The Hudson’s Bay Company began liquidating its stores across the country on Monday.
Shoppers were on the hunt for bittersweet bargains, but that’s not what they found in Calgary—at least not yet.
Shoppers flocked to Market Mall and other Calgary locations on Monday.
But while there are some sales underway, shoppers and CTV News were told by staff the liquidation clearance won’t begin in Calgary until Tuesday.
It was a disappointment for Jason Kipta, who travelled from out of town for the liquidation sale.
“Came to look at pots and pans and stuff like that. … We are going to come back tomorrow,” said Kipta.
But retail experts predict gradual markdowns because the company has an obligation to its creditors to optimize the value of its roughly $350 million in inventory.
“The bigger time for the sales comes later on in this liquidation process—the closer they get to the end,” said Mario Toneguzzi, Retail Insider co-editor-in-chief.
All but six of The Bay’s 80 locations are selling off their inventory.
Saks Fifth Avenue and Saks Off Fifth’s Canadian sites are under The Bay’s banner and part of the liquidation, while the U.S. stores are not.
“A piece of Canadiana down the drain, so to speak, but it’s not surprising what’s happened to The Bay, and, you know, you talk to other people and it’s described as a tired old brand,” said Toneguzzi.
Meanwhile, Simons—another company with deep Canadian roots—has expanded and is recording profits.
Retail experts credit its success to investing in the customer’s experience.
“You can see it’s very modernized, whereas if you go to The Bay, many times, you have maintenance issues,” said Marco Bijvank with the University of Calgary’s Haskayne School of Business.
Canada’s oldest company is aiming to finish its liquidation by mid-June.
If you have a gift card, know they’re only accepted until April 6.
As of Feb. 1, Canadian customers had outstanding gift cards worth $24 million.
The loyalty program is paused while the creditor protection process continues—around eight million customers hold about 59 million unused points.
The company will not be accepting returns, with everything you buy at liquidation locations final sale.
