods’ workforce and operations, established brands and customer relationships.
Umios also intends to support continuity of the existing management team and invest in processing, innovation and growth initiatives. The companies expect the combination to strengthen sourcing and procurement, broaden customer offerings and provide a platform for longer-term growth.
“High Liner Foods brings the capabilities and expertise needed to advance our North American growth strategy,” said Daisuke Yasuda, representative director and president of Umios. “As seafood consumption grows, we see significant value in connecting our access to marine resources with High Liner Foods’ ability to develop and deliver products customers want. Our offer reflects that strategic value, delivering a compelling return to High Liner Foods shareholders while creating opportunities for long-term growth and value creation for Umios. We look forward to working with the High Liner Foods team to realize that potential together.”
High Liner Foods president and chief executive Paul Jewer said the deal would give the company access to additional sourcing capabilities and investment resources while allowing it to maintain its base in Nova Scotia.
“This transaction is a powerful endorsement of High Liner Foods, our people and the business we have built from our roots in Lunenburg,” said Jewer. “We know Umios through a longstanding commercial relationship, and Umios knows the value of our expertise, brands and customer relationships. Joining a global seafood leader gives us the scale, sourcing capabilities and investment capacity to pursue our ambitions in an industry poised for growth. Umios’ commitment to keeping our headquarters in Nova Scotia and its plans to invest in our people and the business give us confidence that this is the right path forward for High Liner Foods and our stakeholders.”
High Liner Foods will continue operating independently until the transaction closes and will remain focused on supplying branded and value-added seafood products to retail and foodservice customers across North America.
High Liner Foods photo
Board unanimously recommends deal
High Liner Foods’ board of directors has unanimously approved the transaction and recommended that shareholders vote in favour of it following a competitive sale process overseen by a special committee of independent directors.
The process began after the company received an unsolicited, non-binding proposal and included a targeted market check, several non-binding offers, multiple rounds of bidding and an assessment of the option of continuing to operate independently.
Robert Pace, chair of the board and the special committee, said the board concluded that Umios’ offer provided the best value for shareholders after considering competing proposals and the company’s prospects as an independent business.
“Umios’ offer recognizes the value of High Liner Foods’ business and its future potential, delivering a substantial premium and certainty of cash value to our shareholders,” said Pace. “As part of our competitive review process, we assessed competing proposals alongside the Company’s prospects as an independent business and concluded that Umios’ offer represents the best value for shareholders while supporting High Liner Foods’ next phase of growth.”
Thornridge Holdings Ltd., which owns approximately 41.4 per cent of High Liner Foods’ outstanding shares, has signed a voting and support agreement committing it to vote in favour of the transaction, subject to the agreement’s terms. The company’s directors and officers have also signed support and voting agreements.
Together, shareholders representing approximately 45.4 per cent of the outstanding shares have agreed to support the deal.
BMO Capital Markets, High Liner Foods’ financial adviser, and Ernst & Young LLP, the special committee’s independent financial adviser, each provided a verbal opinion that the consideration was fair to shareholders from a financial point of view, subject to the assumptions, limitations and qualifications in their respective opinions.
Closing expected in early 2027
The acquisition will proceed through a court-approved plan of arrangement under Nova Scotia’s Companies Act. It requires approval from shareholders representing at least 75 per cent of votes cast at a special meeting expected to take place in December 2026, as well as court and applicable regulatory approvals and the satisfaction of other customary closing conditions.
The companies expect the transaction to close in the first quarter of 2027, subject to the required approvals and closing conditions. High Liner Foods will continue paying its regular quarterly dividend before closing.
Under the agreement, High Liner Foods is subject to a non-solicitation covenant with customary provisions allowing for certain exceptions in the event of a competing proposal. The agreement also provides for a termination fee of $28.1 million payable by High Liner Foods to Umios in certain circumstances, including in connection with a superior proposal supported by the company.
Following completion, High Liner Foods shares are expected to be delisted from the Toronto Stock Exchange, and the company is expected to apply to cease being a reporting issuer in applicable Canadian jurisdictions.
A management information circular outlining the transaction, the board’s recommendation, fairness opinions and voting instructions will be sent to shareholders ahead of the special meeting and filed on SEDAR+.
High Liner Foods, based in Lunenburg, N.S., processes and markets value-added frozen seafood in North America. Umios, listed on the Tokyo Stock Exchange, operates in Japan, North America, Europe and Asia and reports annual net sales of approximately C$10 billion.
Canadian restaurant franchise Guac Mexi Grill plans to expand into the United States under a 10-year, 95-unit development agreement targeting Georgia, South Carolina and Florida, with the first restaurant openings expected in 2027.
The Oakville, Ont.-based company announced the agreement on Monday, coinciding with its 10th anniversary. Founded in Ontario in 2016, the fast-casual Tex-Mex chain has grown to more than 55 restaurants across Canada and is preparing to enter the U.S. market as part of its broader North American expansion strategy.
“This is a defining moment for Guac Mexi Grill,” said Trushna Makadia, CEO of Guac Mexi Grill. “Over the past decade, we’ve built a strong foundation in Canada, focused on quality, consistency and the success of our franchise partners. Entering the United States with a 95-unit development agreement reflects our long-term vision for the brand. We’re approaching this expansion with the same commitment to operational excellence and guest experience that has shaped our growth since 2016.”
Trushna Makadia Guac Mexi Grill photo
Expansion targets three southeastern states
The development agreement outlines a phased rollout across the three states over the next decade. The company is targeting its first U.S. restaurant openings in 2027, with additional development planned as it establishes a presence in the American market.
Guac Mexi Grill said the U.S. expansion will prioritize site selection, operational readiness and consistent execution as it builds its regional restaurant network. The announcement did not specify the timing of individual openings or how the 95 planned units would be distributed among the three states.
The company’s restaurant format is intended for a range of commercial locations, including traditional retail plazas, shopping centres, street-front properties and select non-traditional venues. Its development approach is designed to accommodate multi-unit franchise growth and commercial real estate partnerships.
The company said its compact restaurant footprint, customizable menu and existing franchise support infrastructure provide flexibility for development across different locations.
Guac Mexi Grill’s Canadian operations are supported by standardized procedures, franchisee training and ongoing corporate assistance. The company said those elements have supported its growth to more than 55 restaurants nationwide since its founding.
Guac Mexi Grill operates in the premium fast-casual restaurant segment, serving customizable burritos, bowls, tacos and other Tex-Mex dishes. Its menu and restaurant format will form the basis of its planned entry into the U.S. market.
The company describes its offering as combining quick-service convenience with an emphasis on food preparation and the dining experience. Its menu features house-made sauces, guacamole prepared in-store and fire-grilled proteins, while its restaurants use an industrial-modern design.
The planned expansion comes as the company enters its second decade of operations. The 95-unit agreement is part of its stated long-term goal of building a recognized North American fast-casual restaurant brand.
The company continues to pursue franchise development opportunities in Canada while preparing for its first U.S. locations, which are expected to open in 2027.
American Express is looking for a bigger role in retail transactions, and it wants to get involved before customers decide where to spend their money. The company’s investments in artificial intelligence, restaurant reservations and automated payments suggest an ambition to influence merchant discovery as well as the eventual purchase.
Stephen Squeri, Chairman and CEO at American Express. Photo: LinkedIn.
During its October 23 third-quarter earnings call, Chairman and CEO Stephen Squeri outlined initiatives involving OpenAI, personalized recommendations and technology designed to support purchases made by AI agents. The company is developing ways to connect its existing cardholder benefits and merchant relationships with AI-powered shopping experiences.
For Canadian retailers, the implications extend beyond payment processing. If consumers increasingly rely on AI assistants to find restaurants, compare offers and select merchants, the companies supplying those services could gain influence over customer acquisition. American Express has a potentially useful starting position. Its network connects cardholders and merchants, while its rewards and membership programs already provide incentives for consumers to choose particular businesses.
Restaurants Provide an Early Commercial Test
American Express’s restaurant business offers a practical example of how the company is connecting merchant discovery with membership benefits. During the third quarter, spending at restaurants increased 9%, while spending at restaurants participating in its Resy ecosystem grew 18%. Spending through Fine Hotels + Resorts and The Hotel Collection increased 50%, according to management.
Those figures demonstrate stronger reported spending growth within selected merchant programs, although they do not establish why that growth occurred. American Express has not disclosed how much of the additional spending came from new customers, existing customers spending more, or activity directly attributable to its recommendations and reservation services. The distinction matters to restaurants assessing the economics of third-party customer acquisition. A reservation that brings in someone who would otherwise have visited a competitor can create meaningful value, while a reservation from an existing customer may simply add another intermediary to the transaction.
American Express has an incentive to make these programs attractive to both merchants and cardholders. Restaurants gain access to a membership ecosystem, while cardholders receive dining benefits that encourage them to remain engaged with American Express products. The company can also participate in the customer’s decision before the bill arrives. Restaurant discovery, reservations and personalized offers provide opportunities to connect a consumer with a participating business, with American Express potentially handling the subsequent payment.
That arrangement gives the company several ways to reinforce its existing relationships. Whether it produces profitable incremental business for participating restaurants is a separate question.
Bringing Cardholder Benefits Into AI Shopping
American Express is extending elements of this approach into AI-powered consumer services. Squeri identified five areas of AI development during the earnings call, covering customer value propositions, acquisition, engagement, payments and servicing. The company has also described work with OpenAI involving restaurant discovery and reservations through ChatGPT, along with plans to make American Express Offers available through the platform.
For consumers, the potential appeal is straightforward. An AI assistant could help identify a restaurant, find an available reservation and surface a relevant cardholder benefit without requiring the customer to navigate several separate services.
For American Express, the commercial opportunity is to make its membership products useful during the shopping decision. A customer who encounters an attractive offer or dining benefit may have an additional reason to choose a participating merchant and pay with an American Express card.
That does not mean American Express controls which merchants ChatGPT recommends. Its integrations provide access to particular services and benefits, but the company has not demonstrated control over general AI search results or preferential treatment for merchants within its network. The commercial value of AI discovery depends partly on who controls the recommendation. American Express can develop its own merchant connections and offers, but the broader customer experience also depends on the AI platforms through which consumers access those services.
Preparing for Purchases Made by AI Agents
American Express is also investing in the infrastructure needed for AI agents to complete transactions on behalf of customers.
Its Agentic Commerce Experiences developer kit and Intent Intelligence Framework address issues such as customer authorization, purchase instructions and payment credentials. These are practical requirements for a system in which software may select products or services and initiate payment without the consumer manually completing every step.
For merchants, authorization is particularly important. A retailer needs confidence that an automated purchase reflects the customer’s instructions, while the payment provider must be able to authenticate the transaction and manage potential disputes.
Squeri discussed the importance of approved agent access and safeguards against automated activity that could interfere with reservations or membership benefits. Those concerns illustrate the operational problems that payment networks will need to address if agentic commerce develops into a meaningful transaction channel.
The commercial opportunity is to become a trusted provider of that infrastructure. Payment networks already manage authorization, fraud controls and transaction processing, giving them relevant capabilities as AI systems begin interacting with merchants.
American Express is investing ahead of demonstrated demand, however. Management acknowledged that agentic transaction volumes remain small, and the company has not disclosed a material revenue contribution from these initiatives. Other payment networks and technology companies are pursuing their own approaches. American Express may help shape how agentic transactions operate, but the eventual standards and commercial relationships remain unsettled.
Retailers Face Another Customer-Acquisition Question
Retailers have considerable experience with intermediaries that promise access to customers. Search engines, marketplaces, delivery platforms and social media services can generate sales, but merchants must weigh those benefits against advertising costs, commissions and reduced control over customer relationships. AI shopping could add another channel to that calculation. Businesses may eventually need to make their products, availability, offers and payment capabilities accessible to systems that consumers use to research and complete purchases.
American Express could benefit by making its merchant relationships and cardholder incentives available through those systems. Its existing network may reduce some of the work required to connect participating businesses with AI-enabled services. The commercial question for merchants is whether these arrangements produce profitable sales they would not otherwise have captured. Additional transactions are useful only when the revenue remaining after acquisition, promotion, payment and fulfilment costs justifies the investment.
A restaurant receiving more reservations through an AI service, for example, would need to determine whether those bookings represent new demand or customers shifting from its existing channels. A retailer participating in an AI shopping platform faces a similar calculation when customers who previously purchased directly begin arriving through an intermediary.
There is also the possibility that merchant visibility becomes increasingly dependent on technical integrations. Businesses that are easier for AI systems to discover, reserve or transact with could have an advantage, although American Express’s announcements do not establish that such a competitive hierarchy currently exists.
For retailers, the risk is familiar even if the technology is new. A customer-acquisition channel can become expensive when merchants grow dependent on an intermediary they do not control.
The Canadian Market Has an Existing Foundation
American Express already operates premium-card, dining and merchant-benefit programs in Canada. These relationships provide a foundation for consumer and merchant services, although the company’s newer AI integrations are not all available in the Canadian market.
The Resy reservation experience described within ChatGPT has been identified as a U.S.-only offering. American Express has not confirmed a Canadian launch timetable for the broader AI-commerce capabilities discussed during its earnings call.
Canadian restaurants should therefore not interpret the company’s AI announcements as evidence that those integrations are already generating local reservations or additional sales. The more useful exercise is to consider how similar services could affect merchant discovery and acquisition costs if they become available. Restaurants, hotels and premium discretionary retailers are particularly relevant because personalized recommendations, availability and membership benefits can influence purchasing decisions. These businesses already participate in ecosystems where access to customers can depend on reservations, loyalty relationships and third-party platforms.
Canadian banks and competing payment networks also have reason to pay attention. If AI assistants become involved in selecting offers and authorizing purchases, payment products will need to function within those experiences.
That could create another area of competition beyond acceptance, rewards and card fees. Financial institutions may increasingly compete over how their products appear and operate during AI-assisted shopping, although the commercial scale of that opportunity has yet to be established.
Strong Earnings, Unproven AI Returns
American Express can fund these initiatives from an established and profitable business rather than relying on immediate returns from AI commerce. The company reported approximately US$20.1 billion in third-quarter revenue, an increase of 9%, with billed business growing 8%. Net card fees increased 17% on a foreign-exchange-adjusted basis, reflecting continued demand for products that generate recurring membership revenue.
Those results demonstrate the strength of the existing business, but they do not establish that AI is producing a meaningful financial contribution. American Express has not disclosed the volume of sales generated through AI recommendations, conversion rates associated with its integrations or the incremental merchant spending attributable to those services.
Consumer adoption presents another uncertainty. People may be comfortable using AI to compare restaurants or identify offers while remaining reluctant to let software authorize purchases without reviewing the details.
Merchants have their own reasons to be selective. An AI shopping service needs to deliver customers at an acceptable cost, provide reliable transaction information and avoid undermining more profitable direct relationships.
American Express is attempting to establish a role before those commercial arrangements are settled. Its cardholder relationships, merchant network and payment capabilities provide useful assets, but they do not guarantee that consumers or retailers will adopt the services at scale.
What Merchants Should Measure
Canadian retailers do not need to treat agentic commerce as an established sales channel. They do need to understand how their products, availability, offers and payment options could eventually be represented within AI shopping services.
American Express’s investments show how payment networks are preparing to participate earlier in the purchasing process. The company is developing capabilities that could connect merchant discovery, membership benefits and transaction authorization, although their financial impact remains uncertain.
For merchants, the relevant measure will be incremental profitable demand. If AI-powered services deliver new customers at a reasonable cost, they could become a useful addition to existing channels. If they merely redirect established customers through another intermediary, the commercial benefit will be considerably harder to justify.
Rendering of the new Uniqlo store at CF Pacific Centre, corner of Granville and W. Georgia St.. Photo by Uniqlo Canada
Japanese apparel retailer UNIQLO will open a flagship store at CF Pacific Centre in downtown Vancouver in spring 2027, establishing a long-awaited presence in the city’s central shopping district. The store is expected to occupy approximately 37,000 square feet.
The location will be part of the former Nordstrom department store premises at Granville and Georgia, which landlord Cadillac Fairview is redeveloping for multiple major retailers. UNIQLO will join Aritzia and Simons in a project that is reshaping one of downtown Vancouver’s most prominent retail properties.
Jeffrey Berkowitz, co-CEO of Montreal-based Aurora Retail Group, represented UNIQLO in the CF Pacific Centre leasing transaction. Berkowitz has been involved in the Japanese retailer’s Canadian expansion, working on its retail real estate requirements as the company has grown its national store network.
The opening fills a notable gap in UNIQLO’s Canadian network. The company has operated in Metro Vancouver since 2017 and now has six stores across the region, but has yet to establish a downtown Vancouver location despite having major stores in central Toronto and Montréal.
Downtown Vancouver Flagship More Than a Decade in the Making
UNIQLO’s interest in downtown Vancouver dates back to at least 2014, two years before the retailer entered the Canadian market. At the time, the company was exploring a major flagship on Robson Street, Vancouver’s best-known downtown shopping street and an established destination for international fashion retailers.
Retail Insider reported in June 2014 that UNIQLO was seeking a large Robson Street location. Subsequent reporting revealed that the company had been in discussions to occupy a proposed three-level retail building on the 1000 block of Robson Street, immediately beside Sephora.
That building was eventually completed at 1067 Robson Street and is now occupied by Foot Locker. The athletic footwear retailer opened its new flagship there in December 2020, creating a three-level retail destination in premises that had previously been considered for UNIQLO.
In 2017, UNIQLO founder Tadashi Yanai discussed the possibility of opening a downtown Vancouver flagship as early as 2018. That anticipated opening also failed to materialize, leaving the company without a location in Vancouver’s central shopping district even as its suburban network expanded.
The contrast with other Canadian markets was notable. UNIQLO entered Canada in September 2016 with stores at CF Toronto Eaton Centre and Yorkdale Shopping Centre, subsequently expanding into Québec with a major flagship at the Montréal Eaton Centre.
UNIQLO Operates Six Metro Vancouver Stores
UNIQLO opened its first British Columbia store at Metropolis at Metrotown in Burnaby in October 2017. The original two-level location measured approximately 20,630 square feet, according to earlier Retail Insider reporting.
The retailer subsequently expanded to CF Richmond Centre, Guildford Town Centre in Surrey, Coquitlam Centre and Willowbrook Shopping Centre in Langley. Its sixth Metro Vancouver store opened at Tsawwassen Mills in Delta in October 2026, extending the company’s presence into the southern part of the region.
Those locations serve major suburban shopping destinations, while CF Pacific Centre will provide access to downtown residents, office workers, tourists and customers using Vancouver’s rapid-transit network. The planned flagship would become UNIQLO’s seventh Metro Vancouver store if its existing regional network remains unchanged through the opening.
At approximately 37,000 square feet, the Pacific Centre store would be considerably larger than UNIQLO’s other British Columbia locations. The retailer has not publicly disclosed the new store’s precise selling area, number of levels or final entrance configuration.
Rendering of the future La Maison Simons store at CF Pacific Centre — Uniqlo will occupy the facade below the large Simons logo in the image, via Simons
Former Nordstrom Building Being Divided for Major Retailers
The UNIQLO announcement is the latest step in Cadillac Fairview’s redevelopment of the former Nordstrom flagship at CF Pacific Centre. Nordstrom occupied approximately 230,000 square feet across three levels before closing its Canadian operations in 2023.
Cadillac Fairview has been reconfiguring the former department store into separate retail premises. A building permit application previously contemplated four retail units, with individual street entrances forming part of the redevelopment plans.
Vancouver-based Aritzia is developing a flagship measuring approximately 41,800 square feet at the corner of Robson and Howe streets. The multi-level store, expected to open in 2027, will include a restaurant component and represent a significant expansion of the retailer’s downtown presence.
Québec-based Simons is preparing a 92,000-square-foot store across three floors, with an opening targeted for fall 2027. The retailer has announced an investment exceeding $55 million in the project, which will become its second location in the Vancouver region following Park Royal in West Vancouver.
Based on the reported measurements, Aritzia, Simons and UNIQLO would collectively account for approximately 170,800 square feet of the former Nordstrom premises. Subtracting that figure from the building’s previously reported 230,000-square-foot footprint produces a theoretical balance of approximately 59,200 square feet.
That calculation does not necessarily represent the amount of space available for another retailer, since the redevelopment may involve changes to circulation, common areas and the measurement of individual premises. Although the original plan contemplated four retail units, the final configuration of the remaining space has not been publicly confirmed.
The redevelopment is part of a wider repositioning of former Nordstrom locations across Canada. At CF Toronto Eaton Centre, Cadillac Fairview has also divided the former department store premises for multiple tenants, including Simons, Eataly and Nike.
Future 41,800 square foot Aritzia store at CF Pacific Centre in Vancouver. Image: Aritzia
Flagship Adds to UNIQLO’s Canadian Expansion
UNIQLO has expanded steadily across Canada since its 2016 market entry, opening stores in major metropolitan areas and regional shopping centres. Parent company Fast Retailing reported 39 Canadian locations as of September 30, 2026, with additional openings included in the retailer’s fall expansion program.
The company sells its LifeWear assortment of everyday apparel, including casual clothing, outerwear, basics and technical garments for men, women and children. Its Canadian expansion has included a mix of large urban stores and smaller locations serving established regional shopping markets.
CF Pacific Centre provides access to a different retail environment from UNIQLO’s existing Metro Vancouver stores. The downtown property connects with Vancouver’s rapid-transit network and surrounding office towers, while its central location serves residents and visitors shopping along Granville and Robson streets.
The new flagship is scheduled to open in spring 2027, ahead of Simons’ planned fall opening. With Aritzia also preparing its new store, Cadillac Fairview is moving toward the next phase of the former Nordstrom redevelopment, while the identity and configuration of the remaining retail space have yet to be announced.
