A new chapter in Canadian retail is unfolding as Hudson’s Bay Company ULC has entered into a definitive agreement to assign up to 28 of its store leases in British Columbia, Alberta, and Ontario to a company controlled by billionaire Weihong (Ruby) Liu. The agreement, revealed Friday and confirmed by a press release, marks the first major store footprint acquisition amid the department store chain’s ongoing liquidation under the Companies’ Creditors Arrangement Act (CCAA).
The leases will be transferred to Ruby Liu Commercial Investment Corp., as the Vancouver-based businesswoman prepares to launch a brand-new department store concept designed to appeal to a broad, multicultural Canadian audience.
Employment opportunities at the new store will be prioritized for former employees of Hudson’s Bay. “This initiative reflects our commitment to supporting individuals and families and contributing to local communities,” Central Walk said in an emailed press release. Additionally, priority will also be given to suppliers and vendors who previously partnered with Hudson’s Bay.
The emailed press release stated, “Under the leadership of Ms. Ruby Liu, Chairwoman of Central Walk, the store locations will be transformed into modern department stores, bridging the gap between generations, providing immersive shopping experiences, and becoming a destination where all age groups thrive together.”
The Company released the following statement from Ms. Liu, translated into English:
“Central Walk Canada is planning to conduct a series of transformative initiatives aimed at fostering intergenerational connections, promoting active lifestyles, and empowering youth through meaningful engagement as part of this transaction.”
“We are evolving to serve Canadians better. We believe every Canadian family deserves a brighter future. Join us in this journey of growth and connection. Together, we can build a more vibrant, caring, and forward-thinking multiculturalist community.”
The press release provides further insight into Central Walk, and the company’s owner’s plans for her new Canadian department store chain. The emailed press release from Central walk noted that the company specializes in the acquisition, development, and management of large-scale retail properties. The release goes on to say that “With a strong business foundation in Southeast Asia, the company has expanded its operations to Canada, aiming to transform traditional shopping centres into inclusive, multifunctional community hubs. The company’s mission emphasizes community engagement and the creation of diverse shopping environments that serve families and integrate retail, dining, entertainment, and cultural experiences.” The same environments are expected to be part of her new Canadian department store chain.
A Landmark Deal in Canadian Retail History
“This is a monumental development,” said Carl Boutet, retail strategist and founder of StudioRx Advisory, in an interview. “We haven’t seen a new department store chain launch at this scale in Canada since Target’s ill-fated expansion over a decade ago. But unlike Target, this concept is homegrown, community-focused, and clearly aims to rewrite what a department store can be.”
Liu’s newly inked deal, which is still subject to court and landlord approval, covers store leases in shopping centres where Hudson’s Bay is in the process of winding down operations. The deal was orchestrated as part of a lease monetization process approved by the Ontario Superior Court of Justice (Commercial List).
In a video posted to Chinese social media platform Rednote, Liu was seen signing the contracts surrounded by staff, counting down aloud before putting pen to paper and erupting into applause. Champagne toasts followed—a staged yet symbolic gesture of what may be a historic shift in the retail landscape.
From Mall Owner to Retail Operator
Liu is no stranger to Canadian retail. Through her company Central Walk, she owns three major shopping centres in British Columbia—Mayfair Centre in Victoria, Woodgrove Centre in Nanaimo, and Tsawwassen Mills near Vancouver. Her transition from landlord to retailer underscores a rare full-circle retail strategy.
“She’s in a very unique position,” noted Boutet. “She knows what it takes to make malls work and has direct experience with leasing, tenant mixes, and foot traffic drivers. That knowledge could prove invaluable as she flips the switch from property manager to anchor tenant.”
Insiders suggest that at least three of the 28 assigned leases are located within Liu’s own malls. “We suspect those were always on her radar,” Boutet added.
A New Kind of Department Store
Unlike Hudson’s Bay’s traditional retail format, Liu’s new concept—still unnamed—will be highly experiential, with immersive elements, a store-in-store format, and a distinctly multicultural approach.
“She’s not trying to recreate the past,” said Boutet. “This will be something very different. Think a hybrid between department store, cultural centre, and experiential marketplace. The goal is to create something joyful and community-driven.”
According to early concept materials shared internally on Rednote, the store will include a mix of fashion, beauty, small-format groceries, and food service. “We’re talking about a space that could host cosplay events, 5D theatres, and virtual reality zones,” said Boutet, referencing Liu’s existing activations at Tsawwassen Mills. “This is more than shopping—it’s entertainment, community building, and cultural engagement.”
Brand Building from the Ground Up
Unlike other bidders in the Hudson’s Bay restructuring process, Liu did not pursue the brand’s intellectual property. That portfolio—including the HBC name, logo, and trademarks—was acquired last week by Canadian Tire Corporation for $30 million.
As a result, Liu’s venture will be launching from scratch.
“She’s going to need to build brand awareness from zero,” said Boutet. “But there’s a strong grassroots foundation already forming in certain communities—especially Chinese and multicultural segments that follow her on Rednote. Word of mouth will be crucial in the early days.”
While Liu is active on Chinese social media, her team is likely planning a broader marketing push across platforms like Instagram, TikTok, and Meta. “I’d expect them to start showing up in Canadian mainstream media soon,” Boutet said.
A Race Against the Clock
The path ahead won’t be easy. Court documents show that 62 Hudson’s Bay leases failed to receive any qualified bids. Liu’s deal is the most expansive of the 12 qualified bids for 39 leases, and with it comes pressure to activate spaces quickly.
“She now holds the keys to over two dozen massive retail boxes,” Boutet emphasized. “But as soon as Hudson’s Bay is out, she’s on the hook for those rents. That means rapid store build-outs, fixturing, staffing, and activating the space—some with food services and immersive experiences that take time and capital.”
He added, “This isn’t like just stocking shelves. She’s talking about full-scale food operations and experiential zones. And many of these stores need renovations. Some piecemeal, some major.”
Landlords and Legal Hurdles Still Ahead
The next step will be securing landlord consents. Each lease transfer requires approval from individual landlords, some of whom may need convincing—particularly if the proposed use veers away from traditional department store functions.
“Technically, these are being called department stores, which helps fit lease clauses,” Boutet explained. “But landlords also care about viability. They want tenants that will drive traffic and stay solvent.”
Given Liu’s dual role as both landlord and now prospective anchor tenant, some negotiations may be smoother than others. “She knows how to speak their language,” Boutet said.
The Bigger Picture for Canadian Retail
The Canadian retail sector has not seen a player enter the field at this scale since pre-Target days. Liu’s simultaneous bid for 28 stores, mostly concentrated in urban and suburban malls, could fill a significant gap left by Hudson’s Bay and Nordstrom exits.
“This could be the most significant retail startup in Canadian history if she succeeds,” said Boutet. “She’s showing what bold investment in brick-and-mortar can look like—even at a time when everyone is talking about online and AI.”
According to court documents, 17 total bids were received for Hudson’s Bay assets, but Liu is the first to secure a definitive agreement. No details have yet emerged on who will take over the remaining leases.
What Comes Next
Hudson’s Bay plans to complete its liquidation by the end of May. Liu’s lease agreement must receive court approval by May 30. Until then, all eyes are on what will follow this monumental step.
“Retailers across Canada are watching this very closely,” said Boutet. “Because if this works, it won’t just fill a void—it could redefine department stores for a new generation.”
A Calculated Gamble
Though critics may question the feasibility of launching 28 stores in one fell swoop, Liu’s track record as a developer and businesswoman suggests calculated ambition. “This is not someone who’s just throwing money at a trend,” Boutet concluded. “She’s made it this far by taking smart risks. And if she pulls this off, it’ll go down as one of the most impressive retail turnarounds in Canadian history.”
Whether Liu’s new chain becomes a cornerstone of modern Canadian retail or another ambitious footnote remains to be seen. But one thing is clear: the death of the department store may be overstated—and Ruby Liu may be its most unlikely revivalist.
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