John Thomson's I Didn't Know That!

He is a home town boy who has done very well for himself in the financial community. Dale Lamb is the man I am referring to and here is some background.

Dale attended both OKM and UVic. where he got his Bachelor of Arts degree with a focus on the Economics and Statistics.  He started in the profession in 1995 with Mutual Life and he formed his own company DKL Financial Services. He has been in the business now for 17 years. DKL is the top Sun Life advisory firm in Western Canada and number two in all of Canada. It was 2003 when Dale moved his firm over to Sun Life Financial. His career has been straight to the top and with his staff has created a vibrant office of services. Their reputation is number one and their ability to make things work for their clients is outstanding. Their client list is very impressive. Dale is a “top of the member of the Million Dollar Roundtable”. He was chosen from among his peers to head up the roundtable this year. He is ambitious and his energy level is very high.

There are three young daughters that he is very proud of. It could be worth your while to talk to him and his assistants Taryn Sakkaki and Andrew Gilchrist. The changing money situation around the world affects each one of us and sometimes we just need a little direction down the right path.

DKL Financial Services –Sun Life Financial 2139 Springfield Road.

250-860-6403

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The new Shoppers Drug Mart store is under construction on Lakeshore and it is going to be quite an addition to the shoppers in the Mission. There are already five stores in the Kelowna market and this will be the second time the drug chain has had a store in the Mission.

Shoppers Drug Mart are exploring new ways to integrate, looking for convenience and value with the food category and they know they are good at convenience.  They can add some interesting items to food shelves that will up the spending mode on food stuffs in their stores. The variety of products Shoppers is able to offer in food is widening. Over the next year, the retailer wants to “incorporate a better, healthier component to their food offer.”

I believe the Kelowna store will be 18,000 sq. ft. on the same design as the new store in West Kelowna at Lake Okanagan Shopping Centre. It is the second largest Shoppers in B.C. The Kelowna area has five Shoppers Drug Mart stores now.

Another feature of the new store will be an addition of apartments to the second floor. 

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Newcap, the Newfoundland based broadcasting chain, own two radio stations in the Valley; K96.3 in Kelowna and the Country station 100.7 in Penticton. Now the Eastern company is looking to sell its Alberta stations and the Jim Pattison Group is said to be interested. Pattison already owns 23 stations in B.C. and Alberta.  The Thomson family is also looking carefully. The Thomson family, Canada’s richest family through their company Westerkirk Capital,  bought the Vista radio group last year and now have 47 radio stations in B.C., Alberta, Ontario  and the Northwest Territories. One of their stations is The Juice in Kelowna.   

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It was described to me as a massive winery from Kelowna. That means the biggest one ever. Dennis O’Rourke and his two sons have bought land on the east side of Woods Lake.

A few years ago Mr. O’Rourke built his new home on the lake and blasted out a road down to the waterfront. It was rumoured to be the future home of movie actor and Governor Arnold Schwartzenager.

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XL Foods in Brooks, Alberta caused so much havoc in the Canadian fresh and processed meat industry last year. It’s hard to believe they have been sold. This is a company warned six times about unsanitary practices.  The company was sold by its Edmonton owners to a Brazilian company, JBS USA Beef. The Edmonton owner walks away free and yet we know there should be a court case that puts the finger on the culprits who allowed this to happen. But the government must feel their case is bad because they were involved as well.   

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There is still a lot of heat in the boardrooms in Toronto where just over ten days ago, in walked H&R REIT into the office of Palmaris REIT to make an offer for their thirty shopping malls.  Palmaris owns Orchard Park in Kelowna, Town Centre in West Kelowna and a large mall in Kamloops.

In December there was a hostile takeover bid from Kensett Capital for $4 billion that didn’t sit well with the shareholders. Then in January H&R said they're interested too and have made an offer of $4.6 billion. Someone has to make a move.

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Were you surprised when Cirque de Soleil made the announcement they are reducing their staffing at the Montreal headquarters by 400 people? I always thought everything was always perfect with that company and their success story. The company still has twenty shows working all over the world and they say business is good. Their Montreal head office reportedly employed 2,000. The show has played here very successfully three times. It is a magnificent concept and the shows are all produced in Montréal where the Cirque University is and all the props and costumes are manufactured.

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I read an American headline that said, “Older Americans Carry More Credit Card Debt.” It surprised me somewhat I must say. This was found out in a recent study and of course doesn’t apply to Canada but we certainly have a group that matches who they interviewed.  The average credit card balance was $8, 278.  That was a surprise because the younger generation’s balance was just over $6 thousand. Our researchers never mention this group of older Canadians and what their debt is. It worries me a lot that some of our population is going into debt and that they don’t have a chance of getting out it.  Then what?  Is the next thing bankruptcy unless their kids come through for them? We often assume that  credit card debt is often associated with young consumers whereas on the other hand this debt is built up by older people for essentials and a means to cope with unexpected emergencies.

Growing old cheerfully is what it is all about.

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A friend of mine, Dominic Petraroia, was awarded with the Queens Council. Petraroia is the managing partner of Farris, Vaughn, Will and Murphy LLP’s.

Dominic is a busy volunteer in Kelowna and has been involved with many community organizations.

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Couche Tard, a company you have probably never heard from Quebec, has become the largest convenience store operator in North America as well as in Canada. They own the brand name Macs.