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In today's episode, 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. Richard believes that great companies have a great culture steeped into their DNA. The only way for large-scale businesses to function is to create a culture, nourish an existing one, or replace a bad one. Success means that everyone in the organization understands the big plan. With the popularity of online retail, Richard believes that brick-and-mortar stores will only go broke if they don’t play their cards right. He has always focused on delivering spectacular products, treating associates with respect, teaching them how to be promising entrepreneurs, and nourishing their partners. For the next two years, he foresees more consumers spending more money, especially on on-sale items. He aims to continue to find out how to manage his assets and marketing to acquire more market share. Tune in to this new episode of the Walker Webcast — Playing the Real Estate Game with Richard Baker, Governor, CEO, and Executive Chairman of Hudson’s Bay Company. ▶️ Key Points In The Webcast: 00:51 Willy welcomes Richard Baker 01:51 Thinking differently in childhood 04:16 Entrepreneurial spark and real estate 07:01 Hospitality is in all fields 11:52 Becoming an operating company runner 16:10 How to catch business opportunities 18:25 Buying Hudson’s Bay 21:53 What makes companies great 25:28 Company culture determines success 28:15 Acquiring Saks 31:43 Why splitting businesses works 34:23 Sustaining retail long-term 39:31 A good time for shared workspaces 41:36 Moving from traditional to forward-looking retail 43:01 Mental health as a priority 46:50 Retail outlook in 2023-2024 and Sir Elton John GET NOTIFIED about upcoming shows: » Subscribe to our YouTube channel here: / @walkerdunlop » See upcoming guests on the #WalkerWebcast here: https://www.walkerdunlop.com/webcasts/ Related webcasts: Tune in on Wednesdays for fresh perspectives about leadership, business, the economy, commercial real estate, and more! #WillyWalker hosts a diverse network of leaders as they share the wisdom that cuts across industry lines.