2021 - Vancouver - Hudson's Bay Store
Explore 12 February, 2021.
Must have been a slow day for selections.
The Hudson's Bay Company's flagship Vancouver Downtown store is six-storeys with cream terra cotta and Corinthian columns. The building is built on the site of an earlier HBC store dating from 1893.
This building was erected in phases starting in 1913 while the original 1893 building was replaced in 1925 during a third phase of construction.
19 October 2020, the venerable retailer, founded in Canada in 1670, announced it had formed HBC Properties and Investments (HBCPI), a dedicated real estate and investments business to “manage, maximize and enhance” the 40 million square feet of gross leasable space HBC owns across North America.
The plan to monetize real estate includes iconic downtown locations in Vancouver, Edmonton and Winnipeg.
The 168,000-square-foot Edmonton store closed fall of 2020. The Winnipeg downtown store, once the HBC flagship outlet in Canada, will close February 2021 after more than 125 years in business.
In Vancouver, HBC had a conditional agreement in 2018 to sell its downtown store to RioCan Real Estate Investment Trust for $675 million, but the transaction failed to go through.
Suburban malls, online shopping, and now COVID-19 have all taken their toll on downtown department stores and The Bay is no exception.
Today Hudson’s Bay has found itself in trouble as the retailer continues to close stores around the country. In October, 2020, the iconic business operator faced lawsuits over $3.5 million in unpaid rent from the landlords of five locations in Quebec. Apparently 89 Hudson’s Bay locations in Canada have not been paying rent.
HBC countered claims made against them by stating mall landlords should share the financial burdens caused by COVID-19.
Many retailers have been affected by the pandemic, leading to bankruptcies and store closures. Clearly, large department stores like Hudson’s Bay are no different.
Here’s hoping these old buildings can be saved and maintained as significant, thriving historical sites that speak to Canada’s history.
Given the valuable urban property they occupy and our somewhat cavalier attitude toward our history it may be too much to ask but here’s hoping.
2021 - Vancouver - Hudson's Bay Store
Explore 12 February, 2021.
Must have been a slow day for selections.
The Hudson's Bay Company's flagship Vancouver Downtown store is six-storeys with cream terra cotta and Corinthian columns. The building is built on the site of an earlier HBC store dating from 1893.
This building was erected in phases starting in 1913 while the original 1893 building was replaced in 1925 during a third phase of construction.
19 October 2020, the venerable retailer, founded in Canada in 1670, announced it had formed HBC Properties and Investments (HBCPI), a dedicated real estate and investments business to “manage, maximize and enhance” the 40 million square feet of gross leasable space HBC owns across North America.
The plan to monetize real estate includes iconic downtown locations in Vancouver, Edmonton and Winnipeg.
The 168,000-square-foot Edmonton store closed fall of 2020. The Winnipeg downtown store, once the HBC flagship outlet in Canada, will close February 2021 after more than 125 years in business.
In Vancouver, HBC had a conditional agreement in 2018 to sell its downtown store to RioCan Real Estate Investment Trust for $675 million, but the transaction failed to go through.
Suburban malls, online shopping, and now COVID-19 have all taken their toll on downtown department stores and The Bay is no exception.
Today Hudson’s Bay has found itself in trouble as the retailer continues to close stores around the country. In October, 2020, the iconic business operator faced lawsuits over $3.5 million in unpaid rent from the landlords of five locations in Quebec. Apparently 89 Hudson’s Bay locations in Canada have not been paying rent.
HBC countered claims made against them by stating mall landlords should share the financial burdens caused by COVID-19.
Many retailers have been affected by the pandemic, leading to bankruptcies and store closures. Clearly, large department stores like Hudson’s Bay are no different.
Here’s hoping these old buildings can be saved and maintained as significant, thriving historical sites that speak to Canada’s history.
Given the valuable urban property they occupy and our somewhat cavalier attitude toward our history it may be too much to ask but here’s hoping.