The Toronto-based retailer confirmed that it would close its store at Yonge and Bloor streets at the end of May after nearly 48 years
Hudson’s Bay Co. is closing one of its two department store locations in downtown Toronto, the fourth Bay location to close since the company went private two years ago.
On Thursday, the Toronto-based retailer confirmed that it would close its store at Toronto’s Yonge and Bloor streets at the end of May after nearly 48 years. In the last two years the company has closed flagship stores in Edmonton and Winnipeg, as well as a location in suburban Montreal.” other department-store locations by redeveloping some of its large store buildings into mixed-use spaces.
“HBC continually looks at opportunities to optimize its real estate portfolio,” company spokesperson Tiffany Bourré wrote in a statement Thursday, noting that the Bay’s downtown store on Queen St. is located 2.5 kilometres south of the store slated to close. “Given the unique proximity to the Hudson’s Bay Queen Street flagship location in Toronto, Hudson’s Bay has made the decision to close its Bloor Street store on May 31, 2022.
The five-floor, 270,000-square-foot Yonge and Bloor store was The Bay’s first foray into downtown Toronto when it opened in 1974, at a cost of $15-million. An unnamed company official told the Globe and Mail at the time that competitors T. Eaton Co. Ltd. and Simpsons Ltd. “have had it their own way in Toronto for too long.”“We are committed to treating every associate with respect and fairness through this process,” Ms. Bourré wrote in the statement.
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