![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>\n<\/p>\n
Weihong Liu, the Vancouver Island-based investor who has declared interest in acquiring the historic Hudson\u2019s Bay department store chain, has placed one of her major retail assets\u2014Woodgrove Centre in Nanaimo, British Columbia\u2014on the market. The move came ahead of a formal offer deadline for Hudson\u2019s Bay, as the storied retailer faces liquidation following a CCAA filing last month. <\/p>\n
The listing of Woodgrove Centre, Nanaimo\u2019s largest shopping centre, was confirmed several days ago. Colliers is managing the sale on behalf of Liu\u2019s company, Central Walk, although the asking price has not been made public. According to BC Assessment, the two-property site\u2014located at 6631 and 6901 Island Highway North\u2014has a combined assessed value of approximately $230 million.<\/p>\n
![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/04\/Screen-Shot-2025-04-06-at-3.29.35-PM.png\")
Spanning 775,089 square feet of retail space over a land area of 66.8 acres, the mall boasts an impressive tenant roster. Anchors include Walmart Supercentre, Hudson\u2019s Bay, Save-On-Foods, Avalon Cinema, Toys R Us, Sport Chek, Winners, and Indigo (Chapters). It draws close to 6 million visitors annually and is a dominant retail hub for central and northern Vancouver Island.<\/p>\n
Strategic Asset Sale Comes as Liu Eyes National Expansion<\/strong><\/h2>\nThe listing comes as Liu positions herself to acquire \u201cdozens\u201d of Hudson\u2019s Bay store locations across Canada. In a series of Mandarin-language videos posted to the Chinese social media platform RedNote<\/em>, Liu outlined her vision to revitalize the legacy Canadian retailer. Speaking during a filmed tour of a Hudson\u2019s Bay flagship in Calgary, Liu described the retailer\u2019s decline as a \u201conce every 300 years\u201d opportunity for transformation.<\/p>\n\u201cI feel the sadness of the Canadian people,\u201d Liu said in Mandarin, standing in front of a whiteboard announcing an upcoming press conference. She plans to formally outline her proposal at that event, scheduled for April 18.<\/p>\n
The deadline for Hudson\u2019s Bay insiders to declare interest in acquiring the company\u2019s assets or intellectual property was April 7. External parties now have until April 30 to submit binding bids for the business. In addition, binding offers specifically related to Hudson\u2019s Bay store leases are due by May 1. According to sources, several parties are in the running\u2014including current owner Richard Baker, who sources said submitted an interest to reacquire the company.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/04\/image-22.png\")
Woodgrove Mall in Nanaimo. Photo: Trip Advisor<\/figcaption><\/figure>\nCentral Walk currently owns three major shopping centres in British Columbia: Mayfair Shopping Centre in Victoria, Woodgrove Centre in Nanaimo, and the 1.2-million-square-foot Tsawwassen Mills, south of Vancouver. The company also owns Arbutus Ridge Golf Club in Cobble Hill.<\/p>\n
Liu\u2019s property empire was largely funded by the sale of her former Chinese asset\u2014Central Walk Shenzhen\u2014which she reportedly sold in 2019 for the equivalent of C$1.25 billion. Since arriving in Canada, Liu has kept a relatively low profile in retail circles, though her recent social media activity signals a shift toward greater public engagement, particularly within Mandarin-speaking communities.<\/p>\n
Woodgrove Centre is the first of her major Canadian assets to be listed for sale, although sources suggest her other properties remain part of her long-term investment strategy.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/04\/image-23.png\")
Woodgrove Mall in Nanaimo. Photo: Trip Advisor<\/figcaption><\/figure>\nNanaimo Mall an Island Retail Powerhouse<\/strong><\/h2>\nWoodgrove Centre, which opened in 1981, has evolved significantly over the decades. Originally anchored by Eaton\u2019s and Woodward\u2019s, the mall underwent a substantial expansion in 2000 following Eaton\u2019s bankruptcy. That redevelopment saw Hudson\u2019s Bay relocate to the former Eaton\u2019s space while the original Bay location was demolished to make room for a Walmart, which opened in 2002.<\/p>\n
When Liu\u2019s Central Walk acquired the property on September 1, 2020, she proposed a redevelopment vision that included 40,000 square feet of new dining and children\u2019s entertainment facilities, aimed at drawing a broader demographic of visitors, including families and seniors.<\/p>\n
Strategically located at the convergence of Island Highway and Nanaimo Parkway, the mall pulls shoppers from across central and northern Vancouver Island\u2014including Parksville, Qualicum, Courtenay, and Port Alberni\u2014many of whom rely on the centre for access to national and international retailers unavailable elsewhere.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/04\/image-24.png\")
Woodgrove Mall in Nanaimo. Photo: Trip Advisor<\/figcaption><\/figure>\nHudson\u2019s Bay Facing Uncertain Future<\/strong><\/h2>\nLiu\u2019s bid for Hudson\u2019s Bay comes as the retailer faces the potential closure of nearly all of its locations. In June, 74 Hudson\u2019s Bay stores are expected to shut down, along with the company\u2019s three Saks Fifth Avenue stores and all 13 Saks Off Fifth locations in Canada. Only six Hudson\u2019s Bay stores are slated to remain open\u2014at least temporarily. These include three locations in the Greater Toronto Area: the flagship store at Yonge and Queen Streets, Yorkdale Shopping Centre, and Hillcrest Mall in Richmond Hill. In Quebec, three stores are expected to stay operational: downtown Montreal, CF Carrefour Laval, and CF Fairview Pointe-Claire.<\/p>\n
Court documents show that Hudson\u2019s Bay owes approximately $950 million to nearly 2,000 creditors. Among them is Central Walk, the real estate firm led by Liu, which is owed just over $860,000\u2014positioning her uniquely as both a creditor and a potential acquirer.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/04\/image-25-1200x717.png\")
Hudson\u2019s Bay store at Woodgrove Mall in Nanaimo. Photo: Trip Advisor<\/figcaption><\/figure>\nPress Conference Expected to Clarify Vision<\/strong><\/h2>\nAll eyes are now on Liu\u2019s upcoming press conference on April 18, where she is expected to outline her vision for a new future for Hudson\u2019s Bay. With both financial resources and relevant retail holdings already in place, her bid could bring a new kind of leadership to Canada\u2019s oldest retail institution.<\/p>\n
Until then, the sale of Woodgrove Centre may serve as a signal that Liu is consolidating resources for what may be her most ambitious Canadian retail investment to date.<\/p>\n
More from Retail Insider: <\/h2>\n<\/div>\n
\u201cI feel the sadness of the Canadian people,\u201d Liu said in Mandarin, standing in front of a whiteboard announcing an upcoming press conference. She plans to formally outline her proposal at that event, scheduled for April 18.<\/p>\n
The deadline for Hudson\u2019s Bay insiders to declare interest in acquiring the company\u2019s assets or intellectual property was April 7. External parties now have until April 30 to submit binding bids for the business. In addition, binding offers specifically related to Hudson\u2019s Bay store leases are due by May 1. According to sources, several parties are in the running\u2014including current owner Richard Baker, who sources said submitted an interest to reacquire the company.<\/p>\n Central Walk currently owns three major shopping centres in British Columbia: Mayfair Shopping Centre in Victoria, Woodgrove Centre in Nanaimo, and the 1.2-million-square-foot Tsawwassen Mills, south of Vancouver. The company also owns Arbutus Ridge Golf Club in Cobble Hill.<\/p>\n Liu\u2019s property empire was largely funded by the sale of her former Chinese asset\u2014Central Walk Shenzhen\u2014which she reportedly sold in 2019 for the equivalent of C$1.25 billion. Since arriving in Canada, Liu has kept a relatively low profile in retail circles, though her recent social media activity signals a shift toward greater public engagement, particularly within Mandarin-speaking communities.<\/p>\n Woodgrove Centre is the first of her major Canadian assets to be listed for sale, although sources suggest her other properties remain part of her long-term investment strategy.<\/p>\n Woodgrove Centre, which opened in 1981, has evolved significantly over the decades. Originally anchored by Eaton\u2019s and Woodward\u2019s, the mall underwent a substantial expansion in 2000 following Eaton\u2019s bankruptcy. That redevelopment saw Hudson\u2019s Bay relocate to the former Eaton\u2019s space while the original Bay location was demolished to make room for a Walmart, which opened in 2002.<\/p>\n When Liu\u2019s Central Walk acquired the property on September 1, 2020, she proposed a redevelopment vision that included 40,000 square feet of new dining and children\u2019s entertainment facilities, aimed at drawing a broader demographic of visitors, including families and seniors.<\/p>\n Strategically located at the convergence of Island Highway and Nanaimo Parkway, the mall pulls shoppers from across central and northern Vancouver Island\u2014including Parksville, Qualicum, Courtenay, and Port Alberni\u2014many of whom rely on the centre for access to national and international retailers unavailable elsewhere.<\/p>\n Liu\u2019s bid for Hudson\u2019s Bay comes as the retailer faces the potential closure of nearly all of its locations. In June, 74 Hudson\u2019s Bay stores are expected to shut down, along with the company\u2019s three Saks Fifth Avenue stores and all 13 Saks Off Fifth locations in Canada. Only six Hudson\u2019s Bay stores are slated to remain open\u2014at least temporarily. These include three locations in the Greater Toronto Area: the flagship store at Yonge and Queen Streets, Yorkdale Shopping Centre, and Hillcrest Mall in Richmond Hill. In Quebec, three stores are expected to stay operational: downtown Montreal, CF Carrefour Laval, and CF Fairview Pointe-Claire.<\/p>\n Court documents show that Hudson\u2019s Bay owes approximately $950 million to nearly 2,000 creditors. Among them is Central Walk, the real estate firm led by Liu, which is owed just over $860,000\u2014positioning her uniquely as both a creditor and a potential acquirer.<\/p>\n All eyes are now on Liu\u2019s upcoming press conference on April 18, where she is expected to outline her vision for a new future for Hudson\u2019s Bay. With both financial resources and relevant retail holdings already in place, her bid could bring a new kind of leadership to Canada\u2019s oldest retail institution.<\/p>\n Until then, the sale of Woodgrove Centre may serve as a signal that Liu is consolidating resources for what may be her most ambitious Canadian retail investment to date.<\/p>\nNanaimo Mall an Island Retail Powerhouse<\/strong><\/h2>\n
Hudson\u2019s Bay Facing Uncertain Future<\/strong><\/h2>\n
Press Conference Expected to Clarify Vision<\/strong><\/h2>\n
More from Retail Insider: <\/h2>\n<\/div>\n