Hudson's Bay reaches deal to sell up to 28 leases to B.C. mall owner

Ruby Liu, a British Columbia mall owner, has struck a deal to acquire up to 28 former Hudson’s Bay store leases, securing her first three sites this week. Ontario’s Superior Court approved her takeover of leases at Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre for about $6 million total. This move is part of a broader effort to revive parts of the iconic Canadian retailer’s footprint after its liquidation.

Liu, a Chinese-born billionaire and founder of Ruby Liu Commercial Investment Corporation, plans to transform these locations into a chain of department stores bearing her own name. She envisions spaces featuring cosmetics, jewelry, apparel, children’s play zones, eateries, and even entertainment spots. Her ambition is clear: rebuild the retail environment with a fresh, family-friendly twist.

Although landlords of the three malls she owns supported her proposal, owners of the remaining 25 targeted leases in B.C., Alberta, and Ontario have formally opposed the plan. They cited concerns around her business plan, financial strength, and lack of retail experience. Court filings allege that 23 out of 25 landlords have registered objections. Ruby Liu’s team disputes these claims and argues that more landlords are backing her.

In court, her legal counsel highlighted the value she brings—pointing to her $9.4 million deposit and plans to spend over $30 million renovating the three approved sites. The total potential purchase, including all 28 leases, could reach around $100 million if officer approval is obtained. This kind of deep investment contrasts with more speculative takeover bids and sends a strong message of commitment.

Liu’s legal team and supporters have launched public outreach efforts—collecting petitions and issuing open letters to highlight community support. Liu herself stressed that her venture isn’t just about profit. She framed it as a way to build “something meaningful,” enrich public spaces, and contribute back to the country that embraced her.

This deal marks a turning point for Hudson’s Bay’s liquidation under Canada’s Companies’ Creditors Arrangement Act. After closing all 80 Bay stores and multiple Saks locations on June 1, the retailer’s intellectual property sold to Canadian Tire for $30 million. With some leases now headed to Ruby Liu and others likely reverting to landlords, it signals the end of an era—and perhaps the start of something new in Canadian retail.