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| Experience | Freshers And Experienced |
| Batch | 2017 – 2024 |
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Introduction to the Hudson’s Bay Company
This video is brought to you by Tab for a Cause, a free browser extension that donates money to charity with every new tab you open, without costing you a single dime. The Hudson’s Bay Company, as best known today, is a Canadian retail conglomerate.
It owns department store brands like Lord & Taylor, Saks Fifth Avenue, and of course Hudson’s Bay. HBC has stores all over Canada, the US, and parts of Europe, with annual sales of almost $7 billion Canadian dollars.
it didn’t start out that way. In 1659 The two French fur traders got a tip from the native Cree that Hudson’s Bay was a rich opportunity for fur trading. After being refused, they are
Establishing the Trading Charter
They were fined and their furs were confiscated by the government, not the optimal start. Stonewalled by the French, they approached a group of Boston businessmen looking for investment, and with the help of their manufacturers, they set out to England to secure more support.
and incorporated their venture as the governor and company of Adventurers of England’s Trading into Hudson’s Bay. They were granted nearly 1 .5 million square miles of Canadian territory to explore, including modern -day Ontario and Quebec.
Challenges and Integration with Native Tribes
The HBC relied on native trappers to supply many of their pelts, but various native tribes were often at war with one another and expeditions had a tough time making it back to the trading forts which were concentrated in the bay without being attacked by rival tribes. to promote peace among the tribes.
Competition and Expansion
Skirmishes with the French forces looking to establish dominance in the fur trade were a fact of daily life for much of the HBC’s first century. In 1759 however, in middle of the Seven Years’ War, the British did defeat the French at the Battle of Quebec.
The French abandoned their nearby forts, but French allied native tribes refused to recognize British authority, burning several forts until King George III signed a treaty.
which established land outside the trapping grounds as protected territory for the First Nation peoples. Mackenzie, who once covered a round trip of 3200 miles in just over 100 days.
and so they did. The next big hurdle for HPC was the gold rush of 1849. As 40 ,000 laborers looking to get rich came west, the massively increased demand made basic goods almost unaffordable.
The price of unskilled labor, for example, doubled. The profits from gold mining offset this enough to keep things profitable, but new tax and customs laws were a huge inconvenience for
The Gold Rush and Retail Expansion
But as the urbanization and rising consumerism of the 20th century continued to grow, it was HBC’s investment in retail that kept paying off, and their number of stores and acquisitions increased.
By that point, its share of the fur trade had dwindled to almost nothing, and it was a target of consistent attacks by anti -fur advocates, leading the company to sell off its line of fur auction houses and to abandon the trade completely.
But while the retail division was soaring above its American rival Sears, in 1994 another American giant entered the Canadian market. Walmart. An all -out pricing war developed between the Walton family’s super stores and HPC’s discount arm,
Decline of the Fur Trade and Competition with Walmart
In just three short years, Walmart gained a 45 % market share, outpacing Zellers. HBC’s answer was to invest in much larger Zellers locations, and they even purchased all the K -Marts in Canada.
Zellers was rebranded as a more upscale discount store, closer to Target than Walmart, and its historically lousy customer service was actually improved, but low sales persisted.
By this time, e -commerce was just starting to become a viable market, and HBC quickly jumped on board with HBC .com. The existing competition, however, was just too much. Sales remained stagnant and the stock price began to plunge.
In 2005, South Carolina billionaire and takeover artist Jerry Zucker launched a hostile bid, eventually winning the company for just over 15 Canadian dollars per share. But he died in
Struggles in the Modern Era
Zeller’s locations were either sold off or leased out to Target Canada, which declared bankruptcy in 2015. In February 2017 they tried to sell out to Macy’s, but with decreasing profits and an increasingly uncertain future, it probably won’t be long before the Hudson’s Bay Company
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