Hudson's Bay's Untimely Demise, Retail Turnarounds & Consumer Trends: A Conversation with Phil Wahba, Senior Writer at Fortune

In the latest episode of The Voice of Retail, host Michael LeBlanc sits down with Phil Wahba, Senior Writer at Fortune, to explore the ever-evolving landscape of retail leadership, consumer behavior, and strategic transformations. Wahba reflects on more than a decade covering retail bankruptcies, leadership shifts, and innovation, highlighting that while consumer desires have remained relatively stable—good value, seamless experiences, and quality products—retailers often struggle to meet these expectations consistently.

Wahba shares insights into how some of the biggest names in retail excel by focusing on core strengths. He points to Costco and Walmart as prime examples of companies that continue to thrive by relentlessly pursuing operational efficiency, value pricing, and consistent store execution. In contrast, many department stores have downsized or disappeared because, as Wahba puts it, they “chased the wrong rabbits”—pursuing short-term gains over long-term brand definition. Dillard’s stands out by maintaining steady store counts and focusing on a solid merchandising strategy, proving that success hinges on knowing your customer and offering them a clear reason to shop.

The conversation then shifts to Hudson’s Bay and its recent struggles, which Wahba attributes to a lack of focus on fundamental retail principles and a greater emphasis on real estate extraction. He also touches on the broader implications of retail real estate vacancies, noting that large anchor-store spaces often require creative repurposing—whether converted into smaller retail footprints, medical clinics, or mixed-use developments.

Looking ahead, Wahba anticipates a future where technology plays a more backstage role, with the spotlight on operational improvements such as inventory management, demand forecasting, and smoother omnichannel experiences. Shoppers do not seek flashy tech for its own sake; rather, they want frictionless pathways to purchase. The episode also explores how retailers like Foot Locker and Gap might engineer turnarounds under new leadership, taking cues from successful transformations at brands like Abercrombie & Fitch.

Wahba underscores that retail “winners” will be those that evolve with shifting consumer expectations while staying true to foundational principles: consistently fair pricing, well-curated inventory, and reliable customer service. The conversation wraps up with a look at up-and-coming brands and international retailers—including Uniqlo—that could make bigger U.S. expansions in the coming years if they adapt carefully to the market’s nuances.

Whether you’re watching for the next big turnaround or seeking to understand why some iconic names falter, this episode offers deep insights into the interplay of leadership, strategy, and consumer loyalty—critical elements shaping the future of modern retail.

Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur.  He has been on the front lines of retail industry change for his entire career. 

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google.  He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.

Rethink Retail has recognized Michael as one of the top global retail experts for the fifth year in a row, the National Retail Federation has designated Michael as on their Top Retail Voices for 2025, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer.  If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.

Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.