I am wondering how many of us proud Canadians are as saddened as I am with the closing of the Hudson's Bay stores. It has long been one of the symbols of Canadiana that helped make us a unique and sovereign nation for many many years. As a matter of fact, Hudson's Bay, existed before we became the Dominion of Canada in 1867, and had its start as a trading company in the far northern reaches of this land in the late 1600s.
The Hudson's Bay brand was a fully Canadian entity until 2008, when it was taken over by U.S. real estate mogul Richard Baker. Most Canadians likely didn’t take notice of that change at that time but according to some employees that is when the “culture” of working there began to change. These employees declared “they were no longer a Canadian company.” Only we Canadians know the meaning of that sentiment.
Under the new ownership the once beloved company introduced some radical changes and then in 2012 the company went public only to revert to a private entity again in 2020.
The management of the company dabbled in the e-commerce sector for a few brief years but that foray did not yield the expected profits that were anticipated.
A sidebar issue associated with the closing of these large retail operations is how to fill the very large multi-floor spaces being vacated by these former tenants. According to real estate experts the conversions of these layouts are expected to be not readily done and, if so, very expensive undertakings.
There is no doubt that the retail sector practices have changed dramatically in the last decade or so. E-commerce has certainly impacted the brick-and-mortar patterns of the past. Most of the major retailers are struggling to keep the doors open and coping with consumers changing their shopping habits and preferences.
Perhaps the saddest factor associated with this new retailing phenomenon is the impact on employment. According to most estimates the closing of almost all of the Hudson Bay stores will result in the loss of more than 9,000 jobs. An unwelcome addition to the Canadian unemployment rate currently sitting at almost 7 percent.
On a personal note, a few years back one of our grandchildren gifted us with an iconic Hudson's Bay’s blanket. It was a lovely gift at the time and now will become a wonderful memento of a much favoured Canadian retailer. An unpleasant, yet fond adieu to Hudson's Bay.
