HBC unveils property redevelopment plans

BRAMPTON, Ont. — Hudson’s Bay Co. is gearing up to “modernize” its stores by converting some properties into mixed-use developments. The reinvented spaces could host offices and residential units in addition to other retail stores. In a statement this week, Executive Chairman and CEO Richard Baker left the door open to selling off some real estate assets as well, noting plans to continue “generating value from these assets, as we did through the sales of the Lord & Taylor flagship building and our interest in European real estate assets.” Canada’s oldest business is currently locked in legal battles with its commercial landlords, with lawsuits in Quebec, B.C. and Florida seeking millions in rent payments missed since the COVID-19 outbreak.