CVS Executive Hired to Run Hudson’s Bay<br />Hudson’s Bay Company, the owner of Saks Fifth Avenue<br />and Lord & Taylor, has hired a top executive from CVS Health in an effort to transform its struggling department store business.<br />Hudson’s Bay operates a much smaller brick-and-mortar network with about 480 stores, including some buildings<br />— like the flagship Saks Fifth Avenue headquarters in Manhattan — that are highly valuable.<br />At CVS, Ms. Foulkes ran the company’s network of 9,700 retail stores and was credited with building its online prescription refill business.<br />The WeWork sale also showed how Hudson’s Bay, under the direction of Mr. Baker, could capitalize on its real estate holdings, providing itself with cash<br />that gives the company time to formulate a new retail strategy.<br />“We have a great opportunity to run our businesses more profitably,<br />and Helena is the perfect person to help us accomplish that,” Richard Baker, the executive chairman of Hudson’s Bay, said in an interview.<br />Last October, Hudson’s Bay sold its iconic Lord & Taylor store on Fifth Avenue to<br />a joint venture involving WeWork, a start-up that leases shared office space.
