There is a malaise hitting traditional retail department stores industry wide.
With the shares of Hudson’s Bay hitting all-time record lows this morning, the Bay joins a long chorus of retail department and chain stores that are struggling, most at the hands of online retailers such as Amazon.
The list is a long one and includes such iconic names as Sears, Macy’s Penny’s, Kohls and many others.
Sears is selling their Craftsman tool brand and plan to close another 150 stores. Macy’s will shut 150 more stores and cut another 10,000 staff.
JC Penny stock lost over 20 per cent in the past three months at lows not seen since the early eighties, as holiday sales are down 8/10ths of one per cent.
The big winner in this tectonic shift? Online retailers as demographics continue to upheave the retail landscape.