A review of the most read bulletins from Retail Insider this week, including significant updates across various sectors. Tokyo Smoke, a leading cannabis retailer, announced the closure of 29 stores as part of a restructuring plan under creditor protection. This move signals a strategic response to shifting market dynamics in the cannabis industry.
Another highlight is JYSK’s reopening of its renovated store in Coquitlam, B.C., showcasing the international retailer’s commitment to enhancing customer experience. Additionally, Holt Renfrew unveiled its Fall 2024 magazine, marking its evolution into a culture-centric publication rather than just a vendor-driven catalogue, reinforcing the retailer’s dedication to creativity and culture.
The week also featured notable news from Michael Hill Jewellers, reporting revenue growth in Canada and Australia, Costco’s membership fee hike, and Walmart Canada facing unionization efforts at its Mississauga warehouse. Other key stories include Canadian Tire’s recognition as one of the world’s most trustworthy companies, Golfworld’s expansion in Quebec, and the opening of Le Fou Fou food hall in Montreal’s Royalmount development.
PHOTO: RETAIL INSIDER
Canadian cannabis retailer Tokyo Smoke last week announced a restructuring plan that includes the closure of 29 stores across the country. The move comes as the company seeks creditor protection under the Companies’ Creditors Arrangement Act (CCAA), signalling a strategic shift in response to evolving market conditions.
JYSK, the international retailer of Scandinavian home furnishings and one of the world’s fastest growing retailers with more than 3,500 stores in 48 countries, has renovated its store in Coquitlam, B.C., at 15 King Edward Street at United Boulevard.
“No longer a vendor-driven catalogue, the magazine has evolved into a coffee table-worthy publication. The Fall 2024 issue, entitled “Collective Currents”, showcases Holt Renfrew‘s commitment to culture and creativity.
The fifth location of the renowned Ramen Arashi is set to open its doors in the bustling Kensington area of Calgary on September 24. The brand said this latest addition will bring the authentic taste of Japanese ramen to the heart of Calgary, continuing the tradition started by founders Kentaro Seki and Yuji Yokomori in 2017.
Jewellery retailer Michael Hill has announced a revenue increase for the past fiscal year. The company’s success is notable in its Canadian and Australian markets. The jeweller saw its overall revenue climb by 4.2 percent, reaching A$644.9 million – the Australian retailer reports in its local currency. The growth was primarily driven by strong performances in Canada and Australia.
Last week US-based multinational membership-only wholesale retailer Costco implemented its first membership fee increase since 2017 for Canadian and U.S. customers. This move comes alongside new measures to prevent non-members from accessing its warehouses.
Walmart Canada faces a unionization effort at its Mississauga warehouse. Unifor, Canada’s largest private sector union, has taken a step towards organizing workers at the facility.
Canadian Tire Corporation, Limited, for the second consecutive year, has been recognized as one of the World’s Most Trustworthy Companies by Newsweek. CTC was listed in the Retail category and ranked as the most trustworthy Canadian retailer, one of just two Canadian companies to make the list of 72 global brands.
Golfworld, a pioneering golf entertainment company, plans to open its first Golfworld Montreal Golf Complex in the winter of 2024-2025, followed by a Laval location in the summer-fall of 2025. The state-of-the-art facilities aim to replicate the golfing experience for visitors of all skill levels.
Le Fou Fou, a European-style food hall, opened Thursday of last week in the heart of the new Royalmount development in Montreal. With two à la carte restaurants, 10 unique culinary concepts, and three individually themed bars, Le Fou Fou says it is a destination created to stimulate the imagination and tantalize tastebuds.
Read more about the opening of Le Fou Fou at Royalmount
