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  5. HBC: Which REITs are most affected by potential exit of HBC? [Hudson's Bay Company]
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Q: Which REITs are most affected by potential exit of HBC? Would this have any significant effect on remaining retailers of clothing and textiles. I was once told by retail analyst there is significant over capacity in retail floor space devoted to clothing.
Asked by William Ross on March 20, 2025
5i Research Answer:

REI.UN and PMZ.UN are the most exposed. REI has a joint venture with 12 HBC stores, PMZ notes that HBC is its 12-largest tenant. Other REITs have smaller non-material exposure. The space should be able to be filled, but it is possible that space is filled by non-retail, or non-clothing. But HBC was an all-in-one type of retailer, and we would not expect huge impact to others. 

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