NEW YORK — HBC LP, the parent company of Hudson’s Bay, has pocketed roughly US$340 million from a series of real estate deals across Canada and the United States.
The company announced the completed transactions Wednesday, positioning the gains against a backdrop of mounting pressure in the retail sector. HBC also owns Saks Fifth Avenue and Saks OFF 5th, and claims a North American property portfolio valued near US$7 billion.
The windfall arrives during a turbulent stretch for the storied retailer. HBC has already executed two rounds of layoffs this year, citing significant headwinds reshaping the industry.
Back in 2018, while still publicly traded, activist investors pushed the company to monetize portions of its sprawling real estate assets. Those demands now appear to be yielding returns.
Meanwhile, HBC has pursued multiple turnaround strategies in recent years. The company overhauled its loyalty program, struck partnerships with Forever 21 and MEC, and resurrected the Zellers discount brand.
Despite those efforts, the retailer closed two department stores in Alberta earlier this year. Company leadership pointed to shifting market conditions and a recalibrated long-term vision.
The consolidated US$340 million gain suggests management remains committed to extracting value from its physical footprint, even as storefront operations face continued strain.
