Every time I hear about a business that didn’t make it, it’s like a punch right in the gut. (multiply the feeling tenfold since I started my own business 5 years ago).
The big vision, gone.
The last ditch efforts.
The power of what once was.
The jobs, lost.
The ripple effect on families and communities.
The sign of the times.
A foreshadowing of what’s next. (just ask taxis and VHS tapes)
I remember more than 20 years ago, when I was in university and working in restaurants to pay my way. I met a couple, married, good people, and seasoned in the business. One ran the kitchen, the other ran front of the house.
Lifers in hospitality. And like many lifers, they had a long list of things they’d do differently if they ever got their own shot.
And then they did.
They took the leap. From paycheques to payroll.
Everyone who knew them was cheering them on. They opened on a shoestring budget. As a patron, you could feel it. No fancy finishes. No deep pockets. Just heart, and hustle.
But restaurants are brutal. And without a financial cushion or corporate backing, even the best intentions can buckle.
They closed within the year.
Ouch.
This week in Canada, after 355 years, Hudson’s Bay Company bit the dust.
No matter where you are in the world or what business you’re in…it pays to pay attention.
Founded in 1670, before Canada was even a country. Hudson’s Bay started as a fur trading company. It built trading posts that became towns. It minted currency. It helped map the country.
For centuries, it’s been a staple of Canadian retail. Designer brands. Appliances. Wedding registries (ours included). Olympic mittens. And the iconic striped blanket – a symbol of Canadian pride.
The last remaining store in downtown Winnipeg closed on Sunday. No fanfare. Just another “Store Closing” sign on the window.
Ouch. Again.
The capitalist in me could say: maybe they deserved it. Strategy, operations, digital experience. They didn’t keep up. The market moved on. That’s business.
But that’s too simple.
Businesses aren’t faceless entities. They’re just people, organized around a goal offering something the world needs or wants. And whether they succeed or fail depends on a messy mix of timing, leadership, culture, customer behavior, economic shifts, and sometimes plain old luck.
This got me thinking about relevance.
Where did they lose touch with the very market that once made their blankets a national heirloom?
The power of a brand to span centuries, geographies, and generations and how quickly it can fade into the background.
As I’m writing this, I just had an exchange with a friend and said, “I’m writing about the Bay. I find it sad.” And then, without even thinking, I typed the next sentence:
“I mean, I don’t shop at the Bay… so what do I care?”
And there it is.
That’s the gut punch.
Check out this article in The Retail Insider for a deeper analysis, but essentially…somewhere between selling blankets and flipping buildings, Hudson’s Bay lost touch with what it stood for.
Pulled in too many directions by private equity, global expansion, real estate bets, and brand buys that blurred its core.
Relevance, lost.
A cautionary tale for anyone trying to establish their place, their unique value – student, employee, CEO, or entrepreneur.
Because whether you’re a human or a hundreds-of-years-old brand, your future depends on your ability to keep delivering value to the people who need you today.
That means staying curious.
Staying connected.
And revisiting not just why you exist, but who you exist for.
Longevity doesn’t come from legacy alone. It comes from relevance, earned and re-earned in real time.
I’d love to hear your thoughts.
In the meantime, I’ll be over here being a cheerleader for bold leaders, start-ups and veterans taking the big swings and doing work that matters in the world.
And…staying curious about the value we offer our clients.
Mary
P.S. We help visionary leaders and organizations achieve more impact through purpose, engagement and storytelling. When you’re ready, here’s how we can help:
- Build the story of your impact through Envision OnPrpose™
- Develop purpose-driven leaders and storytellers with Lead OnPrpose™
- Energize your people’s potential from the inside out with Engage OnPrpose™
- Amplify your industry voice through Influence OnPrpose™
P.P.S. Check out past One Thing Thursdays here.
