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James Frost Fine Goods Launches Luxury Wine Club in Saskatoon

James Frost Fine Goods in Saskatoon, Saskatchewan. Photo: James Frost Fine Goods

In the heart of downtown Saskatoon’s Riversdale district, James Frost Fine Goods is redefining what it means to be a luxury retailer in Canada. From its origins as an Apple dealership more than two decades ago, the independent store has evolved into a curated destination for high-end electronics, appliances, and now, fine wine.

“Back in 2000, we were one of the early Apple dealers—before that was cool,” said James Frost, founder of the store that bears his name. “But over time, I realized I wanted to create a more enjoyable, lasting experience for both myself and my clients.”

The store, located at 105-123 Avenue B South in Saskatoon, now carries premium brands including Leica, Bang & Olufsen, Miele, and Bromic. The transition away from high-turnover tech products toward quality goods with longevity was deliberate.

“When you buy a set of Bang & Olufsen headphones, you may never need another pair,” said Frost. “I wanted to focus on timeless design, high performance, and products people feel connected to—things they’ll actually keep.”

Image: James Frost Fine Goods

Introducing Vinoteca: A First for Saskatchewan

Now, the business is entering a new chapter. Vinoteca, a high-end wine club and experience space, represents what Frost describes as “the next evolution” of the brand.

“There’s really nothing like this in Saskatchewan,” he said. “Vinoteca is about creating something elevated—something rare.”

The idea started with high-end wine cabinets the store was already selling. But it quickly expanded into a broader concept: curated, import-only wines, often from family-run vineyards in France and Spain, delivered directly to customers and paired with exclusive tasting events.

The club operates under Saskatchewan’s strict liquor laws, which prohibit in-store alcohol sales. However, customers can sample the wines during private events or order online for delivery. A future goal includes converting the store’s second floor into a private, members-only club with space for tastings, meetings, and celebrations.

James Frost Fine Goods in Saskatoon, SK. Image: James Frost Fine Goods

A 2,000-Square-Foot Space with a Global Vision

The existing 2,000-square-foot store has become a calm and curated refuge in Saskatoon’s downtown, designed to make customers feel welcome and unhurried.

“We want people to come in, have a coffee, sit down, and listen to music,” said Frost. “It’s about slowing down and connecting—whether it’s with a product, a person, or a moment.”

Frost says the store’s layout and selection are all part of that immersive experience. While many installations are done onsite for clients—like outdoor heaters or sound systems—the store remains an anchor in the community.

“We’re very selective about what we carry,” he explained. “We try to ensure everything in here tells a story.”

Connecting Global Artisans with Local Customers

Vinoteca is not just about the wine—it’s about the people behind it.

“The wines we offer are from small, independent producers who care deeply about their craft,” Frost said. “I’ve had 45-minute conversations with vineyard owners about the acidity of the soil. That’s how much detail goes into it.”

One example is the Santa Elba wine from Spain—of which Frost secured 100 of the only 1,500 bottles produced worldwide. “That wine’s value has increased significantly, but I still believe it’s meant to be enjoyed. That’s the spirit of Vinoteca.”

Members of the club also receive perks through partnerships with more than 30 local businesses—from chocolatiers to interior designers—creating a broader network of shared clientele.

James Frost Fine Goods in Saskatoon, SK. Image: James Frost Fine Goods

Community First, Always

Frost has long been active in the local business scene, having served as vice-chair of the Riversdale Business Improvement District. For him, the store is not just about transactions—it’s about transformation.

“What we’re really selling is experience,” he said. “Music, photography, wine—these are all sensory. They improve your life in small but meaningful ways.”

He also believes strongly in collaboration and community resilience, particularly in challenging times for independent retailers.

“With everything going on—rising costs, staffing issues, tariffs—it’s easy to feel overwhelmed,” said Frost. “But if we can offer something beautiful, something thoughtful, I think people respond to that.”

Navigating Trade and Tariffs

While most of the store’s inventory is sourced outside of the United States—including Danish, German, Japanese, and Australian brands—Frost says shifting trade policies have still caused disruptions.

“Our Japanese glassware got hit with unexpected tariffs, even though it was just passing through the U.S.,” he said. “That kind of uncertainty affects us all.”

He remains optimistic, however, about global cooperation. “Just because one or two people in power are unpredictable doesn’t mean the rest of us can’t work together,” he said. “We have friends and partners around the world. That’s not going to change.”

James Frost Fine Goods in Saskatoon, SK. Image: James Frost Fine Goods

A Future Beyond Saskatoon?

While the business already ships across Canada, Frost says any expansion of Vinoteca to other cities would be gradual.

“We’re definitely thinking about other markets—Regina, maybe even nationally,” he said. “But right now, we’re focused on getting it right here.”

That includes planning a wine-and-cars trip to France this year—featuring vineyard tours, tastings, and luxury vehicles like Bugatti and Porsche. “It’s about connecting passion points,” said Frost. “People who love craftsmanship tend to love it in all forms.”

Independent Retail in Canada: A Balancing Act

As a seasoned entrepreneur, Frost has a realistic view of the challenges facing independent Canadian retailers today.

“Consumers are understandably cautious right now,” he said. “Everything costs more—food, dining, tips, you name it. So when we talk about high-end headphones or cameras or wine, we need to offer real value.”

That value, he argues, comes through longevity and experience. “This isn’t fast retail. It’s not something you throw in a drawer. It’s something that lasts and gives back.”

Frost also points to the personal connections formed in-store as a key differentiator. “When you call us, you talk to a human. That matters.”

A Call to Rediscover Joy in Retail

At its core, James Frost Fine Goods is about recapturing joy—through sound, taste, and storytelling.

“There’s so much doom-scrolling and negativity out there,” said Frost. “What if you took five minutes to listen to your favourite song? Or opened a bottle of wine you’d been saving? That’s the kind of moment we’re trying to create.”

As he puts it: “Our mission is simple—if we can make someone’s day better through what we do, that’s a win. Everything else flows from that.”

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L.L.Bean to Open New Store at Toronto’s Manulife Centre

Photo: L.L.Bean

L.L.Bean, the renowned outdoor apparel and equipment retailer, is set to open a 9,500-square-foot store at the Manulife Centre in Toronto this summer. The new store will be located on the concourse level of the shopping complex, occupying a space previously tenanted by the LCBO. The liquor store relocated to a street-facing location at the corner of Bloor Street and Balmuto Street in November 2021, paving the way for L.L.Bean’s arrival.

The lease deal for the new L.L.Bean store was brokered by Andrew Laudenbach of Oberfeld Snowcap, representing the retailer. On the landlord’s side, Manulife was represented by Arlin Markowitz and Alex Edmison and the CBRE Toronto Urban Retail Team. The addition of L.L.Bean to the Manulife Centre aligns with the complex’s positioning as a premium urban retail destination, catering to both local residents and visitors.

The store will cater to the busy Bloor-Yorkville area, which experiences significant foot traffic from nearby subway stations and work places. The neighbourhood has seen rapid densification with the development of thousands of new high-rise residential units. Known for attracting affluent visitors, the area is also home to a large number of high-net-worth residents living in upscale apartments. 

Manulife Centre commercial podium. Image via CBRE

The Evolution of Manulife Centre

Located at 55 Bloor Street West, Manulife Centre is a prominent mixed-use complex that has undergone extensive renovations to modernize its retail offerings. Originally constructed in the 1970s, the centre comprises a 51-storey residential tower and a 19-storey office block, both positioned above a three-level shopping centre and an underground parking garage.

A major redevelopment project, completed in 2019, transformed the commercial podium. The update included a sleek glass enclosure that enhanced the building’s street presence, while also introducing new retail spaces. One of the key additions during this period was the arrival of Eataly, Canada’s first location of the globally recognized Italian marketplace and dining concept. Spanning 50,000 square feet, Eataly has since become a major anchor tenant, drawing significant foot traffic to the centre.

Other notable tenants at Manulife Centre include high-end jeweller Birks, which completed a renovation and reopened in April 2019, as well as premium denim retailer Over the Rainbow Jeans, which relocated to the centre in the same year. In October 2023, restaurant chain Earls opened a location within the complex, adding a new dining option to the area. Other retailers in Manulife Centre include Loblaw City Market, Shoppers Drug Mart, Indigo Books & Music, Ron White, and several others.

Manulife Centre’s 2019 renovation also focused on improving the pedestrian experience along the Bloor Street corridor. Streetscape enhancements included widened sidewalks, mature trees, integrated seating, and modern lighting. These updates have reinforced the centre’s position as a key shopping and lifestyle destination in the heart of Toronto.

L.L.Bean will open a 9,500 square foot store on the concourse level of Manulife Centre in Toronto.
Future location for L.L.Bean at Manulife Centre in Toronto. Photo: Craig Patterson

L.L.Bean’s Growing Canadian Presence

L.L.Bean’s expansion into the Manulife Centre reflects the company’s ongoing growth in Canada. The retailer first entered the Canadian market in 2018 through e-commerce, along with a partnership with Jaytex Group who are independently operated and proudly Canadian since 1978, holding the brand’s Canadian wholesale & retail license. The success of its online platform paved the way for a broader retail expansion.

In 2019, L.L.Bean opened its first brick-and-mortar location in Canada in Oakville, Ontario. This marked the beginning of a steady retail rollout across the country. The company has opened more than a dozen stores in Canada, with plans for further expansion.

Future location for L.L.Bean at Manulife Centre in Toronto. Photo taken from in front of the Indigo book store. Photo: Craig Patterson

A Steady Expansion Strategy

L.L.Bean has strategically placed its Canadian stores in high-traffic shopping centres and retail districts. Some key store openings include:

  • 2020: Ottawa Train Yards, Georgian Mall in Barrie.

  • 2021: Shops at Don Mills in Toronto, Dartmouth Crossing in Halifax, Deerfoot Meadows in Calgary, and two stores in British Columbia at Victoria’s Mayfair Mall and Burnaby’s The Amazing Brentwood.

  • 2022: The Boardwalk in Kitchener, Cataraqui Mall in Kingston, Champlain Place in Moncton, Canada One in Niagara Falls, and West Edmonton Mall in Alberta.

  • 2023: CF Promenades St-Bruno & Faubourg Boisbriand in Quebec

As of 2024, L.L.Bean operates 15 stores across Canada, with continued growth expected. The new Toronto store at Manulife Centre further solidifies the brand’s foothold in the Canadian market, complementing its existing retail network.

Manulife Centre in Toronto, March 26, 2025. Photo: Craig Patterson

A Legacy of Quality and Outdoor Innovation

L.L.Bean was founded in 1912 by Leon Leonwood Bean. An avid outdoorsman, Bean developed the iconic Maine Hunting Shoe—a waterproof boot that combined leather uppers with rubber bottoms. The product was designed to keep feet dry while hunting and fishing, a feature that proved immensely popular among outdoor enthusiasts.

Despite initial setbacks, including a high rate of product returns due to design flaws, Bean remained committed to customer satisfaction. He honoured a money-back guarantee, refined the product, and expanded his business through a mail-order model. Over the decades, L.L.Bean grew its product line to include a broad range of outdoor apparel, footwear, and gear, all known for their durability and quality craftsmanship. L.L.Bean remains a privately held company.

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Half of small businesses no longer feel U.S. a reliable trading partner: CFIB

Photo by Ketut Subiyanto
Photo by Ketut Subiyanto

The widespread business disruption caused by U.S.-Canada tariffs is leading Canadian small business owners to shift their suppliers and investments to domestic and international markets other than the U.S., according to new survey data by the Canadian Federation of Independent Business (CFIB).

Simon Gaudreault
Simon Gaudreault

“Businesses need more certainty, it’s simple as that. As one business owner told us, the unpredictability of the current situation is making surviving the pandemic look like a walk in the park,” said Simon Gaudreault, CFIB’s chief economist and vice-president of research.

“As we gear up for the April 2 reciprocal tariffs, no one knows where the U.S.-Canada trade war is heading in the long term. For some businesses, making drastic changes is not feasible, but others are taking actions to offset the current impacts.”

The CFIB said 32% of owners have already shifted to suppliers/markets within Canada, 27% plan to increase their investment in Canada, while 33% intend to reduce efforts in the U.S. over the next six months. 

Companies are also promoting Canadian-made products, delaying/cancelling expansion plans, and exploring international alternatives. However, only three in 10 businesses are confident that their actions will help offset the impact of the trade war, added the CFIB.

CFIB’s new research also found that:

  • While 70% of small firms support Canada’s retaliatory tariffs, nearly nine in 10 are struggling with business planning.
  • Nearly half of small businesses (47%) do not consider the U.S. a reliable trading partner.
  • While most U.S. exporters have CUSMA-compliant goods, 30% are unsure about their compliance. Half of small firms would find government support in handling CUSMA-related paperwork helpful. 
  • Nearly a third of exporters use the de minimis rule to export goods to the U.S. This U.S. rule allows companies to export up to $800 USD in goods to consumers duty and tariff free, but it could potentially be phased out.  
Dan Kelly

“Small business optimism is at historically low levels. With the federal election now underway, we’re calling on all political parties to include small business policies in their platforms. That includes commitments to eliminating remaining internal trade barriers and reducing the tax burden on small businesses. We need to instill confidence in business owners and strengthen our economy if we want to get through the next few uncertain months,” said Dan Kelly, CFIB president.

The CFIB is Canada’s largest association of small and medium-sized businesses with 100,000 members across every industry and region.

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VIDEO: How retailers are capitalizing on the Buy Canadian movement

In an interview with Bruce Winder, a leading retail analyst, the growing Buy-Canadian movement taking hold across the nation was explored, revealing a trend driven by both pride and economic concerns.

Winder highlighted the recent surge in Canadian retailers championing the “Buy-Canadian” sentiment, with major companies like Loblaw, Amazon, and Home Hardware showcasing products that emphasize Canadian heritage. This trend comes as Canadians rally around their national identity, spurred on by concerns about the country’s sovereignty in the face of increasing trade tensions and political uncertainty, particularly with the U.S.

According to Winder, the movement isn’t entirely new, but its momentum has accelerated in recent weeks. He pointed out that retailers are leveraging patriotic imagery and Canadian-focused messaging to connect with consumers. From Loblaw’s prominent display of the maple leaf on shelves to Amazon’s creation of a Canadian-focused marketplace, businesses are aligning their brands with national pride.

Youtube video

The expert explained that the sentiment is not only rooted in patriotism but also in the economic pressure from tariffs and trade disputes. As international trade becomes more complex, Canadians are seeking products that both resonate with their identity and offer practical value.

Winder noted that the sustainability of this trend is uncertain. “As long as tariffs persist and the fear around sovereignty remains, the Buy-Canadian movement will likely continue. However, if these challenges ease, the urgency may subside,” he said. He emphasized that Canadians, while typically reserved, have shown a unified front when their national interests are at stake.

Retailers, he observed, are also responding to this economic climate by emphasizing value. From dollar days at Loblaw to significant discounts and extended payment plans at Home Hardware, there’s a marked shift towards offering value-driven products. Winder pointed out that the Canadian economy is facing inflationary pressures, and consumers are cautious about spending due to concerns over job security and rising costs.

The question of how this Buy-Canadian sentiment aligns with the cost of goods is a challenging one, according to Winder. While Canadian-made products are sometimes pricier, the recent tariff situation has made these items more attractive compared to their American counterparts. In fact, some Canadian products are now perceived as bargains when considering the additional costs of tariffs on U.S. imports.

Retailers are also being mindful of sourcing strategies, Winder added. With a weak Canadian dollar and ongoing international challenges, companies are reevaluating their supply chains to support both value and local products.

However, the Buy-Canadian sentiment isn’t without complications. Winder cautioned that Canadian consumers must be mindful of the wider implications of boycotting American stores, especially considering the number of Canadians employed by U.S. companies operating in Canada. He noted that a total boycott could harm local workers and businesses, underscoring the delicate balance between national pride and economic reality.

As the Buy-Canadian movement continues to grow, it remains to be seen whether it will become a lasting trend or a temporary response to current geopolitical and economic challenges. Retailers, for their part, appear to be listening closely to the pulse of Canadian consumers, ensuring their offerings reflect both national pride and value.

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VIDEO: Calgary’s retail landscape poised for transformation with Hudson’s Bay space

Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi

Calgary’s retail scene is on the cusp of significant change as major space closures from the Hudson’s Bay Company (HBC) shake up the market. With the impending closure of several Hudson’s Bay stores, Calgary could soon see nearly one million square feet of retail space become available, marking a generational shift in the local commercial real estate landscape.

Michael Kehoe, Broker of Record with Fairfield Commercial Real Estate Services, recently discussed the seismic impact of these closures on Calgary’s retail market. According to Kehoe, the closures present a unique opportunity for property owners to repurpose large retail spaces and adjust to changing market dynamics. In the case of malls like CF Chinook Centre, Southcentre, CF Market Mall, and Sunridge Mall, landlords face the challenge of filling large, empty spaces left behind by departing department stores like HBC, a task reminiscent of the years-long effort to repurpose Sears’ space at Southcentre Mall.

Youtube video

However, Kehoe views this transition not as a problem, but as an exciting opportunity. “It’s not just about filling the space; it’s about reimagining these properties,” he says. The focus is shifting toward creating mixed-use developments with higher density, incorporating residential, commercial, medical, and even office spaces to meet the evolving needs of modern consumers. Kehoe highlights the rise of transit-oriented developments and the demand for diverse, innovative uses within these spaces.

Michael Kehoe

The decline of the traditional department store, once the cornerstone of malls, is a sign of broader shifts in consumer preferences. The experience-driven nature of retail is now top of mind, with entertainment, dining, and lifestyle-focused offerings increasingly becoming the centerpiece of successful retail developments. Kehoe notes that Canadian developers are well-known globally for their ability to adapt and innovate, ensuring that retail spaces will continue to evolve.

The Bay’s iconic flagship store in downtown Calgary, located at the heart of the city, is another example of this trend. The building, which sits on nearly six acres of prime real estate, has already seen four of its six floors repurposed for non-retail uses. Kehoe predicts that the building will likely see more food service and retail offerings integrated into its spaces, which will further contribute to the vibrancy of downtown Calgary.

The ongoing redevelopment of downtown, including projects like Arts Commons, the Glenbow Museum, and the Contemporary Calgary Art Gallery, is also expected to complement these changes. Kehoe believes that the repurposing of the Hudson’s Bay Building will be a key part of the transformation, adding to the city’s growing appeal.

With a variety of exciting developments on the horizon, Kehoe sees this period as an opportunity for both developers and the city of Calgary to embrace innovation, ensuring that the retail and commercial real estate markets remain dynamic and relevant for years to come.

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Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson's Bay downtown Calgary. Photo by Mario Toneguzzi
Hudson’s Bay downtown Calgary. Photo by Mario Toneguzzi

HBC Liquidation: What Happens when a Company Goes Bankrupt?

Pedestrians pass the Hudson’s Bay building in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

By: Michael R. King and Douglas A. Stuart

An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

What bankruptcy looks like

The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

A woman walks past the front of a Hudson's Bay storefront
The liquidation of nearly all Hudson’s Bay Company stores marks a historic and devastating collapse for Canada’s oldest retailer. A pedestrian passes the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

Many will lose, some will win

The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.

Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller store owners in malls vacated by Hudson’s Bay, including falling sales, defaults on mortgages and business failures.

That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

Priority of proceeds

When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

Two women look at merchandise on a table in a store
Shoppers browse at a Hudson’s Bay in Toronto on March 17, 2025. THE CANADIAN PRESS/Christopher Katsarov

Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

Disappointing, but not surprising

Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

About the Authors:

Michael R. King is an Associate Professor at the Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria

Douglas A. Stuart is an Assistant Teaching Professor of Accounting at the Gustavson School of Business, University of Victoria

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*This article originally appeared in The Conversation.

Hudson’s Bay Collapse Marks Shift for Legacy Retail

Hudson's Bay at CF Markville in Markham, ON. Photo: A. Poon/X (Formerly Twitter)

By Xiaodan Pan, Martin Dresner, and Ruifeng Wang

Hudson’s Bay Company has begun liquidating all but six of its stores. After the 354-year-old retailer filed for creditor protection amid mounting debt and operational losses in early March, a court gave it permission to start the liquidation process.

Founded in 1670 as a fur-trading enterprise, Hudson’s Bay grew into one of Canada’s most iconic department store chains. But with nearly all locations set to close by June 30 and its loyalty programs suspended, the future of Hudson’s Bay remains uncertain.

The retailer’s financial troubles raise broader questions about the viability of traditional department stores in an increasingly fast-paced, digitally driven retail environment.

Modernization efforts

In recent years, Hudson’s Bay attempted to modernize by blending its physical retail footprint with a growing digital presence. This included launching a revamped e-commerce platform and creating an online marketplace that allowed third-party sellers to broaden its product assortment.

In 2021, Hudson’s Bay split its e-commerce and physical store divisions into separate entities: The Bay Online, focused on digital retail, and Hudson’s Bay, dedicated to in-store shopping experiences.

But despite these efforts, Hudson’s Bay has struggled to differentiate its online platform in an overcrowded and highly competitive digital landscape, all while maintaining its physical presence.

The rise of off-price retailers

In sharp contrast to the struggles of legacy department stores, off-price retailers such as Winners, Marshalls and TJ Maxx continue to thrive. Their success is largely due to their ability to attract consumers across a wide range of income levels by offering brand-name merchandise at large discounts.

In Canada, Winners alone has expanded to more than 300 stores nationwide, while Marshalls has added more than 100 locations. Combined, they significantly outnumber Hudson’s Bay’s approximately 80 stores.

Off-price retailers have also gained a competitive edge through real estate choices, favouring open-air shopping centres and strip malls that provide greater accessibility and ample parking, which are benefits that many Hudson’s Bay urban locations lack.

A store front that says 'Sorry for the inconvenience' and 'Hudson's Bay'
Hudson’s Bay has struggled to differentiate its online platform in an overcrowded and highly competitive digital landscape. A pedestrian passes the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

The off-price model thrives on an ever-changing merchandise mix. Buyers continuously source fashion, designer labels and home goods from a broad spectrum of vendors. This approach keeps assortments fresh and also ensures fast inventory turnover, reducing holding costs and supporting lower prices.

This retail model has demonstrated resilience across economic cycles. In times of inflation or financial uncertainty, foot traffic to off-price stores typically increases as consumers become more price-sensitive — further eroding the market share of traditional department stores.

The pressures from digital retailers

The rapid rise of e-commerce has presented a significant challenge for traditional department stores. Over the past decade, online shopping in Canada has grown substantially, with monthly online retail sales surpassing three billion Canadian dollars.

E-commerce now accounts for 11 to 12 per cent of total retail sales, with categories like fashion, hobby and leisure, electronics and furniture and home goods accounting for around 75 per cent of all retail e-commerce sales in Canada.

In the general merchandise space, Amazon controls more than 40 per cent of Canada’s e-commerce market. Retail giants like Walmart and Costco have also expanded their digital capabilities. These players undercut the traditional value proposition of department stores.

The large investments required in distribution capabilities has made it increasingly difficult for smaller competitors, such as Hudson’s Bay, to match the delivery speeds and product assortments of these retail heavyweights.

In niche merchandise categories, specialized retailers have also chipped away at department stores’ customer bases. Sephora and Shoppers Drug Mart dominate the beauty and personal care market, while Lululemon, Nike and Zara rank among the top online stores in fashion.

IkeaWayfair and other direct-to-consumer brands lead the online home goods and furniture market, while Canadian-based Holt Renfrew and France-based LVMH are both leaders in the luxury market.

Adding to the challenge are international digital disruptors such as Shein and Temu, which have have rapidly gained ground in Canada. In 2023, Shein led the country’s online fashion segment with e-commerce net sales of approximately US$1.4 billion.

Temu — an ultra-low-price platform that entered Canada in 2023 — became the country’s most-downloaded iPhone app by the end of 2024. These platforms are challenging legacy retailers by offering aggressive pricing, free shipping and vast product assortments.

Pathways to reinvention

With almost all of its stores closing and its loyalty programs suspended, the future of Hudson’s Bay is in question. While its brand recognition remains strong, it’s unclear whether it will be able to come back from the brink it’s now on.

For any struggling legacy retailer looking to survive in today’s evolving market, reinvention is essential. Department stores and legacy retailers will need to reinvent themselves across five key dimensions:

1. Reposition the brand: Canadian retailers can redefine their core value propositions, emphasizing what makes them unique. Their uniqueness may lie in their Canadian heritage, for instance. Brands like Roots and Canada Goose have been successful with this strategy.

2. Rethink retail formats: The age of downtown retailing continues to fade, especially as remote work reduces foot traffic in urban centres. Large-scale covered malls are also declining, given the demise of anchor department store retailers and the rise of e-commerce. Canadian retailers should explore alternate formats, such as neighbourhood-based, category-specific outlets tailored to community preferences.

Closeup of a person's hand holding a paper shopping bag that says Hudson's Bay
The rapid rise of e-commerce has presented a significant challenge for traditional department stores. A shopper leaves the Hudson’s Bay store in downtown Calgary on March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

3. Optimize physical presence: Strategic location decisions are crucial. Physical retailers must right-size their physical footprints — closing underperforming locations while reinvesting in high-traffic, high-return outlets. Future expansion should favour asset-light, data-informed models based on actual consumer demand.

4. Improve in-store experiences: To draw customers back into stores, shopping must become experiential. Immersive displays, personalized service and community-centric events could make a visit to a physical store more memorable and engaging for customers.

5. Integrating physical and digital channels: A cohesive digital and physical strategy is essential. Technologies such as augmented reality fitting rooms, virtual showrooms, click-and-collect options and AI-powered personalization could bridge the gap between online and in-store shopping.

A defining moment for Canadian retailers

Canadian retailing stands at a pivotal crossroads. The collapse of legacy department stores, the dominance of e-commerce giants and the rise of off-price and digital-first competitors all signal a permanent shift in how consumers shop.

A long legacy alone does not secure survival. As seen with the collapses of Sears, Eaton’s and now Hudson’s Bay, failure to adapt can lead to obsolescence. The retail landscape is now defined by agility, innovation and the ability to meet consumers where they are.

For retailers still standing, the lesson is clear: nostalgia is not a business model. Shoppers are now more price-conscious, convenience-driven and digitally engaged than ever before. Companies unwilling or unable to evolve will likely face the same fate as the retail giants that came before them.

About the Authors:

Xiaodan Pan is an Associate Professor at the John Molson School of Business, Concordia University

Martin Dresner is a Professor, Logistics, Business and Public Policy, at the University of Maryland

Ruifeng Wang is a PhD Student in Supply Chain Management at the University of Maryland

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*This article originally appeared in The Conversation.

Oberfeld Snowcap to Monetize Hudson’s Bay Leases

Hudson's Bay store at Rockland Centre in Montreal. Photo: Tom Bombadil/Google Maps

The Hudson’s Bay Company (HBC), currently undergoing a court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA), has appointed Oberfeld Snowcap Inc. as its exclusive real estate consultant to manage the monetization of its leased store portfolio across Canada. The move is a significant step in HBC’s broader financial and operational overhaul following its March 2025 filing for creditor protection.

The engagement was formalized through a Consulting Services Agreement dated March 20, 2025, and subsequently approved by the Ontario Superior Court of Justice (Commercial List). Filed court documents provide insight into Oberfeld Snowcap’s monetization role. 

A Strategic Appointment Amid Financial Turmoil

Oberfeld Snowcap, a Montreal-headquartered commercial real estate advisory firm specializing in retail, has been selected to assist Hudson’s Bay in evaluating and facilitating lease-related transactions that could generate value or reduce liabilities. The appointment followed consultations with HBC’s internal advisors and Alvarez & Marsal Canada Inc., the court-appointed Monitor overseeing the restructuring.

Jay Freedman, President of Oberfeld Snowcap

Jay Freedman, President of Oberfeld Snowcap, and Jeff Ross, Managing Director, are leading the project, leveraging their combined decades of experience in retail lease advisory across Canada.

Scope of Oberfeld Snowcap’s Engagement

Under the terms outlined in the consulting agreement, Oberfeld Snowcap is tasked with managing the lease monetization process for Hudson’s Bay’s real estate portfolio across Canada. This includes providing detailed local market insights to evaluate the value and strategic potential of individual leased locations. The firm will leverage its long-standing relationships with landlords, developers, and other stakeholders to identify and pursue opportunities for lease sales, assignments, transfers, or terminations that align with HBC’s restructuring objectives.

Jeff Ross, Managing Director, Oberfeld Snowcap

In addition to these core advisory functions, Oberfeld Snowcap may offer licensed real estate brokerage services where applicable, ensuring full transactional support if and when deals progress to execution. The firm is also responsible for supporting the negotiation of binding commercial and financial terms for lease transactions and will work collaboratively with other brokers or professionals involved in specific deals. 

Court documents indicate that all offers or inquiries regarding HBC leases must be formally reported by Oberfeld Snowcap to both Hudson’s Bay and the court-appointed Monitor, Alvarez & Marsal Canada Inc. The firm must operate strictly under HBC’s direction and is not authorized to make independent decisions or representations on behalf of the retailer.

Term and Timeline of Agreement

The engagement began on March 21, 2025, and is currently set to conclude on September 30, 2025, unless extended by Hudson’s Bay in 30-day increments. Given the complexity of HBC’s lease portfolio, it remains possible that the term may be extended beyond the initial six-month period, according to court documents. 

Hudson’s Bay store at Cambridge Centre in Cambridge, ON. Photo: Apple Maps

Compensation Structure

Oberfeld Snowcap’s compensation under the agreement includes both a fixed monthly work fee and a performance-based success fee. The firm will receive a monthly work fee of C$80,000, which is pro-rated for any partial months worked and capped at a total of C$240,000 (plus applicable taxes) over the initial term of the agreement. This fee is creditable against any success fees that may be earned during the engagement.

The success fee component is based on the net proceeds generated from court-approved lease transactions. Specifically, Oberfeld Snowcap will receive 10% of the net proceeds from each completed transaction, subject to a maximum of C$175,000 per lease (plus taxes). These success fees are payable only after the successful closing of a transaction, provided an invoice has been submitted. No further compensation is owed beyond these amounts, and Oberfeld Snowcap is expected to cover its own operating expenses throughout the engagement, according to court documents. 

Hudson’s Bay store at Mic Mac Mall in Dartmouth, Nova Scotia. Image: Apple Maps

Monetizing Leased Store Locations Across Canada

With a substantial number of leased locations across the country, including both flagship urban stores and suburban mall sites, Hudson’s Bay’s real estate holdings represent a significant asset base. Oberfeld Snowcap’s role will be to assess the portfolio and help identify opportunities to unlock value through lease sales, transfers, assignments, or negotiated terminations. The firm is expected to evaluate each lease based on market demand, location potential, and landlord interest, with the goal of maximizing returns or reducing liabilities for HBC.

In many cases, underperforming or non-core sites could be repositioned for other retailers or redeveloped altogether. By leveraging its national network and deep industry relationships, Oberfeld Snowcap is positioned to facilitate transactions that align with Hudson’s Bay’s restructuring strategy while helping reposition prime real estate assets for future retail use.

A National Firm with Deep Market Knowledge

Founded over 40 years ago, Oberfeld Snowcap Inc. is widely regarded as one of Canada’s foremost commercial real estate advisory firms specializing in the retail sector. With a long-standing reputation for representing major retailers, landlords, and developers across the country, the firm brings a wealth of experience to Hudson’s Bay’s restructuring process. Its services span tenant representation, lease restructuring and disposition, market analytics, site selection, and strategic planning — making it well suited to manage complex real estate portfolios during times of transition.

Headquartered in Montreal, Oberfeld Snowcap maintains offices in Toronto, Calgary, and Vancouver, along with a U.S. presence in Boca Raton, Florida. The firm’s national platform enables it to deliver regionally informed insights while maintaining a unified approach to real estate strategy.

Oberfeld Snowcap’s value proposition lies in its data-driven approach, which combines real-time market intelligence with deep industry relationships. This enables the firm to identify and execute real estate strategies that create long-term value. Its client roster spans startups, national chains, and international brands, reflecting its versatility and depth in the Canadian retail landscape.

Over the coming months, Oberfeld Snowcap will work closely with HBC leadership and the Monitor to identify monetization opportunities. As court filings continue to be made public, and monetization transactions begin to close, industry observers will watch to see what happens next with the newly available spaces. 

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Industria Coiffure: educating and inspiring customers with expert knowledge and service

Industria Coiffure at Place Rosemère. Image: Industria Coiffure

A person’s appearance, whether they’d like to admit it or not, can often say quite a bit about them. From subtle and laid back to wild and untamed, and every look in between, appearance bears at least a small glimpse into an individual’s personality and uniqueness. And, when it comes to expressing oneself, a person’s choice of hairstyle and how they like to keep it can serve as one of the more significant ways by which they can represent themselves. As a result, the relationship between any individual and the people they trust to help them achieve their desired look is an intimate one, requiring a combination of experience, knowledge and skills. They are requisites for the role that Montreal-based Industria Coiffure easily meet. However, according to the company’s President and Co-Founder, Jean-Nicola Lapolla, supporting it all is the company’s willingness to remain on top of industry trends and styles.

Jean-Nicola Lapolla

“Hair styles, and the products that are used by professionals all over the world are constantly changing,” he says. “It requires hairstylists and retailers selling these products to be consistently aware of everything that’s happening within the industry, including all of the latest products as well as those that customers are seeking. It’s something that, as a business, we need to be completely on top of, resulting in the need for us and our team of expert hairstylists to constantly educate ourselves on anything related to developments and innovation within the world of hair style and fashion. Because of the speed at which trends occur within this industry, it’s imperative for salons and stylists to be as diligent as they can be concerning education.”

Foundational support

He says it’s one of the qualities of the company that has helped define its legacy over the years, as well as going a long way toward helping to carve its way forward. It’s a quality, among many others, that was engrained within the company when Lapolla’s father, Aldo, an immigrant hairdresser, began managing and developing the company at its original Place Ville Marie location back in the 1960s. An entrepreneur with an open mind and a love for people, Aldo Lapolla had a clear vision of what success meant for the company, adapting and evolving it with each fashion era and every change within the market. Jean-Nicola says that his father’s openminded approach and the importance he placed on communication laid the foundation for Industria Coiffure, enabling the operation to maintain its success for more than half a century.

“I grew up within the salon and the business,” says Lapolla. “Since the age of eight, I’ve been involved. When I wasn’t at school, I was at one of our locations. Whether I was sweeping the floor, manning the cash register, arranging appointments for customers, or anything else, I was actively involved and watching my father, learning every single day. It was the absolute best kind of training I could have ever wished for, preparing me to one day assume leadership of the company. He taught me the value of people and the way to treat our teams, customers of the salon and others operating in and around the industry, always stressing the importance of communication and the transfer of knowledge.”

Industria Coiffure at Place Rosemère. Image: Industria Coiffure

Customer-focus

Today, coming up on 20 years since Jean-Nicola took over the business, Industria Coiffure operates 18 locations in Greater Montreal, including locations at CF Carrefour Laval, CF Fairview Pointe-Claire, CF Promenades St Bruno and Carrefour de l’Estrie, to name a few. It’s established itself through the years as the premier high-end destination for men and women in the province of Quebec looking to fulfill their hair needs, providing exceptional hairstyling services administered by expert professionals, while also carrying an extensive range of top hair care and other products, enjoying direct partnerships with brands including L’Oréal, Kérastase, Oribe, Redken, and others. In fact, 40 to 100 per cent of the space within the majority of Industria Coiffure’s locations house products. And the reason for this, explains Lapolla, has everything to do with the customer.

“We’re here to meet the needs of each customer that enters any one of our locations,” he asserts. “And because the service that we offer is so high-touch and so intimate, it enables us to develop really close, strong relationships with our customers, allowing us the opportunity to hear firsthand from them exactly what they’re looking for and what they want to achieve with each visit. As a result, and as an extension of our education, we’re able to offer expert advice to every customer and bring the products into the store that will help them maintain their look and take proper care of their hair. We’re all about transferring the knowledge that we have to our customers, helping them look and feel better.”

Industria Coiffure at Place Rosemère. Image: Industria Coiffure

Education is key

Lapolla underscores the importance of education among his staff in order to share it with customers, differentiating Industria Coiffure from many of its competitors. However, another distinction about the hairstyling company that sets it apart is the fact that its locations are exclusively found within shopping centres. It’s a strategy that he explains came about fortuitously by way of the relationships that his father had made with mall landlord Cadillac Fairview, Ivanhoe Cambridge, Cogir and others. But it’s one that he describes as “unique”, providing the company with opportunities that it may not have enjoyed otherwise.

“Because our locations are found exclusively within shopping centres in Montreal, our perspective might be a little different from some of our competitors,” he says. “We have the opportunity to work with landlords and others within the shopping centres where we’re located to continuously enhance the experience that we’re offering. And, our legacy in malls has also perhaps made it a little easier to get in to the newly developed Royalmount, which could prove to be an excellent location for us. Being located in shopping centres also presents challenges, including very high lease prices. But we’re a company that’s never been afraid of risk. You need to be comfortable with a certain degree of risk and pressure or you won’t succeed in this business.”

Industria Coiffure at Place Rosemère. Image: Industria Coiffure

Continued evolution and success

Lapolla goes on to explain that the company intends to continue to build on the solid reputation that it’s made for itself in the province of Quebec, with plans to evolve the brand further through the introduction of its Boutique and Hair concept. The Industria Coiffure Boutique, located at Place Rosemère in Rosemère represents the next big step for the company, says the company’s President, providing the blueprint for the brand to follow over the course of the next few years. The concept, he explains, is ultra-high-end, boasting the widest range of hair care and cosmetics products possible and features consultations administered by trained experts who provide advice to visitors concerning all things hair and style. It’s a direction that he says the company is working really hard to roll out to all of its locations as quickly as possible.

“Our Boutique concept is beautiful and really conveys the future of the Industria Coiffure brand well. All of our experience with our customers and brand partners went into this decision, guiding our direction. It’s required a lot of financial investment to this point, and so, our challenge moving forward is replicating the incredible experience inside our Boutique to all of the other locations within our company. In order to do this, to take the company to the next level and expand our service and offering, we’re looking for partners. With some help, it will enable us to standardize all of our stores, shift our marketing, and continue to evolve the brand to enhance our reputation as a leader within the salon and hair industry.”

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