What went wrong? Analysts say Hudson's Bay couldn't compete among nimble competitors with pretty stores [BNN Bloomberg (Canada)]
Best Buy Co., Inc. (BBY)
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Source: BNN Bloomberg
“The Bay in particular … really struggled to adjust to changes in consumer shopping habits, preferences and the demand for goods,” Jamie Hyodo, an assistant professor of consumer behaviour at Western University, said in a recent interview. Founded as a fur-trading company in 1670, Hudson's Bay's modern heyday was in the 20th century when the store served as a one-stop shop for Canadians looking for quality clothing, cosmetics and home wares, Hyodo said. But as the retail landscape changed — discount retailers started to become more prevalent in the 1960s and '70s and luxury brands opened stand-alone stores where they could sell directly to consumers without a department store as the middleman — it meant Hudson's Bay “lost both the low end and upper end of their clientele,” Hyodo said. “We also saw the rise of category-specific retailers that are still very successful today, organizations and brands like Best Buy and Home Depot that just dominate an entire product category,” Hyo
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