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Hudson's Bay Company

Midtown Urbanist said:
renx.ca

Navigating the HBC collapse: Interview with Primaris CEO Alex Avery

Primaris REIT (PMZ-UN-T) began planning for the bankruptcy of Hudson’s Bay Company (HBC) three years ago, and that advance strategizing should enable it to reap quicker rewards now that Canada’s oldest retailer has gone down.
renx.ca renx.ca

Some insight from Primaris REIT.
Click to expand...
I got a bit thrown by the RENX article when it said Ruby Liu had acquired 28 leases. Then I noticed the article was from July. RENX may have jumped the gun a bit there lol.

That said, not sure about Primaris' other malls, but the HBC store at the Cataraqui Centre was DATED. My parents said it looked largely the same when they first visited it in the mid-80s as it did by the time it closed. So I can see why Primaris is saying the stores are worth more now that they're dead than they were with Hudson's Bay. Interesting through about how the leases ending really reduces the amount of guaranteed parking at some of the malls, will be interesting to see if parking lots get some redevelopment as a result (probably not condos outside of Toronto, but maybe restaurants or something)
 
So the inside of HBC Queen St isn't just going to be white construction walls! Passed through today and the construction walls have been painted with murals. Work was still continuing on the concourse level but Levels 1 and 2 are done. Some pictures below (all taken on the second floor).

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Saks Global, the parent company Richard Baker engineered to split Hudson’s Bay off on its own and leaving it for dead, has filed for bankruptcy.

Baker was finally sent on his way in a restructuring. This guy has killed more household legacy brands than one Donald Trump has killed businesses. Good riddance.


I wish the Hudson’s Bay Company board had dispatched Baker, Destroyer of Brands, before it got to where it did. Hudson’s Bay had enough real estate equity to outlast a downturn in department stores but Baker sucked it dry of its assets before sending it to its death.
 
Simon’s is taking over 2 more HBC leases but I can’t find out which ones! 😩 A G&M article but paywalled.
 

Not about Simon's. It's about Ailes. They are, in addition to the planned Yorkdale lease, getting two Quebec leases. They are technically a Montreal department store.

The documents say the stores will be equally split between house brands and goods from companies including Reebok, Chaps, Steve Madden, DKNY and Billabong.
Tahari, French Connection, Laura Ashley, Geoffrey Beene and Perry Ellis also have all committed to supplying Les Ailes de la Mode.
Click to expand...

Just go to Winners....
 
Toronto?

After Yorkdale and Eaton Centre...

Simons would kill it on King West. The Well seems to be fully leased, maybe one of the multi story brick buildings in KING Toronto? With Whole Foods as an anchor, Simons would fit right in at street level.

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Second guess: Yorkville? Probably too close to Eaton Centre but I mean, Eataly did it.
 
nightstreak said:
Toronto?
Click to expand...

No.

The next announcement is not likely to be Toronto.

There is a Toronto property being seriously considered, but that's likely to follow.

We'll see. Nothing is ever done til its done.

***

The next GTA location is not likely to be downtown.
 
Picking up that segue and bringing it back to The Bay, I attended a business breakfast with a CTC executive at our table and naturally we all asked her what they were doing with Hudson's Bay and her lock and key gesture didn't lead on much but her non-answers did hint at what they are not-not-doing. I was left with the impression that Canadian Tire is not-not open to reviving Hudson's Bay as a standalone store in some capacity. The insinuation was that The Bay's body isn't even cold yet — the CCAA proceedings are expected to close in the coming weeks.

With that in mind, King Toronto would be a nice fit for a smaller boutique Hudson's Bay Co. focused on Canadiana. The timing works too. It'll be just over another year before Whole Foods is expected to open, about a good waiting period to announce Canadian Tire Corp's plans for Hudson's Bay.

Disclaimer: if a CTC executive or their representative happens to be reading the last few lines of this post, then the breakfast executive encounter is fictitious and the information determinations speculative.
 
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