The new chief executive officer of Hudson’s Bay Co. vowed to turn around the lagging parts of the retailer’s business Tuesday after announcing the sale of its deals site Gilt.com and the pending closure of up to ten struggling Lord & Taylor stores. And Helena Foulkes, who took the helm in February, didn’t mince words when it came to her assessment of how the department store retailer had conducted business under its erstwhile management team. “Across all of our businesses, I have found that we tend to make decisions without involving one of our key stakeholders: the customer,” Foulkes told industry analysts on a conference call Tuesday after HBC posted disappointing first-quarter results, including a wider than expected loss and declining sales performance in its European and off-price divisions. Foulkes said she will work with HBC’s slate of newly minted executives in technology, marketing and at Lord & Taylor and act quickly to improve results.
The cleanup continues at Hudson’s Bay Co., the owner of Saks Fifth Avenue. The struggling Canadian retailer agreed to sell Gilt, a flash-sale, e-commerce company it bought two years ago that has become one of its worst-performing businesses. The buyer, Rue La La, announced the purchase on Monday without disclosing a price, and said it plans to run the two sites independently and hire 150 people. Hudson’s Bay (HBC,TO) shares rose before the sale was announced, jumping 7.2 per cent to $10.62, the biggest one-day gain since November.
Dollarama Inc. (TSX:DOL) and Canadian Tire Corporation Limited (TSX:CTC.A) are two of the most intriguing options for investors in the retail sector.
A proposed ban on the use of cannabis brand elements on T-shirts and other swag would make it more difficult to stamp out the black market after legalization and have "significant" unintended consequences, licensed producers said Monday. The Senate is set to make a final vote Thursday on an amended Bill C-45 before it goes back to the House of Commons for approval. The amendments include one that would prohibit the use of cannabis brand elements on promotional items that are not marijuana or marijuana accessories. The amendment is "unwarranted" and could have unintended consequences beyond swag, such as barring the use of company logos on retail signage and promotional flyers, said Allan Rewak, executive director of the industry association Cannabis Council of Canada, which represents 80 per cent of licensed producers.
Schultz oversaw the expansion of the chain’s food and beverage menu and the growth of its popular loyalty program and mobile app.