In the February 26 1954 edition of the Toronto Daily Star, one discount store owner managed to arrange it so that the ad for his store appeared just above the Honest Ed’s ad:
Unlike a former competitor of Honest Ed’s, Honest Red’s, Arthur’s Bargain Centre remained in existence for quite a while. It first appears in the 1955 city directory – so it was very new at the time of this ad – and it was still there in 1969, though the original Arthur had not been managing the store for quite some time.
I don’t have online directories later than that, and a Google search turned up nothing, so I have no idea what happened to Arthur’s. 345 Danforth is now the home of Riverdale Mac, a computer store.