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Hudson's Bay announces sale of up to 28 stores to B.C. mall billionaire
Hudson's Bay announces sale of up to 28 stores to B.C. mall billionaire

Toronto Sun

time24-05-2025

  • Entertainment
  • Toronto Sun

Hudson's Bay announces sale of up to 28 stores to B.C. mall billionaire

Ruby Liu is the founder of Central Walk and has been capturing attention for her quirky social media posts about wanting to transform the assets of Hudson's Bay. Weihong Liu holds up a sign of a potential new logo for her "new modern department store" concept. Photo by Richard Lam / PNG On a recent weekend in Metro Vancouver, shoppers, spectators and stage parents flocked to Tsawwassen Mills mall for a children's modelling contest. 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 Young competitors strutted down a makeshift runway for the chance to compete in the finals, held in Hangzhou, China, later this summer. From across the crowd, it was easy to spot Ruby Weihong Liu coming into the mall, despite the activity around the runway. Liu has frenetic, boss-lady energy, sweeping in and waving hello to influencers snapping photos, while others had no idea a reported billionaire entrepreneur had arrived. Liu is the founder of Central Walk, the B.C. real estate investment firm that bought Tsawwassen Mills in 2022, and has been capturing attention for her quirky Chinese-language social media posts about wanting to transform the assets of Canada's oldest retailer, Hudson's Bay. Weihong Liu (centre) walks through the Tsawwassen Mills Shopping Mall in Delta. Liu has bid to acquire Hudson's Bay stores in Canada. Photo by Richard Lam / PNG On Friday, Hudson's Bay said it plans to sell up to 28 of its store leases to Liu, who wants to launch 'a new modern department store.' This advertisement has not loaded yet, but your article continues below. Central Walk confirmed it has an agreement to acquire 28 store locations in B.C., Alberta and Ontario. That agreement is contingent on the approval of the court and applicable landlord consents. Hudson's Bay did not say how much money Liu has offered for the properties nor name all of the specific locations involved. However, it said three of the leases she wants are for properties in the B.C. malls she owns. Central Walk's bid was among those from 12 parties seeking to acquire a total of 39 leases. In mid-May, Liu's team invited Postmedia to cover the modelling event at Tsawwassen Mills. At the time, Liu's team warned she can't say much about their bidding process, but Liu made it no secret she plans to open a chain of more than 20 retail stores across Canada with locations in B.C., Alberta and Ontario. The Hudson's Bay leases, once finalized, could be the crown jewel in her retail empire. 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. On the day of the modelling contest, Liu shared with her social media followers and Postmedia a potential design for a logo for this business plan. The logo is a play on her English name, Ruby, and features a big, pink jewel at the top. The placeholder design is marked with her name inside the jewel and beneath that, 'A New Bay.' 'It's 'Ruby Liu: A New Bay,'' she explained, while giving quick instructions to her executives and staff, who followed her every move and helped with translation from Mandarin to English. In a release issued Friday, Liu's company said the new department stores will be focused on 'bridging the gap between generations, providing immersive shopping experiences and becoming a destination where all age groups thrive together.' This advertisement has not loaded yet, but your article continues below. Earlier this month, Canadian Tire Corp. Ltd. said it will buy the rights for using Hudson's Bay iconic stripe design, coat of arms, brand names and other intellectual property for $30 million. In making the announcement, Canadian Tire president and CEO Greg Hicks said in a statement that the two companies are 'among the nation's longest-standing companies with a combined Canadian heritage measured in centuries. Some things are just meant to stay Canadian and we are honoured to welcome many of HBC's leading brands.' Liu said Central Walk had also bid for Hudson's Bay intellectual property. 'We wanted to buy this as well. But Canadian Tire is a giant company with deep pockets and we are a smaller company. It's also the pride of Canada. They offered more money.' This advertisement has not loaded yet, but your article continues below. It could be seen as a setback, but Liu brushed it off. She didn't think there could be any legal issues with using the words 'The New Bay' to brand her retail stores and said that fresh approaches were key to engaging consumers where old methods have failed. Liu first started coming to B.C. in 2014 and became a Canadian permanent resident in 2017. In 2019 her company, in which she and her brother were sole private investors, sold a 1.5-million-square-foot mall in Shenzhen to a Hong Kong-based real estate investment trust for the equivalent of $1.25 billion. She bought Woodgrove Centre in Nanaimo in 2020, Mayfair Shopping Centre in Victoria in 2021, and Tsawwassen Mills in 2022. Craig Patterson, who writes extensively about Canadian retail and is a consultant, has been following as Central Walk burst onto the national scene with its bid for Hudson's Bay assets. This advertisement has not loaded yet, but your article continues below. He was visiting Tsawwassen Mills on the same day and noted how Central Walk has transformed it into a crowded, entertainment destination while several years ago it was showing paltry sales figures. 'I was really impressed. It's an experiential mall and it was packed,' said Patterson. However, he said some of the landlords at Hudson's Bay locations may want to keep properties for their own use, and that other bidders for the leases include Canadian Tire and major, well-known retailers. Weihong Liu, owner of Tsawwassen Mills. Photo by 56 Below TV Liu was born and grew up near the northern Chinese city of Harbin and moved to Shenzhen in the south as she slowly built various small businesses selling wholesale goods. In 1994, she started Yijing Investment Development Co. Ltd and then, a subsidiary, Yijing Central Walk in 2002, which bought the Shenzhen mall. This advertisement has not loaded yet, but your article continues below. In 2024, Postmedia published a story about a two-hour YouTube program by 56 Below TV, a small media operation, which included an interview where Liu was asked if she is a 'white glove' for rich investors, government officials or others in China who want to get their money out of the country and circumvent regulatory controls through seemingly legitimate business fronts. Liu denied this was the case, saying the claims are groundless and without proof. jlee-young@ With files from The Canadian Press Read More Other Sports Ontario Canada Editorial Cartoons Sunshine Girls

UPDATE: Hudsons' Bay announces sale of up to 28 stores to B.C. mall billionaire
UPDATE: Hudsons' Bay announces sale of up to 28 stores to B.C. mall billionaire

Edmonton Journal

time24-05-2025

  • Business
  • Edmonton Journal

UPDATE: Hudsons' Bay announces sale of up to 28 stores to B.C. mall billionaire

Article content Liu has frenetic, boss-lady energy, sweeping in and waving hello to influencers snapping photos, while others had no idea a reported billionaire entrepreneur had arrived. Liu is the founder of Central Walk, the B.C. real estate investment firm that bought Tsawwassen Mills in 2022, and has been capturing attention for her quirky Chinese-language social media posts about wanting to transform the assets of Canada's oldest retailer, Hudson's Bay. On Friday, Hudson's Bay said it plans to sell up to 28 of its store leases to Liu, who wants to launch 'a new modern department store.' Central Walk confirmed it has an agreement to acquire 28 store locations in B.C., Alberta and Ontario. That agreement is contingent on the approval of the court and applicable landlord consents. Hudson's Bay did not say how much money Liu has offered for the properties nor name all of the specific locations involved. However, it said three of the leases she wants are for properties in the B.C. malls she owns.

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