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Hudson's Bay Company
 | |
| Company type | Private |
|---|---|
| Industry | Retail |
| Founded | 2 May 1670 London, England |
| Headquarters |
|
Key people | Richard Baker (governor, executive chairman and CEO) |
| Revenue |  CA$9.4 billion (2018) |
 CA$−631 million (2018) | |
| Owner | NRDC Equity Partners (48%) |
Number of employees | 30,000 (2017)[2] |
| Divisions | |
| Website | www |
The Hudson's Bay Company (HBC; French: Compagnie de la Baie d'Hudson) is a Canadian holding company of department stores, and the largest and oldest corporation in Canada. As of December 2024[update], HBC has a Canadian division responsible for the namesake Hudson's Bay department stores (colloquially The Bay; La Baie in French), and an American division (Saks Global) that includes the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price department stores Neiman Marcus Last Call and Saks Off 5th; and the home furnishings website Horchow.[3] It also owns or manages approximately 3.7 million square metres (40 million square feet) of gross leasable real estate through its HBC Properties and Investments business unit.[4][5][6]
After incorporation by English royal charter in 1670, the company was granted a right of "sole trade and commerce" over an expansive area of land known as Rupert's Land, comprising much of the Hudson Bay drainage basin.[7] This right effectively gave the company a commercial monopoly over that area. The HBC functioned as the de facto government in Rupert's Land for nearly 200 years until the HBC relinquished control of the land to Canada in 1869 as part of the Deed of Surrender,[7][8] authorized by the Rupert's Land Act 1868. At its peak, the company controlled the fur trade throughout much of the English- and later British-controlled North America. By the mid-19th century, the company evolved into a mercantile business selling a wide variety of products from furs to fine homeware in a small number of sales shops (as opposed to trading posts) across Canada.[9][10] These shops were the first step towards the department stores the company owns today.[11]
In 2006, Jerry Zucker, an American businessman, bought HBC for US$1.1 billion. In 2008, HBC was acquired by NRDC Equity Partners, which also owned the upmarket American department store Lord & Taylor.[12] From 2008 to 2012, the HBC was run through a holding company of NRDC, Hudson's Bay Trading Company, which was dissolved in early 2012.[13] HBC's U.S. headquarters are in Lower Manhattan, New York City,[1] while its Canadian headquarters are in Toronto.[1] The company spun off most of its European operations by August 2019 and its remaining stores there, in the Netherlands, were sold by the end of 2019. The company was listed on the Toronto Stock Exchange under the symbol "HBC.TO" until Richard Baker and a group of shareholders took the company private in March 2020.[14][15][16][17][18][19][20]
- ^ a b c "HBC Corporate Headquarters". Hudson's Bay Company. Retrieved 4 July 2024.
- ^ "Our Company". Hudson's Bay Company. Archived from the original on 30 October 2020. Retrieved 26 October 2020.
- ^ Shaw, Hollie (6 March 2013). "The Bay gets a new logo for first time in almost 50 years". Financial Post. Retrieved 20 August 2013.
- ^ "HBC Introduces Development Division To Optimize Real Estate". PYMNTS.com. 21 October 2020.
- ^ Patterson, Craig (20 October 2020). "Hudson's Bay Company Announces Division to Redevelop Real Estate Assets". Retail Insider.
- ^ Chan, Kenneth (21 October 2020). "Hudson's Bay launches new real estate division to redevelop its stores". Daily Hive.
- ^ a b "The Royal Charter of the Hudson's Bay Company". HBC Heritage. Archived from the original on 7 October 2015. Retrieved 5 October 2015.
- ^ Cite error: The named reference
:0was invoked but never defined (see the help page). - ^ "Our History: Overview". HBC Heritage. Archived from the original on 1 October 2015. Retrieved 5 October 2015.
- ^ Cite error: The named reference
:1was invoked but never defined (see the help page). - ^ Cite error: The named reference
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Hudson's Bay Trading Company dissolvedwas invoked but never defined (see the help page). - ^ Bain, Marc (5 March 2021). "Saks is turning its back on department stores". Quartz.
- ^ Clark, Evan (21 June 2021). "Saks Off 5th Splits E-commerce and Retail". WWD.
- ^ Jackson, Adam (21 June 2021). "Saks Off 5th Will Become $1 Billion Standalone Online Business". Bloomberg.
- ^ Thomas, Lauren (5 March 2021). "Saks Fifth Avenue owner spins e-commerce site into separate business". CNBC.
- ^ Howland, Daphne (22 June 2021). "With $200M from private equity, Saks Off 5th online will go it alone". RetailDive.
- ^ "Hudson's Bay splitting stores from online marketplace to create two businesses". CTV News. 12 August 2021.
- ^ Alex Herring (4 July 2024). "Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal". CNBC. Retrieved 4 July 2024.
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