Hudson's Bay, Canada's oldest retailer with roots tracing back to 1670, has filed for creditor protection and announced plans to liquidate its 80 stores unless substantial financial backing is secured. This revelation has sparked a rush among Canadians to purchase the brand's iconic products, particularly its famed point blankets, which have been a staple since the late 18th century. As the possibility of store closures looms, customers are flocking to Hudson's Bay locations, such as the one in Chatham, Ontario, in search of these treasured items.
The retailer's announcement has led to a frenzy both in physical stores and online platforms. Hudson's Bay's distinctive point blankets, known for their green, red, yellow, and indigo colors, are now listed for as much as $3,500 on eBay. Meanwhile, less luxurious striped items are fetching hundreds of dollars. The blankets, originally traded by settlers in the 1600s with gold stripes, have evolved into a modern emblem of Canadian heritage. The Toronto Hudson's Bay store has seen lines of customers eager to snatch up any remaining items bearing the brand's signature markings, including striped socks.
The surge in demand for Hudson's Bay products comes as no surprise to Grant Packard, an associate professor of marketing at York University's Schulich School of Business and former top marketing executive at Indigo Books & Music.
“I don’t think it’s going to disappear entirely,” – Grant Packard
Packard acknowledges the strong affinity Canadians have towards Hudson's Bay, likening it to the country's affection for Tim Hortons. This sentiment surpasses the nostalgia felt for former retail giants like Eaton's or Zellers, the latter of which has been revived within Hudson's Bay stores.
Even as customers scramble to secure a piece of history, some are expressing sadness over the decline of such a long-standing institution.
“It’s a shame that all the big stores are dying because everybody’s buying online now,” – Doug English
“Sadly, it’s a sign of the times.” – Doug English
In Chatham and beyond, shoppers are not only purchasing Hudson's Bay merchandise but also capitalizing on its potential scarcity by listing these items online. Aris Zakinthinos, a shopper caught in the buying frenzy, commented on the difficulty of acquiring these coveted products.
“If something shows up, you just have to get lucky.” – Aris Zakinthinos
The scenario has led many Canadians to reflect on the cultural significance of Hudson's Bay. For some, owning a piece of its merchandise equates to preserving a slice of national history.
“I had a sigh of relief that I still have this piece of Canadian history,” – (no attribution)
The retailer's future remains uncertain as it seeks a lender to provide the necessary financial support to avert liquidation. Despite the challenges facing brick-and-mortar stores in an increasingly digital retail landscape, Hudson's Bay continues to hold a special place in the hearts of Canadians.
