Hudson's Bay's demise marks the death of the traditional department store in Canada

The Hudson's Bay in downtown Vancouver already looks like it's going out of business. 

When entering the store, shoppers are greeted by warning signs that neither the store's elevators nor escalator work, and they must use the fire exit stairs. 

Employees aimlessly patrol fragrance and cosmetic booths with no customers in sight. 

Hudson's Bay was, for decades, a major shopping destination, offering multiple floors of fashion, accessories, furniture and appliances.

But now, it's likely to meet the same fate as other big department stores in Canada like Eaton's and Sears, which have already closed their doors due to slow sales and mountains of debt. 

Hudson's Bay is still holding out hope it will secure enough financing to stay afloat and restructure. But a more likely scenario is that the deeply indebted retailer will soon shut down, and start liquidation sales as early as this week. 

Smaller versions of the department store model are still thriving, such as discount chain Walmart and Canadian fashion retailer, Simons. But the iconic department store with window displays and several floors of varied merchandise is coming to a close in Canada. 

Some experts say the reason, at its core, is simple: These retail giants got stuck in tradition and didn't change with the times. 

"They were trying to work with an outdated model," said retail strategist David Ian Gray. "It just, over time, became archaic."

That sentiment is echoed by shoppers who feel bad for the Bay — and don't shop there. 

"It's kind of sad that they're going out of business," said David Genio outside the Bay in downtown Vancouver.

But in the next breath, he added: "Their stuff is a little outdated I find and catered towards older people."

Outside the Bay in downtown Toronto, Cathy McCabe-Lokos agrees that the chain's demise is sad. But she also admits that the location "has been empty, kind of desolate for years."

Toronto's Eaton Centre shopping mall is a microcosm for the demise of the traditional department store.  It opened 1977 with Eaton's as its anchor — one of Canada's largest department store chains at the time. However, Eaton's declared bankruptcy in 1999, after more than 100 years in business.