The legendary Hudson’s Bay Company, the anchor of Canadian retail heritage, is shuttering the majority of its stores from coast to coast. Yet only six will stay open. Today only three remain in Ontario and Quebec. In short, the company’s foundering amidst a lot of self-inflicted wounds, an industrywide shift to a new kind of digital retailing. As Canada’s first company, Hudson’s Bay is now clutching to capital and hope to maintain its presence in the market.
The firm’s trademark four stripes are increasingly gracing clearance-tagged shelves. This dramatic reversal reflects its increasing inability to adapt to the death throes of Big Box retail as we’ve known it. Once a powerful retail juggernaut, Hudson’s Bay Company is staring down the barrel of a bleak future without a serious real estate reorganization plan in place. Decline for the iconic company has been a slow burn, with the pandemic hitting and causing an even harsher impact on the roller coaster manufacturer.
Gary Newbury, a retail expert, has discussed the company’s downturn on a podcast, highlighting the challenges it faces in an online-dominated marketplace. Hudson’s Bay Company has traditionally been an iconic symbol of Canadian culture and history. Right now, it’s failing to adapt to today’s on-demand retail landscape. The retail titan’s future appears all but determined in a post-pandemic world, as it continues to face existential challenges requiring a radical transformation.
The company’s Chapter 11 plan for restructuring still must be approved, and its fate will be uncertain without bold leadership. Retail TV Hudson’s Bay Company’s dramatic fall from grace is a tragicomic reminder of the recently retreating tide of the retail apocalypse. The company’s optimism and determination have been extraordinary as it fights to keep its business afloat. It remains to be seen if these characteristics will cut it.
