Hudson’s Bay Store Leases: B.C. Billionaire Strikes Deal to Acquire Up to 28 Locations

Hudson’s Bay is moving forward with a major shift in its retail footprint. On May 23, 2025, the company announced a deal to sell up to 28 of its store leases to Weihong “Ruby” Liu, the billionaire founder of Central Walk and owner of several B.C. malls. This agreement could reshape the future of department store shopping across British Columbia, Alberta, and Ontario.

Who Is Ruby Liu?

Weihong Liu is a Chinese-Canadian entrepreneur and real estate investor behind Central Walk, a company known for owning major malls like Tsawwassen Mills, Woodgrove Centre, and Mayfair Shopping Centre. Though she’s relatively unknown in much of Canada, Liu has become a visible figure in B.C.—thanks in part to her quirky and bold presence on social media, where she documents her retail ambitions in Mandarin.

Liu became a Canadian permanent resident in 2017 and made headlines after acquiring multiple mall properties. Her business track record includes selling a massive 1.5 million sq. ft. mall in Shenzhen for over $1.25 billion.

What’s in the Hudson’s Bay Deal?

Hudson’s Bay, which filed for creditor protection in March 2025, is in the process of liquidating its assets. The company currently leases 96 retail locations across high-traffic shopping zones in Canada.

Liu’s company, Central Walk, has entered an agreement to acquire 28 leases, but this is subject to court and landlord approvals. So far, the full list of locations hasn’t been disclosed, but at least three of the targeted properties are in malls Liu already owns.

Twelve bidders were involved in the process, including major names like Canadian Tire. That retailer recently paid $30 million to acquire Hudson’s Bay’s intellectual property—including its iconic stripe design and name. Liu, who also bid on those rights, lost out but says she will move forward with her own branding under “The New Bay”.

What Will “The New Bay” Look Like?

Liu has big plans for the stores. She wants to launch a “new modern department store” brand focused on multi-generational appeal, interactive experiences, and community-friendly spaces. She has even teased a pink jewel-themed logo that plays on her name, Ruby.

Her proposal includes:

• Rehiring former Hudson’s Bay employees
• Giving priority to past Bay vendors and suppliers
• Creating experiential destinations within the malls

Liu’s approach is bold and unconventional. In recent videos shared on RedNote (a Chinese social platform), she was seen signing agreements and celebrating with champagne. She’s betting on energy, entertainment, and reinvention to fill the retail gap that Hudson’s Bay leaves behind.

What’s Next?

Despite her confidence, Liu still faces hurdles. Landlords must approve the transfer of leases and may impose strict terms. Some landlords—like Cadillac Fairview, Ivanhoe Cambridge, and Jones Lang LaSalle—have yet to weigh in publicly. There’s also the question of how closely Liu’s “New Bay” branding can echo Hudson’s Bay without infringing on Canadian Tire’s new ownership.

Still, retail analysts say she’s on the right track. Craig Patterson, a Canadian retail expert, noted how Liu successfully turned Tsawwassen Mills into a bustling retail hub with entertainment experiences, after years of poor performance.

A Glimpse of Retail’s Future?

With department stores struggling nationwide, Liu’s bid for Hudson’s Bay store leases is a rare show of confidence in the sector. Whether “The New Bay” will thrive remains to be seen, but Liu’s bold, fast-moving strategy signals a desire to rebuild—not retreat—from Canadian retail.

What do you think—can “The New Bay” revive the traditional department store model, or is retail moving in a different direction?

More…

• https://www.theglobeandmail.com/business/article-hudsons-bay-finds-buyer-for-up-to-28-store-leases
• https://vancouversun.com/news/bc-billionaire-mall-owner-seeks-hudsons-bay-leases
• https://www.ctvnews.ca/vancouver/article/hudsons-bay-reaches-deal-to-sell-up-to-28-leases-to-bc-mall-owner 
• https://www.overheretoronto.com/canadian-tire-to-take-over-hudsons-bay-stripes-logos-brands