As The Hudson’s Bay Company continues its attempt to restructure under creditor protection, new survey data from Leger reveals that most Canadians are aware of the company’s financial troubles—and their reactions paint a complex picture of a once-revered retail icon now struggling to maintain relevance.
According to the Leger OMNIBUS study conducted March 21–24, 2025, 83% of Canadians said they were aware of Hudson’s Bay’s filing for bankruptcy protection. Among Canadians aged 55 and older, that awareness jumped to 94%, reflecting the generation that perhaps remembers Hudson’s Bay as a cultural cornerstone of Canadian retail.
Despite this high awareness, the study reveals a surprising emotional gap: indifference was the most common reaction to the bankruptcy news, selected by 30% of respondents. This was especially true among adults aged 18 to 54, a demographic that might not share the same emotional connection to the brand. Meanwhile, 25% expressed sadness, and 19% reported disappointment. Feelings of shock and concern were significantly lower at 7% and 6% respectively.
“Hudson’s Bay’s bankruptcy filing struck a national chord—83% of Canadians are aware, but emotional reactions are deeply mixed, ranging from indifference to sadness, disappointment and even shock,” said the report.
A Legacy in Crisis
Founded in 1670, Hudson’s Bay is Canada’s oldest retailer and a brand deeply entwined with national identity. However, the data suggests the brand’s legacy alone is no longer enough to carry it through an evolving retail landscape. Respondents were asked what they believe caused the company’s financial struggles. The top reason, cited by 25% of Canadians, was high prices, particularly among women and those aged 35–54—the demographic often considered to be in their prime consumer years.
The second most cited reason was Hudson’s Bay’s slow shift to online shopping, with 19% of respondents pointing to this as a key failure. This was particularly evident among older Canadians, who are typically more loyal to traditional retail brands. Poor management came in third (15%), cited most by respondents aged 55 and up, who may have followed the company’s ups and downs more closely over the years.
Other issues raised included competition (10%), outdated stores (10%), and poor in-store experience (3%). Only 1% cited American ownership, suggesting that concerns over national identity were less about who owns the company and more about how it operates in the Canadian market.
Canadian Identity Still Matters
Interestingly, the majority of Canadians—90%—believe it’s important that retailers in Canada maintain a distinctly Canadian identity. This includes reflecting local culture and values, and supporting domestic businesses. This sentiment was particularly strong among those aged 55 and older (95%) and Quebecers (94%).
“Nine in ten Canadians say it’s important that retailers reflect a distinctly Canadian identity. Hudson’s Bay, despite its heritage, may be losing touch with that core value,” the study noted.
This suggests that while Hudson’s Bay has historically leaned on its heritage as a Canadian institution, many consumers feel the brand is no longer delivering on that expectation.
Can The Bay Bounce Back?
The nation appears divided when it comes to belief in Hudson’s Bay’s future. Only 25% of Canadians believe the company will successfully restructure and continue operating, while 38% said they do not believe it will recover, and another 38% were not sure.
Notably, younger Canadians aged 18–34 were the most optimistic, with 32% expressing belief in the brand’s ability to bounce back. By contrast, men were the most skeptical—42% of male respondents said they did not believe Hudson’s Bay can recover. This split suggests that any comeback strategy will need to not only modernize the shopping experience but also rebuild trust across multiple demographics.
“What was once a national icon now faces doubt—only 1 in 4 Canadians believe Hudson’s Bay will successfully restructure and continue operating,” reads the report.
From Flagship to Footnote?
Hudson’s Bay is not just a department store—it’s a brand that has witnessed the country’s evolution for centuries. Yet, its current crisis raises concerns about whether it can still play a relevant role in Canadian retail.
Its struggle reflects broader trends: traditional department stores around the world face immense pressure from e-commerce, discount retailers, and nimble direct-to-consumer brands.
“Even among older, traditionally brand-loyal Canadians, faith is faltering—20% of those 55+ say poor management led to Hudson’s Bay’s downfall,” the study said.
The findings paint a portrait of a company at a crossroads. While younger consumers may still see a glimmer of hope, the brand’s core audience appears disillusioned. Hudson’s Bay will need to redefine what it means to be a Canadian retailer in 2025 and beyond—both in experience and in value.
The Hudson’s Bay situation also speaks to a broader realignment in Canadian retail. As consumers demand better online experiences, pricing transparency, and authenticity, legacy retailers that fail to adapt face existential risk. The fact that indifference was the leading emotional response may be the most telling—and the most alarming.
Methodology Note: The data is based on a national online survey of 1,605 Canadians aged 18 and older, conducted by Leger between March 21–24, 2025. Results reflect a cross-section of regions, incomes, and age groups, with statistically significant differences noted across demographic segments.
