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Canada’s retail market still recuperating from Hudson's Bay store closings

New forecast sees rent growth slowing in 2027 before rebounding in 2028
The owner of Galeries de la Capitale, Quebec City's largest shopping centre, plans to redevelop a former Hudson's Bay store left vacant by the retailer's collapse. Construction is underway and the first spaces are scheduled to open in 2027. (CoStar)
The owner of Galeries de la Capitale, Quebec City's largest shopping centre, plans to redevelop a former Hudson's Bay store left vacant by the retailer's collapse. Construction is underway and the first spaces are scheduled to open in 2027. (CoStar)
By Mario LeFebvre
CoStar Analytics
August 27, 2026 | 1:13 P.M.

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Canada’s retail sector suffered a devastating blow in 2025 with the closing of Hudson's Bay stores, and the effects will be felt for some time.

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