syn
Senior Member
A situation like this is why I question them selling their Queen Street location to Cadillac Fairview. I can't seem them leaving the location, but it would be something if they were forced out.
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Richard White
Senior Member
To be completely honest with you while it would be a big loss, I would not be surprised if they were forced out of there.
The Bay on Queen is unlike any other and I avoid it like the plague. It is a mish-mash of little brand centric booths and Saks and I can never find anything I need there.
It was a failed concept from the start and it will be their demise.
syn
Senior Member
Interesting.
I don't find it difficult at all to find what I'm looking for. For me their most recent rennovation of the space was a huge success.
ShonTron
Moderator
If I was a woman, I'd agree with you. I find everything I need on the fifth floor just fine.
I’m a woman, and I like that Bay store although I generally avoid the main floor and always have.
Richard White
Senior Member
I went there to buy a wallet about a year ago and look at winter coats. I found them spread out over multiple locations throughout the store vs the more centralised placement at the Scarborough Town Centre where I normally go.
I only needed one thing but when I went looking at the Bay on Queen I found myself running around the store for it. Not ideal.
I only needed one thing but when I went looking at the Bay on Queen I found myself running around the store for it. Not ideal.
Midtown Urbanist
Superstar
Thought this would be interesting to post, as a reference point for how many the locations where Hudson's Bay are located are performing as shopping centres.
Northern Light
Superstar
Interesting. The only one that surprises me is STC being below Fairview, particularly by that much.
Ah......found an explanation in some measure, sheer size.
Fairview is 860,000ft2 vs 1.3M for STC
Both malls have former Sears that are vacant; though STC's being a former 3-floor Eatons would be larger and show more drag on the numbers.
Richard White
Senior Member
There are alot of vacant shops in the STC right now mainly because of the pandemic.
Late last year they had an asian comb store come in selling combs for around 100-200 a pop. Other stores like David's Tea went out of business.
The lower level of Sears turned into an Urban Outfitters outlet but to be honest I doubt they will ever fill that size of a space unless Nordstroms, Saks or something like that comes along.
Don't forget that Eatons was where Sears was originally and Sears was where Wal-Mart was.
toforumer
Active Member
I was at Yorkdale yesterday and decided to walk through the Yorkdale Bay and I was in shock. Keep in mind Yorkdale is considered a flagship and is #2 in volume after Queen St. The store was in deplorable shape and it looked like it was going out of business. I got the Sears vibe right before they shut down. There was barely any customers in the store and it was still in disarray. Products were scattered all over, product out of the packages thrown and piles of clothing all over the floor and on top of the racks. This wasn't just in one section but this mess was consistent throughout the whole store. Stock levels are also very concerning. Half the ladies shoe department had empty shelves, the ladies floor was half empty and not much of a fall/winter clothing assortment. The mens floor had a bit more to offer but it was pretty sad and limited. I walked into the houseware department on the lower level and the same pattern continued. It was just a mess, horribly merchandised, empty shelves, no staff to be seen. Nothing was really on sale either. It's obvious the Bay isn't paying their outstanding debt with it's vendors hence why half the store is empty. I wonder how they will be able to survive after Christmas shopping when they don't even have the product to sell.
Can someone tell me what shape the Queen St. Bay in?
Can someone tell me what shape the Queen St. Bay in?
Northern Light
Superstar
I was in Queen St. last week, it was in very good shape; not busy mind you.
Pusateri's is locked up.
Sak's was very low traffic; The Bay side a bit better, but still a fraction of typical weekday volumes.
But everything was neat and well stocked.
There were also an abundance of staff.
Midtown Urbanist
Superstar
I wonder how much to read into this given the whole COVID situation. I imagine some employees that made their day-to-day workforce have been let go (hence a lack of shopkeeping), and many stores I have visited across industries seem to be suffering from low stock levels either due to supply-chain disruptions, or uncertainty with purchasing new stock. It makes little sense for department stores to buy and stock large quantities of this year's fashion if nobody is showing up to stores to buy them due to COVID.
AlbertC
Superstar
Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets
October 20, 2020
The Hudson’s Bay Company has announced the launch of a real estate arm to capitalize on assets at a challenging time for the company. The division, called HBC Properties and Investments, will look to convert some of Hudson’s Bay’s real estate into mixed-use developments.
The Hudson’s Bay Company owns or controls (either entirely or with joint venture partners) about 40 million square feet of gross leasable area across North America, including retail banners Hudson’s Bay in Canada, Saks Fifth Avenue and Saks OFF 5TH. As part of the HBC Properties and Investments initiative, the company has partnered with 40-year-old large-scale US-based property development company Streetworks Development to create “transformative multi-use environments” that marks a milestone in the Hudson’s Bay Company’s shift to a holding company structure with distinct portfolio businesses that operate “at the intersection of retail and real estate”.
“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business, said Richard Baker, CEO and Executive Chairman of the Hudson’s Bay Company. “Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas.”
“We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building (on 5th Avenue in New York City) and our interest in European real estate assets,” said Baker. “With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBC Properties and Investments is well-equipped to further elevate and increase the value of our portfolio.”
www.retail-insider.com
October 20, 2020
The Hudson’s Bay Company has announced the launch of a real estate arm to capitalize on assets at a challenging time for the company. The division, called HBC Properties and Investments, will look to convert some of Hudson’s Bay’s real estate into mixed-use developments.
The Hudson’s Bay Company owns or controls (either entirely or with joint venture partners) about 40 million square feet of gross leasable area across North America, including retail banners Hudson’s Bay in Canada, Saks Fifth Avenue and Saks OFF 5TH. As part of the HBC Properties and Investments initiative, the company has partnered with 40-year-old large-scale US-based property development company Streetworks Development to create “transformative multi-use environments” that marks a milestone in the Hudson’s Bay Company’s shift to a holding company structure with distinct portfolio businesses that operate “at the intersection of retail and real estate”.
“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business, said Richard Baker, CEO and Executive Chairman of the Hudson’s Bay Company. “Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas.”
“We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building (on 5th Avenue in New York City) and our interest in European real estate assets,” said Baker. “With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBC Properties and Investments is well-equipped to further elevate and increase the value of our portfolio.”
Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets
The real estate arm will transform some stores into mixed-use properties featuring offices, housing, entertainment, and retail space.
www.retail-insider.com
syn
Senior Member
Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets
October 20, 2020
The Hudson’s Bay Company has announced the launch of a real estate arm to capitalize on assets at a challenging time for the company. The division, called HBC Properties and Investments, will look to convert some of Hudson’s Bay’s real estate into mixed-use developments.
The Hudson’s Bay Company owns or controls (either entirely or with joint venture partners) about 40 million square feet of gross leasable area across North America, including retail banners Hudson’s Bay in Canada, Saks Fifth Avenue and Saks OFF 5TH. As part of the HBC Properties and Investments initiative, the company has partnered with 40-year-old large-scale US-based property development company Streetworks Development to create “transformative multi-use environments” that marks a milestone in the Hudson’s Bay Company’s shift to a holding company structure with distinct portfolio businesses that operate “at the intersection of retail and real estate”.
“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business, said Richard Baker, CEO and Executive Chairman of the Hudson’s Bay Company. “Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas.”
“We will also continue our strong track record of maximizing our portfolio and generating value from these assets, as we did through the sales of the Lord + Taylor flagship building (on 5th Avenue in New York City) and our interest in European real estate assets,” said Baker. “With the team’s deep expertise and forward-thinking approach to capitalizing on the intersection of retail and real estate, HBC Properties and Investments is well-equipped to further elevate and increase the value of our portfolio.”
Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets
The real estate arm will transform some stores into mixed-use properties featuring offices, housing, entertainment, and retail space.
I hope this isn't just a division tasked with selling off assets.
With the amount of real estate they own HBC has the opportunity to do something special.
Northern Light
Superstar
I'm iffy on this.............HBC has already sold most of its 'signature' Canadian properties..............and is abandoning Winnipeg's site
They likely have ownership stakes at some suburban malls as that used to be the norm; where a mall landlord literally owned the mall but the 'anchors' owned their space.
However, later, it became the norm for such properties to be part of consolidated ownership, albeit w/sweetheart leases.
I'm not sure how much quality real estate they have left to move.
I'm not familiar w/the Saks portion of the business, outside of its Canadian locations.