Which of the following is a retail chain not owned by Hudson's Bay Company?

Kmart is the correct answer because it is a retail chain that has historically operated independently of Hudson's Bay Company. Kmart has its own management and ownership structure and has been a separate entity focused primarily on discount retailing. In contrast, the other options listed, such as Designer Depot, Zellers, and The Bay, are all associated with or have been owned by Hudson's Bay Company at various points in time. Understanding the ownership structure of these retail chains is key to identifying which one does not belong to Hudson's Bay Company.