It’s the end of an era for an iconic Toronto store. The Hudson’s Bay, which has occupied the corner of Yonge and Bloor Streets for nearly 48 years, will be shutting its doors at the end of May 2022.

The store, which spans 270,000 sq ft over five floors of retail space, first opened in 1974. Later this year, the area will be home to Toronto’s very first W Hotel, although the new occupants of the Yonge and Bloor storefront are not yet known.

In a statement shared with Curiocity, the company stated that the closure is due to the store’s “unique proximity” to the flagship location on Queen Street, which is also the largest Hudson’s Bay store in Canada.

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“Given the unique proximity to the Hudson’s Bay Queen Street flagship location in Toronto, Hudson’s Bay has made the decision to close its Bloor Street store on May 31, 2022,” the statement said.

“The flagship store is located just 2.5 km (4 subway stops) from Bloor on Queen Street, and we will continue to serve the community with a seamless omnichannel experience at that location and through”

Employees of the Yonge and Bloor store will receive “appropriate separation packages,” the company said, and “transfer opportunities will be explored where feasible.”

This location is one of several other Hudson’s Bay stores to close in recent years. According to The Globe & Mail, The Bay has also shuttered its flagship stores in Edmonton, Winnipeg, and suburban Montreal.

It seems that not even the oldest continuously operating trading company in the world is safe from the repercussions of the past two years.