Retail analyst Bruce Winder told Global Winnipeg that while the absence of Hudson’s Bay from cities and malls across Canada will leave a hole in a number of economic ways, the cultural and heritage side of things will suffer as well.
“(Another) way it puts a dent in the retail market is really from our psyche as Canadians,” he said.
“We always think of the Bay, it’s been around for 350 years, it’s part of the fabric of Canada — especially as this vulnerable time where our sovereignty is being questioned. It just leaves a bit of a hole there in our psyche, in our hearts, in our minds.”
The country will be affected economically, he said, by a number of large stores suddenly being empty, as well as thousands of lost jobs across Canada.
“From the footprint perspective, you’ve got millions of square feet out there — you’ve got 80 giant stores that are going to be empty. You’ve got 13 Saks Off Fifth stores, you’ve got three Saks 5th Avenue stores. Massive footprint… and these are sort of anchor positionings within malls.
Those anchor stores will likely be too big for another retailer to move into, Winder added. He believes landlords will likely lease out each floor separately, or even subdivide each floor into multiple stores.
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Retail experts say the traditional department store doesn’t bring the crowds in anymore. Doug Stephens, founder of Retail Prophet, said shopping habits have changed, and so have the malls.
“It wasn’t that long ago in the grand scheme of things that the mall was the meeting place,” said Stephens. “The mall was the place you went for entertainment, the mall was the beginning of most shopping journeys, and today that’s changed entirely. The internet is where we’re meeting.”
But the mall and the department store can still be viable as a business, Stephens argued — it just needs to “reinvent itself” for a new audience.
Unique experiences can encourage shoppers to return to brick and mortar locations, he said — things like live entertainment, food experiences, or cultural events. Other retailers have focused on providing strong service to customers that can’t be replicated online.
“We live in a world where the consumer can have anything they want, and they can have it without coming to your store. So I think the instructive lesson in that for retailers, is that you have to somehow develop some kind of experience,” said Stephens.
As for Hudson’s Bay, experts believe there’s still life left in the brand. Winder said another company could buy its trademark and pivot to operating just a few locations, or to selling manufactured goods in other stores. The brand still has loyalty and goodwill from customers, even if it may never have the same physical presence it once did.
“I do think there’s some opportunity there online with a much tighter assortment of Bay-type merchandise, the four stripes and that kind of thing,” said Winder.
“Focus on the heritage, much like Roots has done and much like Canada Goose has done.”
© 2025 Global News, a division of Corus Entertainment Inc.
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