Mall developer in Canada acquires over two dozen leases previously held by Hudson's Bay.
Canadian Billionaire's New Department Store Venture Set to Reshape Retail Landscape
Canadian entrepreneur Ruby Liu, the chairwoman of mall developer Central Walk, is poised to acquire up to 28 leases from a restructuring Hudson's Bay Company. The transaction, subject to court approval, aims to kickstart a fresh modern department store concept in Canada.
In a move to restructure under Canada's bankruptcy laws, Hudson's Bay Company has entered into a definitive agreement with Ruby Liu Commercial Investment Corp, controlled by Liu. The leases, predominantly located in Ontario, Alberta, and British Columbia, are set to become part of the new venture.
Liu, whose company specializes in developing commercial real estate in Asia and Canada, is no stranger to the retail sector. Central Walk already manages notable properties such as Mayfair Shopping Centre in Victoria, and two malls - Tsawwassen Mills Outlet Shopping Mall and Woodgrove Centre - in British Columbia. These malls have made a name for themselves by emphasizing experiential events and attractions.
Central Walk is an existing landlord at three Hudson's Bay leased locations in British Columbia included in the deal. The financial details of the transaction remain undisclosed. Both Central Walk and Liu are yet to comment on the acquisition.
Hudson's Bay, with roots tracing back to the 17th century fur trade, filed for creditor protection in March with plans for liquidation. In a recent turn of events, Canadian Tire Corporation acquired several Hudson's Bay leases and its intellectual property for over $21 million. It remains unclear whether Liu intends to use the Hudson’s Bay branding for her new venture.
Major U.S. mall developers Simon Property Group and Brookfield have ventured into distressed retailers, most notably J.C. Penney, highlighting a trend in the industry. However, the struggling department store chain continues to post losses.
Liu's acquisition of Hudson's Bay leases could mark a significant shift in brick-and-mortar retail, potentially filling the void left by the closure of major department stores such as Nordstrom and Hudson's Bay. The new concept aims to create a multicultural, experiential retail environment, promising to reshape Canada's retail landscape. Liu has also pledged support for former Hudson’s Bay employees and suppliers, prioritizing them for employment opportunities and vendor partnerships.
- Ruby Liu, with expertise in business and finance from herreal-estate development company focused on Asia and Canada, is planning to invest in the trade sector by leveraging up to 28 leases from Hudson's Bay Company, aiming to revolutionize department store business models.
- The acquisition of predominantly Ontario, Alberta, and British Columbia leases by Ruby Liu Commercial Investment Corp, under the guidance of chairwoman Liu, is set to expand her business empire, which currently manages several malls promoting experiential events.
- With the intention to create a multicultural, experiential retail environment, Liu's new venture, which could potentially utilize the Hudson's Bay branding, promises to redefine Canada's retail landscape by filling the gap left by the closure of major department stores like Nordstrom and Hudson's Bay.
