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In a move hailed as a win for consumer choice and market fairness, Loblaw Companies Ltd. (TSX:L) has announced it will eliminate restrictive property controls that have limited grocery competition in Canada.

The Competition Bureau welcomed the decision, calling it a “key milestone” that could help drive down food prices by allowing more retailers to enter local markets.

What are property controls — and why do they matter?

Property controls include clauses that restrict what types of businesses can operate in or near Loblaws-owned properties. These have often prevented competing grocers from opening nearby, effectively limiting consumer options and price competition. A 2023 Competition Bureau study concluded that such controls were contributing to higher prices and reduced choice for Canadians.

Commissioner of Competition Matthew Boswell said Loblaws shift shows “encouraging” responsiveness to new legal guidance and public pressure. “More competition can drive lower prices, increased innovation and more convenience for consumers,” Boswell said in a public statement.

The Bureau’s investigation into the grocery sector continues, and it is urging other retailers to review similar practices and ensure compliance with the law.

Why it matters for Canadian shoppers

Grocery prices have been a major strain on household budgets across Canada. According to Canada’s Food Price Report 2024, the average family of four is expected to spend $16,297 on groceries in 2024, a 2.5% increase from 2023. Food inflation may be slowing, but prices remain elevated compared to pre-pandemic levels.

By removing anti-competitive restrictions, Loblaws policy change opens the door for new grocery stores — including independent and discount grocers — to enter neighbourhoods where they were previously blocked. Increased competition could force prices down, offer consumers more choice, and improve access to fresh food in underserved areas.

What this means for investors

For investors in Loblaws (TSX:L), this move could have mixed implications.

On one hand, increased competition may reduce Loblaws market share and pressure margins, especially in urban centres and fast-growing suburban communities. This could affect revenue growth in the medium term and potentially shift investor expectations for the retail giant.

On the other hand, Loblaws (TSX:L) may be pre-empting more aggressive regulatory action and improving its public image at a time when food prices are under intense scrutiny. Demonstrating cooperation with regulators may bolster long-term investor confidence and reduce the risk of legal or reputational setbacks.

Empire Company Ltd. (TSX:EMP.A), parent of Sobeys, has also removed a property control in Alberta following legal pressure — suggesting a broader shift in industry practices and risk assessment among Canada’s major grocery players.

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Bottom line

The Loblaws decision to end property controls could mark the beginning of a more open and competitive grocery landscape in Canada. For shoppers, that may translate into more choice and better prices. For investors, the policy signals a potential shift in strategy — away from dominance through exclusivity and toward long-term reputational and regulatory resilience.

Sources

1. Agri-Food Analytics Lab: Canada’s Food Price Report 2020

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

The Calgary Stampede, running from July 4 to 13, 2025, is not only a cultural celebration, but also a significant economic engine for Alberta. With its blend of world-class entertainment, culinary innovation and community spirit, the event invites residents and visitors to experience the “Greatest Outdoor Show on Earth” — all while fueling downtown restaurants, filling hotel rooms and driving millions into local businesses.

Sheryl Crow headlines Oxford Stomp

On July 11, 2025, Grammy-winning artist Sheryl Crow will headline the 35th annual Oxford Stomp at Prince’s Island Park in Calgary. Joining her are Canadian rockers The Sheepdogs, along with Dear Rouge and Hotel Mira. This milestone event not only offers a stellar lineup but also supports a good cause, with proceeds benefiting the Calgary Food Bank.

The Oxford Stomp is Calgary’s longest-running corporate event and one of the city’s most anticipated outdoor music festivals. Since its inception in 1982, the event has grown significantly, attracting thousands of attendees each year. In past editions, the Oxford Stomp has hosted over 12,000 guests, raising substantial funds for local charities through the Rotary Club of Calgary.

Attendees can expect a vibrant atmosphere with live performances, gourmet food options, and a variety of beverages. The event also offers VIP experiences, including private areas with stage views, picnic tables, shaded seating and exclusive bar services.

Tickets for the Oxford Stomp are available through the official website and authorized ticket vendors. Given the popularity of the event and the impressive lineup, tickets are expected to sell out quickly. Early purchase is recommended to secure attendance at this iconic Calgary celebration.

A taste of the unexpected

If there’s one thing the Calgary Stampede does as boldly as bronc riding, it’s food. The midway has long been a playground for the culinary curious, where deep-fried meets daring and outrageous becomes irresistible, and 2025 is no exception.

This year’s new lineup is as imaginative as ever. Foodies can sink their teeth into wagyu exquisite poutine, or bite into a Skittle dog. Yes, you read that right. It’s a hot dog. With Skittles. Because, why not?

For those craving seafood with a twist, the spicy salmon nori taco and lobster tornado offer coastal flavour with midway flair, while the Spam-pede bao reimagines a retro favourite in a fluffy Asian bun.

Of course, culinary experimentation is nothing new at the Stampede. In recent years, visitors have been both intrigued and amazed by dishes like the $100 Dog – Jalapeno Cheddar Gut Buster (yes, really), ketchup and mustard ice cream and the Peanut Butter Pickle Dog. The 2023 menu included over 50 new food creations, while 2024’s standouts included the Cowboyaki, a crispy teriyaki bite packed with meat floss and seaweed, and the Spider Bao, a golden-fried soft-shell crab drenched in garlic salted egg sauce.

Love it or leave it, the Stampede midway serves up more than snacks. It’s a feast for the adventurous spirit, and a perfect reminder that Calgary’s greatest show on Earth doesn’t just happen in the rodeo arena.

Rodeo thrills and western traditions

No visit to the Calgary Stampede is complete without experiencing the heart-pounding action of the rodeo. From July 4 to 13, 2025, the world’s largest outdoor rodeo returns to Stampede Park, showcasing top-tier athletes and animal competitors in a series of events that celebrate skill, strength and the rich heritage of the Canadian West.

Each afternoon at 1:30 p.m., cowboys and cowgirls face off in events such as bull riding, barrel racing, steer wrestling, saddle bronc, bareback, tie-down roping and the newly introduced breakaway roping.

These competitions not only highlight the athleticism of the participants but also pay homage to the traditions of ranching and cowboy culture that define the region.

The Stampede Rodeo is renowned for its high stakes, with a total prize pool of $2.17 million up for grabs. Each event builds towards Showdown Sunday, where the top competitors vie for the championship title in front of a packed grandstand.

Beyond the rodeo arena, the Calgary Stampede honours its western roots through various cultural exhibitions and events. The Indigenous Relay Races, introduced in 2017, showcase traditional horsemanship skills, with teams of riders performing intricate maneuvers that have been passed down through generations. The Lady Warrior Race, added in 2023, highlights the strength and agility of female riders in a thrilling bareback race around the track.

Whether you’re a seasoned rodeo fan or a first-time attendee, the Calgary Stampede offers an unforgettable experience that captures the spirit of the West. With its blend of competition, tradition and community, the rodeo is a testament to the enduring legacy of Calgary’s cowboy culture.

Economic impact and community engagement

The Calgary Stampede is more than a beloved cultural celebration — it’s an economic powerhouse that fuels Alberta’s prosperity every summer and beyond.

In 2024, the Stampede shattered attendance records with nearly 1.48 million visitors pouring through its gates over 10 days, breaking the previous record set in 2012. That wave of foot traffic translated into an estimated $540 million in economic activity across the province, with Calgary itself benefiting from roughly $282 million of that total. From hotel rooms and restaurants to transit and local attractions, the ripple effect was felt far beyond the Stampede grounds.

But the economic impact doesn’t end when the dust settles in the rodeo arena. Stampede Park is a year-round venue that hosts more than 1,200 events annually, drawing over four million people and generating consistent economic momentum throughout the calendar year.

The Stampede also plays a key role in local employment. Each year, it creates more than 3,500 seasonal jobs, many of them filled by young people entering the workforce for the first time. These roles offer not only paycheques, but valuable experience in customer service, logistics and event operations.

In a province often defined by its boom-and-bust economic cycles, the Stampede stands out as a reliable and robust contributor to Calgary’s economic resilience — one that blends tradition with tangible financial benefits for thousands.

Plan your visit

Tickets for the 2025 Calgary Stampede are available now, with a range of options depending on what you’re looking to experience. The event runs from July 4 to 13, and given last year’s record-setting attendance, if you haven’t booked your trip to the Stampede yet, it’s time to take the bull by the horns and start planning.

Details on ticket prices, daily schedules, and venue maps can be found on the official Calgary Stampede website. Whether you’re a returning visitor or planning your first trip, it’s worth checking out what’s new this year and considering weekday visits or advance bookings to avoid crowds and last-minute price spikes.

Sources

1. Calgary Stampede

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Knowing where to put your savings can be a struggle.

Investing can lead to high returns, but make it harder to access your cash in a pinch. And on the other hand, while your standard savings account is always accessible, interest rates can be low. If you’re looking for low risk, but hoping for some modest returns, high-interest savings accounts (HISAs) may be the answer.

Introduced to Canadians more than two decades ago, HISAs offer higher interest rates than your standard day-to-day savings accounts.

The Bank of Canada interest rate informs HISA rates. When the Bank of Canada raises rates, other lenders usually follow their lead. This is bad news if you have debt, but good news if you have money in the bank, as higher rates mean higher returns.

Even though HISAs typically pay significantly more interest than a chequing or savings account from a traditional bank, many people are hesitant to set one up.

Here’s what you need to know about HISAs, including how to set one up so you can start seeing your savings grow.

1. They pay high interest

The obvious reason to get a HISA is for the high interest that they pay. For example, digital banks such as EQ Bank, Neo Financial and Simplii Financial currently offer HISAs that pay 3% interest or more.

While that may not seem like a lot, daily savings accounts typically pay next to nothing. Even then, you may be required to keep a minimum amount in the account before you start earning interest.

More financial institutions have started introducing their own HISAs, however, their interest rates are typically lower, around 0.30% to 0.50%.

When signing up for a high-interest savings account, watch for promotions such as an increased interest rate for three months on new deposits. Some savvy customers will constantly shuffle their money around from one bank or credit union to another to maximize their returns.

2. There are typically no fees

The other reason it’s worth signing up for a HISA with a digital bank is that there are typically no monthly fees or minimum balance requirements. In addition, you’ll often get unlimited transactions, which include free Interac e-Transfers. If you normally make a lot of transactions, this can significantly reduce the fees you pay for your banking.

With savings accounts, many traditional banks no longer charge a monthly fee, but you may have a limited number of transactions unless you keep a minimum balance.

3. You can easily transfer funds

Whether you opt for a HISA with a digital bank, traditional bank or credit union, accessing your money is surprisingly easy. You can link your HISA directly to your bank accounts and transfer money as needed. That said, these types of transfers can sometimes take up to two business days to complete.

If you need access to cash immediately, you could take advantage of the free e-Transfers. Alternatively, a few digital banks, such as Simplii and Tangerine, offer debit cards so you can withdraw funds from ATMs.

4. It’s a good place to hold your cash

A HISA is an ideal place to hold cash if you have short-term goals or are unsure what to do with your money right now.

A high-interest savings account might be a good place to:

• Build an emergency fund
• Save for a car or a down payment on a home
• Protect your savings from inflation
• Let your savings grow through interest

When you have short-term goals, keeping your money safe is essential. That’s why a HISA is the best place to put your money.

5. Your money is insured

If you open a HISA with a Canada Deposit Insurance Corporation (CDIC) member, your deposits are insured for up to $100,000 per eligible account. That means if your financial institution were to ever fail, you’d be able to get your money back in just a few days, thanks to CDIC insurance.

Eligible accounts include deposits held:

• In one name
• In more than one name (joint accounts)
• In a registered retirement savings plan (RRSP)
• In a registered retirement income fund (RRIF)
• In a tax-free savings account (TFSA)
• In a registered education savings plan (RESP)
• In a registered disability savings plan (RDSP)
• In a trust

That means you could have up to $800,000 in coverage for various accounts at a single bank. You could open up accounts at another financial institution if you need more coverage.

If you bank at a credit union, your deposits would also have insurance. The insurance coverage would fall under the regulatory authority overseeing the credit union in the province or territory you reside in.

6. They’re easy to set up

Many people don’t realize that setting up a HISA can be incredibly easy. To open an account online, you typically need the following requirements:

• You must be a Canadian resident
• You must be the age of majority in the province or territory in which you reside
• You have a Social Insurance Number
• You have an email address

Setting up your account is often done online and only takes a few minutes. You’ll likely also need to provide a photo ID and your mobile device number to confirm your identity.

Once your account is opened, you can link any external bank accounts by following the instructions in your account. It should only take a few days, so you’ll be set up in no time.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Farzi Café, a high-end Indian eatery in Square One Shopping Centre in Mississauga, Ontario, first hit headlines earlier this year when it was temporarily shuttered over health violations, documented in public health orders after inspectors found multiple safety infractions. Yet, its reopening proved short-lived.

Last week, the restaurant quietly closed its doors again. This time, diners aren’t concerned about sanitation. They’re accusing the café of an entirely different kind of contamination: financial deception.

Since early June, online critics have raised alarm over inflated bills. A viral TikTok by Harnoor Sahota recounted a baffling $240 charge for a party of three that included unrequested appetizers, inconsistent menu prices and unauthorized gratuities. The video quickly amassed over 600,000 views, attracting hundreds of similar Google, TripAdvisor and Reddit reviews detailing aggressive upselling and ambiguous charges.

More than 20 complaints have since been filed with the Better Business Bureau, earning the café an “F” rating. Despite calling the allegations “baseless” and announcing legal intentions on an Instagram post that has since been removed, the restaurant has also now vanished from Square One and refused to comment further.

Drip pricing: Not just a theme-park trick

Farzi Café’s closure isn’t an isolated case of questionable pricing. This spring, Canada’s Wonderland, Canada’s largest theme and waterpark in Vaughan, faced a lawsuit from the Competition Bureau over so-called “drip pricing.”

The Bureau alleges Wonderland advertised ticket prices starting at $49.99 — but only once undisclosed fees ($0.99–$9.99 per ticket or parking processing) were tacked on did the true cost emerge. That’s a textbook drip‑pricing scheme: Drawing customers in with a low headline price, then revealing mandatory add-ons at purchase. The Bureau’s May 5 filing asks the Competition Tribunal to force Wonderland to stop, pay penalties and issue refunds to affected consumers.

Wonderland counters that all fees are disclosed “from the outset” and that variable fees provide flexibility — a claim disputed by critics and the Bureau alike. The financial stakes are high: Last year, Cineplex paid $39 million in a similar case, and class-action suits are already emerging against Wonderland.

Turn the tables on tricky pricing schemes

Let these cases be a lesson: Any time you see low headline prices, find and read the fine print. Here’s how you can protect yourself:

• Spot drip pricing early. If a “from” price jumps at checkout, question it
• Calculate the full cost. Add all mandatory fees — processing, gratuity, surcharges — before paying
• Track billing surges. Save receipts and compare them to advertised prices. If something’s off, report it to your credit card provider or the Competition Bureau
• Use complaints as ammo. A public profile of reports can lead companies to change pricing or face legal action
• Vote with your wallet. Avoid businesses with opaque billing and support those that include all-in pricing upfront

When the bill doesn’t add up

In the digital age, customers are increasingly vulnerable to hidden charges, from the dinner table to the ticket kiosk. Whether it’s extra appetizers you never asked for or fees you didn’t expect, companies are constantly testing the limits of what customers will tolerate.

Your best defense? Stay vigilant, ask questions and insist on transparency. Because when pricing isn’t clear, whether at a restaurant or a theme park, it’s more than a scam. It’s a breach of trust.

Sources

1. Mississauga.com: Restaurant at Square One ordered to temporarily close during health inspection (April 14, 2025)

2. Better Business Bureau: Farzi Cafe

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Canada is home to many well-known brands and manufacturers, but some of the foods, drinks and clothing brands you may assume are made here actually come from elsewhere – and vice versa.

With globalization and corporate acquisitions, the origin of a product isn’t always obvious, even if the brand has strong Canadian ties (or even has Canada in the name!). Some companies have maintained local production, while others have moved manufacturing abroad for economic reasons. Meanwhile, certain foreign brands have set up shop in Canada, producing goods you might not expect to be made within our borders.

With recent trade tensions and tariffs igniting the Buy Canadian movement, many consumers are paying closer attention to where their products come from. If you’re looking to support Canadian-made goods or just want to know which brands are truly local, here are some surprising facts about what’s actually produced on Canadian soil — and what isn’t.

Ben & Jerry’s ice cream: A sweet surprise from Ontario

Ben & Jerry’s, the beloved ice cream brand known for its chunky, creative flavours, is owned by global consumer goods giant Unilever. What many Canadians don’t realize is that the ice cream sold here is produced in Simcoe, ON. That’s right — those pints of Half Baked and Cherry Garcia come from a small Ontario town, not Vermont, where the company was founded.

Chapman’s ice cream: Proudly Canadian

If you want to support a born and bred Canadian ice cream brand, look no further than Chapman’s. This family-owned company, based in Markdale, ON, is one of Canada’s largest independent ice cream manufacturers. They produce everything from classic vanilla to nut-free and lactose-free options, all made in Canada.

Kraft salad dressing? Made in Canada. PC salad dressing? Not so much

If you’ve reached for a bottle of Kraft salad dressing, you may be surprised to know that it’s made right here in Canada. However, if you opt for President’s Choice (PC) salad dressing, thinking you’re buying a Canadian-made house brand, you’re actually buying a product made in the United States.

While PC is a brand owned by Canada’s Loblaw Companies Ltd., its salad dressings are manufactured south of the border.

Kellogg’s cereal: Mostly made in the US

While Kellogg’s has a long history in Canada, the majority of its cereals are now made in the United States. The company closed its London, ON, plant in 2014, shifting production of popular cereals such as Corn Flakes and Frosted Flakes to facilities in the US. If you’re buying a box of Kellogg’s cereal, chances are it was made outside of Canada.

Canadian Club whisky: Still made in Canada

Whisky lovers can take pride in the fact that Canadian Club, one of the country’s most iconic spirits, is still made in Windsor, ON.

The brand has been around since 1858 and remains a staple in the whisky industry, proving that some classic Canadian products are still made close to home. We realize that the fact it says ‘Canadian’ in the name is a give away that maybe, it’s still made here, but in today’s climate, you can never be too sure.

Canada Dry ginger ale: Or should we call it, America Dry?

Case and point, we regret to inform you that though the name implies otherwise, Canada Dry, originally founded in Canada in 1904, is no longer a Canadian-owned company, and is instead owned by American beverage conglomerate Keurig Dr Pepper.

While Canada Dry is produced and distributed in multiple countries, including Canada, owernship of the brand has been in American hands since the early 1980s.

Roots: A Canadian brand with American ties

Roots, the iconic clothing and lifestyle brand known for its cozy sweats and leather goods, was founded in Canada in 1973. While it still has strong Canadian roots (pun intended), many of its products are now manufactured outside the country, including in Asia, and has been owned by Searchlight Capital Partners LP, an American investment firm, since 2015. Despite its branding as a symbol of Canadian culture, much of what you see in Roots stores today isn’t actually made in Canada.

Do your due diligence to do your part

While a brand’s identity may be rooted in Canada (or not!), its manufacturing and ownership can tell a different story. As consumers, taking a closer look at labels and researching where our favourite products come from empowers us to make informed decisions.

Whether it’s enjoying a scoop of ice cream, cozying up with a highball in your comfy sweats, or just being aware of where the things we buy are really made, every purchase we make is an opportunity to invest in the economy, and ultimately the country we want to sustain.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

It’s been commonly said that there are three certainties of human existence: life, death and taxes. For Canadians, however, that phrase should be edited slightly to, “life, death and high taxes” — especially when comparing our tax rates to our southern neighbours.

A recent report from The Hub underscores this reality, as author Alicia Panincic estimates that, “the typical Canadian pays 70 percent more income tax than the typical American.”

To put this ratio into perspective, Panincic found if Canada had the same combined average income tax rates as the U.S., the typical Canadian would pay $4,000 less each year. That’s a lot of cash Canadians could save if our tax system looked a bit more like its American counterpart. So, how exactly do the numbers break down?

How much ‘typical Canadians’ currently pay

According to data from Statistics Canada, the median income for Canadians who filed their taxes in 2023 was $47,650. In her research, Panincic found that the median Canadian income earner pays just over 17% in taxes — including federal and provincial taxes. That said, the exact amount a typical Canadian is taxed depends on their province of residence.

For example, someone making the average wage of $50,670 in Alberta would be taxed 10% by the province and 15% by the federal government — totaling $8,317 after taking into account basic personal amount credits. Someone from Nova Scotia, however, would pay approximately $10,357 in taxes or over 20% of their income.

How much average Americans pay in taxes

Data from the United States Census Bureau shows that in 2023, the average American earned approximately $45,105. Additionally, numbers from the Tax Foundation shows that Americans across various states have a clearly smaller tax rate when compared to Canadians, whereas some states (e.g. Texas) don’t charge any income tax whatsoever.

Overall, Panincic’s analysis of publicly-available data found that the average tax rate for U.S. citizens was a mere 10%. For the states that levied no state income tax, residents would only be taxed around 7% to 8% on their income.

What your income tax revenue is used for

The difference in U.S. vs. Canadian tax rates can seem unfair at first blush, but it’s important to keep that data in line with the bigger context, namely, Canada’s impressive public benefits and government funded-projects.

For instance, Canada has government-funded universal healthcare for everyone in the country. Revenue generated from collecting income tax helps pay for expert doctors, nurses, midwives and other healthcare professionals to care for you without sending you a bill later.

As part of the 2024 Federal Budget, the federal government announced an injection of nearly $200 billion over a decade to help improve universal healthcare across the country. The Canadian Dental Care Plan — a program that provides dental coverage for Canadians without private insurance — was also rolled out as part of last year’s budget.

In addition to world-class healthcare, federal and provincial governments use tax revenue to pay for a number of benefits, services and facilities, such as:

• Education and schools
• Road and bridges
• Libraries
• Swimming pools
• Wildlife conservation efforts
• Emergency services (e.g. police, fire services)
• National defense efforts

Advice on how to manage a higher income tax

Facing a higher income tax burden can feel daunting, especially if you’re trying to work towards major savings goals like retirement. Indeed, according to the Fraser Institute, the average Canadian family will pay over 43% in taxes this year.

Wondering about how you can pay less in taxes? Try following this advice:

• Contribute to registered savings accounts. Canadians have access to a number of savings accounts that reduce your taxable income based on your contributions. The most common is the RRSP, but also includes a First Home Savings Account (FHSA). Both accounts reduce your taxable income by contributing, but the FHSA can only be used to purchase a home.
• Claim as many expenses as possible. Even if you’re not a business owner, you are eligible to claim certain expenses on your tax return to lower your tax bill. You can claim medical, educational, child-care and moving expenses to deduct from your taxable income. For a full list of deductions and credits, review the CRA’s online list. Make sure to keep records of all your relevant receipts.
• Hire a professional. As a non-tax professional, you likely don’t have all the information you need to claim as many benefits and deductions as possible to lower your taxes payable. Hire a professional to prepare your tax return instead.

While at first glance Canada’s tax rates might seem unfairly high compared to our American neighbours, it’s vital to remember the innumerable benefits that come with those costs. With a world-renowned healthcare system, stunning landscapes, a diverse history and a wide range of available tax-reduction strategies, we should all be proud to call Canada home — even if it might cost a bit more.

Sources

1. The Hub: The typical Canadian pays 70 percent more income tax than the typical American, by Alicia Planincic (May 27, 2025)

2. Statistics Canada: Annual wages, salaries and commissions of T1 tax filers, 2023 (Apr 1, 2025)

3. United States Census Bureau: Earnings in the Past 12 Months (in 2023 Inflation-Adjusted Dollars)

4. United States Census Bureau: State Individual Income Tax Rates and Brackets, 2025, by Andrey Yushkov, Katherine Loughead (Feb 18, 2025)

5. Government of Canada: 2024 Budget

6. Fraser Institute: This Sunday, June 8, is Tax Freedom Day, when Canadians finally start working for themselves, by Milagros Palacios, Jake Fuss and Nathaniel Li (Jun 5, 2025)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Those looking for a quick bite of McDonald’s in the heart of downtown Chicago might have to look elsewhere.

Six locations in close proximity within and around the city’s iconic downtown neighborhood — the Loop — have closed recently, according to CBS News Chicago. Now, there are only four left in the central business district. And they’re not the only commercial spaces to shut down.

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However, Michael Edwards, President and CEO of the Chicago Loop Alliance, doesn’t view the closures as a bad omen. In fact, he believes the area is seeing an economic rebound.

“First quarter of this year, a million people came down,” Edwards told the local broadcaster in a story published May 19, “$280 million in economic impact.”

He added: “Every day, there’s something new and improved.”

Downtown foot traffic on weekends is higher than pre-pandemic levels, reports CBS News Chicago. So, why are some businesses not seeing the economic benefits of staying in the area?

What’s going on in the Loop

High rent may be a hindrance for local businesses. Many commercial spaces in the Loop currently rent between $23 and $50 per square foot each year, LoopNet shows, which can translate into paying hundreds of thousands of dollars annually.

Sprinkle in additional costs like renovations, utilities, hiring staff and other overhead expenses, and it becomes a pricey venture to run a business in the Loop. Edwards says the area tends to attract large national retailers, but he notes many seem to be downsizing.

When asked about the closures, CBS News Chicago says McDonald’s didn’t give a definitive reason why the restaurants shut down. An “outside source” told the news outlet one of the locations may have closed because of crime and tensions with homeless people.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

According to the National Restaurant Association, food and labor costs for the average restaurant have risen 35% in the last five years. Rising costs are eating into pre-tax margins, which is around 5% for a typical restaurant.

But the price of doing business in the Loop isn’t scaring off everybody. A new Mexican restaurant, Momento, has opened its doors, per CBS News Chicago, and Amorino, a gelato joint, is set to open a second location in the area. All are owned by Christopher Roldan, who expressed a lot of faith in the district.

“From all of the 300 [Amorino] locations, 19 countries, this one in Chicago is the number one in sales,” Roldan told the broadcaster. “We have proof that this area works.”

Does consumer sentiment have to do with the McD’s closings?

A survey published by LendingTree last year found that while 3-in-4 Americans would typically munch on fast food at least once a week, 62% reported eating it less often due to rising prices. In fact, 78% of survey respondents viewed fast food as a luxury because it has become more expensive. Half also said they view it as a luxury because they’re struggling financially.

Same-store sales at McDonald’s locations in the U.S. fell around 3.6% in the first quarter of 2025, the biggest drop for the restaurant chain since 2020, according to multiple news outlets. McDonald’s CEO Christopher Kempczinski said visits to fast food restaurants were down “nearly double digits” among low- and middle-income consumers so far this year compared to early 2024.

Despite this, McDonald’s announced on May 12 it plans to hire 375,000 workers across the country this summer, and seeks to add 900 new locations by 2027. It’s not known if any new locations will be brought back to the Loop.

In the meantime, residents, workers and visitors in the Loop may have to reach for different meal options in the area.

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You can’t track cash — so if someone takes it, you’re out of luck.

The Department of Homeland Security (DHS) confirmed that on Sunday, April 20, Homeland Security Secretary Kristi Noem’s purse was stolen.

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She was dining with her family at a popular downtown Washington restaurant called The Capital Burger when the theft happened.

What happened, exactly?

CNN, one of the first news outlets to report the story, said that her purse contained Noem’s medication, driver’s license, passport, apartment keys, makeup bag, $3,000 in cash, blank checks and her DHS access badge.

Noem herself noticed the purse was missing — it wasn’t spotted by her Secret Service detail.

Since then, the Secret Service has reviewed security footage to determine what happened.

According to NBC News, a man wearing an N95 mask entered the restaurant around 7:55 p.m. ET and approached the area where Noem was dining.

He moved his chair closer to hers, then slid his foot toward her purse, dragging it back to him. Within minutes, he had tucked the bag under his jacket and walked out.

NBC also reported that a witness said the restaurant wasn’t busy at the time, and at least two plainclothes Secret Service agents were on duty. They were seated between the front doors and the bar where Noem was sitting.

“Her entire family was in town, including her children and grandchildren — she was using the withdrawal to treat her family to dinner, activities and Easter gifts,” a DHS spokesperson said.

Jonathan Wackrow, a CNN law enforcement analyst and former Secret Service agent, told CNN the incident may point to a lapse in security.

“This is a security breach that actually has high consequences, and it needs immediate and further review,” he said, adding that the Homeland Security Secretary is “at higher risk for targeted threats, both by foreign and domestic actors.”

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Why did she have so much cash?

Tricia McLaughlin, a DHS spokesperson, confirmed Noem had withdrawn the cash to treat her visiting family during the Easter holiday.

There is no conclusive evidence that Noem was deliberately targeted, nor do investigators know whether the thief was aware of whose purse it was.

What can we learn from this incident

Noem’s unfortunate experience is a reminder of the importance of safeguarding your valuables. While theft can’t always be prevented, there are steps you can take to reduce your risk and potential losses.

First, avoid carrying around large sums of cash. As mentioned earlier, cash is untraceable, and once it’s gone, it’s nearly impossible to recover — especially if it’s spent before the thief is caught.

Carrying around blank checks is also risky. A thief could forge your signature and withdraw money from your account.

While state and federal laws may protect you in cases of check fraud, your bank might help recover stolen funds from a written check, blank checks generally don’t carry the same protections.

Whatever you carry in your wallet or purse, always stay aware of your surroundings. Even at social gatherings, it’s important to keep an eye on your belongings. Simply holding onto your purse rather than placing it on the floor makes it less accessible to potential thieves.

If your purse or wallet is stolen, report the theft immediately and list everything that was inside. Cancel all credit and debit cards, report stolen IDs and freeze your bank accounts if possible.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Canada faced one of its most expensive years for insured losses in 2024, with severe weather wreaking havoc on both homes and businesses. While homeowners bore the brunt of the damage, commercial properties also suffered massive losses, pushing the total insured damages to over $1.7 billion — the second-highest in the country’s history.

"Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," Liam McGuinty, vice-president of strategy at the Insurance Bureau of Canada (IBC), said in a statement.

"Canada’s insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy.”

The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hail storms ravaged communities across the country.

The costliest events of 2024

The costliest weather event in 2024 for commercial insurance was the wildfires in Jasper, Alta., standing at $650 million. The municipality was hit the hardest and accounted for nearly 40% of extreme weather losses to commercial property in 2024.

Next was the remnants of Hurricane Debby across Eastern Canada at $360 million, the Calgary hail storm at $280 million and the Ontario and Greater Toronto Area flash floods at $190 million.

Since 2010, over 132,000 businesses in Canada have suffered damage and filed insurance claims due to extreme weather events, according to Catastrophe Indices and Quantification.

History of commercial insurance losses in Canada

Last year, 2024, is only behind 2016 as the costliest year for commercial insurance, thanks to the Fort McMurray wildfires in Alberta which totalled $1,918,420 in losses. 2013 is third, with $1,720,028 in losses primarily thanks to the Southern Alberta floods and GTA floods.

Rounding out the top five is 2022, with $945,632 in damages attributed to Hurricane Fiona and the derecho in Ontario and Quebec; and 2020, in which Prairie hail storms caused $782,183 in commercial losses.

"Canadian governments must move swiftly to make targeted investments in infrastructure that defends against floods, improve land-use planning rules that ensure homes and businesses are not built on flood plains and that FireSmart best practices are followed in communities in high-risk wildfire zones,” said McGuinty.

“These actions would not only protect the physical assets of the businesses that are at highest risk, but would also safeguard the broader community, contributing to a competitive, responsive and resilient commercial insurance market that provides solutions for businesses.”

This article Last year was among the costliest for commercial insurance lossesoriginally appeared on Money.ca

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.