Hudson’s Bay operates a much smaller brick and mortar network with about 480 stores, including some buildings — like the flagship Saks Fifth Avenue headquarters in Manhattan — that are highly valuable.
Last October, Hudson’s Bay sold its iconic Lord & Taylor store on Fifth Avenue to a joint venture involving WeWork, a start-up that leases shared office space.
That deal reflected the changing nature of the retail industry, where once-grand shopping spaces now have more value as offices or condominiums.
The WeWork sale also showed how Hudson’s Bay, under the direction of Mr. Baker, could capitalize on its real estate holdings, providing itself with cash that gives the company time to formulate a new retail strategy.
But that underlying retail business has been challenged. Sales dropped more than 4 percent in the third quarter and company executives acknowledged that the results were disappointing. The company blamed recent layoffs for “operational challenges” in its digital business.
Ms. Foulkes, who previously worked as an analyst at Goldman Sachs and at Tiffany & Co., said she will have to be innovative.
“The future is really going to be defined by companies that think creatively,” Ms. Foulkes said in an interview.
Mr. Baker had been filling the role of chief executive since Gerald L. Storch stepped down from that role in October, shortly before the WeWork deal was announced. Mr. Storch said he left to return to his advisory firm, Storch Advisors.
Ms. Foulkes is leaving CVS Health just as that company seeks to close its $69 billion acquisition of the health insurer Aetna. The deal would shake up the health care industry, but it’s not clear whether federal regulators will approve the merger of the two giant companies.
In another sign of the stress on the retail industry, Bon-Ton Stores filed for bankruptcy on Monday, becoming the latest chain store to seek Chapter 11 protection. Bon-Ton, which operates 256 stores in 23 states in the Northeast, Midwest and Upper Plains, said it would continue operating while it worked to reorganize.
While many retailers reported a strong holiday season, Bon-Ton said its sales fell in November and December from a year earlier.
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