Richard Baker, Governor, CEO, and executive chairman of Hudson’s Bay Company

Willy welcomes Richard Baker. Baker is currently the governor, CEO, and executive chairman of Hudson’s Bay Company (HBC), and is also the owner of National Realty and Development Corp (NRDC). In 2006, he acquired Lord & Taylor for $1.2 billion and served as its Chairman. He purchased Hudson’s Bay in 2006 and took the company public in 2012, getting it listed on the Toronto Stock Exchange. The show starts with Richard emphasizing that “We’re all born with what we’re born with,” pointing out his innate ability to see things differently from a young age and his drive to go a different route. He believes that we need to maximize our strengths to build our self-confidence. Having studied hospitality at Cornell University, he thinks hospitality applies to all fields. As a natural people-pleaser, he aimed to change how real estate developers do business by focusing on customer service. Although his plans to acquire Toys R’ Us fell through, he created NRDC. Being in the game got him the Lord & Taylor acquisition. “If you’re always hanging out by the hoop and playing the game, then you’ll make your share of baskets,” he says. He states that “We’re not investors, we’re value creators,” using intellectual leverage as a tool. The financial crisis only led him to pivot and maneuver in the right direction. Richard spotted an opportunity in Canada to turn it into a credit landscape, buying Hudson’s Bay despite initial detractors. His previous knowledge of running a department store made it easier for him to make a choice and operate the company.
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