Latest news with #CadillacFairview
Globe and Mail
11 hours ago
- Business
- Globe and Mail
Ruby Liu lacks ‘foundational' experience to run former HBC stores, Cadillac Fairview CEO says
Landlords have yet to receive a 'meaningful business plan' from B.C. mall owner Weihong (Ruby) Liu, or any evidence that she has the experience necessary to run department stores in former Hudson's Bay spaces, the chief executive officer of one of Canada's largest commercial real estate companies says. Sal Iacono, the head of Cadillac Fairview, said in a statement on Wednesday that information on Ms. Liu's plans for the spaces are still lacking, 'despite multiple requests.' Ms. Liu, the chairwoman of Nanaimo, B.C.-based real estate investment company Central Walk, received court approval Monday for a $6-million deal to acquire the leases of three former Bay stores in malls that she owns. But court records show that her plan to acquire up to 25 additional leases has faced significant opposition from landlords. Landlords for 23 former Hudson's Bay locations oppose plans for Ruby Liu department stores Last week, The Globe and Mail reported that the pushback followed meetings between Ms. Liu and landlords earlier this month, in which she was unable to provide details about how she will operate the stores, according to two sources with knowledge of those meetings. In his statement, Mr. Iacono confirmed that was the case for Cadillac Fairview. 'Our sole meeting was brief, as she was unprepared to discuss her plans or present a business plan,' he wrote. 'We have not received any evidence of retail management expertise, established supplier relationships, logistical/e-commerce capabilities, or robust and realistic financial projections — elements that are foundational for even a single retail store, let alone 28 stores of this size.' In the days after those meetings, Ms. Liu sent a letter to landlords laying out further details of her plan, including a commitment to set aside more than $300-million to fund the operations of the business, according to a third source who has a copy of the document. The Globe and Mail is not naming the source because they were not authorized to discuss the confidential matter. The letter describes contact between Ms. Liu's team and more than 50 existing Hudson's Bay suppliers, who had expressed willingness to work with her, the source said. It also outlines plans to hire 2,500 to 3,000 employees and to hire executives with retail experience. It also specifies that Ms. Liu's team had already received more than 500 résumés from former Bay store employees. It also provides a financial forecast that predicts those stores would begin to turn a modest profit starting in 2026. In his statement, Mr. Iacono said the financial projections were not realistic. 'Drawing from our decades of extensive experience owning and managing the most prominent shopping centers across Canada, we believe that her claims of enabling retail jobs in Canada – a goal that CF supports – would be much better served if CF and the other professional landlords could proceed with securing established retailers with proven track records to occupy these former HBC boxes,' he said. 'This approach would provide real retail careers in firms that offer stable employment with proper training, benefits, and career progression in a professional retail environment.' Hudson's Bay was granted court protection from its creditors on March 7, as the company faltered under $1.1-billion in debt and faced mounting losses. Canada's oldest retailer has since closed all of its stores across the country. Ms. Liu has bid on the leases under a court-supervised sale process intended to generate funds to repay some of Hudson's Bay's lenders. Hudson's Bay granted creditor protection to restructure its business In an interview on Monday, Ms. Liu accused the landlords who oppose her of attempting to wait out that process, in hopes that they would be able to take back their spaces without paying for them. Department stores traditionally acted as anchor tenants, drawing foot traffic to malls. In return, those types of tenants negotiated leases with valuable conditions, including below-market rents and rights to approve any developments elsewhere in the malls. Some landlords may want to take those leases back, in order to redevelop the spaces and choose new tenants that would be a draw for shoppers and would be likely to succeed, paying higher rents over a number of years. The three HBC leases Ms. Liu has received court approval to acquire are located in the Mayfair Shopping Centre in Victoria, Tsawwassen Mills in Tsawwassen, just south of Vancouver, and the Woodgrove Centre in Nanaimo. In those and other spaces she may take over, Ms. Liu has told landlords that she plans to open a chain of department stores called Ruby Liu. The stores would offer a mix of fashion and jewellery products, dining spaces and would host events. Ms. Liu has made a $9.4-million deposit on her bids for the other 25 leases, according to court documents. That suggests that she has offered up to $94-million for those leases, because the sale process required deposits of no less than 10 per cent of each bid. Landlords who represent 23 out of the 25 remaining leases wrote letters to Hudson's Bay's lawyers and the court monitor overseeing the process, expressing concerns about the deal. Hudson's Bay to change its name, landlords express 'concern' over lease deal Those letters declared that 'based on the information provided to date, those Landlords would not consent to the assignment of their Leases to the Potential Lease Purchaser and would oppose any potential future forced assignment' by the court, according to a report filed by the court monitor, Alvarez & Marsal Canada Inc., last week. After Monday's hearing in Toronto, Ms. Liu said she believes landlords will support her if she wins court approval. 'Since everybody is mature businessmen, when the right decision comes, they will support it,' Ms. Liu told reporters on Monday, speaking in Mandarin while Central Walk chief executive officer Linda Qin translated. She added that work has already begun to plan for the future of the Hudson's Bay spaces. 'We need innovation. We need new ideas. And we want to bring in new blood, new things,' she said. 'Without new things and creativity, the industry will go down, not go up.'
CTV News
15 hours ago
- Business
- CTV News
B.C. mall owner lays out plan for Bay leases. Landlords are unconvinced
Ruby Liu is shown leaving court in Toronto on Monday June 23, 2025. The eccentric B.C. billionaire looking to turn Hudson's Bay's old digs into her own retail empire left court Monday with the beginnings of her venture in hand — and a looming fight that could curtail her full ambitions. THE CANADIAN PRESS/Nathan Denette TORONTO — A B.C. billionaire hoping to launch a new department store chain in former Hudson's Bay and Saks Canada spaces estimates she can have at least 20 locations up and running within 180 days of signing leases, but landlords aren't on board with her plan. The timeline is one of many highlights in a package prepared by Ruby Liu's lawyers and obtained by The Canadian Press. It was sent in early June to landlords of 25 leases she wants to take over. Lawyers for several, including Cadillac Fairview, Oxford Properties and Primaris, told a judge on Monday they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' The 55-page package consists of a nine-page letter with several hallmarks of a business plan; it outlines everything from Liu's leadership experience to her hiring plans and is accompanied by a spreadsheet that offers prospective balance sheets and earnings forecasts. However, the bulk of the document is made up of prior court filings describing the general sales process for Bay leases, as well as a list of tenants at three malls Liu owns in British Columbia. Linda Qin, a spokesperson for Liu, did not refute the contents of the document. She said the team they're running is 'confident in our ability to successfully revitalize these retail spaces and fulfill our mission.' 'Since April, we have been actively advancing operational work at the store level and have made meaningful progress,' Qin wrote in an email. Liu maintains she has landlord support and is confident that if she gains approval to buy the leases, the opposing group will welcome her. Once she has the leases, she plans to develop a new department store she will name after herself and market with a scarlet jewel motif, a nod to her name. She has told The Canadian Press her retail stores would stock apparel, jewelry and makeup but also feature kids' play spaces, entertainment offerings, dining experiences and areas for cosplay — the practice of dressing up as fictional characters. However, it's unclear whether the Bay's leases allow for any uses other than a Bay-like department store and Liu's materials say she will take on the leases on an 'as is, where is' basis. 'Ms. Liu is not asking for lease-related concessions and will comply with lease terms,' her lawyer said in the letter. The document traces Liu's path from a high school student working in Harbin, China to an entrepreneur who opened and managed six restaurants in Shenzhen. By the time she had two kids, she had made the leap into real estate, where she co-developed a mall. In February 2019, it says the shopping centre was sold for $1.25 billion and she moved to B.C., where she bought and runs Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria and Tsawwassen Mills in Delta. On Monday, a court allowed her to purchase the three leases the Bay had in those properties for a total of $6 million. The letter Liu sent to other landlords shows she has budgeted $84 million to revamp properties covered by Bay leases she wants to obtain. In the Bay's final years, its stores gained a reputation for having broken escalators and malfunctioning air conditioning and sound systems. Another $96 million will be spent to ramp up inventory over the course of eight months. The document says Liu has met with more than 50 former Bay suppliers who are willing to sell or consign product to her. It does not name any of the suppliers. 'Based on our ongoing discussions, we foresee no issues with product availability,' Qin said. Yet Cadillac Fairview, one of the Bay's landlords, said it has not received any 'evidence of retail management expertise, established supplier relationships, logistical/ecomm capabilities, or robust and realistic financial projections — elements that are foundational for even a single retail store, let alone 28 stores of this size.' 'Our sole meeting was brief, as she was unprepared to discuss her plans or present a business plan,' CEO Sal Iacono said in a statement. Despite multiple requests, Liu has 'not provided a meaningful business plan or other requisite information to support her intentions,' he said. 'That is something that any prospective tenant would do.' The information Liu provided in the package shows she expects to lose $32.5 million for the balance of 2025, if she is able to obtain leases and open as planned. By 2026, she foresees a $31 million profit, followed by $35.5 million in earnings in 2027. Sales over those three years will reach $867 million, the plan says. To help her reach these forecasts, she expects to hire key execs and managers within 30 days of getting leases. Within 90 days, she says she will have hired thousands of staff and ordered inventory she forecasts will arrive by the 150-day mark. 'I really want her to succeed, but I just have too many questions,' said Elisha Ballantyne, a Toronto-based retail consultant. Ballantyne was part of the team that brought Target to Canada in 2013. Target's unsuccessful foray north of the border came after the U.S. retailer bought the leases of hundreds of Zellers outlets in 2011, when that banner began winding down. She recalls that Target, which eventually left the country in 2015, spent $10 million per property on renovations. Even with an experienced team and an existing supplier network to tap into, the supply chain was a challenge, as was hiring. The company started to bring on staff 15 months before opening. 'That was far too rushed and ran into so many problems, so how is she going to do this in six months?' Ballantyne questioned. Liu's letter says she has already reviewed more than 500 resumes from current and former Bay employees. At least 10 store-level managers, who have more than a decade of experience at the Bay, have committed to helping. The letter says Wayne Drummond, a former Bay president, has also been 'assisting with everything from securing suppliers and inventory to reviewing product mix.' Liu predicts she will need between 2,500 and 3,000 employees to open. While Cadillac Fairview said it supports her goal of creating retail jobs in Canada, they feel that ambition 'would be much better served if CF and the other professional landlords could proceed with securing established retailers with proven track records to occupy these former HBC boxes.' 'This approach would provide real retail careers in firms that offer stable employment with proper training, benefits, and career progression in a professional retail environment,' Iacono said. This report by Tara Deschamps, The Canadian Press was first published June 25, 2025.
Globe and Mail
17-06-2025
- Business
- Globe and Mail
Primaris REIT Announces $416 Million Acquisition of Lime Ridge Mall and Concurrent Secondary Offering of REIT Units
The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days through SEDAR+ TORONTO, June 16, 2025 /CNW/ - Primaris Real Estate Investment Trust ("Primaris" or the "REIT" or the "Trust") (TSX: announced today that it has agreed to acquire a 100% interest in Lime Ridge Mall ("Lime Ridge Mall") in Hamilton, Ontario from an entity managed by Cadillac Fairview (the "Vendor") for aggregate consideration of $416.0 million, to be satisfied by a combination of cash and equity, subject to certain conditions (the "Acquisition"). The Acquisition continues to build upon Primaris' track record of successfully executing on its well defined growth strategy focused on market leading shopping centres in growing Canadian markets.
Vancouver Sun
16-05-2025
- Entertainment
- Vancouver Sun
What's open and closed on May long weekend in Metro Vancouver
Victoria Day is traditionally the first great outdoorsy weekend of the year, the kickoff to camping season and a great time for that first road trip of the year. But with iffy weather in the forecast, perhaps you want to use the extra day off to get some things done indoors, like catching up on shopping or hitting the gym or pool. Monday, May 18, is a federal statutory holiday but that doesn't mean everything — or even most things — will be closed. Here's a roundup of what's open and closed in Metro Vancouver over the 2025 May long weekend. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Malls and big box stores are usually busy on Victoria Day weekend, and most are open on either regular or Sunday hours. Cadillac Fairview's flagship Pacific Centre in Vancouver and Richmond Centre will be open on usual Sunday hours on Monday, May 18, from 11 a.m. to 7 p.m., as are Metropolis at Metrotown in Burnaby and Park Royal in West Vancouver. McArthurGlen outlet near YVR is operating on regular hours from 10 a.m. to 9 p.m. Most big grocery chains are open, such as Walmart, Real Canadian Superstore, Save-On-Foods and Safeway. But Costco warehouse outlets are closed on Monday. Most attractions around Vancouver and region are open and operating as normal, including the Vancouver Art Gallery, Science World and the Vancouver Aquarium. City-operated attractions in Vancouver like the VanDusen Botanical Garden (9 a.m. to 6 p.m.) and the Bloedel Conservatory (10 a.m. to 7 p.m.) are keeping regular hours, as are the Museum of Anthropology at UBC (10 a.m. to 5 p.m.) and Capilano Suspension Bridge Park in North Vancouver (8:30 a.m. to 8 p.m.). For more ideas about things to do, see our event listings for the May long weekend. About half of Vancouver community centres are open on Victoria Day Monday. Among those that will be operating are False Creek, Hastings, Kerrisdale, Mount Pleasant, Roundhouse, Strathcona, Sunset and Trout Lake. Fitness centres are a similar mix, with many offering gym time but some closed for the day. People looking for some exercise have lots of other city-run options. Most pools are open on Monday, though a few have reduced hours, while ice rinks and public golf courses — Fraserview, Langara and McCleery — are up and running. For information on hours at any of the above, go to . Vancouver libraries are all closed on Victoria Day Monday except the Carnegie branch on Main Street, which does not close for holidays. Buses, SkyTrain and SeaBus will run on a holiday schedule Monday with single-zone fares across the system. The West Coast Express commuter train is not operating. TransLink customer service centres and lost property offices are closed. Federal government offices like Passport Canada and Service Canada will be closed on Monday, reopening Tuesday. Canada Post is also shuttered on Monday, with no collection or mail delivery. Post offices operated by third parties may, however, choose to open. ICBC locations are closed on Monday. Vancouver City Hall is closed Monday and will reopen on Tuesday. Most government B.C. Liquor locations will be open on Sunday hours on Victoria Day. Check for hours at the location near you. Banks will be closed on Monday. jruttle@
