In a significant development for Canada’s struggling retail landscape, Ruby Liu — a billionaire entrepreneur from British Columbia — has finalized a deal to acquire up to 28 Hudson’s Bay Company (HBC) department store leases across three provinces. This comes amid the dramatic and public unraveling of the 355-year-old Canadian institution, long regarded as a pillar of national commerce.
The stores span British Columbia, Alberta, and Ontario, and will be reimagined under Liu’s company, Central Walk Canada Group, into modern, multi-generational retail hubs.
Table of Contents
Who Is Ruby Liu and What Is Central Walk?
Ruby Liu, also known as Weihong Liu, is the founder and chairwoman of Central Walk Canada. Since moving to British Columbia in 2014, Liu has made major real estate investments, including the Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria, and Tsawwassen Mills near Vancouver.
Her company, originally founded in China in 1994, specializes in large-scale commercial property development. In recent years, Liu has shifted her attention to Canada, aiming to reshape the traditional shopping experience by infusing it with community-driven, immersive elements.
What Will Happen to the 28 Hudson’s Bay Locations?
While a full list of the targeted stores hasn’t been released, Liu promises sweeping changes. The sites will not retain the Hudson’s Bay name, which has now been sold to Canadian Tire for $30 million. Instead, the locations will be relaunched as next-generation department stores with an emphasis on:
- Intergenerational community building
- Active lifestyle promotion
- Immersive shopping and entertainment
- Youth empowerment and engagement
“We believe every Canadian family deserves a brighter future,” said Liu in a statement. “Together, we can build a more vibrant, caring, and forward-thinking multiculturalist community.”
The reimagined stores aim to serve as more than just places to shop — they will be destinations where Canadians of all ages can gather, interact, and thrive.
A Retail Renaissance Amid Hudson’s Bay Collapse
Earlier this spring, signs of Hudson’s Bay’s impending collapse became evident. By May 1, dozens of interested parties had submitted bids for the company’s assets, though only 29 store leases attracted qualified offers — with 62 others left untouched. Several locations received overlapping bids, underscoring competitive interest in the brand’s prime real estate.
Liu’s successful bid includes a commitment to rehire former Hudson’s Bay employees and continue partnerships with existing suppliers and vendors. While this may offer stability to those impacted by the closures, it is important to note that all plans remain subject to landlord consent, court approval, and various contractual conditions.
What Happens to Hudson’s Bay’s Flagship Stores?
It remains unclear whether Central Walk’s acquisition includes Hudson’s Bay’s iconic flagship stores in downtown Vancouver, Calgary, and Toronto. These sites hold immense cultural and historic value, and their future — like much of Hudson’s Bay’s sprawling property portfolio — is still being sorted out under the Companies’ Creditors Arrangement Act (CCAA) proceedings.
Central Walk’s Canadian Vision: More Than Retail
Liu’s Central Walk has already begun reshaping Canadian malls. At Tsawwassen Mills, the company has focused on expanding dining and entertainment experiences with strong Asian cultural influences, reflective of Liu’s heritage. Similar enhancements are planned for the new department store locations.
At the Mayfair Shopping Centre, Central Walk is preparing high-density mixed-use redevelopment plans. However, the company recently listed Woodgrove Centre for sale, signaling a possible consolidation of focus and resources toward the more transformative opportunities presented by the Hudson’s Bay acquisitions.
Challenges Ahead: Deferred Maintenance and Long-Term Leases
Revamping the old Hudson’s Bay locations won’t be simple. Many of the stores suffer from years of deferred maintenance, and some lease agreements are complex and long-term, requiring careful negotiation and potentially massive renovation investments.
One example: the now-closed Hudson’s Bay at Oakridge Centre in Vancouver. After a lease buyout in 2018 worth $172.5 million, plans for a return to the redeveloped Oakridge Park were later abandoned in late 2024, foreshadowing the retailer’s downfall.
What’s Next for Hudson’s Bay and Canadian Retail?
By early June 2025, Hudson’s Bay will permanently close all remaining stores, concluding over three and a half centuries of retail history in Canada. Just two weeks later, the company will vacate all physical retail spaces.
Liu’s Central Walk Group steps in at a pivotal moment. As traditional department stores fade, her model suggests a future where retail becomes experience-driven, blending commerce, community, and culture into a cohesive whole.
Final Thoughts: A Retail Revival with Roots in Community
Ruby Liu’s acquisition of 28 Hudson’s Bay leases marks more than a real estate transaction — it’s a bold retail experiment. Can modern department stores thrive by turning away from nostalgia and toward intergenerational vibrancy, immersive design, and community impact?