The Bay is putting on the ice the ambitious renovation project of its flagship store in downtown Montreal.
In the fall of 2016, the company announced an investment project worth tens of millions of dollars.
By this time, all floors of the St. Catherine Street store were undergoing renovations and a new Saks banner store was to open.
Some reasons may explain the stopping of this project. The work on Sainte-Catherine Street is notably questioned. The store will be landlocked for the next three years, which will have an impact on ridership.
The precarious financial situation of The Bay may also explain this decision. In recent years, the company has seen its sales decline and is looking for cash. One of the ways to find money is to dispose of certain real estate assets.
sale of the Montreal store?
The search for cash could lead to the sale of some stores. This scenario worries economists. Inevitably, the closure of the store erected in 1891 would have an impact on all traders in the area.
“We want people to come to St. Catherine Street, shop in big banners like The Bay and go to the smaller businesses. So, it’s clear that if La Baie decreases its activities and does not go ahead with its massive investment projects, it may have negative impacts on all traders, “says Martine Hébert.
According to information obtained by TVA Nouvelles, The Bay is looking for buyers for a Vancouver store. Last year, the company sold one in New York for $ 1 billion. She later became a tenant of this site.