Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
The mass closure of Hudson’s Bay stores across Canada left a daunting amount of retail space without a purpose. While there is healthy interest in most locations from a range of businesses, finding permanent tenants will take time.
“Landlords have a once in a lifetime opportunity, and I think that they will approach that opportunity appropriately,” says CBRE Vice President Kate Camenzuli.
Kate Camenzuli
In the meantime pop-up stores like Spirit Halloween have occupied several former Hudson’s Bay locations, a convenient short-term solution for landlords who can generate revenue from spaces that would have otherwise sat empty.
But what about the longer-term fate of empty Hudson’s Bay stores and the future of big box brick-and-mortar retail more broadly? What can consumers expect to see in major shopping districts in the years to come? Camenzuli breaks it all down.
A Short Time in Prime Time
Landlords turn to short-term tenants for two main reasons, according to Camenzuli. “To activate vacant spaces and to test the market.”
Seasonal stores and pop-ups like Spirit Halloween, Calendar Club and Cozy have always existed to fill up swing spaces in malls. Rarely, however, have they occupied huge spaces in some of the country’s most desirable malls and shopping districts.
“The difference we’re seeing now is that we have more vacancy in our shopping centres because of big box availability than we’ve seen in a very long time,” says Camenzuli. “They’re good pieces of real estate but they’re huge.”
An empty Hudson’s Bay location in CF Toronto Eaton Centre
Department Stores Have Departed
Replacing Hudson’s Bay with a Costco or Walmart might at first seem like a practical solution to take up large amounts of empty space.
But Camenzuli says backfilling department stores with other department stores is a thing of the past. “200,000 sq. ft. to 300,000 sq. ft. department stores are not a vibe anymore.”
“Understanding your appropriate size and format is more crucial than it’s ever been, and that’s due to the pricing of real estate. Retailers have evolved into figuring out what they’re best at.”
The average retail project or phase is 35,000 sq. ft., nearly 50% smaller than three years ago, according to CBRE’s 2025 Real Estate Market Outlook. Domestically, an increasing number of brands are modifying the scale of their typical store, and smaller-format offerings are redefining what the typical store looks like.
“It’s harder than ever for stores to be everything to everyone,” says Camenzuli, adding that while longstanding players like Walmart and Costco aren’t leaving anytime soon, she believes empty Hudson’s Bay locations are better left for businesses that can introduce new and exciting concepts.
Right Mix, Right Partners
While it’s going to take a while for landlords to find long-term tenants that match their vision, there are seemingly endless possibilities for what’s to come.
“I think you’ll see landlords invest a lot of money into these former big box spaces in order to get the right mix with the right partners,” says Camenzuli.
Health and wellness hubs, pickleball courts, educational facilities and residential developments are just a few ideas for what might succeed in former Hudson’s Bay locations.
There are also opportunities for community hubs that can further activate the space. Look no further than Fairgrounds, a free-to-join public racquet club that boasts its own restaurant and bar, as an example.
“Take the risk, figure out a cool concept and try to roll it out as fast as you can,” says Camenzuli. “The loss of Hudson’s Bay has created so much opportunity for Canadian retailers.
“It’s time to build cool things to fill up these spaces and be part of making our country better and stronger than ever before.”
(Content provide by commercial real estate firm CBRE)
Caulfeild Apparel showroom in Oakville, ON. Photo supplied
Canada’s premium menswear landscape is entering a new phase, and a long-established wholesale player is stepping directly onto the retail floor to help shape it. Caulfeild Apparel Group, the fourth-generation Canadian apparel company founded in 1886, has announced the launch of HANK, a multi-brand menswear retail concept that will open destinations across the Greater Toronto Area in 2026.
The move comes after a period of upheaval that removed major distribution and discovery platforms for men’s apparel in Canada. Nordstrom exited the country in June 2023. Then, Hudson’s Bay Company’s department store operations concluded in June 2025, ending a centuries-long chapter in Canadian commerce. Saks Fifth Avenue’s Canadian stores also closed at the same time, further reducing premium menswear options in several major markets.
Against that backdrop, HANK is being positioned as a curated, service-forward specialty concept that sits in the “premium better” zone, targeted at men who still want selection, fit support, and an elevated in-store experience, but who now face fewer national options than they did even a few years ago.
Mike Purkis
In an interview, Michael Purkis, CEO of Caulfeild Apparel Group, framed the opportunity in blunt terms, linking HANK’s timing directly to the disruption that followed major department store exits and closures.
“Really, there is a black hole in the Canadian market with the departure of Nordstrom, Saks, and Hudson’s Bay,” Purkis said. “There is about a half a billion dollar menswear business that existed three years ago that isn’t there today.” He added that Hudson’s Bay alone, in 2023, “was close to four hundred million dollars in sales for men’s.”
While the broader department store conversation continues to evolve, the immediate retail reality is straightforward. Many premium and contemporary menswear brands relied on a small number of national platforms to reach Canadian customers at scale. When those doors disappear, the replacement is rarely one-for-one. The demand does not vanish, but the pathways to serve it fragment.
Purkis argued that Canadian men now face a narrower set of choices that often push spend either upward into luxury specialty or downward into casual, athletic, or off-price channels. “Canadian men don’t have many alternatives to shop today,” he said, adding that Caulfeild believes it can help fill the void with “a high level of service and great product.”
Why a Wholesaler Is Moving Into Retail
HANK is being introduced as Caulfeild’s retail return, but it is also a strategic response to a supplier shock that hit much of the wholesale ecosystem after Hudson’s Bay’s collapse.
“It was about two days after the Bay went bankrupt,” Purkis said, describing the moment the concept started to take shape. “We were a large supplier to Hudson’s Bay. That was quite a blow to everybody in the Canadian wholesale industry.”
He described a fork in the road that will resonate with many suppliers and distributors that lost a major customer, whether directly or indirectly. “Suppliers had a choice, they could either sit in the corner and feel sorry for themselves, or they could get up and do something about it,” he said.
Caulfeild’s public positioning suggests HANK is designed to combine the feel of an independent boutique with the operational advantages of a mature distributor. The company described HANK as “Canada’s newest multi-brand menswear destination,” built around curated premium brands, expertise-led service, and an environment designed around how men “actually live and dress.”
For Canadian retail watchers, the significance is partly in what it signals about where new retail supply may come from. In categories where department store footprints have thinned, brand owners, distributors, and multi-brand specialists can become the next wave of physical retail operators, especially if they already understand merchandising, replenishment, and vendor coordination at scale.
Modern English brand, developed in-house. Photo Caulfeild Apparel Group
Store Format, Price Positioning, and the Target Customer
The initial HANK stores are expected to be relatively compact by mall standards, but large enough to deliver a meaningful assortment and an experience layer. Purkis said locations will run “between 1,800 and 2,700 square feet depending on location.”
On price, he positioned HANK as premium, but below the upper end of Canada’s specialty menswear market such as Harry Rosen. “We want to be in a premium marketplace, which will be just below Rosen’s,” he said, adding that it will be “twenty percent below their opening, most likely.”
That positioning is important, because the rebuild of premium menswear cannot only serve the top of the pyramid. Purkis also spoke about how pricing quickly becomes “luxury” for many shoppers once key multi-brand floors disappear. He said HANK aims to land in a range where customers still feel they are buying quality, but without the sticker shock that can narrow traffic.
The target customer, as described in the interview, is a mid-30s to 55 shopper with good income and a practical relationship with style. “Not a classic guy,” Purkis said, “fashion forward but not aggressive fashion. He’s looking for wearable fashion.”
In terms of category mix, he said suiting will be part of the offer, but not dominant out of the gate. “Product mix will include suit separates,” Purkis said, with “probably twenty to twenty five percent suits and sport coats,” and a heavier tilt toward sportswear to start.
A Store Experience Built for Time, Not Transactions
If HANK succeeds, it will likely be because it marries product with comfort and service in a way that makes men want to stay in the store longer than they planned.
The concept, as described in the interview and press materials, leans into a lived-in, lifestyle-driven environment. Purkis described an early design direction as “very clean,” “minimalist,” with “dark metal” and “bleached wood,” and he suggested the goal is to feel more like a space you want to be in, rather than a rack-driven selling floor.
He also emphasized physical comfort as part of the format. “Every store will have a couch and a couple chairs and a table where people can sit and enjoy the experience,” he said, calling it “an elevated shopping experience for the premium price point.”
The company similarly described HANK as offering elevated style in a warm, lived-in environment built for comfort, confidence, and ease, while reflecting “modern masculinity through thoughtful service and refined design.”
This is where HANK menswear stores in Canada could differentiate in a market where convenience has pulled many apparel purchases online, but where fit, fabric, and styling still benefit from in-person guidance.
Why the First Locations Will Be in Malls
Purkis confirmed that the first wave will open in mall locations, with high foot traffic and the right customer profile, and with a clear intention to test, learn, and iterate quickly.
“The first three will be mall locations,” he said. “A little bit of this will be test and test and retest.”
He also pushed back on the idea that malls have lost relevance for this customer, pointing instead to a return of interest in shopping in person. “The data we’re looking at shows a return to mall,” he said. “People are missing the in-store experience.”
That view aligns with the historic role that mall-based department stores played as anchors for premium men’s apparel. If the customer was still shopping in those environments 18 months ago, as Purkis put it, then replacing the offer inside a mall channel is not a nostalgic bet. It is a practical one.
From Three Stores to a National Rollout
While the near-term focus is the GTA, the long-term ambition is far larger.
“The goal isn’t to stop at three,” Purkis said. “Ultimately, 35 to 45 doors is probably the target.”
That scale is meaningful, because it implies HANK is being built as a repeatable specialty chain, with the potential to expand into multiple Canadian markets if the early stores prove the model, economics, and merchandising strategy.
He also acknowledged the financial reality of opening stores in today’s environment, and the need to get the first wave right before accelerating. “They’re not inexpensive to open,” he said, adding that the plan is to make the initial group work, then evaluate “scale and timing.”
Caulfeild’s Platform Behind the Concept
Caulfeild is headquartered in Oakville, Ontario, with a distribution footprint in the Greater Toronto Area, and it describes itself as licensing and distributing brands for the better-end apparel market, with a long history in Canadian menswear.
In its announcement, Caulfeild said it serves more than 1,500 independent accounts across Canada and the U.S., supported by a sales network and a 36,000-square-foot distribution centre in Toronto.
Those capabilities matter. If the premium menswear gap is partly a product availability and assortment problem, then the ability to plan inventory, manage replenishment, and maintain vendor relationships is not a side detail. It is central to whether a new multi-brand chain can scale.
It is also a reminder that HANK menswear stores in Canada are being built by a company that has spent decades understanding what sells, where it sells, and how product moves through the market. The retail expression is new, but the underlying infrastructure is not.
For now, Caulfeild is keeping key details close, especially brand partnerships and store locations. Those announcements will come later, after communications strategy and rollout sequencing are finalized.
The Canadian Taxpayers Federation is calling on Prime Minister Mark Carney to scrap the hidden carbon tax embedded in federal fuel regulations that increases the price of gasoline by up to seven cents per litre.
“Carbon taxes make life more expensive, hurt Canada’s economy and don’t work,” said Franco Terrazzano, CTF Federal Director. “Ottawa’s hidden carbon tax will cost families hundreds of dollars and blow a multi-billion-dollar hole in Canada’s economy.”
Franco Terrazzano
The hidden carbon tax is embedded within federal fuel regulations that took effect on July 1, 2023. The regulations require producers to reduce the carbon content of their fuels. If they can’t meet the requirements, they must purchase credits, increasing costs that are passed onto Canadians purchasing gasoline or diesel. There are no rebates with this carbon tax, said the Federation.
The hidden carbon tax will cost up to seven cents per litre of gasoline in 2026, according to analysis from the Parliamentary Budget Officer. It will cost up to 17 cents per litre of gasoline when the regulations are fully implemented in 2030, it said.
The hidden carbon tax will cost the average household between $384 and $1,157 in 2030 depending on the province, according to the PBO. It will cost Canada’s economy up to $9 billion by 2030, according to government records, added the Federation.
The hidden carbon tax is “regressive for households” because “lower income households generally spend a larger share of their income on transportation and other energy-intensive goods and services compared to higher income households,” according to the PBO.
“Carney should make life more affordable and get our economy firing on all cylinders by ending all carbon taxes,” Terrazzano said.
The PBO also said that, “Canada’s own emissions are not large enough to materially impact climate change.”
“Despite a turbulent 2025, Canada’s economy remains relatively resilient. Total inflation is close to Bank of Canada’s target, but inflation dynamics ultimately depend on the ongoing geopolitical tensions and global trade uncertainty,” said CFIB’s chief economist and vice-president of research, Simon Gaudreault.
Key highlights of the Q4 2025 edition of the Main Street Quarterly report
CFIB’s estimates and forecasts in partnership with AppEco suggest the Canadian economy grew by 0.6% in the fourth quarter of 2025 and is expected to grow by 3.4% in Q1 2026. The Consumer Price Index (CPI) inflation rose to 2.2 in Q4 2025 and is expected to edge up slightly (2.3) in the first quarter of 2026.
After posting moderate growth of 0.7% in Q4, private investment is expected to recover by 3.5% in Q1 which is still very modest for this indicator.
The Q4 2025 private sector job vacancy rate remained unchanged at 2.8%, representing 387,600 unfilled positions.
A special analysis this quarter focusing on B2B and B2C businesses found that while all firms have become much less optimistic since Q1 2025, B2C businesses have recovered faster. Weak demand, shortages of skilled labour and distribution constraints affect B2B firms more, while limited physical space is impacting more the B2C firms.
The sectoral profile on business dynamics reveals that business exits have outnumbered entries for more than one year now. Most sectors are seeing more exits than entries, with the ratio being worse in transportation, wholesale, and finance and insurance. Few sectors have ratios consistently positive except these past quarters (e.g. hospitality, professional services), and only the health and education sector is bucking the current negative trend.
Simon Gaudreault
“Private investment declined by 1.2% year on year, and it’s encouraging to see it slightly rebounding. Small businesses are adapting to the new trade reality. If uncertainty eases, private investment would recover even further, but we need bold policy changes. That includes reducing taxes and red tape and removing internal trade barriers,” said Gaudreault.
“Our analysis on business dynamics paints a troubling picture. Canada’s economic pulse depends on a healthy private sector. We can’t keep losing businesses without new ones entering the market. This is a wake-up call for policymakers to create a stronger and more competitive economic environment.”
The CFIB is Canada’s largest association of small and medium-sized businesses with 100,000 members across every industry and region.
Dynamite at Royalmount in Montreal. Photo courtesy of Dynamite
Groupe Dynamite Inc. has emerged from the 2026 ICR Conference with renewed investor confidence, stronger financial guidance, and growing recognition as one of Canada’s most disciplined apparel retailers.
In a research note published following the conference, Stifel Managing Director Martin Landry highlighted accelerating brand momentum, operational strength, and improving profitability as key factors underpinning a more optimistic view of the company’s near- and medium-term trajectory.
The Montréal-based retailer, which operates the Garage and Dynamite banners, raised its full-year outlook ahead of the conference and reported that comparable sales for the first nine weeks of the fourth quarter of fiscal 2025 were up 30.8 percent year over year. That performance exceeded both internal expectations and broader market consensus, reinforcing the company’s positioning as a standout performer in North American fashion retail.
Upward Revisions Reflect Momentum Into 2026
Stifel increased its target price for Groupe Dynamite to $102 from $96, citing improved visibility into earnings growth and sustained demand across core markets. Revenue forecasts were also revised higher, with fiscal 2026 revenue now projected at $1.54 billion and fiscal 2027 revenue at $1.81 billion. Adjusted earnings per share expectations rose to $2.74 for fiscal 2026 and $3.39 for fiscal 2027.
Martin Landry
The improved outlook reflects a combination of strong comparable store sales, operating leverage, and disciplined cost management. Management reiterated its expectation for high single-digit comparable sales growth in fiscal 2026, supported by a pricing strategy that targets increases at roughly twice the rate of inflation. Approximately half of that growth is expected to come from pricing, with the balance driven by traffic and volume tied to continued brand momentum.
Brand Strength Extends Beyond Sales Metrics
Beyond financial performance, the report pointed to qualitative indicators that underscore the strength of the Garage brand, particularly in international markets. Management noted exceptionally high levels of interest in new store openings, including more than 1,000 applications for each of two store manager roles recently posted in the United Kingdom. Similar trends have been observed in the United States, where application volumes for new stores are significantly higher than they were five or ten years ago.
This level of engagement suggests rising brand awareness and employer appeal, both of which are increasingly important in a tight labour market. According to the report, these trends provide early signals that Garage’s international expansion strategy may gain traction more quickly than previously anticipated.
Employee Ownership Supports Retention and Culture
One of the more distinctive elements of Groupe Dynamite’s operating model is its approach to employee ownership. Following the company’s initial public offering, deferred share units were granted to employees below the director level, including store-level staff. These grants, valued between $500 and $2,000 at the time of issuance and subject to a two-year vesting period, have grown substantially in value alongside the company’s share price.
Stifel noted that employee retention has improved meaningfully since the introduction of the program, positioning Groupe Dynamite differently from many peers in the apparel sector. The alignment between employee incentives and shareholder outcomes is viewed as a structural advantage that supports execution consistency and long-term performance.
Image: Garage
Technology Investments Target Personalization
Groupe Dynamite has also been investing in its digital and information technology infrastructure, with a focus on enhancing personalization and improving the customer experience. The company began rolling out upgrades through its mobile app in late 2025 and plans to extend the platform enhancements to its North American and international websites.
The upgraded systems are designed to tailor product recommendations based on customer location and preferences, an area management has identified as one of the largest growth opportunities for 2026. These investments aim to strengthen conversion rates and deepen customer engagement, particularly as e-commerce continues to represent a meaningful share of total sales.
Margin Expansion Expected as Cost Pressures Ease
Margin performance is another area where the outlook has improved. Groupe Dynamite faced unusually high tariff costs in fiscal 2025, with rates reaching as high as 145 percent at their peak. Those pressures have since eased, and the combination of lower tariffs, supplier concessions, internal cost controls, and price increases is expected to support gross margin expansion in fiscal 2026.
Stifel forecasts a 50 basis point year-over-year increase in gross margin for fiscal 2026, alongside a similar improvement in selling, general, and administrative expense leverage. Strong sales growth is expected to further enhance fixed cost absorption, contributing to improved profitability across the income statement.
Store Relocations Add Long-Term Upside
The report also highlighted the continued opportunity tied to store relocations and upgrades. Management has indicated that relocating stores from lower-tier malls into higher-quality retail centres can result in sales increases of up to four times, even when store size remains unchanged. Approximately 40 percent of Groupe Dynamite’s store base is still located in lower-tier malls, providing a multi-year runway for revenue and productivity gains as the portfolio is optimized.
This strategy aligns with broader shifts in North American retail real estate, where high-performing centres continue to consolidate traffic and spending.
A Growing Story for Global Investors
While Groupe Dynamite is well known within Canada, Stifel noted that the company remains a relatively new story for many international investors. As awareness increases, particularly in the United States and Europe, the firm believes the stock could benefit from a broader investor base that recognizes the company’s operational discipline and growth profile.
With strong comparable sales, improving margins, and a clear strategic roadmap, the Groupe Dynamite 2026 outlook reflects a retailer that is navigating a volatile apparel landscape with confidence and precision. As the company enters the new fiscal year, its combination of brand relevance, operational execution, and financial strength continues to set it apart within the Canadian retail sector, according to the report.
Rendering of the future four-level 40,000 sq ft Aritzia store at Robson and Howe in Vancouver. Rendering: Aritzia
Aritzia Inc. reinforced its position as one of North America’s fastest-growing apparel retailers during the 2026 ICR Conference, according to a research update published by Stifel‘s Martin Landry following management’s presentation and investor meetings. The Vancouver-based retailer drew strong interest from the investment community, presenting to a full ballroom and fielding questions focused on the sustainability of its recent performance and the drivers behind its acceleration.
Management pointed to a combination of operational execution, disciplined inventory management, digital initiatives, and U.S. store expansion as the foundation of its current momentum. Stifel reiterated its Buy rating on Aritzia shares and maintained a target price of $150, citing a long growth runway and the company’s ability to reinvest cash flows at returns exceeding 20 percent.
Inventory Discipline and Margin Expansion
One of the central themes of Aritzia’s presentation was the improvement in inventory availability and markdown discipline. Investments in information technology and data analytics have enhanced management’s visibility into store-level inventory, reducing out-of-stock situations that previously limited the company’s ability to capture demand.
Martin Landry
According to the report, improved inventory positioning has allowed Aritzia to sell through product at full price more consistently, while a reduction in clearance activity has supported margin expansion. The result has been a meaningful uplift in profitability, particularly as demand remained strong across key categories.
This focus on inventory discipline represents a structural shift rather than a short-term adjustment. Management emphasized that better data-driven decision-making has improved both availability and efficiency, positioning the company to support higher sales volumes without a proportional increase in markdown risk.
Mobile App Exceeds Early Expectations
Aritzia’s mobile app launch emerged as another significant contributor to recent performance. Within the first two months following launch, the app reached approximately 1.4 million downloads, a level management had initially expected to achieve after a full year.
The app allows Aritzia to personalize product recommendations and tailor the customer experience more effectively, strengthening engagement and increasing purchase frequency. Management estimates that over the longer term, the mobile app could contribute mid- to high-single-digit incremental growth to overall sales.
Beyond direct revenue impact, the app has become a strategic tool for deepening customer relationships and reinforcing brand loyalty, particularly as the company continues to expand its digital ecosystem alongside its physical store network.
U.S. Store Expansion Drives Brand Awareness
Aritzia’s expanding U.S. footprint was highlighted as a critical growth engine. Over the past four years, the company has doubled its store count in the United States, significantly increasing brand awareness in key markets.
Management described store openings as the company’s most effective customer acquisition strategy. The in-store experience, designed to deliver a boutique feel within a larger retail format, remains central to Aritzia’s differentiation. Personalized stylists play a key role by building relationships with high-value customers, booking appointments, and customizing the shopping experience.
With sales per square foot reaching approximately $1,500, Aritzia’s store network is among the most productive in the sector. This productivity supports higher profitability and reinforces the economics of continued physical expansion as part of the broader Aritzia growth strategy.
Aritzia Yorkdale (Image: Aritzia)
Shift Toward Digital Marketing Investment
Another notable change discussed at the conference was Aritzia’s evolving approach to marketing. Historically, the company invested little in digital marketing to drive sales. That strategy shifted in March 2024, when management began allocating a low single-digit percentage of sales toward digital channels.
These investments have focused primarily on social media and influencer marketing, with early results described as strong. According to the report, digital marketing has supported both traffic and conversion, complementing the company’s store expansion and mobile app initiatives.
Management positioned digital marketing as a scalable lever that can be adjusted as the company grows, providing flexibility while supporting continued brand visibility in increasingly competitive apparel markets.
Everyday Luxury Positioning Resonates Across Demographics
Aritzia’s positioning as an everyday luxury brand continues to resonate with consumers, combining premium quality with accessible price points. This positioning has allowed the company to carve out a niche between traditional mass-market retailers and higher-end luxury brands.
The brand’s multi-generational appeal was also emphasized. Aritzia serves a broad customer base ranging from teenagers to women in their forties and beyond, offering product suited to a wide range of occasions. This diversity reduces reliance on any single demographic and supports more stable long-term demand.
Management described this positioning as a key differentiator that has contributed to sustained growth and resilience through varying economic conditions.
Technology and Workforce Initiatives Ahead
Looking forward, Aritzia outlined several operational initiatives aimed at further enhancing performance. The company is in the process of rolling out RFID tagging across its store network, which is expected to provide more precise real-time inventory visibility.
In parallel, Aritzia has begun work on a multi-year merchandise planning software initiative designed to improve forecasting and allocation. A workforce planning tool is also being implemented to ensure appropriate staffing levels by location and time of day.
Management indicated that these initiatives have the potential to lift sales and efficiency over time, reinforcing the company’s operational foundation as it continues to scale.
Aritzia Yorkdale (Image: Aritzia)
Financial Outlook and Balance Sheet Strength
Stifel’s report highlighted Aritzia’s strong financial position, noting the absence of bank debt and a growing cash balance exceeding $600 million. This balance sheet strength provides management with flexibility to invest in growth initiatives while maintaining optionality.
Revenue is projected to reach approximately $4.18 billion in fiscal 2027 and $4.88 billion in fiscal 2028, with adjusted earnings per share expected to grow to $4.10 and $5.20 respectively. The firm’s valuation reflects confidence in Aritzia’s ability to sustain above-average growth while expanding margins.
The company’s rising market capitalization and liquidity have also broadened its appeal among global investors, according to the report.
A Compounding Growth Story
In its conclusion, Stifel described Aritzia as a strong compounder with a long runway for reinvestment. With returns on invested capital exceeding 20 percent, cash deployed back into the business is expected to generate accelerating value over time.
While acknowledging risks related to tariffs, inflation, currency exposure, and shifting consumer demand, the report framed these challenges as manageable within the context of Aritzia’s operational discipline and brand strength.
As outlined at the ICR Conference, Aritzia’s growth strategy is increasingly defined by a blend of disciplined execution, selective investment, and a clear understanding of its customer. For Canadian retail watchers, the company’s trajectory offers a case study in how scale, technology, and brand positioning can work together to drive sustained performance.
Black Friday was the busiest shopping day of the 2025 holiday season, according to new retail transaction data from Moneris, as consumer spending clustered around a small number of peak periods amid otherwise restrained activity.
Data released by the payment processor shows Black Friday generated the highest transaction volume between Nov. 1 and Dec. 31, with several late-December days also recording elevated levels as shoppers made last-minute purchases.
Concentrated demand shapes holiday season
Moneris said Dec. 23 reached 95 per cent of Black Friday’s transaction volume, driven largely by last-minute holiday shopping. Dec. 22 followed closely at 94 per cent of Black Friday’s volume.
Cyber Monday ranked 11th overall during the period, generating nearly 79 per cent of Black Friday’s volume. Boxing Day, by contrast, captured less than half of Black Friday’s volume, continuing what Moneris described as a downward trend.
The data suggests holiday spending in 2025 was anchored by early promotional events and predictable late-December purchasing patterns, pointing to multiple demand surges rather than a single sustained peak.
Sean McCormick
“Moneris data shows that holiday spending in 2025 was concentrated around a small number of high-impact moments, with Black Friday once again leading the season. This was followed by a strong pre-holiday surge, as December 22 and 23 ranked among the busiest shopping days, reflecting how consumers continue to rely on a mix of early promotions and last-minute purchasing to complete their holiday shopping,” said Sean McCormick, vice-president of business development, data services at Moneris.
National spending remains largely flat
Despite the strong performance of specific shopping days, Moneris said overall retail spending across Canada was relatively unchanged compared with the previous year. Total retail spend declined by one per cent year over year, while the total number of transactions increased by one per cent.
The transaction data aligns with consumer sentiment measured earlier in the season. According to an Angus Reid survey commissioned by Moneris, 43 per cent of Canadians said they intended to spend less during the 2025 holiday shopping season than the year before, while seven per cent said they planned to spend more.
Moneris said the combination of flat spending and a slight increase in transaction count suggests consumers remained engaged in holiday shopping but adjusted how they spent.
“Moneris data shows that while overall holiday spending remained relatively flat in 2025 compared to 2024, transaction activity increased modestly, pointing to a more cautious and selective approach to holiday shopping. Canadians continued to participate in the season but spread their spending across smaller, more deliberate purchases, reflecting a heightened focus on value and affordability,” McCormick said.
Regional differences emerge
While national results showed limited growth, Moneris said its data revealed notable regional variation in consumer activity.
Manitoba stood out with more than a two per cent increase in spending volume and a three per cent rise in transaction count during the holiday period, according to Moneris.
“While holiday spending in 2025 was more restrained nationally, Moneris data shows clear pockets of regional strength, with Manitoba standing out with a more than two per cent increase in spend volume and a three per cent rise in transaction count. These results highlight that, even in a slower year overall, strong consumer activity persisted in key regions across the country,” McCormick said.
Photo: A. C.
Implications for retailers
Moneris said the 2025 holiday season underscores the importance for retailers of planning for multiple spikes in demand rather than relying on a single marquee shopping day. The data points to a combination of early promotional periods, sustained pre-holiday activity and last-minute purchasing driving overall results.
The company said the continued prominence of Black Friday, alongside the resilience of Cyber Monday and the relative decline of Boxing Day, reflects evolving consumer behaviour during the holiday shopping season.
Moneris is one of Canada’s largest providers of payment processing and commerce data, tracking transaction activity across a wide range of merchants nationwide.
Maripier Morin and WeCook executive chef Gabriel Drapeau
WeCook says it is adding a new ready-to-eat meal to its menu through a collaboration with brand ambassador Maripier Morin, expanding its family-size offerings for late January.
The Montréal-based meal delivery company announced the launch of Maripier’s perfect chicken pasta, which will be available during the weeks of Jan. 18 and Jan. 25. The dish will be offered in a family-size format, a move the company says reflects its focus on shared meals.
New product tied to brand partnership
The new pasta dish is the result of several development meetings between Morin and WeCook executive chef Gabriel Drapeau, according to the company. WeCook said the collaboration focused on flavours linked to Morin’s childhood and meals she associated with family gatherings.
The company said the dish features roasted chicken breast with Herbes de Provence served on radiatori pasta in a creamy mushroom sauce, with green peas, asparagus and mozzarella.
Maripier Morin
“We eat with our memories, and we eat with our hearts. For me, the most important part of this collaboration was creating a meal that allows people to reconnect with their own memories while connecting with each other,” said Morin. “To achieve that, we decided to go with one of my family’s favourites, revisited with a WeCook twist.”
WeCook said Morin’s role as family ambassador made a family-size format a natural extension of the partnership.
Menu timing and operational focus
The company said the meal will appear on its rotating menu for two specific weeks in January, rather than as a permanent addition. WeCook regularly updates its offerings, releasing weekly menus that include a set number of recipes.
WeCook said the collaboration aligns with its stated objective of simplifying daily meal planning for customers while encouraging shared eating experiences. The company also said it aims to introduce customers to new flavours while drawing on familiar food traditions.
Maripier Morin and WeCook executive chef Gabriel Drapeau
Company background and growth
Founded in 2013, WeCook operates in the ready-to-eat meal delivery segment, offering prepared meals, snacks and beverages. The company says it delivers fresh meals directly to customers.
WeCook said it has recorded growth of 1,000 per cent since 2020 and has created more than 400 jobs. The company is based in Montréal and operates two production centres.
According to the company, it delivers more than 4.5 million meals annually across Ontario, Quebec, New Brunswick and Nova Scotia. WeCook said its weekly menus consist of 15 recipes.
Minakakis said 2025 was a largely flat year for retail, with performance varying widely by segment. Consumer demand fluctuated and results lacked consistency, leaving many retailers focused on simply weathering the year without major setbacks. He noted that retailers who avoided aggressive discounting and protected their value proposition were often better positioned, as excessive promotions can weaken brand equity.
George Minakakis
Looking ahead, Minakakis said many of the same pressures remain in place. Affordability continues to weigh on consumers as food prices stay high and a significant portion of Canadian mortgages come up for renewal, potentially at much higher interest rates than five years ago. Trade uncertainty and geopolitical tensions are also contributing to a cautious economic outlook.
Minakakis highlighted artificial intelligence as one of the most significant forces reshaping retail. AI is being adopted quickly by both retailers and consumers, fundamentally changing how products are discovered and purchased. As AI-driven tools increasingly guide consumer choices, retailers face growing challenges around visibility and relevance in digital and AI-powered marketplaces.
According to Minakakis, retailers that are thriving are those that have embraced transformation rather than becoming immobilized by uncertainty. He pointed to major retailers that have consistently adapted their operations and technology strategies over time as examples of how ongoing evolution supports long-term resilience.
On the real estate front, Minakakis said the collapse of Hudson’s Bay has left a large amount of oversized retail space across Canada. He expects landlords to subdivide many of these locations, as finding single tenants for such large footprints will be difficult, while malls will need to focus more heavily on driving traffic.
For mid-sized retailers, Minakakis said the most critical near-term decision is clearly defining how AI will be integrated into their business, with speed and responsiveness emerging as key competitive advantages.
MAITREYI RAMAKRISHNAN TO BE THE FACE OF FABLE & MANE 2026 GLOBAL CAMPAIGN (CNW Group/Fable & Mane)
Toronto-based haircare brand Fable & Mane has named Canadian actress and activist Maitreyi Ramakrishnan as the face of its 2026 global campaign, a move that positions the company to anchor its next phase of brand storytelling around heritage, ritual and international reach.
The campaign, titled Where All Rituals Begin: From Ancient Lands to Modern Hands, will be filmed entirely in India and centres on the origins of Fable & Mane’s HoliRoots Hair Oil, according to the company. The announcement signals a strategic alignment between the brand and a globally recognized Canadian actor with strong cultural and social visibility.
Campaign focus and production
Fable & Mane said the campaign film will follow Ramakrishnan as she gathers herbs central to the brand’s products, presenting what the company describes as its origin story rooted in tradition and nature. The film will be narrated by Ramakrishnan and is designed as a visual journey connecting ancient practices to modern haircare routines.
Maitreyi Ramakrishnan
“I grew up with my great-grandmother, grandmother, and mother caring for my hair, a weekly tradition of hair oil carefully made with herbs and a lot of love. Today, in my busy life, Fable & Mane is a part of that personal care in my life. It also deeply matters to me that Akash shares my commitment to showcasing the power of Ayurveda in beauty and self-care. This campaign is a love song to nature’s gifts to human wellbeing,” Ramakrishnan said in the release.
The company said the campaign video invites viewers to experience where “ancient lands meet modern hands,” framing haircare rituals as part of contemporary personal care practices.
“It’s an honour to welcome Maitreyi as part of the Fable & Mane family. What started as an organic friendship grew into her becoming our first Fablemaker with The Fable Fund, and now this moment feels truly full circle. Maitreyi embodies the spirit and purpose behind everything we do at Fable & Mane, and there’s no one better to help us lead this next chapter,” Mehta said.
The company described Ramakrishnan’s role as extending beyond campaign talent, tying her involvement to prior initiatives connected to the brand.
Positioning and values
Fable & Mane said the campaign reinforces its focus on mindful beauty and personal care framed as wellness. The company positions its products as inspired by Ayurvedic traditions and passed-down rituals, which it aims to reinterpret for modern consumers.
The brand stated that the campaign emphasizes the rituals and natural ingredients behind HoliRoots Hair Oil and highlights storytelling as a central component of its business approach.
About the campaign figure
Ramakrishnan has been recognized for her work in film and television as well as for her advocacy. She was named to the TIME100 Next list in 2021 and appeared on the New York Times’ 2020 list of best actors. She is best known for her lead role in Netflix’s series Never Have I Ever and has appeared in films described by the company as globally acclaimed.
The release also notes that Ramakrishnan was named to the Forbes 30 Under 30 list in 2024 and is active in advocating for public education, gender rights and inclusion.
Company background
Fable & Mane describes itself as a modern haircare brand rooted in Ayurvedic tradition, producing haircare products that combine natural ingredients, ritual-based practices and contemporary formulation. The company frames its offerings around storytelling and multi-generational hair rituals.
Fable & Mane products are available at Sephora Canada, according to the release.
The company said the 2026 global campaign represents the next chapter in its brand development, with Ramakrishnan serving as the central figure connecting its cultural origins to its global ambitions.
