Hudson’s Bay Leases Sold to Ruby Liu for New Department Store Concept Amid Liquidation

THE WHAT? Hudson’s Bay has signed a definitive agreement to sell up to 28 store leases across Ontario, Alberta, and British Columbia to Ruby Liu Commercial Investment Corp., led by Chinese billionaire Ruby Liu, known for her commercial real estate ventures in Asia and Canada.

THE DETAILS As Hudson’s Bay undergoes full liquidation following its CCAA creditor protection filing and over CA$1.1 billion in debt, Liu is set to introduce a new department store model in Canada — though she cannot use the Hudson’s Bay name, which was recently acquired by Canadian Tire Corp. for CA$30 million. Liu’s portfolio already includes prominent Canadian malls like Mayfair Shopping Centre and Tsawwassen Mills, where some of the acquired leases are located. The transaction, determined to be in the best interest of Hudson’s Bay’s creditors through a court-led bidding process, still requires court and landlord approvals.

THE WHY?  This acquisition represents Liu’s ambitious push to reshape Canada’s retail landscape with experiential shopping concepts, filling the gap left by Hudson’s Bay’s collapse. For the beauty and personal care sector, the shift signals potential new retail spaces for luxury and mass-market cosmetics brands, as well as opportunities for salon and spa services within Liu’s modernized department store vision.

Source: WWD

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