When you think about a brand like ... Why not? Saks Off Fifth has its own digital properties. Just one. Vox’s work is reaching more people than ever, but our distinctive brand of explanatory journalism takes resources. Offers may be subject to change without notice. She has spearheaded dramatic transformation as both the former president of CVS Pharmacy, and as CEO of luxury brand Hudson’s Bay Co, and she is a board member at Home Depot. It’s people, I think it’s the people who are dissatisfied with the status quo and are always looking around and trying to figure out what’s new. It’s one of the top issues that keep people up at night. I was feeling hemmed in and a little frustrated. Millions rely on Vox’s explainers to understand an increasingly chaotic world. Hudson's Bay Company CEO Helena Foulkes talks with Recode's Kara Swisher in this live interview recorded at An Evening With Code Commerce in Las Vegas.In this episode: Yep, Foulkes was considered for the Uber CEO job; her background at CVS; how she came to Hudson's Bay; why she sold its European department stores, Gilt Groupe, and Home Outfitters; the importance of making retail shopping an … And it will go down to the jewelry floor. So anyway, we have a bunch of services. So when you talk ... I’m trying to look it up, sorry. Confessions of a Bitcoin believer: One former miner’s journey from zealot to skeptic, Who would get a $1,400 stimulus check? Yeah, I’ve looked at, I’ve always believed that it’s a two-way street. Don’t worry, it’s not you. You had the permission to do this, presumably from the thing. It was distracting us. I’m just wondering what the philosophy behind that is, and what the go-forward strategy with that is. I would love all of you to come see the new Saks on 5th Avenue in New York. Helena Foulkes, former CEO of Hudson’s Bay Co., speaks during Fortune’s Most Powerful Women International Summit in Montreal, Nov. 5, 2018. Turn off your phone thing on Facebook immediately. And then secondly, it’s to win from an experience perspective. I mean, whatever you think of these businesses like Stitch Fix or Rent the Runway or Glossier, on and on and on, they’re so interesting. Recommends. Keep up to date by subscribing to this podcast Share Hudson's Bay Company CEO Helena Foulkes on the future … I became the president of the retail business, which does about $80 billion in sales. Yeah. In the last quarter we had over 7 percent comps at Saks. I was really happy. I would say the two big thrusts as we think about luxury are to obviously really win in digital and personalization space. But when you went in, you’ve done quite a lot of changing. It allowed me to get closer to it. You should go to Fairfax Avenue in Los Angeles, too, and watch all the pop-ups there. What we have to do is marry digital tools with our store experience so that when you want to come in, we’ve got the right experience digitally powered for you. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices Inc. CEO Marissa Mayer and CVS … So you can have cellulite reduction. This article originally appeared on Recode.net. On the other hand, it’s still very interesting to me to have a partnership with someone who has that level of traffic and to figure out how we can make each other better. I don’t shop at all. 4 Ratings. It was also very clear that ... Look, I had grown up in a US-based company, we didn’t have expertise on how to run a European business. Thank you so much. The flagship Lord and Taylor building, we closed down and we said we will sell up to 10 other Lord and Taylors, so we’re doing that. Helena Foulkes is the former president of CVS Pharmacy, the subsidiary of American retail and healthcare company CVS Health. Or she’ll get it to your hotel if you need it there. Experiences, services, the beauty business needs to be completely reinvented, and we’ve got, for example, a couple partnerships that are exciting. Every time we went, I went with my two brothers, and it was ... the woman would always give desserts and it was always boys’ day. My mom worked at Bonwit Teller, which is another. We got an escalator designed by Rem Koolhaas. What was your thinking? All right, so you’re focusing on Saks and Hudson’s Bay. I think it was somewhere like that. All right. You can have a brow bar. We put a WeWork in two floors of our Toronto Hudson’s Bay store, because we love the idea of people coming to work in a department store. Well, Vanessa came from Stitch Fix, and before that she was in the department store industry. It’s me. When I came in, what I saw was it was a massive distraction for the Saks Off Fifth team. What to expect from Amazon’s new CEO Andy Jassy. It’s an amazing experience. People in Canada feel this immense loyalty and connection to and fondness for Hudson’s Bay. You know, look, I’ve always said everything’s on the table. One year. And we have lots and lots of services. We’re gonna get into why you’d want to run a department store at all, the way it’s going. That’s on the top two floors; there’s a bar and then the restaurant itself. I had to let go of the first guy who was leading the European business, so I had the three reporting to me. In terms of there’s all these great ideas — whether it be Stitch Fix or RealReal or something else — what’s been the ... What has happened in the ... And Amazon doing what it’s doing .... Well, first of all, Saks is doing a lot of things right, so I don’t want to be critical of the business or the industry. Anybody get up for questions, we’ll have questions in a minute. How do you innovate into new things? But one of my observations, I was just in Europe looking at some spectacular retails over there, and they have more food options on more floors. He really did find some gems of real estate. What are all the things that are related to that? I think it may have been a really good idea that was probably not well executed. And the usefulness that we can provide our consumers with data is to know what you love and to make it more relevant and easy for you to shop with us. If you had to think of something in 20 years, what does Saks look like? Every day at Vox, we aim to answer your most important questions and provide you, and our audience around the world, with information that empowers you through understanding. Peeking around. We don’t have too many stores, which is fantastic, and we’re in amazing real estate locations. It’s a little confusing, I think, when they first pitched it to us as journalists and I still don’t really understand what you’re getting out of that, or if you’re getting anything out of that. I think it’s going to feel like theater and entertainment and a place that you are going to feel this level of excitement to be at, and at the same time, the beauty of ... Look, the things that we buy, there’s a touch and feel about them which you can’t get just buying online. If you can share what you’ve learned from that. To give people a sense of who you are and what you were doing there. Yeah. But you don’t put it together the same way. just-style gives you the widest apparel and textile market … The middle, exactly. That’s my impression. I think she’s confused too. Because obviously, that’s getting a lot of attention. Or how do you look at ...? So Home Outfitters was a chain of 67 stores in Canada focused on the home. Full Q&A: Hudson’s Bay CEO Helena Foulkes on Recode Decode, This story is part of a group of stories called, Sign up for the When you broke that news it was uncomfortable at work for me. While not addressing artificial … Some of it’s walled off, for example, in a premium store, because of the way we want to treat the brands, but it doesn’t always make it as consumer-friendly as it should be. You can say you don’t get it, I don’t get it either. But we took the whole main floor and tripled the number of handbags on that floor. You have to go back frequently to see what that feels like. I think that’s something I learned at CVS is, you got to really be careful and focused on where is the economic value in this partnership? Key Points Hudson’s Bay CEO Helena Foulkes speaks to the challenges of being a department store operator in 2019. It’s the latest retrenchment from major Democratic donors in the aftermath of the 2020 election. We score way off the charts on quality. "Somebody needed to take responsibility for all the things we read about in the past year," Arora said in an interview with Bloomberg Television's Emily Chang. Can you talk a little bit about what you did there? They had bought it for $250 million, is that right? I think it’s in the toughest part of retail. So it’s something that I’d like to do in that as well. So I think we have a foundation from which — as long as, to your point, we’re creating great experiences, fantastic customer service, and really good digital integration — I think we have a real opportunity to win. What we ended up doing was partnering with our No. Lord and Taylor, I think, has amazing loyalty among the people who shop there. And so we have 4,500 stylists all across the chain, and we are giving them tools to serve their customers. That’s what really struck me. "Throughout the review, Lord + Taylor remains committed to serving customers across our stores and digital channels," HBC CEO Helena Foulkes said in a statement. Cookie Policy. Was that the idea when you came in was to clean the place up, or ...? Is that correct? It was in ... Great people working in our stores but kind of “me too” products. Just please. And I think they’ve done an amazing job editing the product. I’m very intrigued by what’s happening in the recent times where I’ve seen Hudson’s Bay partnering with more digital-native brands like Casper, and I’m seeing them more and more in the store. Sheryl Sandberg, the chief operating officer of Facebook Inc., former Yahoo! Share … The EBITDA was half of what it had been three years before. I have a Saks bag with my clothes. I think they were worrying not so much, and this has been a common thread, not so much about how to make Gilt great, which was obviously something we needed to do, but how to look for cool integration points with Saks Off Fifth. I loved health care. Mike Bloomberg’s data firm for Democrats is closing. Get lost. Oh yeah, it’s like, “How do you go from that to a department store?”. I did love Saks as a store. The CEO of Hudson's Bay Company (HBC) Helena Foulkes is to step down from her post as the Canadian retailer completes its deal to go private. You have how many Saks now? 5.0. on February 4, 2021 . Foulkes made 688 appearances for the club, the most by any player during Sir Matt Busby’s managerial reign. Approves of CEO. At that point, I think they were still thinking, and I was still thinking. You can’t really go down with Lord and Taylor. You cleaned out a lot. Subscribe to Recode Decode. It’s people who aren’t really wed to this particular industry, but by the way, I grew up at CVS. I do see that business turning around. Experiential services. She talked about the challenges of running retail chains like Lord & Taylor and Saks Fifth Avenue, and what the stores of the future will look like. On the latest episode of Recode Decode, Hudson’s Bay CEO Helena Foulkes joined Recode’s Kara Swisher onstage at An Evening With Code Commerce in Las Vegas. challenges of running retail chains like Lord & Taylor, The debate over who deserves a stimulus check, explained, What to expect from Trump’s second Senate impeachment trial, What the NFL did to keep Covid-19 off the field during the Super Bowl, Trump’s impeachment trial brief constructs an alternative reality of January 6. Really what I thought was that there were a lot of really great technical people who we have absorbed and they’ve really helped us as a company, so there were many good things we got from the opposition, but I thought that was not a hard decision. For old-line businesses that think more strongly about privacy just naturally. Helena Foulkes: Yeah, that was one of the examples of the things that intrigued me when I got the call, because they’d already announced this deal. Go see it. We had bought the largest German department store, the largest department store in Belgium, and we did a startup of department stores in the Netherlands. No, the jury’s out, we’re still learning from it, definitely. Font size Email Print. Helena Foulkes, chief executive officer of Hudson's Bay Co. speaks during the annual general meeting at The Exchange Tower in Toronto on June 12, 2018. Not that hard a decision. All I knew when I went in was that these were amazing brands not doing well financially. Tijana Martin. If you’re American sitting in this audience, you’re not very clear about what Hudson’s Bay is. Because I can tell, I’m not going to get a bite here. I used to go to the Lord and Taylor, I think it was on Northern Boulevard. Hudson's Bay CEO Foulkes resigns as company goes private. We have overcomplicated that business, but the brand itself and the product we sell has a lot going for it. And I’ve been to Saks a million times. How do you think of data right now? Thank you. I mean, you could get it on Amazon, but you can’t put it together. Visually, when you walk in, there’s a new art installation every two months. So you didn’t need to have that internet company and those internet people. It’s really magnificent. I’m a Canadian, I live on top of Hudson’s Bay. But the woman shopping our stores is really in her early 50s. I got a call from a recruiter and she said Hudson’s Bay Company, I had never heard of it. — into including Saks. I think I’m still ... No, it really wasn’t that hard because it was so obvious that it was going in the wrong direction. 1 competitor and doing a joint venture where we owned 50 percent of the real estate and 50 percent of the operating business. It’s mostly selling and shedding, it seems like. Christinne Muschi—Bloomberg via Getty … Yeah, I don’t think you can go up so high. So my favorite is one called Face Gym. Interview requests were declined. I never did. We have 15 different rooms for facials and other services ... And for foods you have just the restaurant, but not a food court or something. Talk about your strategy. Helena Foulkes: Thank you for bringing that up, it’s a great example. Yeah, Saks Off 5th is probably in one of the best sectors of retailing right now. Salary satisfaction. The former team had made some other decisions, but we’re making changes. So it’s, how do I, when you walk in that store, I know you immediately and I make it easy for you. FORTUNE may receive compensation for some links to products and services on this website. Quotes delayed at least 15 minutes. But actually, across the store, isn’t it so interesting that more and more online businesses, you mentioned RealReal, are opening up stores? They do not come out of any of these stores, which used to be that to them. Downloads of the commission-free investment app remain high after a record week. So it’s a real person who’s powering that digital tool. They did, look it up. But what was really the gem of that business was the real estate that we had bought. Right now, everything’s on the table, but there’s nothing imminent. E-commerce is not as penetrated as it is here, and I’m just wondering if you could tell us a little bit about what you see in terms of opportunity for Hudson’s Bay on that front and on the store front. We had a whole FAO Schwarz partnership this year. As a cross-channel retail leader, Foulkes has learned how to manage a crisis in real-time. A Message From The Editor. I tried to reach her when I was in the contention — allegedly — to be CEO of Uber. Audience member: Helena, nice to hear from you. When I started getting into the numbers, I could see where the cash was being burned, and that became a compelling place for me to focus on what to do. Jeff Bezos and Amazon’s new CEO Andy Jassy have a lot in common. Subscribe. Bonwit Teller. But the new people that I’ve brought in didn’t come from this industry, and so they’re challenging the status quo. … It is spectacular. They learn about it in fourth grade because Hudson’s Bay was founded by a charter from King Charles II, a land grant, so they learn about it in the history books. It’s a critically important business, I knew it from my days at CVS. Chief executive officer Helena Foulkes said in an interview that the company is still fixing the fundamentals, though she’s pleased with progress. And we have an escalator now right in the middle and it goes up to the beauty floor. There’s one called Golf Wang which I somehow paid $150 for a sweatshirt, but that is another story. I was over there a lot trying to figure it out, and it just really struck me that if there was a buyer out there, we should very open to that. And when I say experience, it means both the in-store, the online, but also services, which I think is a big important factor for all of us who have real brick-and-mortar retail is we’ve got to figure out how to get people in our stores. Hudson's Bay Company CEO Helena Foulkes talks with Recode's Kara Swisher in this live interview recorded at An Evening With Code Commerce in Las Ve... 00:00:00. In a new interview, Kim Kardashian West talks about the trials and tribulations of not being taken seriously in her burgeoning law career [Above the Law]. Not one of yours. Looking at ourselves and our direct competitors who are exactly like us as opposed to saying, “How’s the consumer evolving?” I always like to use this term, Clay Christensen used it: “What’s the job she’s trying to get done?”. I do think in this particular marketplace, for whatever reason, there’s been more of an inward focus than an external focus, I would say. We have ways for them to ... For example, you’re going to be in DC, you said, this week? One of the things I’ve done that we haven’t talked a lot about is, I’m really proud of the team that I have. Because your competition is who, from your perspective? I didn’t know, I didn’t go in with preconceived notions. Helena Foulkes will, however, receive cash for more than $10-million worth of restricted-share awards, which were designed to pay out regardless of performance far as long as she stayed as CEO The Apple car, if there is one, could be on the road by 2024. We expect that to grow significantly. 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