Loblaw Launches Grocery Shopping in ChatGPT

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February 12, 2026

image - 2025-02-18T130714.084 — Loblaws store. Photo: Just Food

Loblaw Companies Limited has introduced what it describes as a first-of-its-kind shopping app inside ChatGPT, creating a conversational entry point for grocery planning and ordering. The new Loblaw PC Express ChatGPT app allows Canadians to explore meal ideas, build ingredient lists, and select products from nearby Loblaw banners before completing their purchase through the company’s PC Express platform.

The move positions Loblaw as an early large-scale grocery retailer to integrate directly into a conversational AI environment. It also reflects a broader shift in retail, where artificial intelligence is increasingly used as a discovery and planning layer while retailers retain control over checkout, fulfillment, and customer relationships.

“Our team is pioneering incredible digital and AI innovation across our business, placing us at the forefront of leveraging technology to enable first-in-class customer and colleague experiences,” said Per Bank, President and CEO, Loblaw Companies Limited. “As we continue to accelerate this work, it creates meaningful opportunities to elevate our retail leadership and meet the constantly evolving needs of our customers.”

Conversational meal planning and localized assortments

Through the new app, users can interact with ChatGPT in a conversational format, asking for recipe ideas or meal plans and receiving suggested ingredients that correspond to products available at their local Loblaw store. Once a postal code is provided, the system identifies nearby banners and surfaces items that are actually in stock at that location.

The experience is designed to reduce friction in the meal planning process. Instead of searching across multiple apps or websites, shoppers can move from a general prompt such as a quick family dinner to a ready-to-order grocery list in a few steps. They can then transfer the selected items into PC Express for payment and fulfillment.

Loblaw says the integration is intended to make grocery shopping more efficient and personalized. By using conversational context such as dietary preferences, budget considerations, or special occasions, the system can recommend options that are more tailored than traditional category-based navigation.

“We have been on an ambitious path for the past few years focused on the digital customer experience and AI-forward technology adaption. The PC Express app in ChatGPT solidifies our position as a North American leader in artificial intelligence (AI) innovation within the retail sector,” said Lauren Steinberg, Chief Digital Officer, Loblaw Companies Limited. “Loblaw is poised to redefine the shopping experience for Canadians by leveraging advanced AI technology and this collaboration underscores how we are empowering both consumers and colleagues with transformative tools that enhance their experience.”

Enterprise AI tools for Loblaw teams

In addition to the consumer-facing app, Loblaw is also deploying ChatGPT Enterprise across its corporate operations. The company has already been using OpenAI models to power internal tools, including an AI assistant for store owners and managers, as well as agent-based solutions in supply chain management to improve inventory accuracy and logistics.

The new enterprise deployment is intended to expand those capabilities, giving corporate employees access to AI tools designed to improve productivity and support innovation across functions such as pricing, merchandising, and operations.

“With OpenAI, Loblaw is closing the gap across multiple experiences between what AI is capable of and the value they can create today,” said Giancarlo “GC” Lionetti, Chief Commercial Officer at OpenAI. “Together, we’re making shopping more personal and efficient in ChatGPT, and bringing enterprise-grade AI to Loblaw teams to boost productivity and innovation across the business.”

Strategic implications for grocery retail

The Loblaw PC Express ChatGPT app represents a new acquisition and engagement channel for the company. By integrating directly into an AI platform used by hundreds of millions of people globally, Loblaw is effectively positioning ChatGPT as a top-of-funnel discovery tool for its grocery banners.

If widely adopted, the model could also increase basket sizes. When shoppers start with a meal-planning prompt, they are more likely to purchase complete ingredient lists for multiple meals rather than making smaller, ad hoc trips.

The initiative also signals Loblaw’s intent to be viewed as a technology-forward retailer. The company has invested in artificial intelligence across several parts of its business, including supply chain automation and digital customer experiences. The new integration reinforces that narrative at a time when AI is becoming a central theme in retail strategy.

However, the move also highlights potential platform dependencies. By placing part of its digital journey inside an external AI ecosystem, Loblaw is aligning itself with a new channel that could influence marketing strategies, customer acquisition, and app development over time.

Part of a broader shift toward AI-driven commerce

Across the retail industry, similar AI-driven commerce models are emerging. OpenAI has begun enabling instant checkout experiences with platforms such as Shopify and Etsy, where products can be discovered and purchased directly inside conversational interfaces. In those models, the AI environment handles both discovery and transaction, while the merchant platform manages catalog, payments, and fulfillment.

Loblaw’s approach differs in that ChatGPT serves as a planning and discovery layer, with checkout still completed through PC Express. This structure allows Loblaw to retain control over the transaction, customer data, and fulfillment experience.

In Loblaw’s case, ChatGPT acts as a conversational planning layer that connects to the company’s own PC Express checkout experience. This approach allows the grocer to keep the transaction, margins, and customer data within its own ecosystem while still benefiting from AI-driven discovery.

A technology-led positioning for Canada’s largest retailer

Loblaw is Canada’s largest food and pharmacy retailer, with more than 2,800 locations and over 220,000 employees across corporate, franchise, and associate-owner operations. The company serves Canadians through grocery, pharmacy, apparel, financial services, and wireless offerings, supported by banners that span value to specialty formats.

The new AI integration aligns with the company’s broader digital strategy and its stated goal of enhancing both customer and colleague experiences through technology. By positioning itself as an early mover in AI-assisted grocery shopping, Loblaw is seeking to reinforce its leadership position in a competitive and rapidly evolving retail environment.

As conversational interfaces continue to reshape how consumers search, plan, and purchase, the Loblaw PC Express ChatGPT app may offer an early glimpse into how grocery shopping could evolve in an AI-first era.

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Restaurants brace for more obstacles in 2026: Restaurants Canada

By

Mario Toneguzzi

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February 12, 2026

Canada’s restaurant industry is bracing for another tough year.

Low foodservice sales projections for 2025 were mitigated by the temporary GST/HST holiday on restaurant meals, coupled with strong domestic travel. Profits remained off for the year in the face of rising operating costs and the U.S. tariff war, and nearly half of foodservice operators (46%) expect their profitability to be worse in 2026, according to Restaurants Canada’s Q4 Quarterly Report.

“Last year, the restaurant industry was buffered from the full impact of rising operation cost by the GST/HST holiday and stronger domestic tourism,” said Kelly Higginson, President and CEO of Restaurants Canada. “Unfortunately, we can’t count on that same support in 2026, so operators are bracing for a difficult year.”

Quarterly Report at a glance:

After adjusting for inflation, Restaurants Canada expects real commercial foodservice sales to have grown by 2.4% in 2025 and to decline by 1.1% in 2026;
Real per-capita foodservice spending rose 0.6% in 2025, the first increase since 2023. The strongest gains were recorded in Atlantic Canada, supported by the temporary GST/HST holiday and steady consumer activity throughout the peak travel season;
60% of operators report that profitability in 2025 was “worse” or “much worse” than expected compared with 2024, as rising operating costs continue to narrow margins. This impact is more pronounced among quick-service operators, 77% of whom report weaker-than-expected profitability, compared with 58% of full-service operators;
As of November 2025, 44% of restaurants are operating at a loss or breaking even, up from 41% in June 2025 and a sharp contrast to 2019 levels of just 12%;
Food costs remain a top concern for 88% of operators, up from 83% in June 2025, while labour costs are now cited by 89%, up from 80%;
More than half of restaurant operators (55%) expect recent immigration policy changes to have a negative impact on their business and 57% say the changes will reduce their ability to hire kitchen staff.

Restaurants Canada, a national, not-for-profit association advancing Canada’s diverse and dynamic foodservice industry, says restaurants are a $125 billion industry employing nearly 1.2 million Canadians and the number one source of first-time jobs.

It is asking the federal government to help the foodservice industry bridge to better times.

“Permanently exempting all food from GST would help Canadians struggling with affordability and inject a much-needed sales boost in the restaurant sector, allowing it to protect and create jobs. The government can also work with the industry to address its chronic labour shortages by accelerating permanent residency for restaurant workers already in Canada and creating a rural, remote and tourism immigration stream for parts of the country with the biggest workforce gaps,” it said.

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Couche-Tard Details New Long-Term Growth Strategy

By

Craig Patterson

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February 12, 2026

Alimentation Couche-Tard has outlined a new multi-year growth plan that emphasizes its strongest revenue drivers while selectively investing in new platforms designed to support long-term profitability. The company presented its Couche-Tard Core + More strategy to analysts and investors in Toronto on February 11, 2026, positioning the framework as the blueprint for capital allocation and operating priorities through fiscal 2030.

The strategy, described internally as “Amplify the Core and Invest in More,” replaces previous long-term outlooks and reflects what management characterized as a disciplined approach to growth. The plan focuses on strengthening core categories such as fuel, nicotine and beverages while adding new capabilities and revenue streams in areas like food, media, car wash and electric vehicle charging.

“We are pleased to share the next stage of our growth journey. Core + More is a focused strategy that builds on our leadership in core categories while investing in the areas that will position Couche–Tard to win the customer for years to come,” said Alex Miller, President and Chief Executive Officer of Alimentation Couche-Tard. “By enabling it all with the capabilities, technology, data and supply chain that support our stores, we can amplify what we do best for customers today and unlock new growth for tomorrow. This strategy is about turning the full power of our scale, network, and people into greater value for our shareholders, and I’m incredibly proud of the talent and commitment of our team as we begin this next chapter.”

Filipe Da Silva, Chief Financial Officer, added: “We believe we have the right recipe to support profitable growth, with targets that are calibrated, measurable, and well understood across the organization. Our focus remains on consistent operational execution and long-term value creation. Together, Core + More provides a path to support earnings growth and disciplined capital deployment.”

Core Categories Drive the Majority of Revenue

Executives framed the “core” component of the Couche-Tard Core + More strategy as the businesses that generate the bulk of the company’s revenue and profit. These include road transportation fuel, nicotine products and beverages, categories that collectively account for the vast majority of sales and gross profit across the network.

Management emphasized that these areas will remain the primary focus for capital and operational improvements. The company intends to drive same-store performance through merchandising initiatives, operational improvements and targeted programs designed to increase traffic, basket size and margins.

Within nicotine, the company is positioning itself to benefit from shifts in consumer behaviour as the category evolves. Management highlighted the opportunity to capture growth from alternative nicotine formats within regulated environments, which remain key traffic drivers in convenience stores.

Beverages, described internally as “thirst” categories, are also a major focus. Cold and hot drinks continue to generate frequent visits and strong margins, making them a central component of the company’s merchandising strategy.

Fuel remains another cornerstone of the core business. The company said it will continue to manage total fuel gross profit and volumes through supply chain optimization, business-to-consumer and business-to-business offers, and selective network development.

As part of this effort, Couche-Tard is advancing its Fit-to-Serve efficiency program, which is designed to reduce costs and improve operating performance across the organization. The initiative is expected to deliver significant EBITDA contributions by fiscal 2030.

Selective Investment in New Growth Platforms

While the strategy reinforces core categories, the “More” component focuses on selected adjacencies and capabilities intended to drive incremental growth. Management grouped these initiatives under network expansion, new business lines and technology investments.

One of the key priorities is selective site and network expansion. Rather than pursuing large transformative acquisitions, the company said it will focus on organic growth, franchise expansion and targeted purchases of individual locations. The approach reflects a more disciplined capital deployment strategy compared with past periods of large-scale acquisitions.

Food and beverage alcohol represent another area of focus. The company expects food revenue to grow faster than overall merchandise revenue during the outlook period as it expands food offerings across its network.

Couche-Tard is also continuing to invest in complementary services such as car wash formats and electric vehicle charging infrastructure. These services are designed to enhance the value of the retail and fuel network while responding to changes in transportation trends.

The company is also expanding media and digital revenue streams, including its Full Circle Media initiative, which monetizes in-store and digital advertising inventory. Management described this as an incremental income source that leverages the company’s large customer base and physical network.

Technology and data investments are another pillar of the Couche-Tard Core + More strategy. The company plans to continue investing in fiscal 2026 in systems that support store operations, pricing, personalization, supply chain and analytics. The goal is to create a more data-driven operating model across the network.

New Long-Term Financial Guidance Through 2030

As part of the Toronto strategy update, Couche-Tard introduced new long-term financial guidance that replaces previous outlooks. The targets cover the period from the end of fiscal 2026 through fiscal 2030.

The company is aiming for consolidated same-store merchandise revenue growth of approximately 2 percent to 3 percent annually over the period. Total merchandise and services revenue is expected to grow at a compound annual rate of about 4 percent to 5 percent.

Adjusted profit is projected to grow at a compound annual rate of roughly 6 percent to 8 percent, while adjusted diluted earnings per share are expected to increase by 10 percent or more annually.

For fiscal 2026, the company expects free cash flow to exceed about US$2.5 billion. Management indicated that the cash flow will support both growth investments and shareholder returns.

The Fit-to-Serve program is also expected to play a major role in the financial outlook, with a targeted EBITDA contribution of approximately US$850 million by fiscal 2030 through cost discipline and operational improvements.

Management noted that the long-term guidance does not assume any major transformative acquisitions that would significantly alter the company’s portfolio, business segments or strategic direction. Instead, the projections are based on internal development initiatives, targeted investments, selective site acquisitions and franchise growth.

Assumptions and Execution Considerations

The company’s guidance is based on a series of operational and market assumptions. Internally, management expects to execute development initiatives in same-store operations and merchandising that improve growth and profitability.

The plan also assumes the company can capitalize on the nicotine transition, accelerate growth in beverage categories and continue advancing its food strategy. Fuel profitability is expected to be managed through supply chain optimization, pricing initiatives and network development.

On the investment side, the company expects to continue funding site expansions, distribution centres, electric mobility infrastructure, car wash programs, media platforms and technology systems. These investments are intended to support long-term growth and operational efficiency.

Externally, the company’s guidance reflects assumptions about fuel demand, competitive dynamics and broader economic conditions that affect consumer spending and traffic. Management also highlighted potential risks related to regulatory changes in nicotine categories, the energy transition in transportation fuels and general economic conditions.

Strategic Shift Toward Operational Focus

The Couche-Tard Core + More strategy signals a shift toward operational execution after years of growth driven by acquisitions. The company expanded significantly over the past decade, particularly under its Circle K banner, through major global transactions.

The new strategy suggests the next phase will be more about maximizing the performance of the existing network while adding targeted, high-return adjacencies. These include food, beverage alcohol, media and services that increase customer engagement and revenue per visit.

Couche-Tard’s renewed focus on operational execution also follows years of high-profile acquisition attempts, including its unsuccessful bid for Japan-based Seven & i Holdings, parent of the global 7-Eleven chain.

From an industry perspective, the roadmap aligns with broader trends in convenience and fuel retail. Operators are expanding food and beverage programs, monetizing store traffic through media, adding services such as electric vehicle charging and car wash, and using technology to personalize offers and optimize pricing.

Couche-Tard’s updated plan positions the company to focus on operational performance while building new revenue streams, reflecting a strategy designed to balance stability in core categories with selective investment in future growth.

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Valentine’s Day becoming a bigger event for businesses: Moneris

By

Mario Toneguzzi

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February 12, 2026

As restaurants, florists and grocery stores prepare for a love-filled weekend, Moneris, Canada’s leading commerce provider, looked at how Valentine’s Day spend shifted last year to give us a glimpse of what merchants can expect this year.

The spend data shows that across key merchant categories, in 2025 total spend on Valentine’s Day increased by 46% over the previous week. Valentine’s Day is seemingly becoming a bigger event. When looking at year-over-year comparison, Canadian spend on Valentine’s Day increased by 20% from 2024 to 2025.

The businesses that benefited, according to Moneris:

Canadians used Valentine’s Day as a reason to go to restaurants. Compared to the previous week, restaurant spend rose 36% in 2025. The total number of transactions at restaurants also increased by 10% week-over-week;
Canadians are still buying each other flowers, as florists saw a 318% increase in total spend over the previous week. The number of transactions at florists increased by 555% week-over-week;

The 88% week-over-week increase in total spend at grocery stores on Valentine’s Day might suggest that some Canadians also potentially opted to spend Valentine’s Day in. This might be date nights at home, Galentine’s Day gatherings, singles events or full family activities. The total number of transactions increased by 69% week-over-week.

What this could mean for 2026:

By examining shifts in transaction volume and spending patterns across regions and categories, we can uncover meaningful trends. These insights show where consumer demand was strongest, how habits evolved compared to the previous year and a practical lens for businesses to anticipate and plan for Valentine’s Day 2026;
With this year’s Valentine’s Day falling on a Saturday, this could further support spending by giving Canadians more flexibility to engage in the festivities all weekend long.

Sean McCormick, Vice President of Business Development, Data Services, said: “Moneris data shows that Canadians tend to ramp up their spending on Valentine’s Day, with total Canadian spend in 2025 jumping more than 46% compared to the previous week. With this event falling on a Saturday this year, and as it continues to evolve beyond a traditional dinner for two to include friends, family and at-home celebrations, businesses should expect that late-stage momentum to carry into 2026.

“Moneris data illustrates that Canadians are investing more in Valentine’s Day experiences. Last year, total Canadian spend grew over 20% compared to 2024, with restaurant spending climbing nearly 22%, highlighting how dining out remains a cornerstone of this event while other celebrations continue to expand.”

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IKEA Canada to offer $1 breakfast in support of Breakfast Club of Canada

By

Mario Toneguzzi

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February 12, 2026

IKEA Canada will offer a $1 traditional breakfast at its Swedish Restaurants nationwide on Saturday, with proceeds supporting the Breakfast Club of Canada.

The one-day promotion, available to IKEA Family members from store opening until 11 a.m. on Feb. 14, directs all proceeds to the national charity, which provides school breakfast programs for children.

The retailer said the initiative is part of a broader effort to position its food and home offerings as affordable options for Canadians facing higher living costs, while also driving in-store traffic through its loyalty program.

One-day fundraiser tied to loyalty program

The $1 breakfast will be available at IKEA locations across Canada and is exclusive to members of IKEA Family, the company’s free loyalty program.

Rob Kelly, chief commercial officer at IKEA Canada, said the promotion aligns with the company’s focus on supporting at-home cooking and dining.

“Cooking and eating at home continue to play a central role in how Canadians live today,” said Kelly. “This year, we’re focused on helping people create kitchens and mealtime routines that truly support everyday life. We know that many Canadians are navigating rising costs and looking for affordable, sustainable solutions. and our goal is to make it easier to prepare and enjoy real meals at home–no matter the budget or living situation.”

IKEA Canada said a previous $1 breakfast campaign drew a strong customer response. The company did not disclose how much was raised.

Breakfast Club of Canada said the partnership supports its efforts to provide access to nutritious morning meals for children across the country.

“Every breakfast served is a moment of care that helps a child start the day ready to learn, grow, and succeed. Initiatives like this remind us that when a community comes together, we can make a meaningful difference in the lives of children. We are deeply grateful to IKEA for their continued commitment and for helping make this impact possible,” said Paul Lethbridge, Director, Corporate and Community Giving, Breakfast Club of Canada.

Broader February promotions

The breakfast fundraiser coincides with a series of limited-time February discounts aimed at cooking, dining and home furnishings categories.

For IKEA Family members, the offers include:

20 per cent off cooking and eating, dining and outdoor dining products from Feb. 9 to 22
20 per cent off dining furniture from Feb. 9 to 22
15 per cent off rugs from Feb. 5 to 8
15 per cent off cushion covers from Feb. 12 to 16
15 per cent off sofas and sofa beds from Feb. 5 to 18
15 per cent off LOCKEBO custom countertops from Feb. 9 to 22.

IKEA Canada serves up its $1 Breakfast — and every bite gives back (CNW Group/IKEA Canada Limited Partnership)

The company also said it recently introduced a refreshed Swedish Restaurant menu featuring globally inspired dishes, with pricing that allows a family of four to eat for about $30.

All of the February promotions, including the $1 breakfast, are available exclusively to IKEA Family members. The company said membership is free and provides access to rewards, special offers and events.

Canadian footprint

IKEA Canada, part of the Ingka Group, operates 15 stores in Canada. The global group runs 574 IKEA stores in 31 countries.

The company said it welcomed 33.3 million visitors to its Canadian stores last year and 199.9 million visitors to its website, IKEA.ca.

Founded in Sweden in 1943, IKEA is a home furnishings retailer offering a range of household products.

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Canadian Boycott of U.S. Goods Gains Measurable Traction

By

Sylvain Charlebois

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February 12, 2026

IMG_3013 (2) — Shop Canadian signage at a store. Photo: Craig Patterson

While President Trump performs his periodic theatrics and Prime Minister Carney manages bilateral tensions — whether over the Gordie Howe Bridge or other irritants — Canadian consumers are quietly expressing their own foreign policy through the checkout line. For the first time in years, we are observing a boycott that is measurable, not merely rhetorical.

Multiple industry sources relying on scanner data from major grocers suggest that volumes of U.S.-sourced products have declined by double digits since last March. That is not statistical noise; it represents a material demand shock within specific categories.

What makes this episode different is the intensity and persistence of the political catalyst. Geopolitics is no longer an abstract concept discussed in policy circles. It is televised daily. Trade threats, tariff rhetoric, diplomatic friction and public confrontation are broadcast into Canadian living rooms in real time. For many households, the grocery store has become one of the few places where they feel they can register disapproval of the Trump administration’s posture toward Canada. Consumer substitution is being reinforced not by a single event, but by a continuous media loop reminding Canadians of why they are frustrated.

Survey evidence reflects this reality. More than half of Canadian consumers report that they continue to avoid American products in their day-to-day purchases, well beyond the initial political trigger. When consumer substitution persists for months rather than weeks, we are no longer dealing with a symbolic protest. We are observing a behavioural adjustment rooted in identity, economic sovereignty, and policy disagreement. Policymakers and businesses should not dismiss this as episodic nationalism. When purchasing decisions intersect with sustained political visibility, shifts can endure.

Skepticism toward survey data is healthy. But in this case, retail sales appear to corroborate the attitudinal data. Canada has seen this before.

The most instructive precedent remains the so-called “ketchup wars.” When Heinz closed its Leamington, Ontario plant in 2013, it created an economic vacuum that French’s strategically filled by sourcing Canadian-grown tomatoes and appealing directly to consumer nationalism. When Loblaw Companies Limited initially limited French’s distribution, shoppers responded forcefully. Social media campaigns framed the issue as support for Canadian farmers versus a multinational that had exited the country. Retail strategy adjusted accordingly.

The outcome was instructive. Consumer pressure reshaped the ketchup category and ultimately influenced Kraft Heinz to restore domestic ketchup production a few years ago at its Mont-Royal facility in Montreal. What began as a delisting dispute evolved into a case study in how coordinated consumer behaviour can alter corporate supply-chain decisions.

The question now is whether today’s measurable pushback against American products will produce similar structural adjustments. Canadian grocery shelves have become increasingly internationalized over the past two decades, even as food inflation remains elevated. Substitution away from U.S. products does not automatically lower prices. In fact, replacing efficient large-scale suppliers with smaller domestic producers can increase unit costs if scale is insufficient.

If this moment is to generate lasting economic benefit, the focus must shift from symbolic substitution to structural reform. Canada’s food sector is populated by too many subscale firms constrained by fragmented provincial markets. Eliminating interprovincial trade barriers would allow domestic companies to scale production, reduce per-unit costs, and compete more effectively — not just against U.S. imports, but globally.

Consumer activism can influence markets. The ketchup episode proved that. But boycotts alone do not build competitiveness.

If Canadians are voting with their dollars, policymakers should respond by making it easier for Canadian firms to grow.

Let’s not waste a measurable shift in consumer behaviour.

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SmartCentres Real Estate Investment Trust Releases Fourth Quarter and Full Year Results for 2025

By

Mario Toneguzzi

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February 12, 2026

Premium Outlets Montreal. Photo: SmartCentres REIT

SmartCentres Real Estate Investment Trust has announced its financial and operating results for the three months and year ended December 31, 2025.

“Reflecting on our 2025 results, I am pleased with our strong financial and operational performance,” said Mitchell Goldhar, CEO of SmartCentres. “Our net operating income has shown steady and consistent growth through the year fueled by strong leasing momentum in all retail categories, resulting in an industry-leading 98.6% in-place and committed occupancy rate at year-end. Same property NOI continued to deliver strong results, growing 3.7% over the year and 5.6% excluding anchor tenants. The strong interest from tenants resulted in leasing 430,000 square feet of vacant space with strong rent growth of 6.3% on lease extensions and an additional 125,000 square feet of new-build retail.

“Our mixed-use development pipeline continues to add to the bottom-line with the completion of three self-storage facilities in 2025 bringing the total to 14 operating properties with an additional four sites under construction and four in process of obtaining municipal approvals. During Q4, we opened the long awaited new Walmart store at our South Oakville shopping centre. We also strengthened our balance sheet by increasing the unencumbered asset pool to over $10 billion and extending the weighted average term of our debt.”

2025 Fourth Quarter Highlights

Retail Operations

Industry-leading in-place and committed occupancy rate of 98.6% as of December 31, 2025.
Robust customer traffic and a solid tenant base continued to drive Same Properties NOI(1) growth for the three months and year ended December 31, 2025, which increased by 2.9% and 3.7% (5.1% and 5.6% excluding anchors), respectively, compared to the same periods in 2024, primarily due to lease-up and renewal activities mainly from retail properties, as well as stabilization of occupancy levels in self-storage facilities and rentals apartments, partially offset by a higher provision for expected credit loss.
Leasing momentum remained resilient, with approximately 35,500 square feet of vacant space leased during the quarter, resulting in a total of approximately 430,000 square feet leased in 2025. In addition, growing demand for new-build retail continues with approximately 33,000 square feet executed during the quarter, resulting in a total of approximately 125,000 square feet executed during the year.
Lease extensions continued to perform well, with strong rent growth of 8.4% (excluding anchors) and 6.3% (including anchors).

Development

Opened three new self-storage facilities in 2025 at Toronto (Gilbert Ave.), Toronto (Jane St.), and Dorval (St-Regis Blvd.), bringing the total number of operating self-storage properties in the portfolio to 14. Construction of self-storage facilities is underway at Montreal (Notre Dame St. W) and Laval E, Quebec, and at Burnaby and Victoria, British Columbia. The Montreal and Laval E facilities are expected to open in Q2 2026. Both British Columbia projects are expected to open in 2027. The Trust is also in the process of obtaining municipal approvals for four sites in Ontario, British Columbia, and Alberta.
Construction of Phase I of the Vaughan NW townhomes is now virtually complete, with seven units closed in Q4 2025. As at December 31, 2025, a total of 118 out of the 120 units in Phase I have closed.
Construction of the ArtWalk condo Tower A in the Vaughan Metropolitan Centre continues to advance as planned, with approximately 93% of the 340 units pre-sold. The underground parking structure is progressing, the slab-on-grade has been completed, and the first section of the ground floor slab was completed during the quarter. Initial closings on completed units are expected to commence in 2027.
Construction of the 200,000 square foot Canadian Tire flagship store on Laird Drive in Toronto continues on schedule, with possession expected in Q3 2026.
Submitted for Site Plan approval in 2025, for a net new 85,000 square feet (17%) increase in the square footage of Toronto Premium Outlets, for which construction is planned to commence this summer and includes a new four-storey parking garage.

Financial

Net rental income and other for the three months ended December 31, 2025 was $143.6 million, representing an increase of $2.0 million or 1.4% as compared to the same period in 2024. The increase was primarily from lease-up activities and higher net recoveries, partially offset by lower residential sales caused by fewer townhomes closings.
FFO per Unit(1) for the three months ended December 31, 2025, was $0.54 compared to $0.53 for the same period in 2024. The increase was primarily due to higher NOI from lease-up activities and higher net recoveries as well as changes in fair value adjustment on TRS resulting from fluctuations in the Trust’s Unit price, partially offset by higher interest expense, and higher general and administrative expense. FFO with adjustments per Unit(1) for the three months ended December 31, 2025, was $0.54 compared to $0.56 for the same period in 2024. The decrease was mainly attributable to higher net interest expense and general and administrative expense, partially offset by higher NOI.
Net income and comprehensive income for the three months ended December 31, 2025, decreased by $11.7 million as compared to the same period in 2024. The decrease was mainly attributable to a $6.3 million decrease in fair value adjustment on financial instruments for the period, primarily due to mark-to-market adjustments for interest rate swaps and a fair value change in units classified as liabilities due to a decrease in the Trust’s Unit price and a $4.1 million decrease in the fair value gain on investment properties.

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 198 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets consisting of income producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6% in place and committed occupancy, on 3,500 acres of owned land across Canada.

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Storytelling Doesn’t Fail. It Just Rarely Makes It to the Consumer (Opinion)

By

Retail Insider

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February 12, 2026

By Anthony Coppers, Founder & Head of Innovation at GRADIENT

The dominant advice to CMOs right now is to own the narrative.

That framing is already outdated.

What is actually happening across the industry is not a fight for narrative control, but a recognition that narratives only survive if they are tested, interpreted, and lived by consumers. And that realization has quietly moved the conversation from marketing departments to the C-suite.

When Ralph Lauren brings Cesar Conde, Chairman of NBCUniversal News Group, onto its board, it is not a branding gesture. It is an acknowledgment that media, editorial, and cultural fluency are now strategic infrastructure.

This is not about better campaigns. It is about understanding how stories travel, gain trust, and collapse when they fail to connect with real life.

The same shift is visible at Gap, which appointed Pam Kaufman, formerly of Disney and NBCUniversal, as Chief Entertainment Officer. GAP is not trying to become a studio. It is trying to relearn how to participate in culture, how to collaborate with creators, and how to rebuild emotional relevance with consumers who no longer respond to traditional brand narration.

At LVMH, the creation of 22 Montaigne Entertainment formalizes the same belief.

Entertainment and editorial are no longer treated as marketing outputs, but as long-term narrative assets that sit alongside product and retail strategy.

These are not isolated moves. They are signals that storytelling is being reclassified as a leadership concern.

But here is where many analyses stop short.

Long-form content, entertainment, and editorial are necessary, but they are not sufficient. They still assume a passive consumer. They still ask people to watch.

Today’s consumer wants to participate.

As content becomes more cinematic and staged, audiences are gravitating toward what feels imperfect, analog, and real. Physical experiences they can enter. Moments they can live, even if they later capture and share them digitally. Meaning that feels discovered, not imposed.

This is why experiential is not a tactic. It is the missing completion layer.

The brands ahead already operate this way.

Barbie did not succeed because Mattel made a film. It succeeded because the narrative escaped the screen and became an environment.

Installations, fashion collaborations, creator reinterpretation, retail moments. The story lived in culture, and culture wrote the next chapter.

Red Bull has long understood that belief is built through lived proof, not messaging. Content amplifies experience, not the other way around.

In beauty, Sephora has turned retail into an educational and communal environment. What remains underleveraged is the opportunity this creates.

Stores are not only points of sale. They are content engines, community hubs, and feedback systems where brand meaning is shaped in real time and can be amplified far beyond the physical space.

Across categories, the pattern is the same.

Narrative sets intent.

Experience tests truth.

This is also why influencers matter differently than most brands still treat them.

Influencers are not channels. They are cultural representatives. Scaled consumers who interpret brand stories through lived context. The smartest brands do not brief them to repeat messages. They invite them into environments where inspiration happens and then observe what creators choose to capture, share, and amplify.

That is how trends are actually found. By listening, not declaring.

The consequence of all this is structural.

If storytelling, entertainment, and culture now sit at the C-level, then experiential expertise belongs there too.

Not as event production. As system design.

Boards and executive teams need a measurable, repeatable way to translate narrative into lived consumer journeys. Environments that are designed once, deployed consistently, and scaled across markets. Experiences that connect content, creators, retail, and data into a single loop.

This is how storytelling finally reaches the consumer. This is how brands move from messaging to belief.

And this is why experiential thinking is no longer optional at the boardroom level.

Storytelling does not fail. It just needs the right system to survive contact with reality.

More from Retail Insider:

Instacart partners with Lush to offer same-day delivery from 250 stores in U.S., Canada

By

Mario Toneguzzi

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February 12, 2026

Lush Partnership Instacart — Instacart Partners with Lush to Bring Fresh, Handmade Cosmetics to Customers in as Fast as One Hour

Instacart and Lush Cosmetics have launched a partnership to provide same-day delivery of Lush products from 250 stores across the United States and Canada, with orders available in as fast as one hour.

The agreement gives Instacart customers access to more than 600 Lush products at same-as-in-store pricing, expanding the delivery platform’s beauty offerings ahead of the Valentine’s Day shopping period.

The companies said that shoppers can order Lush items, including bath bombs, face masks, body scrubs and shampoo bars, directly through the Instacart marketplace for home delivery.

Expanding retail partnerships

The partnership adds Lush Cosmetics to Instacart’s network of more than 1,800 national and local retail banners across grocery, beauty, pet, household and wellness categories.

“We’re always looking for meaningful ways to bring even more convenience to people who shop with Instacart,” said Blake Wallace, Vice President of Retail Partnerships at Instacart. “By teaming up with Lush, we’re helping people bring fresh, handmade essentials straight to their door – perfect for gifting, stocking up, surprising a loved one with some self-care for Valentine’s Day, or all year round.”

Instacart, formally known as Maplebear Inc. and listed on the Nasdaq under the symbol CART, operates an online marketplace that facilitates grocery and retail delivery and pickup from nearly 100,000 stores across North America. The company also provides technology and advertising services to retail and consumer packaged goods partners.

Under the new arrangement, customers shopping Lush through Instacart can access the brand’s signature assortment, including bath bombs, fresh face masks, body scrubs and shampoo bars, with delivery timelines as short as one hour.

Digital expansion for Lush

For Lush Cosmetics, the partnership represents an expansion of its digital and delivery capabilities in North America.

“Lush prioritizes fresh, high-quality, and sustainably harvested ingredients to provide exceptional products to our customers,” said Raman Khtaria, Head of Digital Operations at Lush Cosmetics North America. “With Instacart, we’re expanding customers’ accessibility to Lush’s handmade product inventions, making them easier to access than ever before.”

The companies said customers will be able to order seasonal and best-selling products through the platform, including the Ultrabland Facial Cleanser, Super Milk Leave-In Hair Primer, and limited edition Valentine’s Day offerings such as the Sweetheart Bath Bomb and the Love Bug Scrubee.

Lush, founded in 1995, operates in 52 countries with more than 850 shops and 38 websites that ship worldwide. The company said it sold more than 21.2 million bath bombs last year. One of its best-known products, the bath bomb, was invented in 1989 by Lush co-founder Mo Constantine.

Valentine’s Day timing

The rollout comes ahead of Valentine’s Day, a key retail period for gift and seasonal purchases. The companies said customers in the United States can begin shopping Lush for same-day delivery through the Instacart website or mobile app.

Instacart said its platform connects millions of consumers with retailers and supports approximately 600,000 shoppers who pick, pack and deliver orders. In addition to its marketplace operations, the company offers enterprise technology products, advertising services through Instacart Ads and health-focused initiatives through Instacart Health.

The addition of Lush broadens Instacart’s assortment in the beauty category as it continues to add retail partners across North America.

More from Retail Insider:

Canadian Retail News From Around The Web For February 12, 2026

By

Retail Insider

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February 11, 2026

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.

Aritzia on a Roll: Retailer Eyes 200 U.S. Stores (Yahoo/WWD)

Court to approve ‘hardship funds’ for former Hudson’s Bay employees (Globe & Mail / subscribers)

‘I wouldn’t be stressing over it if I was Lululemon’: Why experts say the polarizing Team Canada uniform may not actually be a misstep (CTV)

Ottawa Wins Court of Appeal Decision on Plastics “Toxic” Listing (RCC)

Shopify launches $2-billion buyback as revenue beats (Financial Post)

Manitoba government mulls grocery price measures as inflation continues (The Canadian Press)

Halifax businesses push for more police funding for foot patrol (CTV)

Don’t expect cheap Chinese EVs in Canada any time soon (Driving)

Downtown Saskatoon businesses lock their doors despite drop in crime stats (CBC)

Retail Insider Announces National Expansion Partnership with EcoLuxLuv Communications & Marketing Inc. (Press Release)

‘Huge accomplishment’: Barrie company marks 60 years of flag-making (Barrie Today)

Know-It-All: What’s with Those Weird Clocks on Robson Street? (Vancouver Magazine)