ABOUT US > OUR HISTORY
1950
The first Fields store opened in Vancouver, derived from a company created by WWII veteran Joseph Segal in 1948.
1968
Fields' successful expansion encompasses eight stores and becomes a public company. "Our marketing policy calls for a maximum utilization of sales space rather than frills. We operate primarily on a cash-and-carry basis, thereby limiting the heavy sales and accounting force required with credit buying," said founder Joseph Segal.
1969
Fields' First Interaction with Hudson's Bay Company:
Fields purchased three small Hudson's Bay Company (HBC) stores in Kimberley, Nelson and Powell River, BC. HBC staff were retained, as their knowledge was considered an asset worth holding on to. These former HBC stores formed the nucleus of the new department store division of Fields.
1970
A period of growth for Fields through the acquisition of a number of independent stores and an import company.
1976
Fields' Acquisition of Zellers:
July 26th, Fields Stores Limited acquired 50.1% of Zellers for $32,675,000.
But by January 25, 1977, Zellers made a counter-off er to Fields shareholders that would see Fields become a subsidiary of Zellers Ltd. In the reverse takeover, Fields' shareholders received three Zellers shares for one Fields. Remaining President of Fields, Segal was named Chairman of the Board of Zellers Ltd. Over the next two years, Segal became highly celebrated for revitalizing Zellers, increasing its profi tability and productivity,"We took Zellers from $350 million in revenue to $800 million without opening a new store. All we did was lift the Saran Wrap and let the company breathe," Segal said in a 2007 interview with the Globe and Mail. He also set the stage for the next big change for Zellers and its new subsidiary, Fields: their acquisition by HBC.
1978
Fields' Bid for Hudson's Bay Company:
As Zellers' Chairman, Segal set out to acquire HBC for Zellers. He believed it would be a strong strategic move to bring the two companies together and create an entity that would cover all ends of the retail market. In June of 1978, Segal met with HBC President Don McGiverin and proposed that Zellers buy a 51% stake in HBC. Segal's proposal came from out of the blue; HBC's leadership was totally taken aback. Stalling for time, McGiverin said any serious bid would have to be for cash and 100% control. A few days later Segal had put together an offer on those terms.
Fields' Bid for Hudson's Bay Company:
In the two years that Segal had been at the helm, Zellers had become very profitable, its pre-tax profit from operations rising 53.7%. Recognizing this, and the fact that the two companies operated in different areas of the retail market, HBC decided that the sensible option was that it should buy Zellers instead. When the deal was finalized on Oct. 3, 1978, HBC had acquired 57.1% of Zellers. By June of 1979, Segal left HBC to pursue other ventures. HBC would acquire complete control by 1981.
1988-93
Fields moved from being a subsidiary of Zellers to officially becoming a division of HBC. In the summer of 1989, a different sort of milestone was reached when HBC hired its first female president for Fields – Janis Ostling, a 16-year veteran of The Bay. In the fall of 1990, a Fields Frequent Buyer's Club was introduced to reward customer loyalty. By the end of January 1993, 119 Fields stores and six Plus Sizes Plus Savings stores were in operation, including Fields’ first venture into the Northwest Territories.
2010
Since 1993, Fields' growth has been steady, such that in 2010, over 150 Fields stores will be in operation throughout BC, Alberta, Saskatchewan, Northwest Territories, Manitoba and Ontario.
CONTACT US
