[matrix]

Gift link: The Globe and Mail: Hudson’s Bay anticipates closing about half its 80 stores in restructuring plan
This is a gift link but here are a few excerpts that are important:

Canada’s oldest retailer is working on a restructuring plan that could keep roughly 40 of its 80 Hudson’s Bay stores open, if the company can secure financial assistance from its landlords.

Hudson’s Bay is likely to ask mall owners and other landlords for concessions that could include waiving the rent on stores for a period of time, and financial contributions from those landlords to keep locations open, according to two sources familiar with the matter, who asked not to be named because they were not authorized to speak publicly.

The company has been hobbled by losses and falling retail sales. Hudson’s Bay reported a $329.7-million net loss in the 12 months that ended Jan. 31, 2025, according to a report filed by the monitor overseeing the CCAA process.

But the court documents also provide a glimpse into just how tense the situation has become with landlords as Hudson’s Bay has failed to pay rent. On Friday, the landlord at Mayflower Mall in Sydney, N.S. locked Hudson’s Bay out of its store, and at another store in CF Sherway Gardens Mall in Etobicoke, Ont., a team of bailiffs attempted to seize store merchandise, according to Ms. Bewley’s affidavit. Sherway Gardens is a Cadillac Fairview property.

Oof. Also mentions the fact this would be devastating to malls, having to find new tenants for anchors. It'd be Target/Sears/Nordstrom again, and this time the options are running out...

 

[Richard White]

Gift link: The Globe and Mail: Hudson’s Bay anticipates closing about half its 80 stores in restructuring plan
This is a gift link but here are a few excerpts that are important:



Oof. Also mentions the fact this would be devastating to malls, having to find new tenants for anchors. It'd be Target/Sears/Nordstrom again, and this time the options are running out...

The STC store is being liquidated.

I was in there yesterday and they were advertising 40% to 70% off almost everything.

Good stuff like HBC point blankets were taken off shelves.

 

[Richard White]

To what?

****

Aside from having some consideration for what is arguably the longest continuously operating company in the world. (Hudson's Bay company is its 4th century) ...

Marks and Sparks never ran Canadian stores that could rival the Bay for size or category range.

Even the majority of their European stores are under 15,000ft2.

Their superstores are about a 100,000ft2, which is less than 1/2 the size of the Yorkdale store and would fit on one floor in Queen Street.

Their largest store is Oxford St. in London and is 170,000ft2. That's about 1 3/4 floors at Queen St.

Bigger isn't always better. It just means more headaches in terms of overhead costs and filling the store.

I'd rather them do one thing really well in a smaller store than do something half assed in a larger store.

 

[matrix]

The STC store is being liquidated.

I was in there yesterday and they were advertising 40% to 70% off almost everything.

Good stuff like HBC point blankets were taken off shelves.

Wow, advancing quickly. I might swing by their Queen St location tomorrow to see how things are...

 

[Northern Light]

Bigger isn't always better. It just means more headaches in terms of overhead costs and filling the store.

I'd rather them do one thing really well in a smaller store than do something half assed in a larger store.

That's nice. But misses the mark, pun intended.

The Queen Street store is 1M ft2 and change. Even if you desired the demise of an iconic company, the reality is that space would not be easy to repurpose.

Also, frankly, Marks didn't make much money the last time it was here...............that's why they exited.

 

[Richard White]

Wow, advancing quickly. I might swing by their Queen St location tomorrow to see how things are...

It wasn't advertised as store wide but there were yellow discount signs on everything.

 

[ShonTron]

I can’t imagine what Cadillac Fairview would do with the gigantic heritage Queen Street store.

The stuff that I would love to see, such as a grocery store/food hall (not a glorified food court but a place for small shops, specialty stores, and pop up vendors) along with art galleries and studio space would probably not be what CF would want.

I could see it partially demolished and redeveloped like Woodward’s on Hastings Street in Vancouver, which retained the oldest section of the store and other unique features. (If that were approved, I’d hope money would be earmarked to a museum of Toronto).

 

[Northern Light]

I can’t imagine what Cadillac Fairview would do with the gigantic heritage Queen Street store.

A good quality retailer, prepapred to invest the money, and hold for a real time horizon can still salvage this thing...........the challenge is that its really an act of love for the past, initially. Good long term potential, might not be in the black for 4-5 years.

That's a nation-wide thing, but most particularly applies to the flagship stores, or what remains of them.

These exist elsewhere and are profitable. But generally less damaged than the Bay brand is..........

We really ought to have criminal charges for what Richard Baker et. al have done.

The stuff that I would love to see, such as a grocery store/food hall (not a glorified food court but a place for small shops, specialty stores, and pop up vendors) along with art galleries and studio space would probably not be what CF would want.

Perfectly fine for the basement........can't fill 9 floors w/that.

I could see it partially demolished and redeveloped like Woodward’s on Hastings Street in Vancouver, which retained the oldest section of the store and other unique features. (If that were approved, I’d hope money would be earmarked to a museum of Toronto).

I'd prefer not.

 

[ShonTron]

A good quality retailer, prepapred to invest the money, and hold for a real time horizon can still salvage this thing...........the challenge is that its really an act of love for the past, initially. Good long term potential, might not be in the black for 4-5 years.

That's a nation-wide thing, but most particularly applies to the flagship stores, or what remains of them.

These exist elsewhere and are profitable. But generally less damaged than the Bay brand is..........

We really ought to have criminal charges for what Richard Baker et. al have done.



Perfectly fine for the basement........can't fill 9 floors w/that.



I'd prefer not.

As Cadillac Fairview owns the property, this is what I can see them contemplating. Not that I would like to see it either.

 

[Towered]

I can’t imagine what Cadillac Fairview would do with the gigantic heritage Queen Street store.

The stuff that I would love to see, such as a grocery store/food hall (not a glorified food court but a place for small shops, specialty stores, and pop up vendors) along with art galleries and studio space would probably not be what CF would want.

I could see it partially demolished and redeveloped like Woodward’s on Hastings Street in Vancouver, which retained the oldest section of the store and other unique features. (If that were approved, I’d hope money would be earmarked to a museum of Toronto).

It would make a badazz nightclub! Different music genre on each floor! Towered has spoken.

 

[Richard White]

It would make a badazz nightclub! Different music genre on each floor! Towered has spoken.

Oontz! Oontz! Oontz!

 

[UpwithOlives]

A good quality retailer, prepapred to invest the money, and hold for a real time horizon can still salvage this thing...........the challenge is that its really an act of love for the past, initially. Good long term potential, might not be in the black for 4-5 years.

That's a nation-wide thing, but most particularly applies to the flagship stores, or what remains of them.

These exist elsewhere and are profitable. But generally less damaged than the Bay brand is..........

We really ought to have criminal charges for what Richard Baker et. al have done.



Perfectly fine for the basement........can't fill 9 floors w/that.



I'd prefer not.

Flagship downtown/high street department stores are of a different era. There are only a handful left globally. I'm sorry, but nobody will be riding to the rescue.

 

[Northern Light]

Flagship downtown/high street department stores are of a different era. There are only a handful left globally.

There are a lot more than a handful, but yes, far fewer than was once the case.

I'm sorry, but nobody will be riding to the rescue.

Perhaps.

 

[torontowest91]

maybe a 5 floor cheesecake factory

 

[Northern Light]

maybe a 5 floor cheesecake factory

Perish the thought!

Btw, I don't know if they've done was larger since, but as at 2016, their biggest location was 22,800ft2.

5 floors of HBC Queen would be about 500,000ft2, if not a bit more..........or more than 23x the size.