Art, Hudsons Bay co. Here in The Netherlands was / is a complete fiasco. They were planning on opening some 70 stores. Their philosphy was way too upmarket and frankly, I visited their store in The Hague and walked straight out never to return. Their product pricing was way off that what the average person was willing to pay. The result- the Hudson Bay Co. will withdraw completely from The Netherlands at the end of this year!
I can't say that I'm surprised.
In Canada, Hudsons Bay has morphed into The Bay. Very pricey, high-end merchandise. We rarely buy there because other stores are more competitive.
I just finished reading a trilogy about the history of the Hudsons Bay Company. What you describe is consistent with what the company has done since it was founded in 1670. A vast history of miscalculation and missed opportunities.