Activist shareholder Land & Buildings Investment Management has said that it may call for new directors at Hudson's Bay if management does not "unlock value" at the company, for example by selling Saks Fifth Avenue. The shareholder which owns 5% has been pushing to close the gap to underlying asset value. The stock has fallen 35% in the last year. Several options have been floated including adding boutique retailers on the first three floors of the Fifth Avenue flagship and redeveloping the upper floors to high-end condominiums.