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A new chapter in Canadian retail is unfolding as Hudson\u2019s 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\u2019s ongoing liquidation under the Companies\u2019 Creditors Arrangement Act (CCAA).<\/p>\n
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.<\/p>\n
Employment opportunities at the new store will be prioritized for former employees of Hudson\u2019s Bay. \u201cThis initiative reflects our commitment to supporting individuals and families and contributing to local communities,\u201d Central Walk said in an emailed press release. Additionally, priority will also be given to suppliers and vendors who previously partnered with Hudson\u2019s Bay.<\/p>\n
The emailed press release stated, \u201cUnder 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.\u201d <\/p>\n \u201cCentral 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.\u201d\u00a0<\/p>\n \u201cWe 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.\u201d<\/p>\n The press release provides further insight into Central Walk, and the company\u2019s owner\u2019s 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 \u201cWith 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\u2019s mission emphasizes community engagement and the creation of diverse shopping environments that serve families and integrate retail, dining, entertainment, and cultural experiences.\u201d The same environments are expected to be part of her new Canadian department store chain. <\/p>\n \u201cThis is a monumental development,\u201d said Carl Boutet, retail strategist and founder of StudioRx Advisory, in an interview. \u201cWe haven\u2019t seen a new department store chain launch at this scale in Canada since Target\u2019s 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.\u201d<\/p>\n Liu\u2019s newly inked deal, which is still subject to court and landlord approval, covers store leases in shopping centres where Hudson\u2019s 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).<\/p>\n 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\u2014a staged yet symbolic gesture of what may be a historic shift in the retail landscape.<\/p>\n Liu is no stranger to Canadian retail. Through her company Central Walk, she owns three major shopping centres in British Columbia\u2014Mayfair 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.<\/p>\n \u201cShe\u2019s in a very unique position,\u201d noted Boutet. \u201cShe 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.\u201d<\/p>\n Insiders suggest that at least three of the 28 assigned leases are located within Liu\u2019s own malls. \u201cWe suspect those were always on her radar,\u201d Boutet added.<\/p>\n Unlike Hudson\u2019s Bay\u2019s traditional retail format, Liu\u2019s new concept\u2014still unnamed\u2014will be highly experiential, with immersive elements, a store-in-store format, and a distinctly multicultural approach.<\/p>\n \u201cShe\u2019s not trying to recreate the past,\u201d said Boutet. \u201cThis 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.\u201d<\/p>\n According to early concept materials shared internally on Rednote, the store will include a mix of fashion, beauty, small-format groceries, and food service. \u201cWe\u2019re talking about a space that could host cosplay events, 5D theatres, and virtual reality zones,\u201d said Boutet, referencing Liu\u2019s existing activations at Tsawwassen Mills. \u201cThis is more than shopping\u2014it\u2019s entertainment, community building, and cultural engagement.\u201d<\/p>\n Unlike other bidders in the Hudson\u2019s Bay restructuring process, Liu did not pursue the brand\u2019s intellectual property. That portfolio\u2014including the HBC name, logo, and trademarks\u2014was acquired last week by Canadian Tire Corporation for $30 million.<\/p>\n As a result, Liu\u2019s venture will be launching from scratch.<\/p>\n \u201cShe\u2019s going to need to build brand awareness from zero,\u201d said Boutet. \u201cBut there\u2019s a strong grassroots foundation already forming in certain communities\u2014especially Chinese and multicultural segments that follow her on Rednote. Word of mouth will be crucial in the early days.\u201d<\/p>\n While Liu is active on Chinese social media, her team is likely planning a broader marketing push across platforms like Instagram, TikTok, and Meta. \u201cI\u2019d expect them to start showing up in Canadian mainstream media soon,\u201d Boutet said.<\/p>\n The path ahead won\u2019t be easy. Court documents show that 62 Hudson\u2019s Bay leases failed to receive any qualified bids. Liu\u2019s deal is the most expansive of the 12 qualified bids for 39 leases, and with it comes pressure to activate spaces quickly.<\/p>\n \u201cShe now holds the keys to over two dozen massive retail boxes,\u201d Boutet emphasized. \u201cBut as soon as Hudson\u2019s Bay is out, she\u2019s on the hook for those rents. That means rapid store build-outs, fixturing, staffing, and activating the space\u2014some with food services and immersive experiences that take time and capital.\u201d<\/p>\n He added, \u201cThis isn\u2019t like just stocking shelves. She\u2019s talking about full-scale food operations and experiential zones. And many of these stores need renovations. Some piecemeal, some major.\u201d<\/p>\n The next step will be securing landlord consents. Each lease transfer requires approval from individual landlords, some of whom may need convincing\u2014particularly if the proposed use veers away from traditional department store functions.<\/p>\n \u201cTechnically, these are being called department stores, which helps fit lease clauses,\u201d Boutet explained. \u201cBut landlords also care about viability. They want tenants that will drive traffic and stay solvent.\u201d<\/p>\n Given Liu\u2019s dual role as both landlord and now prospective anchor tenant, some negotiations may be smoother than others. \u201cShe knows how to speak their language,\u201d Boutet said.<\/p>\n The Canadian retail sector has not seen a player enter the field at this scale since pre-Target days. Liu\u2019s simultaneous bid for 28 stores, mostly concentrated in urban and suburban malls, could fill a significant gap left by Hudson\u2019s Bay and Nordstrom exits.<\/p>\n \u201cThis could be the most significant retail startup in Canadian history if she succeeds,\u201d said Boutet. \u201cShe\u2019s showing what bold investment in brick-and-mortar can look like\u2014even at a time when everyone is talking about online and AI.\u201d<\/p>\n According to court documents, 17 total bids were received for Hudson\u2019s 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.<\/p>\n Hudson\u2019s Bay plans to complete its liquidation by the end of May. Liu\u2019s lease agreement must receive court approval by May 30. Until then, all eyes are on what will follow this monumental step.<\/p>\n \u201cRetailers across Canada are watching this very closely,\u201d said Boutet. \u201cBecause if this works, it won\u2019t just fill a void\u2014it could redefine department stores for a new generation.\u201d<\/p>\n Though critics may question the feasibility of launching 28 stores in one fell swoop, Liu\u2019s track record as a developer and businesswoman suggests calculated ambition. \u201cThis is not someone who\u2019s just throwing money at a trend,\u201d Boutet concluded. \u201cShe\u2019s made it this far by taking smart risks. And if she pulls this off, it\u2019ll go down as one of the most impressive retail turnarounds in Canadian history.\u201d<\/p>\n Whether Liu\u2019s 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\u2014and Ruby Liu may be its most unlikely revivalist.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/03\/HBC-WEM-1200x658.png\")
The Company released the following statement from Ms. Liu, translated into English:\u00a0<\/h2>\n
A Landmark Deal in Canadian Retail History<\/strong><\/h2>\n
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From Mall Owner to Retail Operator<\/strong><\/h2>\n
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A New Kind of Department Store<\/strong><\/h2>\n
Brand Building from the Ground Up<\/strong><\/h2>\n
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A Race Against the Clock<\/strong><\/h2>\n
Landlords and Legal Hurdles Still Ahead<\/strong><\/h2>\n
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The Bigger Picture for Canadian Retail<\/strong><\/h2>\n
What Comes Next<\/strong><\/h2>\n
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A Calculated Gamble<\/strong><\/h2>\n
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