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Business Leadership : Hudson's Bay Company
Transcript of Business Leadership : Hudson's Bay Company
to Canada because: Explored the wilderness of Canada Created a good relationship with Natives Sold Rupert's Land Created jobs Was the backbone of the early Canadian economy. HBC Let's Get Started! in the 17th century Based on the Corporate Social Responsibility Report of 2011 - Richard Baker, Governor & CEO says "We maintain a prominent position in the marketplace and 2011 has been a standout year; however, this does not permit us to stand still for long. Change is an integral component of growth and success and change greeted us early in the year." Social Responsibility "We have also seen tremendous examples of growth, tradition and commitment.Our support of Canadian Athletes continued with a contribution of more than $5 million dollars to the Canadian Olympic Foundation from the ongoing sale of the iconic Red Mittens." . Merchandise was plain and uninteresting. Store interiors were bland and dated. Time of Struggle: In the past couple of decades, The Bay appeared to be going downhill. And finding a salesperson
for assistance seemed
next to impossible. Making It Better Bonnie Brooks, President and CEO of The Bay since 2009 is taking The Bay more upscale in an effort to revive the company. How? She dropped 800 under performing
brands and added 200 new ones. Revenues are reportedly up. The Bay has 92 stores across Canada, making its 'transformation' extremely difficult and very expensive. But after the introduction of The Room, the luxury women's designer floor, 2010 sales spiked to about $170 million at the Queen Street store. A similar spike in sales is expected at the 650,000 square foot Vancouver Downtown Bay store after the fall 2011 Room introduction, which currently has sales of less than $120 million.