Hudson's Bay Company

[Bayer]

"Richard Baker jumps out of his chauffeur-driven SUV in front of the Hudson’s Bay store at Bloor and Yonge Streets in Toronto. He takes one look at the concrete-encrusted building and deems it “ugly.” Baker, the majority owner of Hudson’s Bay Co. (HBC), suddenly produces an architect’s rendering of a revamp for the store. It shows the place sleekly redesigned, with a white façade and large sheets of glass at the front. And it prominently displays a new name: Saks Fifth Avenue."

http://www.theglobeandmail.com/repo...dians-are-dying-to-go-deluxe/article15633445/

 

[Filip]

This is the dream I've been waiting for. Bunker gone, giant Saks in!

 

[LNahid2000]

The article mentions that he wants the exterior of the Bloor St Saks to look something like the Uniqlo on 5th Avenue. This is what he is referring to.

 

[JasonParis]

Uniqlo on Fifth is one of the world's great retail experiences, inside and out. I like that they are aiming high.

 

[TOareaFan]

The Bay has sold its Queen Street Store, and adjacent office building, to Cadillac Fairview. The Bay will lease back both properties.

http://www.thestar.com/business/201...l_lease_back_downtown_toronto_properties.html

http://www.cbc.ca/news/business

 

[prosperegal]

The Bay has sold its Queen Street Store, and adjacent office building, to Cadillac Fairview. The Bay will lease back both properties.

http://www.thestar.com/business/201...l_lease_back_downtown_toronto_properties.html

http://www.cbc.ca/news/business

Does this mean that The Eyesore on Yonge and Bloor will remain a Bay store? If so,

 

[Filip]

Ding ding ding! We're left with that eyesore.

 

[DTowner]

The Bay has sold its Queen Street Store, and adjacent office building, to Cadillac Fairview. The Bay will lease back both properties.

http://www.thestar.com/business/201...l_lease_back_downtown_toronto_properties.html

http://www.cbc.ca/news/business

This is ridiculous. What a lost opportunity to get rid of that hideous thing at Yonge/Bloor. Should be interesting to see how they operate 'along side each other'. Under one name? Or, there is going to be Bay floors and Saks floors?

 

[AndreaPalladio]

Ding ding ding! We're left with that eyesore.

Or they could sell it too.

 

[TOareaFan]

Or they could sell it too.

They don't own it.

 

[TOareaFan]

This is ridiculous. What a lost opportunity to get rid of that hideous thing at Yonge/Bloor. Should be interesting to see how they operate 'along side each other'. Under one name? Or, there is going to be Bay floors and Saks floors?

Why is it ridiculous? It is a business decision plain and simple....sounds like HBC got quite a lot in this deal....they get a whack of cash.....they get a long term lease....they get some renos done to incorporate their other brand.....they get a better connection to the Eaton Centre and they become part of the Eaton Centre (this is very crucial, all of those tourists that go to the Eaton centre now and read the maps to see what is in the mall get told it ends at the Macdonalds at Queen Street....now the Bay/Sacks will be included as part of the signage and marketing of the Eaton Centre).

 

[prosperegal]

I think the only reason why they're doing this is because they can convert Queen Street immediately, while The Eyesore will require A LOT of work. Saks wants/needs to open before Nordstrom comes to Ontario.

 

[AndreaPalladio]

They don't own it.

I wondered that. They can certainly sell the lease.

 

[TOareaFan]

I think the only reason why they're doing this is because they can convert Queen Street immediately, while The Eyesore will require A LOT of work. Saks wants/needs to open before Nordstrom comes to Ontario.

I think timing may be one of the reasons....but not the top one.

 

[Skeezix]

The other main reason is that Cadillac wanted it downtown and was willing to pay.

Somewhere right now the store manager at Holt Renfrew on Bloor is saying "whew".