Brick-and-mortar is here to stay

Brick-and-mortar retail isn't going anywhere, according to Richard Baker, Hudson's Bay executive chairman.

"It's the best thing to happen to the department store business," he said at the BMO Capital Markets' 10th Annual North American Real Estate Conference in Chicago. "[Online] still can't be as competitive as a well-run department store."

Shoppers are indeed turning to mobile devices to browse, and even buy, but many prefer to pick up orders at the store. "That is a very profitable transaction for a department store," since there are no distribution costs, he said. "We've seen tremendous growth in our business primarily because of the internet." Story