HBC chair talks 2016, rules out Macy’s deal

TORONTO ― HBC has “figured out a winning formula for the Hudson’s Bay stores,” the firm’s governor and executive chairman, Richard Baker, has told Report on Business. Growth in online sales and store upgrades will be key to continuing that success, he said. Going into 2016, Baker said that his team is monitoring inventory levels and bringing in new expertise. For the holiday rush, sales were slowed in the U.S. by warm weather on its eastern seaboard and a strong dollar, the latter aiding Canadian sales. Addressing rumours that U.S. department store Macy’s could be the next acquisition in HBC’s sights, Baker stated categorically that the company has “no plans to acquire Macy’s. … That’s not of interest to us. It’s not something on our radar at all.”