
Graham Avenue transit shift leaves businesses wary of seasonal foot traffic
Inside, Tefere Kahsay flipped through his agenda. He stood behind his till; a couple of construction workers rifled through nearby fridges for drinks, but there was no lineup — he had a minute.
'April … 279,' Kahsay read aloud.
He'd counted 279 people at Graham Convenience Store on April 24. Another page — June 20: 320 customers.
But lately, Kahsay has been counting maybe 60 patrons daily. He and neighbouring businesses reliant on bus-takers have watched sales plummet immediately following a Graham Avenue transitway overhaul.
Part of the downtown stretch became reserved for Transit in 1995. Ground-floor businesses line the street, which is bookended by the former Hudson's Bay flagship store on one side.
MIKE DEAL / FREE PRESS
Tefere Kahsay, owner of Graham Convenience Store, says that there has seen a steep decline in customer traffic since buses were pulled from Graham Avenue.
MIKE DEAL / FREE PRESS
Tefere Kahsay, owner of Graham Convenience Store, says that there has seen a steep decline in customer traffic since buses were pulled from Graham Avenue.
During the COVID-19 pandemic — and as office workers and students stayed home — business closures began pockmarking the strip. Since then, the City of Winnipeg has turned its gaze to downtown revitalization and a Transit overhaul.
A result: Graham Avenue is in the midst of becoming a corridor for cyclists and pedestrians. Pulling buses off the street coincided with Transit's overhaul June 29.
The bus removal has been 'dramatic,' said Dade Williams, an employee at Aluminum Sound.
Next door, a pizza joint owner questioned her company's survival. The eatery's main clientele were bus riders.
Williams estimates Aluminum Sound sales have halved during the first weekdays of the new bus system. Several other businesses reported less traffic than usual.
'I'm hoping it gets better … I can't pay myself.'–Tefere Kahsay
'It's hard to tell, exactly, because the first week of July is always quiet,' said Elizabeth Gillich, a Bison Books employee. 'We're … still waiting to see the full effects of what's changed.'
Much of Graham Avenue was barricaded Thursday. Artists painted bright designs on the pavement running from Manitoba Hydro Place at Edmonton Street, past the Winnipeg Police Service headquarters to Garry Street. Picnic and table tennis spots dotted the path. The stretch housing many of Graham's small, ground-floor businesses was untouched.
While the sidewalks remain open, the street itself is scheduled for public unveiling next week.
MIKAELA MACKENZIE / FREE PRESS FILES
Winnipeg mayor Scott Gillingham.
MIKAELA MACKENZIE / FREE PRESS FILES
Winnipeg mayor Scott Gillingham.
'It's just really the beginning,' said Mayor Scott Gillingham. 'It's about reimagining the space and activating the street.'
City officials and the Downtown Winnipeg Business Improvement Zone have touted Graham Avenue as a new event and gathering destination. The four-block corridor is a pilot project without a set end date. Gillingham estimated it will take a couple years to grow activity on the strip.
'(We're) inviting people to come and explore Graham … and frequent the businesses,' he said when asked if those businesses would receive interim support.
Kahsay isn't sure he can last two years. Construction workers have become his main clientele — they're renovating the former Bay for the Southern Chiefs' Organization's Wehwehneh Bahgahkinahgohn, a project slated to include new housing.
'I'm hoping it gets better,' Kahsay said. 'I can't pay myself.'
He doubled his convenience store space last year, taking over a former beauty parlour, because daytime rushes were cramped.
'It's about reimagining the space and activating the street.'–Mayor Scott Gillingham
Business valuations and seasonal traffic were among the concerns entrepreneurs shared with the Free Press. Not all had seen a noticeable difference: leadership at Blazing Chicken Shack and Thom Bargen Coffee Roasters reported normal sales, though the latter business believes autumn — and the return of university students — will be a true tell.
Pre-pandemic, roughly 1,800 Transit buses might travel down Graham.
Moving buses off Graham Avenue 'makes sense' to Aaron Moore, a University of Winnipeg political science professor who studies urban development.
The vehicles had nowhere to pass each other and would bunch up, Moore recalled. Also, Graham isn't a main thoroughfare like Portage Avenue.
'Compared to what I've seen (of) other cities in Canada, this is one of the better-planned transit systems,' Moore said. 'I think while it'll take a while for people to get used to it, it'll be much better.'
However, there's always consequences to such changes, including negative impacts to businesses, Moore relayed. He would've opened the strip up to cars in the short-term — there's 'not a lot of pedestrian traffic' in the city's core.
MIKE DEAL / FREE PRESS
Graham Convenience Store at 438 Graham Ave. has seen a steep decline in customer traffic since buses were pulled from Graham Avenue.
MIKE DEAL / FREE PRESS
Graham Convenience Store at 438 Graham Ave. has seen a steep decline in customer traffic since buses were pulled from Graham Avenue.
New initiatives — and housing — in the former Bay and Portage Place mall should bring more pedestrians, said Marc Vachon, a University of Winnipeg geography professor who studies urban development.
The Graham project may be better suited after the opening of Wehwehneh Bahgahkinahgohn and Portage Place's renovation, Vachon continued. He called it a 'great pilot,' except for the timing.
'At the end of the day, we're aiming for a sustainable city,' Vachon said. 'The heavy traffic and cars that we have is not sustainable.'
City council tabbed $250,000 for the street's redevelopment. A US$100,000 grant from the Bloomberg Philanthropies Asphalt Art Initiative is funding the street surface murals.
The pilot allows for testing ideas and learning, said Rhiannon Hayes, chief operating officer of Downtown Winnipeg BIZ.
Monday Mornings
The latest local business news and a lookahead to the coming week.
'It's still early, and we'll be listening closely to our businesses throughout the summer and fall to see what's working and what needs improvement,' Hayes wrote in a statement.
The BIZ is 'optimistic' Graham's change will help bring more people downtown, Hayes continued.
Street closure signs are set to come down Monday, city spokeswoman Julie Dooley wrote in an email.
There aren't current plans to route buses back to Graham. Future route changes result from the city's annual service planning process, Dooley said. The strip of Graham Avenue from Main to Garry streets continues to see buses.
gabrielle.piche@winnipegfreepress.com
Gabrielle PichéReporter
Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle.
Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates.
Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber.
Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Edmonton Journal
2 hours ago
- Edmonton Journal
Opinion: Regional airports are a lifeline that need our support
The future looked bright in June 2014 when Fort McMurray International Airport (YMM) opened a glistening new terminal designed to handle 1.5 million passengers a year. Article content Soon after, the global price of oil started plunging, sending the local economy into a tailspin. Then in 2020, COVID-19 upended air travel around the world. Article content Article content YMM is still struggling to get back to the future. Today, it operates at less than a quarter capacity, serving roughly 350,000 passengers a year. That's 40 per cent fewer than before the pandemic. And yet, the problem is not a lack of demand; it's a dearth of flights at the right time. Fort McMurray's demand for airline tickets is strong. Article content Article content It is a familiar story for regional airports across Alberta, and much of the country. Since the pandemic, flight frequencies and total seat capacities have declined as airlines rationalize routes to cope with pilot and aircraft shortages, according to an analysis by InterVISTAS Consulting for the Canadian Airports Council. Article content Article content Alberta has been hit harder than most provinces. Flight frequencies at regional airports are down 61 per cent since 2014; seat capacity has dropped 57 per cent. Most concerning is that flights from smaller airports to hub airports in Calgary and Edmonton have been cut significantly, leaving many Albertans with fewer travel options and feeling more disconnected than they've been in years. Article content That's unfortunate because now, more than ever, Canadians want to be connected — to the rest of the country and the world. With Canada facing economic and political threats from the U.S., better regional air service is critical. Article content Article content Canada's 100 airports are uniquely positioned to help drive economic growth. Linked to eight gateway hubs, dozens of smaller regional airports underpin a vast network that helps move people and goods safely and efficiently across this country's vast land mass. Article content Regional airports are 'primary enablers' of resource development, trade, tourism, northern sovereignty and health care, according to the InterVISTAS report. 'Regional air service has the power to transform our national economy, create opportunities for communities that would otherwise not have them, and improve the well-being of all Canadians,' the report concludes. Article content Adding just a single regional flight can create as many as 210 jobs and generate $41.2 million in economic output. Multiply that across the entire country, and the benefits would provide a much-needed economic boost during difficult times.


The Market Online
3 hours ago
- The Market Online
Three Canadian dividend stocks with a strong case for value
Canadians' infatuation with dividend stocks is wholly understandable. The idea of getting paid to wait as you hold a stock in your portfolio is innately attractive, appealing to human nature's enduring preference for getting what it wants as soon as possible. However, a dividend does not make a stock desirable in itself. This content has been prepared as part of a partnership with Vecima Networks Inc., Computer Modelling Group Ltd. and Pason Systems Inc., and is intended for informational purposes only. The task of determining whether or not a dividend stock is suitable for you looks beyond the dividend towards the balance sheet, income statements and industry tailwinds, with the intention of valuing the underlying company versus the share price and assessing the conviction the dividend deserves for growing into the future. A straightforward way to conduct this assessment is to screen for Canadian dividend stocks that have fallen year-over-year, despite profitable operations on a net income basis, allowing you to delve into those with the highest losses in search of financials and prospects attractive enough to support a case for value. Here are three names that stood out. Vecima Networks After running the screen pictured below using The Globe and Mail's online tool, the first compelling Canadian dividend stock I stumbled upon was Vecima Networks, market capitalization C$255.55 million, a cloud-based software and services leader pushing the boundaries of broadband speed, video quality, content distribution, as well as fleet tracking and intelligence. (Source: The Globe and Mail) Over its 35-year history, Vecima has grown to serve more than 100 operators and more than 100 million people globally, developing a competitive edge in the marketplace – see slide 26 of the May 2025 investor deck – but sees further growth ahead driven by the rapid evolution of network technology, with more than $500 million invested over the past decade to capitalize on an estimated $8 billion opportunity (slide 9). Looking over the past five years, the company seems to be well on its way to claiming an increasing portion of this growth tailwind for itself, tripling revenue from C$94.88 million in F2020 to C$291.05 million in F2024, plus a solid C$63.98 million in Q1 F2025. The company justified these sales by remaining profitable over the period, achieving more than 10x net income growth from C$1.81 million in F2020 to C$19.39 million in F2024. Exceptions include a C$330,000 loss in F2021 because of COVID-19 pandemic-related restrictions, and a C$7.89 million loss in Q2 2025 because of restructuring costs expected to result in C$17.5 million in cost savings. From a dividend perspective, while Vecima has only increased its quarterly payout once since inception in 2014 – from C$0.045 to C$0.055 in 2015 – the company's specialization in network connectivity places it at the leading edge of an increasingly digital world, one where network providers must upgrade their operations to command differentiated returns. Finding itself in such a privileged position, not to mention guided by a leadership team with 56 per cent insider ownership, the company deserves better than what its stock has delivered. Vecima Networks stock (TSX:VCM) has given back 50.98 per cent year-over-year, last trading at C$10.51. Computer Modelling Group Another Canadian dividend stock that looks undervalued is Computer Modelling Group, market capitalization C$645.83 million, a global software and consulting company providing pioneering subsurface and surface solutions for oil and alternative energy clients in 60 countries around the world. Over CMG's more than 47-year operating history, the company has delivered decades of consistent cash flow and profitability, while building more than 450 long-term client relationships, granting it global brand recognition. We can see this brand cachet at work over the past five years, which yielded revenue growth from C$67.36 million in F2021 to C$129.45 million in F2025, supported by controlled debt levels and consistent net income averaging more than C$20 million per year, setting the company up to self-fund future growth. Over the short-term, management has responded to falling oil prices, lingering inflation and tariff-based instability by shifting from organic to inorganic growth, acquiring three companies since 2023 – most recently highlighted by SeisWare International – which are driving revenue and adjusted EBITDA and keeping the company in the black despite geopolitical uncertainty denting investor confidence. Over the long-term, CMG's imaging and reservoir simulation technology positions it to benefit from how about 70 per cent of remaining oil reserves are in geologically complex areas – see slide 3 of the Q4 2025 investor deck – favoring the achievement of further scale and pricing power. These prospects bode well for CMG's quarterly dividend, in place since 2013, which kept up a C$0.40 annual payout until 2020, when management cut it in half to weather the pandemic and re-establish the company's ongoing path to growth, substantiating an ability to balance investment and shareholder returns as dictated by market conditions. Struggling under energy demand uncertainty driven by US tariffs, Computer Modelling Group stock (TSX:CMG) has fallen by 43.47 per cent year-over-year, while remaining up by 52.12 per cent since 2020, undervaluing a history we have shown to be brimming with long-term value-creation potential. Shares last traded at C$7.79. Pason Systems Our final Canadian stock with dividend and value potential is Pason Systems, market capitalization C$918.17 million, whose underlying business – split into Intelligent Wellhead Systems and Energy Toolbase Software – is a global leader in data management systems for drilling rigs, covering data acquisition, wellsite reporting, analytics and remote communications. The company also provides products to model, control and monitor the economics and performance of solar and other energy storage projects. Pason' leadership position, built across a more than 40-year history, is anchored by a market presence of more than 70 per cent of drill rigs in the Western Hemisphere, but the company sees ample room to run thanks to the energy industry's increasing technological adoption – see slide 12 of the Q1 2025 investor deck – as well as management's proven skill at growing revenue in line with profitability. Revenue grew by 2.64x from C$156.64 million in F2020 to C$414.13 million in F2024, followed by a strong C$113.18 million in Q1 2025. This was paired with mammoth 18.49x net income growth from C$6.57 million to C$121.5 million, respectively, followed by a respectable C$20.01 million in Q1 2025. Looking further back, the numbers remain impressive, with Pason adding about C$100 million in revenue over the past decade, while delivering consistent free cash flow averaging more than C$50 million per year. Pason believes it can deliver more growth, regardless of trade disputes or North American drilling activity (slide 9), thanks to its portfolio's alignment with the energy industry's secular technological trend, coupled with ongoing tailwinds behind solar and other alternatives. As Jon Faber, president and chief executive officer, detailed in the Q1 2025 news release, 'We anticipate that companies may adjust their development plans should their commodity price forecasts change; however, even in the event of reductions in capital programs, we expect any activity decreases to be more modest in both depth and duration as compared to previous industry slowdowns.' 'Our experience through previous cycles has been that maintaining investments focused on service quality and technology development through periods of uncertainty provides the greatest opportunity to expand competitive gaps,' Faber added. 'We see opportunities for greater adoption of data-driven technologies over time in both drilling and completions, and we intend to ensure our product and service offerings continue to evolve to ensure we can capitalize on those opportunities.' Given the Canadian technology leader's long-term financials, even in the face of economic adversity, it's reasonable to be optimistic about the company's ability to continue delivering shareholder value and paying its quarterly dividend, which was established in 2013, cut drastically during the COVID pandemic, but has been growing steadily ever since from C$0.05 in 2021 to C$0.13 in 2025. Pason Systems stock (TSX:PSI) has given back 24.18 per cent year-over-year but remains up by 96.50 per cent since 2020. Shares last traded at C$11.79. Join the discussion: Find out what investors are saying about these Canadian dividend value stocks on the Vecima Networks Inc., Computer Modelling Group Ltd. and Pason Systems Inc. Bullboards and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.


Globe and Mail
4 hours ago
- Globe and Mail
Aecon consortium reaches financial close on the Yonge North Subway Extension Advance Tunnel project in Ontario
TORONTO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) ('Aecon' or the 'Company') announced today that North End Connectors, an Aecon-led consortium in which it holds a 33.3% interest, has reached financial close with Infrastructure Ontario and Metrolinx on the Yonge North Subway Extension Advance Tunnel project in Ontario. The contract is valued at $1.4 billion, and Aecon's $477 million share of the contract will be added to its Construction segment backlog in the third quarter of 2025. Aecon previously disclosed this addition to backlog in its second quarter 2025 financial results, released on July 31, 2025. North End Connectors, comprised of Aecon, FCC Construcción and Ghella, will design and construct an approximately 6.3-kilometre tunnelled segment, launch and extraction shafts, and headwalls for emergency exit buildings and stations. The scope of work also includes the supply of tunnel boring machines, the installation of tunnel liners and other supporting activities. The project will extend the TTC's Line 1 subway service approximately 8 kilometres from the existing terminus at Finch Station in Toronto to York Region, serving communities in Markham, Vaughan and Richmond Hill. 'This transformative subway extension will improve access to transit for local residents, reduce travel times, support economic growth, and help to meet the needs of growing populations along the alignment,' said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. 'Together with our partners, we look forward to bringing our expertise in safely and successfully delivering major transit tunnelling projects to connect communities in the Greater Toronto Area while working collaboratively with Infrastructure Ontario and Metrolinx,' said Thomas Clochard, Executive Vice President, Civil and Nuclear, Aecon Group Inc. Further information about the project is available on the Infrastructure Ontario and Metrolinx websites. About Aecon Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc. Statement on Forward-Looking Information The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the anticipated commencement and completion of the project, and the anticipated benefits of the subway extension on local residents and growing populations. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to, the risk of not being able to meet contractual schedules and other performance requirements, the risks associated with a third party's failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the risk of not being able to address any supply chain issues which may arise; the risk of the anticipated benefits from the project not being fully realized. These forward-looking statements are based on a variety of factors and assumptions including but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources. Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon's 2024 Management's Discussion and Analysis for the fiscal year ended December 31, 2024 and Aecon's Management's Discussion and Analysis for the fiscal quarter ended June 30, 2025, each filed on SEDAR+ ( Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For further information: Adam Borgatti SVP, Corporate Development and Investor Relations 416-297-2600 ir@