The Globe and Mail reports in its Thursday edition that retail experts viewed Hudson's Bay ($16.18) as an opportunity not worth pursuing, until United States real estate magnate Richard Baker snapped up the department store retailer in 2008 and proved everyone wrong. The Globe's Marina Strauss writes that Mr. Baker's strategy was to hire a fashion retail maven as the operational leader, focus on apparel, shoes and handbags, move more upscale and introduce high-profile international partners such as Britain's Topshop, to still maintain an affordable edge. HBC's first quarter results, released Wednesday, showed Mr. Baker's strategy is paying off. HBC's loss narrowed and, more important, it posted a 7.6-per-cent gain in sales at outlets open a year or more. However, HBC saw a 1.4-per-cent drop in those same-store sales at its smaller U.S. division. On schedule to meet its internal business goals, HBC faces more competition from newly arrived Target. Competition will stiffen even further when U.S. retailer Nordstrom opens its first store in Canada. But so far, Mr. Baker's 2008 retail bet is proving to be well played. Fusion Retail Analytics strategist Joe Thacker says the turnaround at HBC "is real."