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‎09-04-2019 02:59 PM
‎09-04-2019 03:07 PM
‎09-04-2019 04:25 PM - edited ‎09-04-2019 04:38 PM
HBC, the parent company of Hudson's Bay stores in Canada will be closing their Hudson's Bay stores in the Netherlands - all 15 of them at the end of this year and laying off 1400 people. They opened a flagship store in the Netherlands 2 years ago and spent a fortune renovating a heritage building there. They have lost money selling there and are closing stores that would have been open for 2 years or less.
Reuters article via Retail Insider website:
https://ca.reuters.com/article/businessNews/idCAKCN1VL0G5-OCABS
HBC also sold off the rights to Lord & Taylor to Le Tote a clothing rental company in the U.S. for $100 million dollars. (although HBC still owns the real estate). Who knows what will happen to Lord & Taylor stores and the brand?
Canadian Press article via Global News:
Edited to add my opinion:
HBC has nobody but themselves to blame for their own inept management style. They have never renovated suburban Hudson's Bay stores in Canada. The stores are straight out of the 1980s with torn and dirty carpets and dirty dressing rooms in dire need of cleaning and painting.
The current HBC CEO will be getting a 40 million dollar bonus if all these cost cutting measures reverses the falling stock prices and fortunes of the company as it was a former CEO that did all the acquisitions in the past that are now being offloaded. Only Saks 5th Avenue has been a money making acquisition and HBC wants to hold on to Saks and Hudson's Bay stores. But I wouldn't be surprised if HBC closes some Hudson's Bay stores in Canada. There's 9 Hudson's Bay stores in the greater Vancouver, B.C. area and another store in the Fraser Valley. That is a lot of stores and HBC only bothers to fix up their flagship stores not the suburban ones so I suspect that some will be on the chopping block.
‎09-04-2019 07:53 PM
‎09-04-2019 07:54 PM
‎09-04-2019 07:58 PM
‎09-04-2019 08:16 PM
‎09-06-2019 04:41 PM
I read a new article on the Business of Fashion website about Hudson's Bay stores in Canada.
https://www.businessoffashion.com/articles/news-analysis/hudsons-bay-chases-relevance
Hudson’s Bay Chases Relevance
Hudson's Bay can't attract millennial shoppers and the stores are rundown looking. It's not a surprise at all.
I looked through my purchases from Hudson's Bay for the last year and I only bought tops from Style & Co and INC International Concepts as well as a few pair of shoes. All were bought on sale. I have only purchased a couple of beauty items, The Ordinary and one Sigma makeup brush and both online last fall and winter.
My millennial daughter has only bought one dress to wear to a wedding last year, one pair of shoes last winter and some yoga clothes this spring. Her first online beauty purchase from HBC got canceled due to an inventory error. Her second online purchase, a pair of pants had the security sensor tag left on it. My daughter hasn't bought anything else from Hudson's Bay since early spring and doesn't shop there unless I'm with her.
HBC isn't a place where I have confidence in their online shopping platform anymore and I won't purchase online from them after a clothing item got canceled for no reason and a cosmetic item got canceled due to inventory errors, also in early spring.
I only shop at Hudson's Bay bricks and mortar stores and all of the stores i've been in need renovating.
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