FYidoctors Expands into Medical Aesthetics via Acquisition

Date:

Share post:

Calgary-based FYidoctors/Visique, the world’s largest optometrist-owned eye care company, has expanded into the growing field of medical aesthetics.

The company has acquired ReNue, a chain of doctor-led medical aesthetics clinics based in Calgary. This acquisition marks a significant growth opportunity for FYidoctors, said Dr. Alan Ulsifer, CEO and Chairman of FYidoctors.

“To our core, FYidoctors is dedicated to enhancing the lives of our patients,” said Ulsifer. “We are committed to doctor-led patient care, which makes joining forces with ReNue a natural fit. As patients continue to seek out a personalized health care approach, we are positioned to support them on that journey.

“Our DNA in FYi is enhancing life and (ReNue) really aligns with our thinking. The world’s changed from medical aesthetics when it used to be something that was taboo. It’s growing quite dramatically because of all the changes in technology around non-surgical treatments to have people feel younger and better and it’s become less taboo. Early days, people didn’t talk about these sorts of things and we’re seeing more and more people now – it’s almost like an everyday routine.

“The market in Canada is around $10 billion in revenue so far bigger than you would have ever dreamed of. And shockingly one of the big market segments is Millennials that are getting into that space.”

Recently, FYidoctors acquired Grimard Optique, a Quebec-based vision care and retail chain with 22 locations, bringing its total portfolio to 250 locations across Canada – 70 of them added in 2019 alone – and it supports about 50 independent optometrists.

ReNue was founded in 2002 by Dr. Jason McWhirter as an extension of his established medical practice. It provides holistic patient-centric care that helps patients look and feel confident. Blending the safety, security and technology of a medical practice with a highly refined aesthetic sensibility, ReNue offers patients advanced skin care, hair removal, body services, as well as minimally invasive cosmetic options, all in a private and relaxed setting.

It has three locations – one in downtown Calgary, one in the southeast neighbourhood of Seton in Calgary, and one in Airdrie.

“Partnering with a powerhouse like FYidoctors that shares our values of putting patients before products, will enhance our footprint and, ultimately, the quality of care we provide,” said McWhirter. “By bringing together our medical aesthetics expertise with FYidoctors’ established system for business support and growth, ReNue is ready to expand operations to bring our trusted, modern and holistic approach to many more patients across Canada.”

Ulsifer said ReNue has shown tremendous growth since its inception and he thought the business was a good one for FYidoctors to become involved with and help grow.

“We spent 11 years building infrastructure for consolidating independent optometrists adding value through automation systems, marketing and frankly saw the same opportunity with (ReNue),” he said.

“It’s a fascinating business and for us to get into it it was really about leadership. And really we’re the engine for Jason and his colleagues to go forward and really try to execute on a similar vision as what we did with FYi.”

FYidoctors has been continuously expanding its footprint across Canada, adding almost 70 new locations in 2019 to date. Currently, operations occupy more than 480,000 square feet of retail space, with an additional 47,000 square feet for their state-of-the-art ophthalmic laboratory and distribution centre in Delta, BC.

The company was founded in April 2008 with a location in Grande Prairie, Alberta.

“The plans (for medical aesthetics) is to mimic what we’ve done at FYidoctors. It’s to bring a bunch of independent brands that are offering high quality care and to help elevate that and to help create a message to the market around that quality care being meaningful in people’s lives and how important it is,” said Ulsifer.

“It’s an industry that’s looking for help. Just like in optometry, there’s all kinds of new technology, changes coming out, there’s costs involved in that, we’ve been able to simplify a complicated world for optometrists and hope to do the same in this industry.” 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From Retail Insider

Consumer Loyalty Trends in Canada: The Crucial Role of Personalization in a Changing Economy [Video Interview]

A critical statistic reveals that 33% of consumers abandon brands that lack personalization, emphasizing the growing importance of tailoring experiences and offers to meet individual customer expectations in today's competitive market.

Ralph Lauren Expands in Canada with 1st Full-Price Luxury Store at Toronto’s Yorkdale Shopping Centre [Photos]

The US-based brand has opened a concept store featuring a mix of luxury and Polo products, and is expected to open more in Canada after launching an e-commerce site next month. 

Bayshore Shopping Centre in Ottawa Dominating Market and Adding Tenants Amid Sales Growth [Interview]

The landlord completed 77 leasing transactions totalling over 431,000 square feet in the past year, with more retailers and a redevelopment in the works.

Elevating Canadian Retail: How JLL’s Expertise Reshapes Property Management [Interviews]

Landlords are increasingly turning to JLL for pioneering property management solutions that prioritize both enhanced customer experiences and sustainability.

Mandy’s to Open Gourmet Salad Restaurant in Toronto’s Yorkville as Chain Expands [Exclusive Interview/Renderings]

The popular Montreal-based foodservice concept is growing its presence in Toronto with multiple locations, including one behind a soon-to-open Saint Laurent flagship store.

Gen Z’s Digital Upbringing Meets a Passion for Tangible Retail and Authentic Brands [Interview]

A new report on Gen Z, born between 1997 and 2012, provides insight into consumer behaviours as well as a look into the upcoming Generation Alpha.

Interview with Giant Tiger’s New CEO Gino DiGioacchino on the Future of the Iconic Canadian Retailer [Interview]

DiGioacchino speaks to Retail Insider after being appointed as the new President and CEO of Giant Tiger, and discusses the future of the business and importance of maintaining strong connections with local communities.

Purdys Chocolatier Expands Footprint with Pop-Up Stores [Interview]

The strategy involves providing customers with a taste of Purdys' renowned chocolates in areas where the brand hasn't had a presence before.

Colliers Report Emphasizes the Retail Advantage of Bridging the Digital-Physical Divide [Interview]

A recent report by Colliers Real Estate Management Services reveals that retailers who effectively blend their online and physical store operations are 35% more likely to achieve profitability, with the study emphasizes the importance of omnichannel strategies, convenience, property maintenance, and retailer-driven ESG initiatives.

Preview of ICSC@CANADA Conference 2023: Retail, Technology, and Networking Opportunities in Toronto [Interview]

Craig and Kyle Tomlin, Director of Events in Canada for ICSC, discuss the highly anticipated ICSC@CANADA 2023 conference, set to take place from October 2nd to 4th at the Metro Toronto Convention Centre North Hall in downtown Toronto.

Canadian Grocers Take a Page from Carrefour’s Playbook to Tackle ‘Shrinkflation [Op-Ed]

French supermarket chain Carrefour has labeled products impacted by reduced size, and similar measures may be adopted in Canada to enhance transparency in food pricing, says Sylvain Charlebois.

Jeweller Mejuri Debuts Personalized App and Innovative Membership Program; Plans Expansion with 5 New Stores [Co-Founder Interview]

The popular brand's personalized mobile app and membership program aim to enhance customer engagement and personalization, as Mejuri enters major markets with stores.

Fast-Casual Restaurant Concept MightyBird Opening 1st Location in Toronto in a Partnership [Interviews]

The new concept at Union Station will be the first of many in a partnership between Eat Up Canada and Open Concept Hospitality.

KIT + ACE Launches Store Expansion in Canada Under New Ownership [Interview]

The Vancouver-based retailer will open two locations this fall in Toronto and Calgary, with plans for a substantial expansion into 2024 says CEO David Lui.

Casual Steakhouse Chain MR MIKES Expanding Further in Canada [Interview]

With plans for continued expansion into Western Canada and Ontario, the restaurant chain is evolving its concept and targeting smaller markets to establish itself as a hub for local communities.

Canadian Retail Sales: A Slight Recovery Amidst Economic Challenges [J.C. Williams Group Analysis]

The analysis explores the noteworthy trends in the health and wellness sector, the resilience of certain retail categories, and the impending holiday season's strategic considerations for retailers.

Bloor Street Retail Transformation: Luxury Brands, Renovations, and New Openings in Toronto [Podcast]

Craig and Lee take a deep dive into the dynamic changes occurring on Toronto's Bloor Street West, noting the street's resurgence as a thriving hub for luxury shopping in the city.

Ricardo’s Kandy Korner to Open Flagship Candy Store at CF Toronto Eaton Centre in Toronto [Interview]

Entrepreneur Ricardo Rizaie says he’s planning to take his experiential candy retail concept across Canada after opening a third Canadian storefront in downtown Toronto.

PizzaForno Expands Into Toronto’s Public Transit System, Sets Sights on Airport Locations for Automated 3-Minute Pizzas [Interview]

This innovative move marks PizzaForno's entry into the public transit sector, and demonstrates its commitment to becoming the fastest-growing pizza chain in North America by 2024.

Calgary’s Retail Space Crunch Drives Surge in Rental Rates and Demand [Report]

A variety of complicated factors are at play as Calgary retail space sees demand given market growth, while new supply is limited due to factors such as construction costs.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

Consumer Loyalty Trends in Canada: The Crucial Role of Personalization in a Changing Economy [Video Interview]

A critical statistic reveals that 33% of consumers abandon brands that lack personalization, emphasizing the growing importance of tailoring experiences and offers to meet individual customer expectations in today's competitive market.

Ralph Lauren Expands in Canada with 1st Full-Price Luxury Store at Toronto’s Yorkdale Shopping Centre [Photos]

The US-based brand has opened a concept store featuring a mix of luxury and Polo products, and is expected to open more in Canada after launching an e-commerce site next month. 

Bayshore Shopping Centre in Ottawa Dominating Market and Adding Tenants Amid Sales Growth [Interview]

The landlord completed 77 leasing transactions totalling over 431,000 square feet in the past year, with more retailers and a redevelopment in the works.

Elevating Canadian Retail: How JLL’s Expertise Reshapes Property Management [Interviews]

Landlords are increasingly turning to JLL for pioneering property management solutions that prioritize both enhanced customer experiences and sustainability.

Mandy’s to Open Gourmet Salad Restaurant in Toronto’s Yorkville as Chain Expands [Exclusive Interview/Renderings]

The popular Montreal-based foodservice concept is growing its presence in Toronto with multiple locations, including one behind a soon-to-open Saint Laurent flagship store.

Gen Z’s Digital Upbringing Meets a Passion for Tangible Retail and Authentic Brands [Interview]

A new report on Gen Z, born between 1997 and 2012, provides insight into consumer behaviours as well as a look into the upcoming Generation Alpha.

Interview with Giant Tiger’s New CEO Gino DiGioacchino on the Future of the Iconic Canadian Retailer [Interview]

DiGioacchino speaks to Retail Insider after being appointed as the new President and CEO of Giant Tiger, and discusses the future of the business and importance of maintaining strong connections with local communities.

Purdys Chocolatier Expands Footprint with Pop-Up Stores [Interview]

The strategy involves providing customers with a taste of Purdys' renowned chocolates in areas where the brand hasn't had a presence before.

Colliers Report Emphasizes the Retail Advantage of Bridging the Digital-Physical Divide [Interview]

A recent report by Colliers Real Estate Management Services reveals that retailers who effectively blend their online and physical store operations are 35% more likely to achieve profitability, with the study emphasizes the importance of omnichannel strategies, convenience, property maintenance, and retailer-driven ESG initiatives.

Preview of ICSC@CANADA Conference 2023: Retail, Technology, and Networking Opportunities in Toronto [Interview]

Craig and Kyle Tomlin, Director of Events in Canada for ICSC, discuss the highly anticipated ICSC@CANADA 2023 conference, set to take place from October 2nd to 4th at the Metro Toronto Convention Centre North Hall in downtown Toronto.

Canadian Grocers Take a Page from Carrefour’s Playbook to Tackle ‘Shrinkflation [Op-Ed]

French supermarket chain Carrefour has labeled products impacted by reduced size, and similar measures may be adopted in Canada to enhance transparency in food pricing, says Sylvain Charlebois.

Jeweller Mejuri Debuts Personalized App and Innovative Membership Program; Plans Expansion with 5 New Stores [Co-Founder Interview]

The popular brand's personalized mobile app and membership program aim to enhance customer engagement and personalization, as Mejuri enters major markets with stores.

Fast-Casual Restaurant Concept MightyBird Opening 1st Location in Toronto in a Partnership [Interviews]

The new concept at Union Station will be the first of many in a partnership between Eat Up Canada and Open Concept Hospitality.

KIT + ACE Launches Store Expansion in Canada Under New Ownership [Interview]

The Vancouver-based retailer will open two locations this fall in Toronto and Calgary, with plans for a substantial expansion into 2024 says CEO David Lui.

Casual Steakhouse Chain MR MIKES Expanding Further in Canada [Interview]

With plans for continued expansion into Western Canada and Ontario, the restaurant chain is evolving its concept and targeting smaller markets to establish itself as a hub for local communities.

Canadian Retail Sales: A Slight Recovery Amidst Economic Challenges [J.C. Williams Group Analysis]

The analysis explores the noteworthy trends in the health and wellness sector, the resilience of certain retail categories, and the impending holiday season's strategic considerations for retailers.

Bloor Street Retail Transformation: Luxury Brands, Renovations, and New Openings in Toronto [Podcast]

Craig and Lee take a deep dive into the dynamic changes occurring on Toronto's Bloor Street West, noting the street's resurgence as a thriving hub for luxury shopping in the city.

Ricardo’s Kandy Korner to Open Flagship Candy Store at CF Toronto Eaton Centre in Toronto [Interview]

Entrepreneur Ricardo Rizaie says he’s planning to take his experiential candy retail concept across Canada after opening a third Canadian storefront in downtown Toronto.

PizzaForno Expands Into Toronto’s Public Transit System, Sets Sights on Airport Locations for Automated 3-Minute Pizzas [Interview]

This innovative move marks PizzaForno's entry into the public transit sector, and demonstrates its commitment to becoming the fastest-growing pizza chain in North America by 2024.

Calgary’s Retail Space Crunch Drives Surge in Rental Rates and Demand [Report]

A variety of complicated factors are at play as Calgary retail space sees demand given market growth, while new supply is limited due to factors such as construction costs.