The recent closure of Hudson’s Bay stores across Canada has left a significant mark on the country’s retail landscape — not just for shoppers, but for landlords, developers, and the retail industry at large.
According to retail analyst Bruce Winder, the shutdown of these iconic department stores signals more than just the end of a familiar brand. It’s the latest in a series of retail exits, following the likes of Sears, Target, and Nordstrom. Many Bay stores had already shown signs of decline, from empty shelves to non-functioning escalators, long before liquidation began.
Bruce Winder
The real challenge now lies in the vast amount of vacant retail space left behind. Some leases may be acquired — Ruby Liu, for example, is in talks to take over 28 locations for a new concept. RioCan and other major real estate players are beginning to reposition their holdings, potentially converting old stores into mixed-use developments or leasing them to new tenants. Still, Winder warns that dozens of locations may remain empty for some time.
Older buildings, high renovation costs, and uncertain demand make it difficult for landlords to quickly repurpose these spaces. Winder expects that many properties may remain vacant, becoming urban eyesores, particularly in high-profile malls.
Canadian Tire, which acquired the Bay brand, is expected to integrate it selectively into existing operations — possibly through focused online offerings or branded sections in stores, similar to its partnerships with Petco and Party City.
As for the department store model itself, Winder believes the traditional version is finished. The future lies in either niche players like Simons and Holt Renfrew or broader, multi-department retailers like Walmart and Amazon. The classic all-in-one, high-service department store is now part of Canadian retail history.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
About Us
Canada’s Entrepreneur is the number one community media platform in Canada for entrepreneurs and business owners. Established in 2016, our podcast team has interviewed over 800 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.
The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 250,000 + audio downloads, 50,000 + average monthly social impressions, 15,000 + engaged social followers and 120,000 newsletter subscribers. Canada’s Entrepreneur is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story
