Uncertainty over the future of the Hudson’s Bay location on Stephen Avenue has the Calgary Downtown association worried about the gaping retail hole left in the area.
After RioCan announced they were pulling away from five former Hudson’s Bay retail locations, including the downtown Calgary location on Stephen Avenue, concern has risen over the long-term future of the site.
Rio Can’s chief financial officer said during a conference call last week that they will not be putting money “in any form” into the five assets. The company said that it didn’t make any sense to invest in the properties given how much it would cost to renew them.
Hudson’s Bay filed for creditor protection in March 2025. All stores closed in June.
While the loss of the historic Canadian company and its downtown location has already been well documented, Calgary Downtown Association executive director Mark Garner said that RioCan’s recent decision to pull out leaves the site in flux.
“Who does end up owning the property? There’s repair work since Hudson’s Bay closed. Like, there’s people pulling moldings off the off the windows,” Garner said.
“Who do we hold accountable for the state of good repair work? Because this cannot turn into a dilapidated building downtown.”
Garner said any remaining tenants deserve to know who would be servicing the building, and any future tenants would want to know that should they occupy the building someone’s going to service the HVAC or the elevator should it shut down.
The building, as it stands today, began construction in 1911 and was finished and opened on August 18, 1913. The company first arrived in Calgary in 1876.
Little activity on the downtown Hudson’s Bay site: Garner
With the push for downtown revitalization, and another downtown residential conversion site being announced Aug. 13, Garner said there’s an increased need for amenities in the downtown. Particularly in a prominent location like the Hudson’s Bay Block.
“You can’t have that type of hole in the retail dental work of high streets, something of that enormous square footage without a strategy or a plan in place,” he told LWC.
“All of a sudden, you’ve got vacant space and potential increase of social issues in that spot that just leads to further perception of safeties and ‘why I don’t want to take the bus or be downtown,’ because what’s happening there.”
According to a CTV Calgary piece from March, Heritage Calgary said the building isn’t protected with a municipal or provincial historic designation.
Garner said there’s been limited conversation on the building’s future.
He asked where Calgary Economic Development is in this conversation, or the City of Calgary, or if it’s being shopped to any other real estate investment trusts (REITs).
Garner believes there are many paths the site could go down; it could be the movie sector hub, it could be split into smaller retailers, one larger international retailer or converted to residential or post-secondary.
“There’s so many paths we can go down. But I, honestly, I’ve asked the question of the city, is anybody working it? Yes or no, and if they’re not, then I think CDA is going to be advocating for some focus, because it can’t sit vacant, based on we have so many needs for downtown and a building of that order of magnitude, and what it’s contributed to Calgary and as a footfall major driver for economics for downtown, it can’t sit vacant for a long time,” he said.
“I don’t mean to say doom and gloom, but it is. We’ve got to find a plan, because I think there’s so many great purposes to support retail downtown and that this should play an iconic role for the revitalization of retail for downtown Calgary.”
