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Globe and Mail
10-08-2025
- Business
- Globe and Mail
Landlords say Ruby Liu's plan to take over 25 Hudson's Bay properties ‘defies commercial common sense'
Several of Canada's most prominent real estate companies are slamming an attempt from a B.C. billionaire to take over 25 former Hudson's Bay leases, saying her plan for their spaces 'defies commercial common sense' and is 'entirely unrealistic.' The landlords, including Cadillac Fairview, Oxford Properties, Ivanhoé Cambridge, KingSett Capital Inc., Morguard Investments Ltd. and Primaris Real Estate Investment Trust, made filings Saturday that ask the Ontario Superior Court to stop Weihong (Ruby) Liu from moving in. Most said they are opposed to Ms. Liu becoming a tenant because she has no detailed or credible business plan and despite owning three B.C. shopping centres, lacks the experience or staff she'd need to successfully operate a retailer out of the Bay's former digs. Her business is 'an empty shell without any guarantee of financial means beyond Ms. Liu's bare assertion that she will keep it afloat,' said Rory MacLeod, Cadillac Fairview's executive vice-president of operations, in an affidavit. 'All of the indications are that [her company] will run out of money before the first store opens.' His affidavit and a slew from other retail executives up the ante in a battle that has been festering between Ms. Liu and landlords since the Bay announced in May that it had chosen her to buy 28 of its leases. The first three got court approval and were transferred in short order because they were at Ms. Liu's three malls. HBC pushes for court approval for plan to sell 25 store leases to B.C. billionaire The remaining 25, however, have been much more fraught. Those leases cover some of the country's most prized retail space and came with cheaper rent and very attractive terms for the Bay, which filed for creditor protection under the weight of tremendous debt in March. For example, the Bay paid $1.3-million in annual rent for 152,420 square feet at Fairview Mall in Toronto, court documents show, which is a fraction of what non-anchor tenants would pay for the same space. Unable to get most landlords onside with a lease transfer, the Bay asked a court at the end of July to force property owners to accept Ms. Liu as a tenant. Ms. Liu and the Bay have until next Tuesday to respond to its landlords' allegations. A judge will hear the matter at the end of the month. Ms. Liu has said she wants to turn the Bay stores she is hoping to buy into her own department store named after herself. She has repeatedly told The Canadian Press her stores will not just offer retail space but also dining, entertainment, kids play and recreation areas. Mr. MacLeod says she's also talked of outfitting Bay spaces with grocery stores, educational centres, senior's facilities, robotics and musical performances. Cadillac Fairview says leases at the six malls she wants from the company – Fairview Mall, Sherway Gardens, Masonville Place and Markville in Ontario, Market Mall and Chinook Centre in Alberta and Richmond Centre in B.C. – don't allow for anything other than a department store to be operated there. 'Despite her private assurances that she intends to respect the lease terms, Ms. Liu has consistently presented a different idea to the public, one that would not be compatible with the leases,' Mr. MacLeod said. First Nations groups raise questions about lack of consultation before sale of 1670 Hudson's Bay Company charter When Oxford met with Ms. Liu, it got the impression her goal is to run her own mall within anchor tenant spaces and felt she has ambitions that stretch well beyond what is permitted in the Bay's leases. Nadia Corrado, a vice-president with Oxford, alleged in an affidavit that Ms. Liu criticized the food court at Hillcrest Mall, north of Toronto, and shared a vision for including Asian fine dining, 'when the food court forms part of the shopping centre owned by Oxford – and not part of the HBC premises she is seeking to take an assignment of.' Affidavits from landlord executives also raised concerns with the timelines and budget in her business plan. Ms. Liu has said she will be ready to open at least 20 stores within 180 days of obtaining leases and will spend $120-million on 'overdue' repairs to roofs, HVAC systems, washrooms, elevators and escalators and $135-million on initial inventory. Cadillac Fairview says her proposed timeline is 'entirely unrealistic' for a new brand, let alone an established one, and her plan is underfunded based on the high number of repairs properties need and expensive terms suppliers will require her to agree to. Mr. MacLeod estimates the stores will need more than $15.8-million in repairs before the end of 2026 to bring the leases into good standing. By 2027, Ms. Liu will need to spend another $5.7-million on repairs, not including taxes, permits or fees for expedited labour. Over the next 10 years, he estimates Ms. Liu will be required to spend at least $43.1-million on the Cadillac Fairview leases alone. Ruby Liu lacks 'foundational' experience to run former HBC stores, Cadillac Fairview CEO says Ms. Corrado from Oxford said Ms. Liu's $8-million budget for renovations at Southcentre Mall in Calgary was also insufficient. She alleged Ms. Liu was surprised she'd be responsible for exterior or structural parts of the leased spaces, like the roof, and said Ms. Liu indicated her proposed budget did not account for such costs. Even if her budget for renovations changes, landlords have concerns about whether she can secure inventory. Though Ms. Liu maintains companies are willing to supply her with inventory, a KingSett Capital affidavit said evidence she's filed in court mostly amounts to letters from merchants saying they have capacity to support her stores, rather than committing to a relationship. The landlords also took issue with her staffing estimations, which show she will need 1,800 employees to carry out her plan. If all 1,800 are sales staff that would only leave 64 people on the floor of each of her 28 stores. Mr. Macleod from Cadillac Fairview said such staffing levels are 'inadequate to support a countrywide chain' and 'inconsistent with a retail location even a fraction of that size.' 'With my decades of experience in commercial real estate, it is apparent to me and Cadillac Fairview that [Ms. Liu] will fail and again leave these stores vacant,' he said. Ruby Paola, a managing director with landlord Ivanhoe Cambridge's parent company, also agreed Ms. Liu is 'most likely to fail' because her retailer is 'uncertain, untested and unknown.' If that happens, it will 'negatively impact the mall for many, many years to come and will likely far exceed the costs to be expended by Ivanhoe in redeveloping the space.'
CBC
10-08-2025
- Business
- CBC
Landlords say Ruby Liu's plan for Bay properties 'defies commercial common sense'
Several of Canada's most prominent real estate companies are slamming an attempt from a B.C. billionaire to take over 25 former Hudson's Bay leases, saying her plan for their spaces "defies commercial common sense" and is "entirely unrealistic." The landlords, including Cadillac Fairview, Oxford Properties, Ivanhoe Cambridge, KingSett Capital Inc., Morguard Investments Ltd. and Primaris Real Estate Investment Trust, made filings Saturday that ask the Ontario Superior Court to stop Liu from moving in. Most said they are opposed to Liu becoming a tenant because she has no detailed or credible business plan and despite owning three B.C. shopping centres, lacks the experience or staff she'd need to successfully operate a retailer out of the Bay's former digs. Her business is "an empty shell without any guarantee of financial means beyond Ms. Liu's bare assertion that she will keep it afloat," said Rory MacLeod, Cadillac Fairview's executive vice-president of operations, in an affidavit. "All of the indications are that (her company) will run out of money before the first store opens." WATCH | Liu shares her plans for former Hudson's Bay stores: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 1 month ago His affidavit and a slew from other retail executives up the ante in a battle that has been festering between Liu and landlords since the Bay announced in May that it had chosen her to buy 28 of its leases. The first three got court approval and were transferred in short order because they were at Liu's three malls. The remaining 25, however, have been much more fraught. Those leases cover some of the country's most prized retail space and came with cheaper rent and very attractive terms for the Bay, which filed for creditor protection under the weight of tremendous debt in March. For example, the Bay paid $1.3 million in annual rent for 152,420 square feet at Fairview Mall in Toronto, court documents show, which is a fraction of what non-anchor tenants would pay. Unable to get most landlords onside with a lease transfer, the Bay asked a court at the end of July to force property owners to accept Liu as a tenant. Liu and the Bay have until next Tuesday to respond to Cadillac Fairview's allegations. A judge will hear the matter at the end of the month. Liu has said she wants to turn the Bay stores she is hoping to buy into her own department store named after herself. She has repeatedly told The Canadian Press and CBC News her stores will not just offer retail space but also dining, entertainment, kids play and recreation areas. MacLeod says she's also talked of outfitting Bay spaces with grocery stores, educational centres, senior's facilities, robotics and musical performances. WATCH | Vancouverites share their thoughts on Hudson's Bay departure: On June 1, the storied Hudson's Bay department store at the intersection of Georgia and Granville streets in downtown Vancouver will be shuttered. CBC News spoke to people in downtown Vancouver who said there will now be a void in the city's retail fabric. Cadillac Fairview says leases at the six malls she wants from the company — Fairview Mall, Sherway Gardens, Masonville Place and Markville in Ontario, Market Mall and Chinook Centre in Alberta and Richmond Centre in B.C. — don't allow for anything other than a department store to be operated there. "Despite her private assurances that she intends to respect the lease terms, Ms. Liu has consistently presented a different idea to the public, one that would not be compatible with the leases," MacLeod said. When Oxford Properties met with Liu, it got the impression her goal is to run her own mall within anchor tenant spaces and felt she has ambitions that stretch well beyond what is permitted in the Bay's leases. Nadia Corrado, a vice-president with Oxford, alleged in an affidavit that Liu criticized the food court at Hillcrest Mall, north of Toronto, and shared a vision for including Asian fine dining, "when the food court forms part of the shopping centre owned by Oxford – and not part of the HBC premises she is seeking to take an assignment of." Concern over timelines and budgets Affidavits from landlord executives also raised concerns with the timelines and budget in her business plan. Liu has said she will be ready to open at least 20 stores within 180 days of obtaining leases and will spend $120 million on "overdue" repairs to roofs, HVAC systems, washrooms, elevators and escalators and $135 million on initial inventory. Cadillac Fairview says her proposed timeline is "entirely unrealistic" for a new brand, let alone an established one, and her plan is underfunded based on the high number of repairs properties need and expensive terms suppliers will require her to agree to. MacLeod estimates the stores will need more than $15.8 million in repairs before the end of 2026 to bring the leases into good standing. By 2027, Liu will need to spend another $5.7 million on repairs, not including taxes, permits or fees for expedited labour. Over the next 10 years, he estimates Liu will be required to spend at least $43.1 million on the Cadillac Fairview leases alone. Corrado from Oxford said Liu's $8-million budget for renovations at Southcentre Mall in Calgary was also insufficient. She alleged Liu was surprised she'd be responsible for exterior or structural parts of the leased spaces, like the roof, and said Liu indicated her proposed budget did not account for such costs. Even if her budget for renovations changes, landlords have concerns about whether she can secure inventory. Though Liu maintains companies are willing to supply her with inventory, a KingSett Capital affidavit said evidence she's filed in court mostly amounts to letters from merchants saying they have capacity to support her stores, rather than committing to a relationship. Staffing concerns The landlords also took issue with her staffing estimates, which show she will need 1,800 employees to carry out her plan. If all 1,800 are sales staff that would only leave 64 people on the floor of each of her 28 stores. Macleod said such staffing levels are "inadequate to support a countrywide chain" and "inconsistent with a retail location even a fraction of that size." "With my decades of experience in commercial real estate, it is apparent to me and Cadillac Fairview that (Liu) will fail and again leave these stores vacant," he said. Ruby Paola, a managing director with landlord Ivanhoe Cambridge's parent company, also agreed Liu is "most likely to fail" because her retailer is "uncertain, untested and unknown."
The Province
09-08-2025
- Business
- The Province
Landlord says Ruby Liu's plan for Bay properties 'defies commercial common sense'
Published Aug 09, 2025 • 3 minute read B.C. billionaire Ruby Liu and her bid to buy up to 25 Hudson's Bay leases was due to come under further scrutiny in court Tuesday — but the battle was waylaid when she showed up with no lawyer or materials to aid in making her case. Photo by Richard Lam / PNG TORONTO — Cadillac Fairview says a plan from a B.C. billionaire hoping to take over 25 former Hudson's Bay leases 'defies commercial common sense' and thus, she should not be allowed to move in. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors In filings made with the Ontario Superior Court on Saturday, Cadillac Fairview says it is 'resolutely opposed' to Liu becoming a tenant at some of its malls because she has no detailed or credible business plan. The mall owner also says Liu, who owns three B.C. shopping centres herself, has no brand, experienced staff or track record in retail. Her business is 'an empty shell without any guarantee of financial means beyond Ms. Liu's bare assertion that she will keep it afloat,' said Rory MacLeod, Cadillac Fairview's executive vice-president of operations, in an affidavit. 'All of the indications are that (her company) will run out of money before the first store opens.' MacLeod's affidavit ups the ante in a battle that has been festering between Liu and landlords since the Bay announced in May that it had chosen her to buy 28 of its leases. The first three got court approval and were transferred in short order because they were at Liu's three malls. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The remaining 25, however, have been much more fraught. Those leases cover some of the country's most prized retail space and came with cheaper rent and very attractive terms for the Bay, which filed for creditor protection under the weight of tremendous debt in March. For example, the Bay paid $1.3 million in annual rent for 152,420 square feet at Fairview Mall in Toronto, court documents show, which is a fraction of what non-anchor tenants would pay. Unable to get most landlords onside with a lease transfer, the Bay asked a court at the end of July to force property owners to accept Liu as a tenant. Liu and the Bay have until next Tuesday to respond to Cadillac Fairview's allegations. A judge will hear the matter at the end of the month. This advertisement has not loaded yet, but your article continues below. Liu has said she wants to turn the Bay stores she is hoping to buy into her own department store named after herself. She has repeatedly told The Canadian Press her stores will not just offer retail space but also dining, entertainment, kids play and recreation areas. MacLeod says she's also talked of outfitting Bay spaces with grocery stores, educational centres, senior's facilities, robotics and musical performances. Cadillac Fairview says leases at the six malls she wants from the company — Fairview Mall, Sherway Gardens, Masonville Place and Markville in Ontario, Market Mall and Chinook Centre in Alberta and Richmond Centre in B.C. — don't allow for anything other than a department store to be operated there. This advertisement has not loaded yet, but your article continues below. 'Despite her private assurances that she intends to respect the lease terms, Ms. Liu has consistently presented a different idea to the public, one that would not be compatible with the leases,' MacLeod said. His affidavit also raised concerns with the timelines and budget in her business plan. Liu has said she will be ready to open at least 20 stores within 180 days of obtaining leases and will spend $120 million on 'overdue' repairs to roofs, HVAC systems, washrooms, elevators and escalators and $135 million on initial inventory. Cadillac Fairview says her proposed timeline is 'entirely unrealistic' for a new brand, let alone an established one, and her plan is underfunded based on the high number of repairs properties need and expensive terms suppliers will require her to agree to. This advertisement has not loaded yet, but your article continues below. MacLeod estimates the stores will need more than $15.8 million in repairs before the end of 2026 to bring the leases into good standing. By 2027, Liu will need to spend another $5.7 million on repairs, not including taxes, permits or fees for expedited labour. Over the next 10 years, he estimates Liu will be required to spend at least $43.1 million on the Cadillac Fairview leases alone. He also took issue with her staffing estimations, which show she will need 1,800 employees to carry out her plan. If all 1,800 are sales staff that would only leave 64 people on the floor of each of her 28 stores. Macleod said such staffing levels are 'inadequate to support a countrywide chain' and 'inconsistent with a retail location even a fraction of that size.' 'With my decades of experience in commercial real estate, it is apparent to me and Cadillac Fairview that (Liu) will fail and again leave these stores vacant,' he said. Vancouver Whitecaps News News News Junior Hockey
CTV News
09-08-2025
- Business
- CTV News
Landlord says Ruby Liu's plan for Bay properties ‘defies commercial common sense'
Billionaire Ruby Liu tours a former Hudson's Bay-owned Saks Off 5th department store after a "handover ceremony" where she received the keys to the space at Tsawwassen Mills shopping mall that she owns, in Tsawwassen, B.C., on Thursday, June 26, 2025. THE CANADIAN PRESS/Darryl Dyck Cadillac Fairview says a plan from a B.C. billionaire hoping to take over 25 former Hudson's Bay leases 'defies commercial common sense' and thus, she should not be allowed to move in. In filings made with the Ontario Superior Court on Saturday, Cadillac Fairview says it is 'resolutely opposed' to Liu becoming a tenant at some of its malls because she has no detailed or credible business plan. The mall owner also says Liu, who owns three B.C. shopping centres herself, has no brand, experienced staff or track record in retail. Her business is 'an empty shell without any guarantee of financial means beyond Ms. Liu's bare assertion that she will keep it afloat,' said Rory MacLeod, Cadillac Fairview's executive vice-president of operations, in an affidavit. 'All of the indications are that (her company) will run out of money before the first store opens.' MacLeod's affidavit ups the ante in a battle that has been festering between Liu and landlords since the Bay announced in May that it had chosen her to buy 28 of its leases. The first three got court approval and were transferred in short order because they were at Liu's three malls. The remaining 25, however, have been much more fraught. Those leases cover some of the country's most prized retail space and came with cheaper rent and very attractive terms for the Bay, which filed for creditor protection under the weight of tremendous debt in March. For example, the Bay paid $1.3 million in annual rent for 152,420 square feet at Fairview Mall in Toronto, court documents show, which is a fraction of what non-anchor tenants would pay. Unable to get most landlords onside with a lease transfer, the Bay asked a court at the end of July to force property owners to accept Liu as a tenant. Liu and the Bay have until next Tuesday to respond to Cadillac Fairview's allegations. A judge will hear the matter at the end of the month. Liu has said she wants to turn the Bay stores she is hoping to buy into her own department store named after herself. She has repeatedly told The Canadian Press her stores will not just offer retail space but also dining, entertainment, kids play and recreation areas. MacLeod says she's also talked of outfitting Bay spaces with grocery stores, educational centres, senior's facilities, robotics and musical performances. Cadillac Fairview says leases at the six malls she wants from the company — Fairview Mall, Sherway Gardens, Masonville Place and Markville in Ontario, Market Mall and Chinook Centre in Alberta and Richmond Centre in B.C. — don't allow for anything other than a department store to be operated there. 'Despite her private assurances that she intends to respect the lease terms, Ms. Liu has consistently presented a different idea to the public, one that would not be compatible with the leases,' MacLeod said. His affidavit also raised concerns with the timelines and budget in her business plan. Liu has said she will be ready to open at least 20 stores within 180 days of obtaining leases and will spend $120 million on 'overdue' repairs to roofs, HVAC systems, washrooms, elevators and escalators and $135 million on initial inventory. Cadillac Fairview says her proposed timeline is 'entirely unrealistic' for a new brand, let alone an established one, and her plan is underfunded based on the high number of repairs properties need and expensive terms suppliers will require her to agree to. MacLeod estimates the stores will need more than $15.8 million in repairs before the end of 2026 to bring the leases into good standing. By 2027, Liu will need to spend another $5.7 million on repairs, not including taxes, permits or fees for expedited labour. Over the next 10 years, he estimates Liu will be required to spend at least $43.1 million on the Cadillac Fairview leases alone. He also took issue with her staffing estimations, which show she will need 1,800 employees to carry out her plan. If all 1,800 are sales staff that would only leave 64 people on the floor of each of her 28 stores. Macleod said such staffing levels are 'inadequate to support a countrywide chain' and 'inconsistent with a retail location even a fraction of that size.' 'With my decades of experience in commercial real estate, it is apparent to me and Cadillac Fairview that (Liu) will fail and again leave these stores vacant,' he said. This report by Tara Deschamps, The Canadian Press, was first published Aug. 9, 2025.
Toronto Sun
09-08-2025
- Business
- Toronto Sun
Landlord says Ruby Liu's plan for Bay properties 'defies commercial common sense'
Published Aug 09, 2025 • 3 minute read B.C. billionaire Ruby Liu and her bid to buy up to 25 Hudson's Bay leases was due to come under further scrutiny in court Tuesday — but the battle was waylaid when she showed up with no lawyer or materials to aid in making her case. Photo by Richard Lam / PNG TORONTO — Cadillac Fairview says a plan from a B.C. billionaire hoping to take over 25 former Hudson's Bay leases 'defies commercial common sense' and thus, she should not be allowed to move in. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account In filings made with the Ontario Superior Court on Saturday, Cadillac Fairview says it is 'resolutely opposed' to Liu becoming a tenant at some of its malls because she has no detailed or credible business plan. The mall owner also says Liu, who owns three B.C. shopping centres herself, has no brand, experienced staff or track record in retail. Her business is 'an empty shell without any guarantee of financial means beyond Ms. Liu's bare assertion that she will keep it afloat,' said Rory MacLeod, Cadillac Fairview's executive vice-president of operations, in an affidavit. 'All of the indications are that (her company) will run out of money before the first store opens.' MacLeod's affidavit ups the ante in a battle that has been festering between Liu and landlords since the Bay announced in May that it had chosen her to buy 28 of its leases. The first three got court approval and were transferred in short order because they were at Liu's three malls. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The remaining 25, however, have been much more fraught. Those leases cover some of the country's most prized retail space and came with cheaper rent and very attractive terms for the Bay, which filed for creditor protection under the weight of tremendous debt in March. For example, the Bay paid $1.3 million in annual rent for 152,420 square feet at Fairview Mall in Toronto, court documents show, which is a fraction of what non-anchor tenants would pay. Unable to get most landlords onside with a lease transfer, the Bay asked a court at the end of July to force property owners to accept Liu as a tenant. Liu and the Bay have until next Tuesday to respond to Cadillac Fairview's allegations. A judge will hear the matter at the end of the month. This advertisement has not loaded yet, but your article continues below. Liu has said she wants to turn the Bay stores she is hoping to buy into her own department store named after herself. She has repeatedly told The Canadian Press her stores will not just offer retail space but also dining, entertainment, kids play and recreation areas. MacLeod says she's also talked of outfitting Bay spaces with grocery stores, educational centres, senior's facilities, robotics and musical performances. Cadillac Fairview says leases at the six malls she wants from the company — Fairview Mall, Sherway Gardens, Masonville Place and Markville in Ontario, Market Mall and Chinook Centre in Alberta and Richmond Centre in B.C. — don't allow for anything other than a department store to be operated there. This advertisement has not loaded yet, but your article continues below. 'Despite her private assurances that she intends to respect the lease terms, Ms. Liu has consistently presented a different idea to the public, one that would not be compatible with the leases,' MacLeod said. His affidavit also raised concerns with the timelines and budget in her business plan. Liu has said she will be ready to open at least 20 stores within 180 days of obtaining leases and will spend $120 million on 'overdue' repairs to roofs, HVAC systems, washrooms, elevators and escalators and $135 million on initial inventory. Cadillac Fairview says her proposed timeline is 'entirely unrealistic' for a new brand, let alone an established one, and her plan is underfunded based on the high number of repairs properties need and expensive terms suppliers will require her to agree to. This advertisement has not loaded yet, but your article continues below. MacLeod estimates the stores will need more than $15.8 million in repairs before the end of 2026 to bring the leases into good standing. By 2027, Liu will need to spend another $5.7 million on repairs, not including taxes, permits or fees for expedited labour. Over the next 10 years, he estimates Liu will be required to spend at least $43.1 million on the Cadillac Fairview leases alone. He also took issue with her staffing estimations, which show she will need 1,800 employees to carry out her plan. If all 1,800 are sales staff that would only leave 64 people on the floor of each of her 28 stores. Macleod said such staffing levels are 'inadequate to support a countrywide chain' and 'inconsistent with a retail location even a fraction of that size.' 'With my decades of experience in commercial real estate, it is apparent to me and Cadillac Fairview that (Liu) will fail and again leave these stores vacant,' he said. Columnists Toronto & GTA Toronto Blue Jays World Editorials
