Summary
With increased attention on “Buy Canadian” and “Invest in Canada” movements, Skyline Retail REIT is playing a significant role in supporting Canadian businesses.
Contents
As Canadians navigate a shifting global economy and growing protectionist sentiment, support for local enterprise has never been stronger. With increased attention on “Buy Canadian” and “Invest in Canada” movements, it’s clear that national pride and economic resilience are intersecting in powerful ways.
At Skyline, we’re proud to be 100% Canadian-owned, managed, and operated. But our commitment to this country extends far beyond our own structure. We recently analyzed our full tenant mix within Skyline Retail REIT to better understand the broader impact we have in supporting Canadian businesses. The results were both compelling and affirming.
1) Skyline Retail REIT: A Strong Canadian Portfolio Presence
| Company Origin | No. of Companies | % of Portfolio |
|---|---|---|
| No. of Fully Canadian-Owned Companies | 428 | 86.99% |
| No. of Partly Canadian-Owned Companies | 56 | 11.38% |
| Non-Canadian or Foreign Affiliated | 8 | 1.63% |
* Partly Canadian Owned defined as businesses with a foreign parent company that maintain a registered subsidiary, master license, or other operational entity in Canada, contributing materially to the Canadian economy.
Anchored in Canadian Ownership
As the chart shows, a vast majority (87%) of Skyline Retail REIT companies (comprised of 823 individual tenants) are wholly Canadian-owned. An investment in Skyline Retail REIT is an investment in businesses that are rooted in—and reinvesting in—Canada. Canadian jobs are created, local taxes are paid, and capital stays where it can do the most good: in our communities.
2) Skyline Retail REIT Supports Billions Annually in Canadian Commerce
Yes, Skyline Retail REIT helps facilitate billions of dollars in nationwide commerce across our portfolio. While exact totals are challenging to pinpoint due to the dynamic nature of our portfolio, our largest clients operate across numerous locations and contribute significantly to the total revenue profile of each Canadian parent company. Some key facts to consider:
| Company | Retail Revenue, 2024 | Income Taxes Paid, 2024 | Canadian Jobs Provided | % of Portfolio |
|---|---|---|---|---|
| Loblaw Companies Ltd. (Incl. Shopper’s Drug Mart) | $59.78B | $806.0M | 220,000 | 11.1% |
| Canadian Tire Corp. | $16.36B | $274.1M | 32,056 | 8.3% |
| Empire Company Ltd. (incl. Sobey’s) | $20.73B | $265.8M | 128,000 | 6.9% |
| Metro Inc. (incl. Jean Coutu) | $21.20B | $318.4M | 97,870 | 4.4% |
| Dollarama | $6.41B | $378.4M | 28,350 | 3.4% |
| Goodlife Fitness | – | – | – | 3.4% |
| LFL Group (incl. The Brick) | $2.50B | $50.91M | 6,100 | 1.7% |
| LCBO | $7.46B | *$3.57M | 10,000 | 1.4% |
| Totals | $144.440B | $5.664B | 522,376 | 40.6% |
(sources: Loblaw Companies Ltd 2023 Annual Report, Canadian Tire Corp. 2024 Report to Shareholders, Empire Company Ltd. 2024 Annual Report, Metro Inc. 2024 Annual Report, Dollarama Inc. Consolidated Financial Statements, LFL Group 2024 Annual Report, LCBO 2023-2024 Annual Report); *Payments to all levels of government
These are just the top-tier operators. Our broader portfolio includes hundreds of food retailers, fitness chains, service providers, and small businesses, each contributing meaningfully to the economic landscape:
- The average grocery store in Canada generated $20.01M in annual revenue
(consolidated average of the four largest grocery store companies by market capitalization, excluding pharmacies: Loblaw, Empire, Metro, North West Company Inc. – see annual reports above) - The average fast food restaurant generates $1.71M in annual revenue
- The average medical office in Canada generates approximately $480,000 in annual revenue
- The average hair & beauty salon generates $133K in annual revenue
Together, they form a powerful transactional network—contributing to job creation, tax generation, and community vibrancy from coast to coast.
3) Skyline Creates Meaningful Economic Impact for Canadians
We’ve already talked about the diversity of our mostly Canadian-owned portfolio and the significant transactional activity that it helps facilitate. But did you know that Skyline is its own self-sustaining economic ecosystem? Both Skyline Retail REIT and Skyline (Group of Companies) are making a meaningful and positive economic contribution in Canada.
With respect to the former, Retail REIT generated over $147 million in property revenue on $1.62 billion in investment properties’ fair value, while contributing more than $31 million in realty taxes and employing 25 people. Across all Skyline divisions, we generated over $652 million in property revenue from a portfolio valued at over $9 billion, while employing more than 1,000 people and contributing nearly $98 million in taxes. (all data from Skyline 2023 financial statements)
For over 25 years, Skyline has steadily grown and contributed to the economic fabric of Canada by reinvesting the capital we generate back into the country. So have our investors with the steady returns they have generated.
Skyline Retail REIT is a proven vehicle for Canadian economic resilience. With a tenant base that overwhelmingly supports Canadian businesses—and a platform that’s deeply integrated into the fabric of the national economy—we are proud to represent a true “Invest in Canada” story.
In an era defined by global uncertainty, investing close to home isn’t just a safe move—it’s a smart one.
About Skyline
Skyline is a capital management company that acquires, develops, and manages real estate properties and clean energy assets, and offers them as private alternative investment products.
Skyline currently manages more than $8.95 billion* in assets across its real estate and clean energy platforms.
With approximately 1,000 employees across Canada, Skyline works to provide safe, clean, and comfortable places for tenants to call home, great places to do business, sustainable solutions for a greener future, and an engaging experience for its investors.
For more information about Skyline Group of Companies, please visit SkylineGroupOfCompanies.ca.
*As at September 30, 2024
For media inquiries, please contact:
Cindy Beverly
Vice President, Marketing & Communications, Skyline
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
cbeverly@skylinegrp.ca