The approval from Ontario Superior Court Judge Peter Osborne allows the retailer, which dates back to 1670, to begin selling off inventory at most of its 80 Hudson’s Bay stores, three Saks Fifth Avenue locations and 13 Saks Off 5th shops in Canada.
“This is the art of the possible and we are where we are today. In my view, there is no other alternative,” Judge Osborne said.
The six stores being saved from the liquidation sale include the flagship on Yonge Street in Toronto, as well as a store in the city’s Yorkdale mall and another farther north in Hillcrest Mall in Richmond Hill, Ontario The remaining three span Montreal, the Carrefour Laval mall and Point-Claire, Quebec.
Sorry to disagree.
It’s not about Amazon or Temu. Here in the Netherlands, we actually did protect our market and two Dutch online stores are more popular than Amazon.
There is just a huge shift to online shopping due to convenience and cost. There is just less demand for physical stores.
Some of the online shops do open physical showrooms. Relatively small stores (think Apple store) where people can see some of the more expensive stuff before buying.
But huge malls and department stores will only be a thing for the largest cities and for outlets, to attract people who like to physically shop.
The smaller malls and department stores just aren’t needed anymore and will forever disappear from our landscapes.