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The Walrus
The Walrus
Business
Don Gillmor

Why Hudson’s Bay Company’s Future Is in Question

The Bay store in downtown Winnipeg, at Portage Avenue and Memorial Boulevard, in 1973 (Image courtesy of Hudson’s Bay Company Archives, Archives of Manitoba)

When I was growing up in Winnipeg in the 1960s, there were essentially two places to shop: Eaton’s and the Bay. Eaton’s was the store my grandmother frequented, checking for bargains in its basement every week, eating lunch in the sedate Grill Room. The Bay was vaguely hipper. I remember it still had elevator operators then as well as its own library and post office, though the in-house orchestra was gone. Both stores had a kind of majesty to them, unaware they had peaked as retail ideas.

The decline of the downtown Winnipeg Bay store resembled Hemingway’s description of bankruptcy—gradual, then sudden. It was the company’s national flagship store until 1974, but with the advent of malls in that decade, it began to lose its currency. By 2019, the downtown core of Winnipeg had largely hollowed out, and some of the Bay floors were closing. What remained felt like a dismal Soviet-era shopping experience under gloomy lights. The store was built in 1926 at a cost of around $5 million; at the time of its closing, in November 2020, Cushman & Wakefield, a commercial real estate firm, valued the building at $0.

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