Latest news with #WeihongLiu
CBC
2 days ago
- Business
- CBC
Redesigning the Bay's old retail spaces will come with challenges and opportunities
Social Sharing When Hudson's Bay began liquidating all of its stores and hunting for a potential new owner, Weihong (Ruby) Liu was determined not to let Canada's oldest company disappear. The B.C. mall owner made an offer to buy the company in hopes of restoring it to its former glory, but when Canadian Tire was chosen (court approval pending) to buy its name and trademark stripes, Liu's plan was foiled. Yet she didn't give up. Instead, she brokered a deal to take over up to 28 of the leases held by Hudson's Bay and its sister Saks businesses in Alberta, B.C. and Ontario and transform them into "a new modern department store." But making the jump from vision to reality won't be easy, even with her persistence and the billions of dollars reportedly at her fingertips. WATCH | Liu set to buy Hudson's Bay leases: Billionaire mall owner looks to buy up to 28 Hudson's Bay leases 8 days ago Duration 6:59 "There is a lot of research, a lot of planning, a lot of capital, a lot of logistical challenges, inventory, branding and people that need to be figured out," said Jenna Jacobson, the Eaton Chair in Retailing at Toronto Metropolitan University. Because Hudson's Bay sold off its real estate years ago, Liu's first task once the liquidation sales end Sunday will be convincing the landlords who own the massive spaces to get on board with her plan or it's unlikely a court will rubber stamp it. Several landlords have told The Canadian Press they are awaiting more details before they decide what to do about Liu, who declined to comment for this story. Don Gregor, an executive vice-president at Aurora Realty Consultants not involved with the deal, suspects their approval will be hard to win. He reasons that landlords like to be in control and usually don't want to have tenants selected for them, especially tenants trying to pick up "trophy leases" that come with the kind of deep concessions only a business as storied as the Bay could extract. Many of those leases date back to the very inception of the malls or properties and would likely have been renting to the Bay at "well-below market [rates]," Gregor said. He also figures they have clauses restricting what other tenants could move in and what else could be built on the site. "(Landlords) would have loved if HBC had gone bankrupt and hadn't just fallen apart totally and they just get the space back because all the restrictions that anchor tenant held in that old lease would have gone away," he said. "Now, there's going to be a negotiation, like a dance between the two parties, where they have a little bit of give and take." Multiple malls in B.C. Liu will come to the table with plenty of business experience. She is said to have made billions through real estate developments in China before she headed to Canada. Once here, her Central Walk business bought British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre, as well as Arbutus Ridge Golf Course. The shopping centres feature plenty of Canadian mall staples along with rarities like Bass Pro Shops, L.L. Bean and even café kiosks powered by robot baristas. Gregor thinks Liu operates "very good malls" but will need a "wonder team of lawyers" to advance a deal as significant and complex as the Bay one. One thing she'll have going for her is that landlords don't like to leave big pieces of their properties in limbo, said J.C. Williams Group retail strategist Lisa Hutcheson. "In some ways, she makes it easier for them to not have to be worrying about how they're going to fill that large square footage," she said. WATCH | What led to the Bay's downfall: What went wrong with Hudson's Bay? 2 months ago Duration 5:49 If they approve of Liu, they will also have someone to shoulder repairs the Bay neglected to do, Hutcheson said. A handful of its stores temporarily closed last summer because of air conditioning troubles and even more have been plagued with broken escalators for years. Gregor estimates it would cost half a million dollars to repair the HVAC system at just one of the Bay's biggest locations. Elevator fixes or replacements could take a year, he said. And that's on top of the $100 to $150 per square foot he thinks will have to be spent — at minimum — to shape the spaces. "These stores are several hundred thousand square feet, and that takes a lot to reposition," Hutcheson agreed. She pointed out La Maison Simons is spending about 18 months transforming some former Nordstrom locations in Toronto. "And that's with a fully baked concept that they're going off of," she said. New retail concepts needed Liu will have to generate a new concept that can go head-to-head with long-established department stores like Simons and Holt Renfrew and the plethora of options online. That will likely mean brokering relationships with suppliers Hutcheson believes will be "a little bit nervous" because they are still reeling from millions in losses that came from the fall of the Bay. It will also mean hiring a large workforce that will devote themselves to an untested brand and then sell it to customers. Liu has promised to give suppliers and vendors who worked with Hudson's Bay priority when selecting partners for her new venture. She has also said she will prioritize hiring from the Bay's workforce, which stood at 9,364 staff before its demise. A Sunday post on LinkedIn from Central Walk CEO Linda Qin said Liu flew into Toronto on Saturday to interview 13 former Bay employees and hire 10, including some with 30 years of experience. "But between now and when I expect (Liu's) doors will open, will be a gap, and many of them will find jobs," Hutcheson said. WATCH | What's next for Vancouver's retail sector? The Bay's downfall raises questions for Vancouver's downtown retail sector 2 months ago Duration 2:11 Despite the battery of challenges Liu will have to overcome, Jacobson said the efforts could be worth it for both her and her customers. If Liu uses the opportunity to mirror the overseas department store model with new brands, supermarkets, restaurants, salons, entertainment and other digital experiences, Jacobson thinks Liu will "usher in a new form of retail" the Canadian market sorely needs. "If you look at the Chinese department stores, they often act like more of a destination in and of themselves than what we typically see in a Canadian or North American market," Jacobson said.
Toronto Star
2 days ago
- Business
- Toronto Star
Broken escalators and a declining market: Experts predict big challenges for Chinese billionaire in executing her ambitious plan for 28 Hudson's Bay leases
While the Canadian retail icon sold its intellectual property for $30 million to Canadian Tire, it entered an agreement with Weihong Liu, chairwoman of shopping mall owner and operator Central Walk, to reassign 28 Hudson's Bay leases for the launch of 'a new modern department store concept.'
Toronto Star
4 days ago
- Business
- Toronto Star
Q & A: Hudson's Bay is closing this Sunday. How did 355 years of retail history come to an end, and what's next?
A historic chapter is closing this Sunday, as Canadians prepare to say a final goodbye to Hudson's Bay — a company that has been at the heart of Canadian retail for centuries. At the same time, Canadian Tire's purchase of Hudson's Bay's intellectual property, along with B.C. billionaire Weihong Liu's bid for 28 store leases, offers a glimmer of hope amid the doom and gloom.
Time of India
7 days ago
- Business
- Time of India
Canada job loss: Hudson's Bay to lay off approximately 90% of its workforce as iconic retailer shuts down
Hudson's Bay, Canada's oldest retailer, is set to lay off approximately 90% of its workforce, or 8,347 employees, by Sunday, June 1, as it concludes its liquidation sale and shuts all stores. Founded in 1670, the retailer has been a staple in Canadian malls for 355 years. The layoffs come amid rising national unemployment, which hit 6.9 percent in April, the highest since November 2024, as US tariffs impact the export-dependent economy. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo Also Read: Hudson's Bay stores sold to Chinese investor, but Canada's famous brand moves to Canadian Tire An additional 899 employees are expected to be let go around June 15 when distribution centers close, while the final 118 staff will assist with winding up the company under Canada's Companies' Creditors Arrangement Act. Live Events Hudson's Bay filed for creditor protection under the CCAA in March, citing over $1.1 billion in debt. Despite efforts to restructure, the company initiated full liquidation after failing to secure necessary financing. As part of the liquidation, Hudson's Bay has entered into a definitive agreement to sell up to 28 retail leases across Ontario, Alberta, and British Columbia to Ruby Liu Commercial Investment Corp, a company indirectly controlled by entrepreneur Weihong Liu alias Ruby Liu. Liu plans to launch a new modern department store concept in Canada, though it will not carry the Hudson's Bay name or branding. Canadian Tire Corporation has acquired Hudson's Bay's intellectual property, including its iconic coat of arms and stripes, for $30 million. The retailer plans to integrate these assets across its retail empire, potentially reviving the brand in the future without continuing its brick-and-mortar presence. The closure of Hudson's Bay marks a significant moment in Canadian retail history , echoing the 2018 shutdown of Sears Canada, which resulted in around 12,000 job losses. The company's signature striped products have surged in value, reflecting public sentiment and nostalgia. Liquidation sales are ongoing, with discounts between 40 percent- 70 percent, and are expected to conclude by June 15. All locations are to be vacated by the end of June. The disappearance of Hudson's Bay from Canadian shopping centers raises questions about the future of department store retail in the country. As landlords weigh their next moves, interest from global and domestic players suggests the story of Hudson's Bay may not end entirely. For now, the fate of this storied brand rests with the Ontario courts, competing bidders, and the court-appointed monitor overseeing the process. A clearer picture of Hudson's Bay's future is expected to emerge by mid-June.
Toronto Sun
24-05-2025
- 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
