The disappearance of Bugles, an ingredient used in making many holiday recipes, has some Canadians searching for alternatives to the delectably crunchy corn snack.
Bugles are still sold in the U.S., but have been discontinued in Canada for several months — just one of the latest products American food manufacturers are no longer selling here.
General Mills, the U.S. company that manufactures Bugles, did not respond to CBC’s calls or emails but has replied to hundreds of customers on Twitter, saying it hopes Canadians “can find a tasty substitute elsewhere.”
That substitute could exist in the snack aisle of your local Asian supermarket, according to Canadian fans of Bugles on Reddit. It’s called Tongari Corn — a salty, crispy, horn-shaped corn snack that’s been made by House Foods in Japan since the 1970s.
Over the last few weeks, the Umami Shop in Lethbridge, Alta., has had customers come in daily asking for “Japanese Bugles” to use in their homemade nuts and bolts recipes, says owner Patricia Luu.
“We only have one bag left,” she said.
With her supply running low, Luu has ordered more of the Japanese corn snacks from her supplier in Vancouver. She says she got his “last six cases.”
Loch Willy went looking for Tongari Corn at four Asian grocery stores in Saskatoon, but they were sold out.
CBC Radio’s Cost of Living found a bag in Calgary and shipped it to him so he could taste test the purported Bugles substitute alongside the original snacks. Willy had three bags of Bugles in his possession thanks to his snowbird parents who carried them back in their luggage for him from Arizona.
Willy uses Bugles to make nuts and bolts every Christmas and says his family recipe cannot be made without them.
“They have that distinct cone shape, they’re the finger hat. Honestly, if we were growing up and they weren’t in there, we would have noticed and been like, ‘Why? Where’s the Bugles?'”
When Willy and his daughter, Kiara, tore open the two different corn snacks, they were surprised at how similar the two products looked.
“I was skeptical, but wow!” Willy said. “I think most people wouldn’t know the difference.”
After several tastings, the Willys concluded that Tongari Corn was slightly “spicier” than Bugles but had the same texture. Overall, a “pretty good substitute” for any nuts and bolts recipes.
“Japanese Bugles look like they’re going to save Christmas,” said Willy.
Bagel Bites, a Kraft Heinz product, disappeared last month, along with Cosmic Brownies, Oatmeal Cream Pies and Swiss Rolls — the entire line of Little Debbie boxed treats, manufactured by McKee Foods Corporation. In an email statement, a spokesperson for the company told CBC the decision to “cease selling” the Little Debbie treats was not made by the brand itself but by its Canadian distributor.
When it comes to distribution, Canada is a “notoriously costly” place to do business, says UBC Sauder School of Business marketing professor Yann Cornil. As a big country with a low population density, Cornil said it’s expensive for companies to ship products from coast-to-coast.
“And there are requirements for packaging to be translated into French and English. That increases the cost for U.S. brands, so sometimes the decision is to just discontinue those products.”
Competition in the snack aisle
Another reason Bugles may have left the Canadian market is because the snack was facing too much competition from store-owned brands like President’s Choice, Kirkland Signature and Great Value.
According to its 2022 annual report, most General Mills products compete “with generic and private label products that are generally sold at lower prices” and notes that economic uncertainty may push some consumers to purchase more store-owned brands.
“In those circumstances, we could experience a reduction in sales of higher-margin products or a shift in our product mix to lower-margin offerings,” the report said.
Every major grocery store in Canada has at least one, if not several, of its own private brands. A Sobeys spokesperson said the company adds hundreds of new products every year under its Compliments brand. Western Canadian grocer Calgary Co-op launched its store brands — Founders & Farmers and Cal & Gary’s — three years ago and already has more than 1,000 products on shelves.
“In the past, private labels were just cheap versions or imitations of a popular brand at a lower price and probably also at a lower quality,” Cornil said. “But that’s no longer the case. Now the private label can compete with the national brands even at the high end, even when it comes to satisfying niche segments of consumers.”
The snack aisle, in particular, is where consumers will find a wide variety of store-owned products — from low-salt and sea salt potato chips to gluten-free crackers and vegan cookies — and they get prime shelf space.
Cornil says that’s deliberate and just one strategy Canadian grocery stores use to encourage shoppers to choose their labels over name brands like Ruffles, Lays and Bugles.
Private brands are also typically cheaper because grocery chains have economies of scale — they make massive orders for all their stores, which allows them to negotiate lower prices with the manufacturers that produce their products.
And with inflation still running high, Canadians are reaching more often for store brands.
“Pretty much everyone buys private label groceries at some point,” said Brian Ettkin with Numerator Canada. The market research firm’s latest numbers show that compared to 2021, private label grocery sales in Canada are up four per cent this year.
Trend toward ‘healthier’ snacks
It could also be that Canadians just aren’t that jazzed anymore about America’s No. 1 Finger Hat. Bugles have been around since the 1960s and Cornil says tastes have changed since then.
“With snack foods, it’s an interesting market because there has been shifting demand for healthier, natural, less processed foods. And you see a lot of these are sometimes 50- to 70-year-old brands that clearly do not satisfy the new demands of consumers. So the companies, the manufacturers either have a choice to completely reformulate their products. Or to discontinue them in specific markets.”
This isn’t the first time Bugles have been discontinued north of the border. It happened in 2010, and the snack was back in Canada a year later.
That does give Bugles fans like Willy hope, but in the meantime he’s finding other ways to get his salty corn snack fix. Whether that’s buying up bags of Tongari Corn or driving his parents’ car home to Saskatchewan from Arizona.
“I’ve already told them, ‘If you guys don’t want to drive home, I’ll fly down and bring your vehicle back. But I’m going to be filling it up with Bugles for all.”
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.