Weekly Regional Business Intelligence
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Written by Kieran Delamont, Associate Editor, London Inc.
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Business Cares Food Drive gets set to mark 25 years of local business taking care of people
As economic pressures continue to burden many Londoners, the Business Cares Food Drive remains resolute in its pledge to help those in the region heading into the holiday season. Marking 25 years of working to support the London Food Bank and local agencies and programs the food bank helps, this year’s annual campaign will be kicked off at an event at RBC Place London on Thursday, November 28 at 10 a.m. More than 700 businesses in the London region are expected to take part by collecting food and money in December at a variety of events and within their individual operations (last year the drive raised 627,000 pounds worth of food and cash donations). “We are entering our twenty-fifth campaign, yes, it is a milestone, however we view it as any other year acknowledging increased demand in our community,” said Wayne Dunn, Business Cares campaign chair (pictured). “I am confident we will meet the challenges ahead helping those in need with the generosity and compassion our community has always shown this time of year.”
The upshot: Like most food banks across the province, the London Food Bank is feeding more people than ever before ― and many of them are first-time users. From January to September this year, the London Food Bank saw a 13.8 per cent increase in the number of children and families seeking food, compared to the same period last year (the organization served 14,649 individual children in the first nine months of 2024). At the RBC Place launch event, Dunn and the Business Cares team will share specifics about this year’s goals, provide and update on the current community need and provide information on how to get involved, donate and volunteer. Businesses are also invited to register their organizations on the Business Cares website. Organizations running a drive can opt to have their collected items picked up by a volunteer in mid-December or they can drop goods off at the Western Fair Agriplex.
Read more: Business Cares Food Drive |
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Tesla to open retail store in CF Masonville Place
EV automaker Tesla’s new showroom in CF Masonville Place is set to open in the first week of December, according to the mall’s general manager, Sandra Lorentiu. “This is a multi-year agreement, a 2,600-square-foot showroom with three vehicles inside,” she told The London Free Press. Shoppers will be able to eye up the three vehicles in the showroom, plus take one of six vehicles parked outside for a test drive, in a move that expands its retail-focused sales model. According to DriveTeslaCanada.com, Tesla is also planning on adding a second supercharger station in the area, reportedly located in the nearby Masonville Square at 50 North Centre Road.
The upshot: London has been on Tesla’s radar of late ― its main hub is still set to be the 50,000-square-foot Tesla Centre under construction at Wonderland Road and Bradley Avenue, which is modeled as a more traditional dealership with both service and retail. Tesla has gone back and forth on its shopping-mall focused satellite stores, which provide a punchier, less traditional environment in which to sell cars. In 2021, the company said it was stepping back from the mall model, but it has since reconsidered and opened a number of mall outlets. Tesla doesn’t franchise these stores, so they tend to try out different ideas, some of which last and some of which don’t. Tesla and Masonville owner Cadillac Fairview have been willing dance partners on this front. In Hamilton, they’re opening a large Tesla Centre (like the one in the slotted for London’s south end, but 20 per cent larger) directly in the CF Lime Ridge Mall, set to open in December.
Read more: London Free Press | Retail Insider |
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SPM Financial enters strategic partnership with Merchant Investment Management
New York-based Merchant Investment Management has taken a non-controlling, minority stake in SPM Financial, a London-based financial services firm, as it looks to expand into the Canadian market. “We’re excited about our partnership with Merchant,” said SPM Financial partner Tim Faught. “Their experience in the industry and the capabilities they unlock for us will support the success of our clients, our business and our future.” SPM said the partnership structure will maintain their independence, and that the deal will be primarily about leveraging Merchant’s resources. “Being a fully independently owned business has been something we’ve been very proud of because it means an unshackled approach to the solution we bring to clients,” said partner Matt Churchill. “Our partnership with Merchant doesn’t change that and enhances our ability to do what’s best for our clients without any influence.”
The upshot: On a wider scale, the move is about giving Merchant a foot into the Canadian market. Along with the stake it’s taken in SPM, it also hired Todd Fithian ― an American with extensive Canadian investment experience, who SPM calls “a key player in this strategic alliance” ― to lead Merchant’s expansion efforts north of the border. “We’ve wanted to expand in an intelligent way into Canada for some time,” said Tim Bello, managing partner at Merchant. “We didn’t just rush into the market with a chequebook and say, ‘Here’s what we’re paying; if you want money, come find us.’ We spent time, we were patient and met the right person to help us understand the market. That right person helped us do what we do, which is understand all the kinds of inefficiencies, opportunities and things we could do in Canada.”
Read more: Wealthmanagement.com | Newswire |
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LBMX Inc., Digital Extremes land on Canada’s top employers ranking
Two London companies ― Digital Extremes and LBMX Inc. ― have landed on Canada’s Top 100 Employers list, an annual ranking presented in a partnership between Mediacorp Canada Inc. and The Globe and Mail. LBMX is the newcomer to the list, and the editors highlighted its formal hybrid work policy, its return-to-office subsidy and its nomad work options. “To be in the same conversation as some of the most important and well-known companies in Canada provides strong feedback that our focus on employee culture is making a difference,” said LBMX president Greg Dinsdale. Digital Extremes is becoming old hand at this ― they’ve been on this list 14 times, with editors this year highlighting things like its maternity and parental leave benefits and its unique in-office amenities.
The upshot: Hey, we’re not saying we called it first, but we totally called it first: newcomer to the national list LBMX Inc. landed on our first Best Places to Work list in 2022, and again on our 2024 list, released earlier this month. “LBMX is the perfect blend of high work standards, intentional leadership and an inclusive work culture,” said implementation project manager Vik Brugger this year. “It offers the autonomy to excel in your role, while providing strong support when challenges arise. It’s an ideal environment to grow and showcase your skills.”
Read more: Canada’s Top 100 Employers |
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What is a railfan? And why is Ingersoll courting them?
In a curious little tourism gambit, the Town of Ingersoll has partnered with LiveTrains.com to livestream the goings-on at two railway crossings in town in hopes of attracting the wide world of railfan tourism. “By installing railcams, Ingersoll could truly establish itself as a railfan destination,” the town said in a press release. “This is a unique opportunity to tap into a niche market and create a positive economic impact locally, by welcoming these enthusiasts.” What, pray tell, is a railfan? Also known as train fans, rail buffs, train buffs, ferroequinologists (a play on trains’ old moniker as “iron horses”), or in Japan as densha otaku, they are, quite simply, people who love watching trains. And apparently they’ve already been coming to town ― perhaps not in droves, but in enough numbers to warrant installing a livestream. “Ingersoll is very excited about this project, as this niche market of rail fans is already visiting the community,” said Ingersoll’s community service director, Kyle Stefanovic. “This partnership is an exciting opportunity to showcase Ingersoll to passionate railfans and drive economic activity to our local businesses.”
The upshot: Why Ingersoll? Apparently, the town has quietly become a bit of a word-of-mouth secret in the ferroequinologist community. In particular, it boasts two railway crossings on the Ontario Southland Railway (OSR), which maintains a stock of diesel-electric locomotives ― rare finds in the business of railwatching. “I have people that travel from all parts of Canada and the northern United States to go out there to watch what they’re pushing out,” says Livetrains.com’s founder Aaron Conde, speaking in particular about the OSR locomotives. Who knew? (The railfans, that’s who.)
Read more: Ingersoll.ca | London Free Press |
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Richard Pierpoint Building added to public land bank
The feds are adding another downtown London building to their list of properties in the public land bank, hoping to solicit housing proposals. This time they’ve added the Richard Pierpoint building at Talbot and Queens (451 Talbot Street, to be precise) to the inventory, part of 12 properties nationwide they listed this week. The building contains more than 211,000 square feet of floor space, though it is listed as in “poor condition.” It is listed with the neighbouring Lipton Building at 120 Queens Avenue, which the feds listed on the public land bank in early September (there are now a total of 83 buildings listed across the country). The goal for Ottawa is to lease the land that public land bank properties sit on, hoping that non-profit agencies will build affordable housing unit, though it is also willing to entertain housing proposals from the private sector as well.
The upshot: Pairing the two properties together could help to lure a developer ― London North Centre MP Peter Fragiskatos said estimates suggest that as many as 1,300 units could be built on the land. Builders like EllisDon have been supportive of it, saying the government’s intended land-lease deals show they are listening to what developers need. And urban planners say it helps remedy the problem of dormant federal properties not living up to their full potential. But at the moment potential is basically all there is to report on ― to date, none of the properties listed have turned into projects (though it is all very new, and very likely that proposals are starting to materialize). Councillor David Ferrerira said it was a positive announcement. “That is more diversity in housing types for the city, and that area is well connected, so it would serve that type of housing very well,” he said this week.
Read more: London Free Press | Canadian Mortgage Professional |
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Dispatch: November 22, 2024
A summary of recent business appointments and announcements, plus event listings for the upcoming week.
View listings here
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