Ruby Liu Wins First Three Hudson’s Bay Leases, Sets Stage for Modern Department-Store Chain
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A Toronto judge has cleared B.C. real-estate billionaire Ruby Liu to take over Hudson’s Bay leases at Tsawwassen Mills, Mayfair Shopping Centre and Nanaimo’s Woodgrove Centre for $6 million. The deal hands Liu a trio of anchor spaces to launch her eponymous, “play-eat-shop” department stores—complete with kids’ zones and dining lounges—after the 355-year-old retailer shuttered all 80 Bay outlets under creditor protection this spring.
Liu has already put down a total deposit of $9.4 million toward a broader bid for 28 Bay and Saks leases worth about $100 million, but landlords for 25 of those sites are resisting, saying they’ve seen little detail about her plans. Cadillac Fairview, Oxford Properties and Primaris told the court the process has been “troubled,” signaling a coming battle before any additional assignments are approved.
Undeterred, Liu vowed to pour more than $30 million into refurbishing the first three stores and launched a public petition to rally support. “This isn’t a gamble,” she wrote in an open letter. “It’s about re-imagining retail and building a place where people reconnect in real life.” Whether the charm offensive sways skeptical landlords—or turns Hudson’s Bay’s demise into a fresh Canadian retail saga—will play out in the next round of court hearings.
