Holt was crap and barely reinvested in the store, especially the women's section (hello 1990 Eatons feel). That said, 'we' sure didn't give many reasons for people to continue to come for those kinds of items/stores.
People often mistake living Downtown for high income it seems when it is not the case. I remember when Sobeys opened with 5 Red Seal chefs, a giant lobster tank, caviar selections and product lines completely missing the mark.
As for safety, Edmonton feels materially different than Downtown Calgary, Sask, Tor, Ottawa, Mtl, Van and only really compares to Winnipeg in my recent (pre-COVID) experiences. So much so that people who really like Downtown have started to move away. We were making good progress until 2018 and then meth and other changes created a perfect storm. I would regularly walk home from work with more than 50% of the people I run into with mental health issues, aggressive folks or people visibly wearing gang colours.
Sadly, this has become more evident and worse since COVID.