Q & A: Hudson's Bay is closing this Sunday. How did 355 years of retail history come to an end, and what's next?
A historic chapter is closing this Sunday, as Canadians prepare to say a final goodbye to Hudson's Bay — a company that has been at the heart of Canadian retail for centuries.
At the same time, Canadian Tire's purchase of Hudson's Bay's intellectual property, along with B.C. billionaire Weihong Liu's bid for 28 store leases, offers a glimmer of hope amid the doom and gloom.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
an hour ago
- Global News
Mark Carney names former UN envoy as chief of staff
Prime Minister Mark Carney has named Marc-André Blanchard, Canada's former ambassador to the United Nations, as his permanent chief of staff. 'I am pleased to announce that Marc-André Blanchard will serve as my Chief of Staff beginning in July,' Carney posted on the social media platform X. Carney said in addition to serving as Canada's ambassador and permanent representative to the United Nations, Blanchard had a 'long and distinguished career as one of Canada's most accomplished builders, legal experts, executives, public servants, and diplomats.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Blanchard will start in July as former cabinet minister Marco Mendicino's time as interim chief of staff comes to an end. 'Marco Mendicino has my continued appreciation for his service as my Chief of Staff into the early summer, including as we introduce crucial legislation to deliver on our mandate from Canadians and prepare to host global partners at the upcoming G7 Summit in Kananaskis,' Carney said. Story continues below advertisement Chief of staff, a position created in 1987, previously principal secretary, is the top official in the Prime Minister's Office. The chief of staff is responsible for managing, administering and coordinating the activities of the PMO. –with files from The Canadian Press
Cision Canada
2 hours ago
- Cision Canada
Marc-André Blanchard leaves CDPQ to serve Canada Français
MONTRÉAL, June 1, 2025 /CNW/ - CDPQ acknowledges the significant contribution of Marc-André Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, who announced today his departure to take on the role of Chief of Staff to the Prime Minister of Canada, Mr. Mark Carney. Arriving at CDPQ in 2020, Marc-André Blanchard has profoundly impacted the organization. A former Canadian Ambassador to the United Nations and a recognized leader in the private sector, he has leveraged his expertise to serve CDPQ's international ambitions and sustainable development strategy. Under his leadership, CDPQ Global was established to support its investment teams on the ground through high-level relations with governments and partners worldwide in order to assist Québec companies in their globalization and to position CDPQ as a preferred investment partner internationally. In 2022, Marc-André Blanchard also took over the leadership of the Sustainability team, where he played a decisive role. Under his direction, CDPQ adopted an ambitious approach to the energy transition and promoted its global leadership on sustainability issues in major international forums, achieving significant progress. CDPQ recently reached and surpassed its climate targets and was recognized last year as the world's leading pension fund for governance, sustainability, and resilience by Global SWF, a benchmark in the industry. Marc-André Blanchard leaves behind a strong and experienced team ready to execute the vision he has developed. "CDPQ is an exceptional organization, and it has been an honour to serve Québec and the six million Quebecers it represents. I leave knowing there is a strong, committed and innovative team that will continue to raise the bar and showcase CDPQ on the international stage. Answering the call to serve my country is a decision I make with humility and enthusiasm," said Marc-André Blanchard. "Marc-André has definitely left his mark on CDPQ. Thanks to his leadership, we have transformed from an organization present in the world to a truly united and globally recognized organization. Additionally, we have raised our ambition in sustainable investment, which is now a hallmark of the institution. Marc-André has always been driven by a deep desire to serve the public, and we thank him for his significant contribution to CDPQ as well as for the skilled team he has built. We wish him every success in his new role," said Charles Emond, President and CEO of CDPQ. ABOUT CDPQ At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ's net assets totalled CAD 473 billion. For more information, visit consult our LinkedIn or Instagram pages, or follow us on X.
National Post
3 hours ago
- National Post
Can a B.C. developer's big bet on Hudson's Bay stores redefine Canadian retail?
Article content When Hudson's Bay began liquidating all of its stores and hunting for a potential new owner, Ruby Liu was determined not to let Canada's oldest company disappear. Article content Article content The B.C. mall owner made an offer for the company in hopes of restoring it to its former glory, but when Canadian Tire was chosen (court approval pending) to buy its name and trademark stripes, Liu's plan was foiled. Article content Yet she didn't give up. Instead, she brokered a deal to take over up to 28 of the leases held by Hudson's Bay and its sister Saks businesses in Alberta, B.C. and Ontario and transform them into 'a new modern department store.' Article content Article content But making the jump from vision to reality won't be easy, even with her persistence and the billions of dollars reportedly at her fingertips. Article content 'There is a lot of research, a lot of planning, a lot of capital, a lot of logistical challenges, inventory, branding and people that need to be figured out,' said Jenna Jacobson, the Eaton Chair in Retailing at Toronto Metropolitan University. Article content Because Hudson's Bay sold off its real estate years ago, Liu's first task once the liquidation sales end Sunday will be convincing the landlords who own the massive spaces to get on board with her plan or it's unlikely a court will rubber stamp it. Article content Article content Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. Article content He reasons that landlords like to be in control and usually don't want to have tenants selected for them, especially tenants who will pick up 'trophy leases' with the kind of deep concessions only a business as storied as the Bay could extract. Article content Many of those leases date back to the very inception of the malls or properties they cover and would have rent charges Gregor believes were 'well-below market.' Article content He also figures they had clauses restricting what other tenants could move in and what else could be built on the site. Article content '(Landlords) would have loved if HBC had gone bankrupt and hadn't just fallen apart totally and they just get the space back because all the restrictions that anchor tenant held in that old lease would have gone away,' he said.
