Two sisters, Myriam and Romy Belzile-Maguire, co-founders of the Quebec-based shoe company Maguire, face anxiety ahead of the upcoming U.S. election. A potential return of Donald Trump could jeopardize their business growth due to threatened tariffs. Operating three stores—one in New York, Toronto, and Montreal—the sisters have seen faster sales growth in the U.S. market, but looming tariffs could shift the advantage and harm sales. Their concerns echo broader worries among Quebec SMEs about the election’s economic implications.
Two sisters running a Quebec-based small business that manufactures and sells shoes are eagerly anticipating next Tuesday’s election night in the United States. The potential return of Donald Trump to power could threaten their growth and negate years of hard work.
• Related: “Very tough negotiations” if Trump returns to power.
• Related: Imposing tariffs: “It would hurt us even more.”
“There’s a lot of concern,” says Myriam Belzile-Maguire. In 2017, the 39-year-old designer left her dream job at Aldo, where she created and designed shoes, to start Maguire with her sister, Romy.
Fast forward seven years, and the duo operates three stores: one in Montreal’s Mile-End, another on Toronto’s popular Queen Street, and a third in New York near the trendy SoHo district.
Although their US store opened just last year, Maguire’s sales growth has been significantly faster in the US, a country of 340 million inhabitants, than in Quebec or Canada.
Additionally, customers in the US are paying more than their Quebec counterparts. The average price for a pair of shoes at Maguire is $250, matching the price in the US, but in American dollars.
“This allows us to keep our prices lower here,” Romy Belzile-Maguire explains. Since late 2022, the exchange rate of the US dollar has remained between $1.30 and $1.40 Canadian.
Concerns Over Customs
However, the election on November 5th in the United States could change everything. Trump’s potential return could negatively impact the US dollar, as the Republican candidate has pledged to impose new tariffs of 10% to 20% on all imports, and up to 60% on those from China.
The imposition of new tariffs may even force Maguire to relocate its distribution center from Repentigny to the United States.
Like many other small businesses in Quebec, the company could lose a significant advantage: currently, Americans shopping online in Canada do not incur customs duties if the package value is under $850.
“We were on a great trajectory, our sales were rapidly increasing. It would be unfortunate if everything came to a halt because of tariffs,” the sisters express in unison.
Significant Consequences
Clément, a Quebec retailer specializing in baby and children’s clothing and accessories, is also waiting anxiously for the results of the American election.
“Regardless of who is elected, our role is to understand what benefits or drawbacks we will face,” notes Charles Pépin-Clément, one of the seven directors of the company.
If Donald Trump regains access to the White House and enforces a 60% tariff on Chinese products, will the federal government in Ottawa implement similar measures?
“That would have substantial impacts on everyone in Quebec,” Charles Pépin-Clément illustrates.
Maguire at a Glance
- Founded in 2017
- 3 locations (Montreal, Toronto, New York)
- 25 employees
- 31,000 pairs of shoes sold in the last 12 months
- 5,500 pairs sold in 2017