The American Takeover: The Bay acquired by Lord & Taylor
According to the Globe and Mail, Canadian retailer Hudson Bay Company has been acquired by NRDC Equity today, which owns American department store Lord & Taylor, for $8 billion US. Richard Baker, chief executive officer of NRDC, said there are plans to convert 10-15 “high profile” Bay stores into Lord & Taylor department stores.
So there is a risk that in Montreal, the downtown Bay store can be on the death list and turned into a Lord & Taylor. Among the department stores left in Montreal, if The Bay goes, only Ogilvy will remain as the only original department store (previously there was Eaton’s and Simpson’s) established since the 1800′s, still standing.
Acquisitions of Canadian companies has been on the rise as of late. Limited Brands Inc, which owns Victoria’s Secret, bought out La Senza in 2006. It also owns Bath & Body Works and plans to expand 6 specialty stores this fall in Canada, don’t be surprised if they’re gonna try and buy out Canadian equivalent Fruits & Passion in the near future.
I find it a little sad that HBC didn’t make enough effort in turning this iconic department store around. And that has to take some business savvy American to come and outright buy it and have the galls to rename the store. So enjoy what you can of what’s gonna be left of The Bay as you’ll soon find it replaced by a more posh Lord & Taylor.
Image source: The Globe and Mail
July 16th, 2008 at 2:19 pm
Fascinating news, D. But I have to say, the state of the Bay is so wretched at this point, I’d be happy to see any good management, wherever it has to come from…
August 1st, 2008 at 7:23 pm
Well, given that The Bay Phillips Square is one of 2 The Bay flagships, it is in a total state of disrepair. They have tried to update the store over the years in some areas but the 3rd floor upwards leaves a lot to be desired. It is a FAR cry from the fabulous Henry Morgan & Co. (Morgans) that is the original dept store in that building. This is actually great news as Lord and Taylor is well aware that this little piece of real estate on arguably the country’s most vibrant and busiest commercial artery. (I’m sorry, TO has nothing close to comparing to Ste Catherine street). Hopefully that red sand stone building will get some much needed TLC and get a total rebranding from the RC to the restaurant. This is a very special building and spot on Ste Cath. Phillips Square used to be our version of Times Square – the most important public square in the city surrounded by electronic billboards.