Latest news with #Hudson'sBay
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Business Standard
3 hours ago
- Business
- Business Standard
A 355-year-old company that once owned one-third of Canada shutting down
Beye Escobar was both delighted and disappointed as she emerged from the sprawling Hudson's Bay Company store in downtown Ottawa with two new bikinis. While she was pleased that her swimwear had been discounted by 70 per cent, she was not happy about the reason. On Sunday, a month after it marked the 355th anniversary of its founding, the Bay, as it is commonly known, is permanently closing its 80 department stores throughout Canada. The company was much more than just a retailer and the last traditional, full-line department store chain in Canada. In 1670, Britain, which claimed part of present-day Canada, set up the company as a fur trader and granted it a vast stretch of territory equal to what is about a third of Canada, without asking the indigenous people whose land it was. 'I don't know where I'll go now,' she added. The Bay's fate was sealed by the large debt it had been carrying, and it recently declared bankruptcy. Long before US President Trump's trade war and his calls to make Canada the 51st state stoked anti-American sentiment in Canada, the purchase in 2008 of a cultural institution like the Bay by Richard A Baker, a New Yorker whose family controlled an array of shopping malls, was widely viewed with suspicion among Canadians. At first, Baker made good on his promise that he had not bought the Bay for its real estate — although he did cash in on that later. His investments in the stores and his appointment of Bonnie Brooks, a respected Canadian retailer, as president and chief executive turned Hudson's Bay sagging fortunes around. To compete with the rise of online retailing, Baker invested heavily in the Bay's e-commerce. And part of Brooks's revitalisation involved playing up the company's heritage. Merchandise, from measuring cups to wooden canoes, started appearing bearing the distinctive green, red, yellow and indigo stripes of the Bay's 'point blankets.' The blankets were first used in the 18th century to trade for furs with Indigenous people. 'It felt like a piece of Canada,' said Bryan Higgins, who was headed to the Ottawa store last Wednesday for a farewell visit. 'It felt like going to Tim Hortons' — another Canadian institution — 'and getting a doughnut, except you were buying blankets or slippers. It was uniquely Canadian.' Many parts of the five-story store were already empty or filled with small armies of mannequins, boxes of clothes hangers and store fixtures of every imaginable variety — all for sale. Mid-last week, the most popular of those new offerings seemed to be indoor-outdoor rugs marked down by 90 per cent. A steady stream of shoppers walked out struggling to haul them away.
Toronto Star
9 hours ago
- Business
- Toronto Star
Broken escalators and a declining market: Experts predict big challenges for Chinese billionaire in executing her ambitious plan for 28 Hudson's Bay leases
While the Canadian retail icon sold its intellectual property for $30 million to Canadian Tire, it entered an agreement with Weihong Liu, chairwoman of shopping mall owner and operator Central Walk, to reassign 28 Hudson's Bay leases for the launch of 'a new modern department store concept.'
Toronto Sun
11 hours ago
- Business
- Toronto Sun
Redesigning the Bay's old stores come with challenges and opportunities
Published Jun 01, 2025 • 5 minute read Shoppers on an elevator look back at a closed Hudson's Bay store in a mall on March 20, 2025 in Hamilton, Ont. Photo by Katherine KY Cheng / Getty Images TORONTO — 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. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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. 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.' 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. '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. This advertisement has not loaded yet, but your article continues below. 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. Several landlords have told The Canadian Press they are awaiting more details before they decide what to do about Liu, who declined to comment for this story. Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. 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. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 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.' He also figures they had clauses restricting what other tenants could move in and what else could be built on the site. '(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. 'Now, there's going to be a negotiation, like a dance between the two parties, where they have a little bit of give and take.' Liu will come to the table with plenty of business experience. She is said to have made billions through real estate developments in China before she headed to Canada. This advertisement has not loaded yet, but your article continues below. Once here, her Central Walk business bought British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre, as well as Arbutus Ridge Golf Course. The shopping centres feature plenty of Canadian mall staples along with rarities like Bass Pro Shops, L.L. Bean and even cafe kiosks powered by robot baristas. Gregor thinks Liu operates 'very good malls' but will need a 'wonder team of lawyers' to advance a deal as significant and complex as the Bay one. One thing she'll have going for her is that landlords don't like to leave big pieces of their properties in limbo, said J.C. Williams Group retail strategist Lisa Hutcheson. 'In some ways, she makes it easier for them to not have to be worrying about how they're going to fill that large square footage,' she said. This advertisement has not loaded yet, but your article continues below. If they approve of Liu, they will also have someone to shoulder repairs the Bay neglected to do, Hutcheson said. A handful of its stores temporarily closed last summer because of air conditioning troubles and even more have been plagued with broken escalators for years. Gregor estimates it would cost half a million dollars to repair the HVAC system at just one of the Bay's biggest locations. Elevator fixes or replacements could take a year, he said. And that's on top of the $100 to $150 per square foot he thinks will have to be spent — at minimum — to shape the spaces. 'These stores are several hundred thousand square feet, and that takes a lot to reposition,' Hutcheson agreed. She pointed out La Maison Simons is spending about 18 months transforming some former Nordstrom locations in Toronto. This advertisement has not loaded yet, but your article continues below. 'And that's with a fully baked concept that they're going off of,' she said. Liu will have to generate a new concept that can go head-to-head with long-established department stores like Simons and Holt Renfrew and the plethora of options online. That will likely mean brokering relationships with suppliers Hutcheson believes will be 'a little bit nervous' because they are still reeling from millions in losses that came from the fall of the Bay. It will also mean hiring a large workforce that will devote themselves to an untested brand and then sell it to customers. Liu has promised to give suppliers and vendors who worked with Hudson's Bay priority when selecting partners for her new venture. She has also said she will prioritize hiring from the Bay's workforce, which stood at 9,364 staff before its demise. This advertisement has not loaded yet, but your article continues below. 'But between now and when I expect (Liu's) doors will open, will be a gap, and many of them will find jobs,' Hutcheson said. Despite the battery of challenges Liu will have to overcome, Jacobson said the efforts could be worth it for both her and her customers. If Liu uses the opportunity to mirror the overseas department store model with new brands, supermarkets, restaurants, salons, entertainment and other digital experiences, Jacobson thinks Liu will 'usher in a new form of retail' the Canadian market sorely needs. 'If you look at the Chinese department stores, they often act like more of a destination in and of themselves than what we typically see in a Canadian or North American market,' Jacobson said. 'It's a destination where people could spend a significant amount of time … which is going to be needed in order to have a successful model moving forward.' Sports Sunshine Girls Sunshine Girls Relationships Columnists
Hamilton Spectator
15 hours ago
- Business
- Hamilton Spectator
Redesigning the Bay's old stores come with challenges and opportunities
TORONTO - 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. 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. 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.' 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. '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. 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. Several landlords have told The Canadian Press they are awaiting more details before they decide what to do about Liu, who declined to comment for this story. Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. 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. 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.' He also figures they had clauses restricting what other tenants could move in and what else could be built on the site. '(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. 'Now, there's going to be a negotiation, like a dance between the two parties, where they have a little bit of give and take.' Liu will come to the table with plenty of business experience. She is said to have made billions through real estate developments in China before she headed to Canada. Once here, her Central Walk business bought British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre, as well as Arbutus Ridge Golf Course. The shopping centres feature plenty of Canadian mall staples along with rarities like Bass Pro Shops, L.L. Bean and even café kiosks powered by robot baristas. Gregor thinks Liu operates 'very good malls' but will need a 'wonder team of lawyers' to advance a deal as significant and complex as the Bay one. One thing she'll have going for her is that landlords don't like to leave big pieces of their properties in limbo, said J.C. Williams Group retail strategist Lisa Hutcheson. 'In some ways, she makes it easier for them to not have to be worrying about how they're going to fill that large square footage,' she said. If they approve of Liu, they will also have someone to shoulder repairs the Bay neglected to do, Hutcheson said. A handful of its stores temporarily closed last summer because of air conditioning troubles and even more have been plagued with broken escalators for years. Gregor estimates it would cost half a million dollars to repair the HVAC system at just one of the Bay's biggest locations. Elevator fixes or replacements could take a year, he said. And that's on top of the $100 to $150 per square foot he thinks will have to be spent — at minimum — to shape the spaces. 'These stores are several hundred thousand square feet, and that takes a lot to reposition,' Hutcheson agreed. She pointed out La Maison Simons is spending about 18 months transforming some former Nordstrom locations in Toronto. 'And that's with a fully baked concept that they're going off of,' she said. Liu will have to generate a new concept that can go head-to-head with long-established department stores like Simons and Holt Renfrew and the plethora of options online. That will likely mean brokering relationships with suppliers Hutcheson believes will be 'a little bit nervous' because they are still reeling from millions in losses that came from the fall of the Bay. It will also mean hiring a large workforce that will devote themselves to an untested brand and then sell it to customers. Liu has promised to give suppliers and vendors who worked with Hudson's Bay priority when selecting partners for her new venture. She has also said she will prioritize hiring from the Bay's workforce, which stood at 9,364 staff before its demise. 'But between now and when I expect (Liu's) doors will open, will be a gap, and many of them will find jobs,' Hutcheson said. Despite the battery of challenges Liu will have to overcome, Jacobson said the efforts could be worth it for both her and her customers. If Liu uses the opportunity to mirror the overseas department store model with new brands, supermarkets, restaurants, salons, entertainment and other digital experiences, Jacobson thinks Liu will 'usher in a new form of retail' the Canadian market sorely needs. 'If you look at the Chinese department stores, they often act like more of a destination in and of themselves than what we typically see in a Canadian or North American market,' Jacobson said. 'It's a destination where people could spend a significant amount of time ... which is going to be needed in order to have a successful model moving forward.' This report by The Canadian Press was first published June 1, 2025.
Winnipeg Free Press
15 hours ago
- Business
- Winnipeg Free Press
Redesigning the Bay's old stores come with challenges and opportunities
TORONTO – 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. 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. 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.' 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. '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. 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. Several landlords have told The Canadian Press they are awaiting more details before they decide what to do about Liu, who declined to comment for this story. Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. 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. 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.' He also figures they had clauses restricting what other tenants could move in and what else could be built on the site. '(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. 'Now, there's going to be a negotiation, like a dance between the two parties, where they have a little bit of give and take.' Liu will come to the table with plenty of business experience. She is said to have made billions through real estate developments in China before she headed to Canada. Once here, her Central Walk business bought British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre, as well as Arbutus Ridge Golf Course. The shopping centres feature plenty of Canadian mall staples along with rarities like Bass Pro Shops, L.L. Bean and even café kiosks powered by robot baristas. Gregor thinks Liu operates 'very good malls' but will need a 'wonder team of lawyers' to advance a deal as significant and complex as the Bay one. One thing she'll have going for her is that landlords don't like to leave big pieces of their properties in limbo, said J.C. Williams Group retail strategist Lisa Hutcheson. 'In some ways, she makes it easier for them to not have to be worrying about how they're going to fill that large square footage,' she said. If they approve of Liu, they will also have someone to shoulder repairs the Bay neglected to do, Hutcheson said. A handful of its stores temporarily closed last summer because of air conditioning troubles and even more have been plagued with broken escalators for years. Gregor estimates it would cost half a million dollars to repair the HVAC system at just one of the Bay's biggest locations. Elevator fixes or replacements could take a year, he said. And that's on top of the $100 to $150 per square foot he thinks will have to be spent — at minimum — to shape the spaces. 'These stores are several hundred thousand square feet, and that takes a lot to reposition,' Hutcheson agreed. She pointed out La Maison Simons is spending about 18 months transforming some former Nordstrom locations in Toronto. 'And that's with a fully baked concept that they're going off of,' she said. Liu will have to generate a new concept that can go head-to-head with long-established department stores like Simons and Holt Renfrew and the plethora of options online. That will likely mean brokering relationships with suppliers Hutcheson believes will be 'a little bit nervous' because they are still reeling from millions in losses that came from the fall of the Bay. It will also mean hiring a large workforce that will devote themselves to an untested brand and then sell it to customers. Liu has promised to give suppliers and vendors who worked with Hudson's Bay priority when selecting partners for her new venture. She has also said she will prioritize hiring from the Bay's workforce, which stood at 9,364 staff before its demise. 'But between now and when I expect (Liu's) doors will open, will be a gap, and many of them will find jobs,' Hutcheson said. Monday Mornings The latest local business news and a lookahead to the coming week. Despite the battery of challenges Liu will have to overcome, Jacobson said the efforts could be worth it for both her and her customers. If Liu uses the opportunity to mirror the overseas department store model with new brands, supermarkets, restaurants, salons, entertainment and other digital experiences, Jacobson thinks Liu will 'usher in a new form of retail' the Canadian market sorely needs. 'If you look at the Chinese department stores, they often act like more of a destination in and of themselves than what we typically see in a Canadian or North American market,' Jacobson said. 'It's a destination where people could spend a significant amount of time … which is going to be needed in order to have a successful model moving forward.' This report by The Canadian Press was first published June 1, 2025.
