Ruby Liu, the chairwoman of Central Walk, is seen in this undated photo provided by her. (Credit: The Canadian Press/HO, Ruby Liu – Mandatory Credit)
A mall owner in British Columbia is offering $6 million to take over three Hudson’s Bay leases in malls she already owns. Ruby Liu, a billionaire from China and the owner of Central Walk real estate company, is aiming to build a new department store brand—starting with these three locations. Her bid includes the Bay’s leases at Tsawwassen Mills, Mayfair Shopping Centre in Victoria, and Woodgrove Centre in Nanaimo.
Each lease has been valued at $2 million, but the deal isn’t final yet. It still needs approval from the court. This $6 million offer is just a piece of a bigger plan. Liu is also trying to buy up to 25 more leases from Hudson’s Bay and its associated brands, Saks Fifth Avenue and Saks Off Fifth.
Court filings from Hudson’s Bay reveal how serious Liu is about this plan. In her first public comments, she said that renovating and upgrading the stores will be a major investment—over $30 million just for the three properties. Much of the store equipment is outdated, and she wants to modernize everything.
Liu plans to open a new chain of department stores under her own name, complete with a unique red jewel logo. But these stores won’t just sell clothing or household items. She has a bigger vision. “We’ll include makeup, jewelry, stylish clothes, children’s play zones, fitness areas, and even spaces for seniors,” Liu said. She wants her malls to become places where people can shop, eat, relax, and have fun—like a community hub.
To bring this vision to life, Liu has already hired some former Hudson’s Bay employees. They’ll help her revamp the massive spaces, many of which haven’t been updated in decades. One of the oldest leases in her portfolio goes back to 1993 at Mayfair Shopping Centre. The space there covers more than 166,000 square feet. Another lease at Woodgrove Centre, signed in 2000, includes 146,000 square feet. The third, at Tsawwassen Mills, is a smaller 32,700-square-foot spot once used by Saks Off Fifth.
Hudson’s Bay began looking to sell off its 96 leases in March after struggling to find an investor to keep the historic company going. They reached out to approximately 60 businesses to gauge interest. In the end, 12 offers were made for 39 of the properties. Liu emerged as the top bidder for up to 28 leases across British Columbia, Alberta, and Ontario.
To secure her bid, Liu made a $9.4 million deposit—roughly 10 percent of the total purchase price. That suggests she’s ready to spend nearly $100 million in total.
But there’s still one hurdle. Property owners must approve her taking over the leases. If they don’t agree, or if they want her to stick to the original lease terms, the deal could be delayed or even blocked.
In addition to Liu’s offer, Hudson’s Bay lawyers have hinted that two other potential buyers for different store leases will be revealed soon. Apart from Canadian Tire, which bought the Bay’s intellectual property for $30 million, the identities of other interested companies remain unknown.
