Honest Ed's is a real discount superstore located on the corner of Bloor and Bathurst Street in Toronto, and spans the whole block. It was established in 1948 and was run by "Honest Ed" for nearly 60 years before his death.
In the Books
The store is used as a fight venue selected by Envy Adams in Volume 3 for Scott and Todd Ingram to fight their way through. The store, through the power of inanely low prices and the almighty power of capitalism, appears to have some supernatural feel about it, as all who enter go through the psychological ringer just trying to find protective eyewear. Scott may have had some sort of terrible experience there once, saying that he almost died. Julie compared the feeling of going into the store to "a newborn baby crying at the sheer horror of being alive".
The stipulation set is that Todd isn't able to use his vegan powers, giving Scott a slight advantage, and the first one through the store is declared the winner. Todd manages to make a machine gun out of various bargain items, and Scott loads up on eye protection and armour, but it all falls apart when the chaotic forces of Honest Ed's causes Todd to lose control of his powers, causing Honest Ed's to implode. The match is called a draw, and the episode continues.
In the Movie
As the fight with Todd is shortened to allow the rest of the books to fit in, the Honest Ed's bout is excluded from the film. It can, however, be seen during the cafe scene following the fight with Todd.
In the Game
A fight against Todd in Honest Ed's was initially considered, in which Todd would create weapons from the objects around him. Time, money, and the overall required effort resulted in the fight to be scrapped.