Large "For Sale" signs now dominate the windows of the iconic former Hudson's Bay Company building on Rideau Street, marking a pivotal moment for the prominent downtown Ottawa location situated across from the Rideau Centre.
Property Details and Sales Process
The commercial real estate firm CBRE has been enlisted by the receiver to market the property for sale. The sizable building encompasses approximately 335,000 square feet of space and sits on a land parcel of about one and a half acres along Rideau Street, on the edge of the historic ByWard Market district.
CBRE sales representative Jamie Boyce indicated that initial interest in the site has been positive. However, he noted the process is still in early stages and declined to share specific details. "We do not have an asking price for the building," Boyce stated. "We're running a marketing process... and we're working with interested parties on gathering and providing information that they require to inform themselves about the opportunity."
End of an Era for The Bay
The sale of the property is part of the broader wind-down of the Hudson's Bay Company, which is proceeding under court supervision. The historic retailer filed for creditor protection in March 2025, leading to the closure of all its stores. Court proceedings have since been determining the fate of the company's remaining assets.
Future Prospects for the Landmark Site
Retail analyst Bruce Winder provided insight into the building's likely future, suggesting a return to its former use as a single-tenant department store is improbable. "The probability of one tenant taking all the floors is very low," Winder said. "It's very likely retailers will be interested in maybe just one floor."
Despite the shift away from traditional department stores—a trend Winder notes has been ongoing for at least 30 years—the site's prime location could still attract significant interest. "It could be an existing Canadian retailer that wants to take advantage of what I would call a marquee location in Ottawa," he explained. "It could also be an international retailer that hasn't made it to Ottawa yet." He attributes the department store decline to changing consumer habits, with younger shoppers preferring online or specialty store options.
Discussions with potential buyers are expected to continue into 2026, as the city watches to see what new chapter begins for this central piece of Ottawa's urban fabric.
