The End of the Hudson’s Bay Company: Chronicle of a Fallen Canadian Monument

Marie Horodecki Aymes
Apr 28
5 min read

winnipeg market HBC closure — Winnipeg Market

Founded in 1670, the Hudson’s Bay Company (HBC) was, until 2025, the oldest continuously operating commercial enterprise in North America. More than a trading company, it was a founding force in the making of modern Canada. For nearly two centuries, HBC reigned over a vast expanse known as Rupert’s Land, acting as merchant, administrator, and at times, de facto governor.

From the 20th century onwards, Hudson’s Bay reinvented itself as a retailer, its grand department stores becoming emblems of Canada’s economic and cultural rise — from Winnipeg to Montréal, Calgary to Vancouver.

But HBC was also woven into the fabric of daily life:

The iconic striped blankets — green, red, yellow, and indigo bands on a cream background — symbols of warmth, endurance, and a certain Canadian idea of comfort.
The first mail-order catalogue, launched in 1881, which brought modern goods within reach of those living in remote communities.
The Christmas windows, a magical annual ritual and family tradition in many Canadian cities.

Through these symbols, HBC built a deep emotional bond with generations of Canadians. It was not just a retailer; it was a living part of the national memory.

Hudson's Bay Company and Indigenous Peoples: Partnership and Wounds

The story of Hudson’s Bay is also inseparable from that of Canada’s Indigenous peoples. From its earliest days, HBC depended on First Nations communities — not only for establishing its fur trade network but also for survival and prosperity in a vast and often hostile land.

This original partnership, based on exchange, gradually gave way to dynamics shaped by dependency and the destructive forces of colonialism. Trade fostered economic reliance, exposed communities to devastating epidemics, and, often inadvertently, paved the way for dispossession of traditional lands.

To recognise HBC’s role is thus to accept its complex legacy: one of opportunity and exchange, but also of profound harm.

Paying tribute to Hudson’s Bay means honouring both its role in building Canada and the enduring resilience of Indigenous peoples.

The Internal Causes of Collapse

In 2024, just before seeking creditor protection, HBC still generated C$1.11 billion in annual revenue — a sharp decline from previous years. Its online sales had plummeted by nearly 50% to just C$142 million, and more than 9,300 employees across Canada, primarily in Ontario, were directly impacted by store closures.

The causes of this downfall are well known:

A shift in focus toward real estate value over customer experience.
An incoherent commercial strategy, marked by endless promotions that blurred perceptions of value.
A thinning product range, with lesser-known brands and declining quality that no longer justified premium prices.
Ageing stores, poorly renovated and understaffed.
A critical digital lag, with an ineffective separation between online and in-store sales, and a failure to harness customer data.
A gradual talent drain that hollowed out the company’s operational strength and identity.

The problem was not only competition. It was the absence of a human, visionary strategy adapted to a changing world.

Targeted competition from specialised retailers

While HBC became bogged down in a confused commercial strategy, several specialist retailers quietly gained ground by offering clear and coherent value propositions.

Family-owned Quebec retailer Simons modernised its image without betraying its roots, building a strong identity around creative fashion, inspiring store spaces and transparent pricing. Holt Renfrew captured the luxury segment with a consistent high-end experience.

In an era of fragmented commerce, clarity of offer and emotional connection with a precise community have proved far more powerful than attempting to please everyone with a diluted identity.

The failure of omnichannel integration

While competitors successfully blended physical and digital experiences, HBC treated its channels as separate entities, fragmenting the customer journey.

Best Buy Canada reimagined its stores as extensions of its online experience, turning pick-up points and expert advice areas into competitive advantages. Canadian Tire built an integrated loyalty ecosystem through its "Triangle Rewards" programme, linking online and in-store shopping seamlessly. Sephora created a fluid, personalised journey across channels, combining physical stores, a sophisticated mobile app, and customer data-driven personalisation.

These examples show that omnichannel success is not a technical achievement, but a strategic vision centred on customer relationships.

Heritage companies that adapted

Centuries-old institutions like RBC, El Corte Inglés and LEGO proved that age need not be a barrier to digital agility.

RBC ventured beyond traditional banking through RBC Ventures. El Corte Inglés modernised its traditional department store model without losing its cultural identity. LEGO, once close to bankruptcy, rebuilt its brand by merging physical and digital play while fostering a community-led innovation model.

These cases remind us that a company’s heritage can be a springboard for transformation — if it is used as a source of strength rather than as an excuse to resist change.

HBC's fall was not inevitable. It was the consequence of a missed opportunity to reimagine a legacy.

An Undignified End for a Monument

The ending could have been different.

Not only were employees — living heirs to a 350-year-old tradition of service — denied the recognition they deserved, but HBC’s historical patrimony, including the Royal Charter of 1670, now faces the risk of being scattered through auctions.

While the exact value of these archives remains undisclosed, their historical importance to Canada is beyond measure. Yet, instead of being preserved for the nation’s benefit, they seem destined for the highest bidder.

It would have been both possible — and just — to transfer this heritage to a public institution or to the federal government to ensure its safeguarding.

What the Fall of a Monument Teaches Us

Being an institution, a symbol, or a historic brand guarantees nothing. The fall of Hudson’s Bay reminds us that only the marriage of loyalty to one’s identity and the capacity for adaptation can withstand the test of time.

Every company — whether young or venerable, Canadian or global — faces the same imperatives:

Maintain an emotional bond with its customers.
Innovate without losing its soul.
Cultivate operational excellence alongside brand prestige.
Make respect for human capital a lasting priority.

And Now?

Perhaps not all is lost.

The Hudson’s Bay name, its emblems, its story — all remain powerful. There is hope that this heritage, even if now fragmented, may one day be reunited, preserved, and celebrated as a living part of Canada’s collective soul.

We live in a business-driven world, where transactional logic too often prevails. But there are some endings that deserve to be written with honour and fidelity.

All is lost, save honour.

This old motto should have marked the end of Hudson’s Bay.It is now up to us to ensure that no such patrimony is ever lost again through neglect.