HBC said it is exploring options for Downtown Winnipeg Hudson’s Bay building it closed last year, and the department store operator has received interest from a number of stakeholders about the future use of the location.
Retailers with attractive real estate holdings have long faced pressure to maximize the value of these assets. Macy’s, for one, is moving ahead with plans to install an office tower on top of its iconic Herald Square flagship.
“We believe there is value in this building, and we are in active discussions with strong organizations on its potential future,” said Ian Putnam, president and CEO of HBC Properties and Investments. “We remain committed to working with partners to find opportunities for this location that will have a positive impact on the community.”
The Winnipeg building is located in the heart of the city’s downtown core, and is a long-established landmark for many local residents and visitors. Built in 1923, it was one of the original six Hudson’s Bay department stores. The city remains an important market for Hudson’s Bay and it continues to serve the community at its Polo Park and St. Vital locations and through thebay.com.
HBC is a holding company of investments and businesses at the intersection of technology, retail operations and real estate. It is the majority owner of e-commerce companies: Saks, an online destination for luxury fashion, and Saks Off 5th, an off-price e-commerce company offering top brands at discounted prices. Both businesses were established as separate operating companies earlier this year.
HBC also wholly owns Hudson’s Bay, Canada’s preeminent multi-category retailer, as well as SFA, the entity that operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks Off 5th stores.
With assets spanning top markets and prime locations across North America, HBC owns or controls either entirely or with joint venture partners approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division.
Founded in 1670, HBC is North America’s longest continually operating company, with headquarters in New York and Toronto.