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Downtown T.'s HBCs to close?

Mike, it helps to read your sources before you cry "chicken little". The Boston Filene's is closed because Federated bought Macy's and there is one right near the filene's in question. Perhaps they could have continued to make money at both sites, but it looks like selling the space to a developer is considered to be a smarter proposition.


Investor team in talks to buy downtown Boston Filene's site

Investor team in talks to buy downtown Boston Filene's site

February 3, 2006

BOSTON (AP) -- Two New York investment partners are negotiating to buy the flagship Filene's store site in Boston's Downtown Crossing, and hope to recruit Target as a possible anchor retailer, according to a report published Friday.

One of the partners, Aled Adjmi, told the Boston Business Journal that he and Robert Cayre hope to buy the property for $100 million to $150 million under the name C&A Capital.

Adjmi said he and Cayre were working to close the deal with Federated Department Stores Inc., and were scheduled to meet with the Boston Redevelopment Authority.

"The contract hasn't been signed yet," Adjmi said. "We are in the midst of completing negotiations."

Federated spokesman Jim Sluzewski told the weekly publication there is "really nothing new to report" and declined further comment.

Adjmi said he has spoken to Target Corp. about opening a store at the Filene's site to anchor a development that he expects will include high-end retailers on lower levels with residential space above. The Minnesota-based retail chain has said it is looking for opportunities in Boston.

The Filene's site is currently 660,000 square feet with potential to build upward above Downtown Crossing, a retail hub that includes a major subway station.

Adjmi, of A&H Acquisitions Corp., and Cayre, of Aurora Capital, own retail property in New York and Chicago.

Several other developers have placed bids for the Filene's site since Cincinnati-based Federated announced plans to acquire former rival May Department Stores Co. for $11 billion. Federated, the owner of Macy's, said it would eliminate the Filene's name and other May-owned brands.

Federated plans to sell the Filene's Downtown Crossing site in part because a Macy's is already across the street.

Filene's had its origins in a small tailor shop opened in 1849 by William Filene, a 19-year-old German immigrant. The current building is listed on the National Register of Historic Places. Filene's Basement, which offers cut-rate merchandise below the Filene's site, remains independently owned.

source
 
There should be laws in Canada that do not allow people from other countries to take over our companies.
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You must be kidding.

Canada's retail landscape offers very little selection, and even in areas with strong players, adequate inventory can be an issue. Free market economies exist for a reason - they are they best way to handle demand. As a consumer, you have the option not to buy from Best Buy/Future Shop, Sears, Gap, Pottery Barn, Wal-Mart, etc. I wish you luck in finding everything you need at The Bay or Zellers. Maybe with Zucker's takeover, HBC will be a strong player again.
 
I can guarantee you, that information I've known for some time from very reliable sources that Jerry Zucker holds the Queen Street Store at the center of his HBC revitalization scheme. Selling it or closing it is the last of his thoughts.

Expect to see "destination" shopping at this location with exceptional customer service at the center of it all. Think Neiman Marcus in SF: a beautiful landmark building, worth visiting for the building alone. A place where service is highly regarded and is the biggest differentiating factor from places like Walmart.

Talk of bringing other retailers into the building are very real and quite likely.

As for Bloor Street. I would agree that being so close to Queen and being a big money loser, this store has very little luck of surviving an upcoming reduction in HBC locations.
 
MaudeBarlowScarborough,

I challenge you to find more than five items currently on sale at HBC that were actually produced in Canada.
 
As for Bloor Street. I would agree that being so close to Queen and being a big money loser, this store has very little luck of surviving an upcoming reduction in HBC locations.
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Im surprised the previous ownership couldn't figure this out.
 
Building on my point on how Jerry Zucker considers Queen Street to be the key to building a brand where the experience of shopping at an HBC store is focal to its success, I'd love to be able to show you the beautiful architecture of this great store.

I have frequent access to behind the scenes parts of the store and let me tell you: some beautiful detailing is hidden behind all those false roofs and walls. If the store were to undergo a massive renovation (financed by selling off unprofitable stores in million dollar locations like Bloor Street), this could be a jewel of department stores like the Neiman Marcus store I mentioned earlier.

I'm having trouble finding old pictures of HBC though, showcasing the original state of the store in its heyday. Anybody have any photos of HBC Queen?
 
Thanks for the pics Dan. However, the interior photo is of the offices, which were never made to look glamorous. The fine detailing that I see behind the drywall is on the main level. There are beautiful columns, golden ceilings, etc.
 
I am told that there is a 1980s movie with Andrew McCarthy where he falls in love with a mannequin (which occasionally comes to life) -- I vaguely recall the film. The movie was filmed in the Yonge & Queen store prior to Simpson's undertaking many of its unfortunate 1980s-era "improvements" to the store. I've never seen the movie, but I was told by a colleague that one can see what the old Simpson's store used to look like. I don't know what "used to look like" means, whether there were still some original architectural elements visible, or whether it simply meant the store looked like it had in the 1960s.

The Simpson's and (now demolished) Eaton's store at this intersection were literally two of the most successful stores in the British Empire, and were promoted as such. And Simpson's was considered the slightly higher end of the two. I have no doubt that the interiors were beautiful.
 
I am told that there is a 1980s movie with Andrew McCarthy where he falls in love with a mannequin (which occasionally comes to life) -- I vaguely recall the film. The movie was filmed in the Yonge & Queen store prior to Simpson's undertaking many of its unfortunate 1980s-era "improvements" to the store. I've never seen the movie, but I was told by a colleague that one can see what the old Simpson's store used to look like. I don't know what "used to look like" means, whether there were still some original architectural elements visible, or whether it simply meant the store looked like it had in the 1960s.
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The movie you are referring to is Mannequin, but it was actually fimled in the Prince & Co Department store in Phildelphia.
 
21stcenturymichael: The movie with Andrew McCarthy is called, funnily enough, "Mannequin", and stars Kim Catrall as well, I believe.

Parts of the TVOntario show "Today's Special" were filmed in it as well!
 
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