RioCan's retail occupancy hits record amid low supply, high demand. Updated: November 03, 2026 at 4:20p.m. EST Published: November 03, 2026 at 2:19p.m. EST TORONTO - RioCan Real Estate Investment Trust reported its retail committed occupancy rate hit a record high of 98.9 per cent in its third quarter, driven by low supply of new space and robust demand from retailers. The rate marked an increase from 98.4 per cent in the same quarter a year earlier. Chief executive Jonathan Gitlin says there's been little new supply that's come online over the past decade or so, largely because it hasn't been economically viable to build new retail space. "That's largely just a result of, one, for many years, there was the threat of e-commerce, which has dissipated substantially since post-COVID. Two, now there's just the economic realities of what it takes to build new retail," he said in a phone interview on Tuesday. It takes around $600 per foot to build a new retail space, which will increase the average rent to $45 per square foot for the economics to work, he said. The company reported its average net rent per square foot for a new lease was $31.45 in the third quarter, up 32 per cent from last year. "There is a market difference between the rents that we're currently getting, or market rents, and what you'd need to justify significant new supply," Gitlin said. Finding enough land to build meaningful new retail supply is also very difficult, especially in major cities, he added. That has left limited existing space for retailers to move into. He said the company's strategy of focusing on necessity-based tenants, like grocery stores and pharmacies, continues to pay off for its retail portfolio. Many larger companies - including the likes of Loblaw, Walmart, Costco and Dollarama - are vying for more space, especially in the larger cities, Gitlin said. But small- and medium-sized businesses are also an important part of the retail landscape, he said. "Any neighbourhood shopping centre will always benefit from having, let's say, a dry cleaner or a local restaurant or smaller gym," he said. "It adds to the flavour of the shopping centre and, in our minds, is actually a vital component of any good shopping centre." Rising inflation, a slowing economy and now higher borrowing costs have started to weigh on some businesses, but Gitlin said RioCan is still seeing leasing demand from small businesses, particularly those in the services sector. HBC, meanwhile, has taken its spot in the rear-view mirror and has no financial drag on the company's balance sheet anymore, Gitlin said. RioCan took hundreds of millions of fair value losses last year after its joint venture with HBC collapsed as part of the department store's bankruptcy. RioCan is also at the "tail end of exiting the residential business," Gitlin said. The company began inching into the residential real estate sector about ten years ago when the housing market was showing signs of accelerating. "We took advantage of the cycle," he said. Now that the tides have turned and a chill has been put on the housing market, RioCan has been divesting or monetizing much of its residential portfolio over the past few years. Gitlin said that will continue as the market improves. RioCan reported a profit of $122.6 million during the third quarter, compared with a loss of $120.3 million a year earlier. The profit amounted to diluted net income per unit of 42 cents, up from a diluted loss per unit of 41 cents last year. Revenue was $304.8 million during the period ended Sept. 30, down year-over-year from $371.2 million. National Bank analyst Matt Kornack said RioCan's operating performance was consistent with expectations. Expectations for the fourth quarter, meanwhile, remain strong, he said in a note on Tuesday. Ritika Dubey, The Canadian Press This report by The Canadian Press was first published Nov. 3, 2026.

Real Canadian Superstore to open new Buffalo Run location Nov. 26. October 30, 2026 Real Canadian Superstore will open a 102,300-square-foot location at Buffalo Run on Tsuut'ina Nation, southwest of Calgary, on Nov. 26, bringing a new grocery and retail destination and employment opportunities to the developing community. The store, which marks the first Real Canadian Superstore in Alberta developed in close consultation with an Indigenous community, is part of a broader collaboration between Loblaw Companies Limited, Tsuut'ina Nation and Taza Development Corp. A grand opening ceremony is scheduled for 7 a.m. on Thursday, Nov. 26. The location is in Buffalo Run, one of three community villages within Taza, a 1,200-acre development on Tsuut'ina Nation overseen by Taza Development Corp. Indigenous consultation and local artwork. During the store's design phase, Real Canadian Superstore consulted with the Tsuut'ina-Taza Cultural Advisory Working Group, incorporating guidance from the group into the project. The building will also feature original artwork by four local Indigenous artists: Aaron Angus Rattlesnake, Maria One Spot, Irene Crowchild and Brianna Rowan-Meguinis. The artists worked with curator Stephanie One Spot to develop pieces celebrating local culture and creativity. The artwork will be unveiled on opening day. "There has been so much care and collaboration behind bringing this store to life, and our team is incredibly excited for customers to finally experience it. We're proud to be joining the Buffalo Run community and look forward to serving our neighbours for many years to come." The project is expected to support employment opportunities and economic activity while providing access to everyday goods for Tsuut'ina Nation members, Taza residents and surrounding communities. James Robertson, President of Taza Development Corp., said the consultation process helped shape the store's design and the inclusion of Indigenous artwork. "Real Canadian Superstore took the time to listen," said Robertson. "Their team brought the guidance they received during design into this building, including original work by local Indigenous artists. This opening brings jobs and everyday essentials closer to Tsuut'ina Nation members and the families settling into Taza. Buffalo Run will keep growing, and we're committed to building it out with the same intention." Store operations and management. The new location will offer fresh produce, full-service meat, seafood and bakery departments, along with household and general merchandise categories including home, entertainment, beauty and toys. The store will be led by manager Beverley Sousa, who has 24 years of experience with Real Canadian Superstore. She began her career as a cashier and worked in several positions before becoming a store manager in 2020. Loblaw said the opening represents another step in the development of Buffalo Run and the broader Taza project, which is being developed through a partnership between Tsuut'ina Nation and Canadian real estate company Canderel. Taza Development Corp. oversees the development of three interconnected villages: Taza Park, Buffalo Run and The Crossing. The development covers 1,200 acres adjacent to Calgary's southwest quadrant. Mario Toneguzzi, based in Calgary, has more than 40 years experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. He is the Co-Editor-in-Chief with Retail Insider in addition to working as a freelance writer and consultant in communications and media relations/training. Mario was named as a RETHINK Retail Top Retail Expert in 2024. October 30, 2026 October 29, 2026 Subscribe. * indicates required

Loblaw's Frank Gambioli to take stage at GroceryConnex 2026. Attendees will hear from the market/superstore division president in one-on-one interview Canadian Grocer staff 10/15/2026 Register today to be a part of the Golden Pencil Awards, the GenNext Awards and the #1 grocery industry event of the year Frank Gambioli, president of Loblaw Companies Ltd.'s market/superstore division, will take the stage at GroceryConnex this November. Taking place Nov. 23 at The Fairmont Royal York in Toronto, Canadian Grocer's GroceryConnex will bring together retailers and manufacturers to learn and explore innovative solutions that will shape the future of grocery. Attendees will also hear from Douglas Porter, chief economist at BMO Capital Markets, and Carman Allison, vice-president of industry insights for NIQ Canada, as well as: * Brian Bradley, president of B.C.-based Stong's Market * Deb Craven, president of Longo's * Kim Furlong, president and CEO of the Retail Council of Canada * Andrew Clarke, CEO of Calgary Co-op * Dunnhumby's Erich Kahner, global head of competitive strategy and insights, and Jim Prins, commercial director of Americas