Due to a travel schedule, Developers & Chains will not be issued on Wednesday, August 12th, 2026. The next issues will be on Monday, August 17th, 2026. Have a great week……………
Plaza Retail REIT is conducting a formal review of strategic alternatives following an unsolicited, non-binding acquisition proposal from Axia Real Assets LP. The REIT’s Special Committee, advised by TD Securities, has received interest from other potential parties and is evaluating alternatives that could include offers for all or part of Plaza, merger opportunities, asset transactions, or continuing with its existing strategy. No decision or agreement has been reached, and no timetable has been established. Plaza owns 189 properties totaling approximately 8.8 million square feet across Ontario, Quebec and Atlantic Canada, primarily comprising open-air and small-box retail centres anchored by national, necessity-based tenants. The review aims to maximize value for unitholders. (Plaza Retail REIT – www.plaza.ca)……….
Happy Belly Food Group has announced the appointment and promotion of Ian Thomas to CFO, effective August 6th, 2026. Thomas succeeds Shawn Moniz following the conclusion of Moniz’s one-year tenure as interim CFO. Thomas was appointed Executive Vice President of Finance in January 2026, bringing more than 25 years of senior financial leadership experience and expertise in franchised restaurant systems, public and private company reporting, and multi-divisional operations. As CFO, he will oversee Happy Belly’s financial strategy, financial reporting, forecasting, risk management and financial systems and will work closely with the company’s board of directors, the Vice President of Finance Josh Hone, and the executive leadership team as Happy Belly continues to scale its growing portfolio of restaurant brands. (Happy Belly Food Group Inc. – www.happybellyfg.com)………….
Montreal-based BTB REIT has sold two office properties in Trois-Rivières in Quebec, 1500 Royale St and Complexe de Léry at 505 Des Forges St., for $20 million(Cdn). The properties total more than 149,000 square feet and were 80.3 percent occupied as of June 30, 2026. The disposition supports BTB’s strategic portfolio repositioning, with proceeds earmarked for acquiring additional industrial properties. BTB currently owns and manages 72 properties totaling approximately 5.9 million square feet across Canada. (BTB REIT – www.btbreit.com)……….
Baffin, the Canadian manufacturer of technically advanced footwear, has entered a new chapter following its acquisition by J.P. Royer Inc., a Canadian manufacturer of work and military footwear, from Canada Goose Holdings Inc. The company will operate as Baffin Footwear Inc., retaining its brand, leadership team, employees, customer relationships and Stoney Creek, Ontario operations. Founded by the Hubner family in 1979, Baffin has built an international reputation for high-performance footwear tested in demanding environments, from polar expeditions to industrial worksites. Royer plans to support the brand with long-term investment and manufacturing expertise while maintaining its Canadian heritage and identity. Founder Paul Hubner is departing after more than 45 years, while Mark Hubner becomes Managing Director. Baffin will continue operating independently within the Royer Group, with customers, suppliers and retail partners experiencing no interruption to products or services. (J.P. Royer Inc. – www.royer.com) & (Baffin Footwear Inc. – www.baffin.com)………
Neighbourly Pharmacy Inc., Canada’s largest network of independent pharmacies, has acquired seven additional pharmacies through multiple transactions across the Prairies and Central Canada. The acquisitions bring Neighbourly’s national network to 332 locations, further strengthening its presence and expanding access to community-based healthcare. CEO Skip Bourdo said the transactions demonstrate the company’s commitment to supporting independent pharmacy owners, investing in local communities and maintaining convenient access to trusted healthcare services. (Neighbourly Pharmacy Inc. – www.neighbourlypharmacy.ca)…………..
Jollibee Foods Corp is expanding its North American presence with a new Jollibee restaurant at 934 Market St. in downtown San Francisco, that opened in late July. Located near Powell Street BART, the location strengthens the brand’s position in the Bay Area, where its first U.S. location opened in Daly City in 1998. With this addition, Jollibee now operates more than 100 locations across the U.S. and Canada. (Jollibee Foods Corp – www.jollibeefoods.com)……..
PesoRama, the Canadian-owned operator of JOi Dollar Plus stores in Mexico, is expanding with three new locations scheduled to open in August 2026. Store #44, a 3,767 square foot unit at Parque Vía Vallejo in Mexico City, will join a major mixed-use destination. Store #45, spanning 4,435 square feet at Centro Tepozán in Los Reyes La Paz, will serve a densely populated eastern Mexico City trade area. Store #46, a 4,639 square foot location at Cruz del Sur in Puebla City, will bring the chain to four stores in the state. The openings will increase PesoRama’s network to 46 stores, supporting its continued growth across high-traffic Mexican markets. (PesoRama Inc. – www.pesorama.ca)………….
Minto Group and Crestpoint Real Estate Investments have completed their approximately $2.3-billion acquisition of Minto Apartment REIT. Crestpoint acquired outstanding REIT units for $18 each, while Minto rolled its 42.7 percent equity interest into the new partnership. The joint venture will provide growth capital for expanding a portfolio of purpose-built rental properties across Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria and Halifax. Minto will continue providing property management, development and construction services, while the partnership targets new-build, stabilized and value-add multifamily opportunities. (Minto Group -www.minto.com) & (Crestpoint Real Estate Investment Limited Partnership – www.crestpoint.cclgroup.com)……………..
Yum China has completed its $1.2-billion(US) acquisition of ownership of the Pizza Hut brand in Mainland China from Yum! Brands. After operating Pizza Hut in China for 36 years, Yum China expects eliminating the three percent licensing fee to improve restaurant and operating margins and support stronger store economics. The company plans to accelerate Pizza Hut expansion to more than 800 net new stores annually in 2027 and 2028. (Yum China Holdings, Inc. – www.yumchina.com)……….
Spencer Spirit Holdings Inc. has signed a definitive agreement to acquire Hot Topic Inc. from Sycamore Partners, bringing Hot Topic, BoxLunch and Her Universe together with Spirit Halloween, Spencer’s and Spirit Christmas. The transaction will create a retail platform with more than 3,000 stores across North America, combining brands with strong cultural, entertainment and fandom appeal. Spirit Halloween operates more than 1,550 locations, Spencer’s over 650, while Hot Topic has more than 615 stores and BoxLunch over 280. Following closing, expected in the third quarter, the Hot Topic, BoxLunch and Her Universe businesses will retain their California headquarters and operate independently under CEO Steve Vranes. Spencer Spirit CEO Steven Silverstein will oversee the combined company. (Hot Topic Inc – www.hottopic.com) & (Spencer Spirit Holdings Inc – www.spencers.com)………….
Asian grocery chain T&T Supermarket reports that it is expanding into Manitoba with its first store at CF Polo Park in Winnipeg. The 48,000 square foot store will be located on the lower level of the mall at 1485 Portage Ave and is expected to open in Spring 2028. “We’re proud to have found the perfect home at CF Polo Park, where customers can discover fresh produce, exotic fruits, trendy Asian snacks, beauty products, and beloved T&T kitchen and bakery favourites,” said CEO Tina Lee. T&T currently operates 40 locations across North America, including 37 in Canada and three in the United States. In 2026, T&T will open two new stores in Canada: one in North York, Ontario, followed by Gilmore in Burnaby, British Columbia. (T&T Supermarket – www.tntsupermarket.com)……….
In a recent conversation with a few seasoned landlords, the subject of what should a centre landlord be looking for in a new tenant. More than the old adage, ‘A Pulse’, when sourcing a new tenant, a landlord should be looking beyond the rent and assess the tenant’s ability to contribute to the centre’s long-term success. Obviously, financial strength is fundamental but more than the tenant’s financial statements, landlords must consider operating history, creditworthiness, capitalization and, where appropriate, personal or corporate guarantees.
All agreed, the tenant’s concept and customer appeal are also equally important. A strong retailer or restaurant should complement the existing tenant mix, attract a desirable customer demographic and generate regular traffic. Landlords should consider whether the concept is growing, differentiated and most important, relevant to the market.
Experienced operators with successful locations generally present less risk, while newer concepts require greater scrutiny of management expertise, business plans and funding. For franchisees, the strength and support of the franchisor must also be evaluated.
Landlords must consider the lease economics and relationship potential including proposed rent, term, tenant inducements, renewal options, percentage rent, exclusivity provisions and the tenant’s willingness to invest in a quality build-out. Basically, is it a ‘win’ for both parties?
Our gathering of ‘been-there, done-that’ senior decision-makers all agreed that ideal tenant is not simply one that can pay the highest rent, but one that is financially sound, operationally capable, customer-focused and most important, capable of strengthening the overall shopping centre.
These are the ‘blocks’ that many of the malls and centres were built on. They were designed to be smooth running mini-communities……….not just assets.
Have a great week and don’t forget, the next issue will be on August 17th. Stay safe and buy Canadian…………