The History of the Hudson's Bay Company

Résumé du document

The history of the Hudson's Bay Company is really interesting and intriguing to study because it is this company that has influenced Canada's economy and history more than any other Canadian firm. We can even say that the history of Canada is inseparable from the history of this company. Since the HBC was founded in 1760, it has played a predominant role in Canada's economy. Firstly, HBC has taken the lead in the fur trade, which was booming at that time. Secondly, by expanding and diversifying into other activities thereby gaining ground as a land company and a store keeper. As habitation was striving towards the West during the nineteenth century, the company had indeed started to transport goods from isolated places. It thereafter entered the retail business in 1881 through its launch of its first department store in Winnipeg. So the firm has a proven and a strong ability to follow the transformation of Canada, and it has succeeded in being an important player in the construction of the infrastructures of the country. Today, more than three centuries after its creation, The Hudson's Bay Company still exists, which makes it one of the oldest continuously operating commercial firms in the world. Even if it is not involved in the fur trade anymore, (as it has sold all of its remaining trading posts in 1991) this firm it is still one of Canada's prominent companies. Credit goes to the weightage it gained in the retail store business. The company has indeed transitioned into a successful Canadian retailing corporation. It owns close to 500 stores in Canada and exists as the renowned department store chain ?The Bay and the mass merchandiser Sellers.'

Extraits

[...] This decrease in the share price enabled Jerry Zucker, an American billionaire businessman from South Carolina, to amass shares in the hope of controlling the company. In 2003, he had accumulated of HBC's stakes[17]. In October 2005, Zucker made a takeover bid for HBC through its subsidiary Maple Leaf Heritage Investments Acquisition Corp, which proposed $ 14.75 cash for each share. But HBC's directors all decided to refuse this offer, considering it too low, and saying that this offer came before savings from restructuration and jobs cuts. [...]

[...] In the 1990's, it also acquired the Towers group, Woodward's department stores based in Vancouver, as well as Kmart Canada. All these acquisitions allowed the HBC to become Canada's first department store company in 1999[15]. More than three centuries after its creation, the HBC also decided to give up the fur trade business, which had been its very first activity. Indeed, in 1987, the company stopped acquiring fur pelts. It then completely stopped selling furs in 1991, because of an important lobbying of animal rights organizations, but it resold it in 1997, when the demand for furs revitalized. [...]

[...] To conclude, we can say that the Hudson's Bay Company has played a major role in the history of Canada and in its economy, by exploring the vast lands of the country, organizing and developing the booming fur trade in the eighteenth and nineteenth century. Then it has been able to adapt the evolution of the country by providing the settlers the goods they needed and developing the retail business and the real estate in Canada. It also played a huge part in the development of major cities, by transforming its former trading posts in department stores. The HBC's long history proves that it has been able to adapt its changing environment and diversify to find new ways of expansion. [...]

[...] We can even say that the history of Canada is inseparable from the history of this company. Since the HBC was founded in 1760, it has played a very important part in Canada's economy, first by taking the lead in the fur trade, which was booming back then, then by expanding to other activities to become a land company, and a store keeper. As people were settling towards the West during the nineteenth century, the company has indeed started to transports goods from isolated places, and it entered the retail business in 1881, by opening its first department store in Winnipeg. [...]

[...] French traders Groseillers and his brother-in-law Radisson explored the area of the Hudson Bay for years, looking for furs. Since they were unable to get a license by the French government to trade furs, they addressed the British government which backed their pursuit of furs: “they were a precious commodity in this mercantilist In 1670, King Charles II granted a charter to Company of Adventurers of England trading into Hudson's creating the Hudson's Bay Company. This charter granted the company a monopoly of trade in the entire region that was drained by the waters of Hudson Bay. [...]