Craig and Lee talk about HBC’s recent announcement that the company is separating its physical department store business from its online operations, and what it means for the future of the retailer. Craig has some choice words when discussing the lack of investment in Hudson’s Bay stores resulting in their current lacklustre condition.
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The Calgary core store is horrendous . The have condensed the store to 3 floors but couldn’t be bothered to fix the dirty worn carpet and linoleum floor. Service in store is non existent and don’t get me started on the online store . They should just shut it down .
Excellent discussion here between Patterson and Rivett about the situation at Hudson’s Bay Company now. Too bad it’s not required listening for Richard Baker and his team of executives. They certainly don’t seem to give much of a damn. And indeed, I like the way Patterson does not mince words when describing the condition of the stores. One might as well go to Sears, that is if you can find one extant. Speaking of which, is Baker learning from Eddie Lampert? Strip mining assets whilst cushioning himself and his principal investors via financial maneuvers? So what is HBC now? A real estate firm that runs an online shopping business and a few too many stores on the side?Badly? The message being sent to Bay shoppers who don’t live near the Queeen Street Toronto flagship is you’re not worth the bother, just hand over your cash. The only bit of good news to cling to is the plan to build an office tower over the Montreal store on Rue Sainte Catherine while giving an update and a refresh to it’s downsized remains. The proposal to restore the magnificent façade and remodel the interiors into a bright, stylish paradigm of modern retailing would signal a strong commitment from HBC to turn the company around, should it come to fruition. Otherwise, it’s just press release blather and I fear we’re witnessing the sad disintegration of a once formidable heritage institution.
One only has to look at the Bays well overpriced inventories their trying to pawn off to its customers. It’s the downhill slide now for Hudson’s Bay. Should have learned something from Sears crashout.