The Hudson's Bay store in Calgary, Alberta, on Wednesday, March 18, 2020, during the global COVID-19 outbreak. (Photo: THE CANADIAN PRESS/Jeff McIntosh)
Hudson’s Bay, one of Canada’s oldest retail names, is preparing to hand over up to 28 of its store leases to Ruby Liu, a B.C.-based mall owner who plans to revive the department store experience with a fresh, modern twist.
The retailer, which filed for creditor protection earlier this year, revealed that Liu is now seeking court approval to take control of the properties leased by Hudson’s Bay and its luxury sister brand, Saks. These properties are located in key shopping zones across Alberta, British Columbia, and Ontario.
While the specific dollar amount Liu offered remains under wraps, the deal includes three properties located within malls she already owns. These include Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre—all in B.C.—where Liu’s company, Central Walk, holds ownership.
Liu’s vision goes beyond taking over retail spaces. She aims to launch a new-age department store brand designed to “bring generations together” through a hands-on shopping experience. In her words, she wants the stores to become spaces where all age groups feel welcome.
She’s also pledged to offer jobs to former Hudson’s Bay employees and plans to give preference to the store’s past suppliers and vendors when forming new partnerships.
Videos circulating on Chinese social media platform RedNote show Liu celebrating the lease deal—signing papers, clinking champagne glasses, and revealing the logo for her upcoming store brand. The logo reads “Liu” with a ruby-shaped design and “New Bay” written below. In one video, she cheerfully invites people to support her store when they see the new logo.
Originally, Liu had hoped to operate 25 Hudson’s Bay locations and restore the historic brand’s image. But her plans took a hit when Canadian Tire signed a $30 million agreement to purchase the rights to the Hudson’s Bay name, its signature stripes, and other brand elements. Without a licensing deal, Liu cannot rebrand her stores under the Bay’s identity.
Another challenge is convincing the landlords. Since they weren’t involved in the lease bidding process, they may resist having new tenants forced upon them. Major property owners like Cadillac Fairview, Ivanhoe Cambridge II Inc., and Jones Lang LaSalle Inc. have yet to comment, saying they’re still reviewing the deal’s finer details.
There’s also the legal side. Liu might have to follow the same conditions that Hudson’s Bay and Saks once agreed to—such as business types allowed in the space and required operating hours.
Liu isn’t new to retail. She leads Central Walk, the company behind her B.C. malls and Arbutus Ridge Golf Course. And while she hasn’t clarified how she’s financing the lease takeover, her lifestyle hints at significant wealth. A 2023 video interview showcases her lavish West Vancouver home, complete with a home theatre, outdoor pool, and even a replica throne. She also mentions owning high-end cars, including a Rolls-Royce and a Lamborghini.
Even with Liu’s expected 28 leases, Hudson’s Bay still has many locations up for grabs. Court records say 12 parties submitted offers for 39 store leases—some for the same addresses. Hudson’s Bay confirmed Canadian Tire is among the bidders but hasn’t disclosed which properties it’s eyeing.
For now, Hudson’s Bay says it’s continuing talks with other potential buyers and will update the public as those discussions move forward.
