Billionaire to buy up to 28 Hudson's Bay locations for new department store chain

A buyer has been confirmed for the leases of up to 28 Hudson's Bay Company department store locations in three Canadian provinces.

After first publicly expressing interest on Chinese social media in acquiring numerous soon-to-be-vacated Hudson's Bay locations — amid mounting signs early this spring of the 355-year-old department store's imminent collapse — British Columbia billionaire Ruby Liu (Weihong Liu) announced Friday afternoon that her company, Central Walk Canada Group, has entered into a definitive agreement to acquire 28 stores across B.C., Alberta, and Ontario.

"Central Walk Canada is planning to conduct a series of transformative initiatives aimed at fostering intergenerational connections, promoting active lifestyles, and empowering youth through meaningful engagement as part of this transaction," said Liu, the founder and chairwoman of Central Walk, and a resident of Vancouver Island, in a statement on Friday.

"We are evolving to serve Canadians better. We believe every Canadian family deserves a brighter future. Join us in this journey of growth and connection. Together, we can build a more vibrant, caring, and forward-thinking multiculturalist community."

Central Walk has not disclosed the full list of specific store locations it will acquire, leaving it unclear whether the company will take over the prominent historic flagship department stores in the downtowns of Vancouver, Calgary, and Toronto.

It should be strongly emphasized that the completion of the transaction is still subject to applicable landlord consents and/or court approval, as well as other terms and conditions contained in the agreement.

According to the company, the 28 locations will be reimagined as "modern department stores, bridging the gap between generations, providing immersive shopping experiences, and becoming a destination where all age groups thrive together."

Under Liu's leadership, the transformation aims to revitalize the department store format by embracing contemporary retail trends while maintaining broad generational appeal.

It remains to be seen how the ongoing proceedings under the federal Companies' Creditors Arrangement Act (CCAA) will impact the broader Hudson's Bay real estate portfolio. Earlier this month, court filings revealed that 17 bids had been submitted for Hudson's Bay's assets, with 12 parties submitting qualified bids covering a combined total of 29 individual leases. Several locations received multiple bids, reflecting overlapping interest, while a significant portion of the company's holdings — 62 locations — did not receive any qualified bids.

The deadline to submit a binding bid for the leases was May 1, including a deposit equal to 10 per cent of the proposed purchase price.

As part of its plan to open new department stores at these locations, Central Walk has committed to prioritizing employment opportunities for former Hudson's Bay staff in the new stores. The company also states that it will give preference to previous suppliers and vendors who had partnered with Hudson's Bay.

But this new department store chain will not carry on the Hudson's Bay name and brand. Last week, Canadian Tire announced that in a deal worth $30 million, it is the successful proponent to acquire all brands, designs, trademarks, and intellectual properties of Hudson's Bay.

Under Central Walk's real estate portfolio, Liu currently owns Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria, and Tsawwassen Mills in Metro Vancouver — all acquired within the past five years.

High-density, mixed-use residential and commercial redevelopment concepts have been created for Mayfair Shopping Centre. However, Central Walk is looking to dispose its asset of Woodgrove Centre; the Nanaimo property, which is the largest mall on Vancouver Island, was listed for sale earlier this spring, at around the same time Hudson's Bay's demise became highly apparent.

Liu is no stranger to managing long-term lease arrangements. While Central Walk holds freehold ownership of the Woodgrove and Mayfair malls (which both contain Hudson's Bay stores), it possesses a 99-year lease for Tsawwassen Mills, which is located on the reserve land of the Tsawwassen First Nation. 

This long-term lease with the First Nation was originally established by real estate firm Ivanhoe Cambridge, which developed and opened the mall in 2016.

Shortly after acquiring the lease, Central Walk indicated their intention to expand Tsawwassen Mills' offerings with a refocus on dining, entertainment, and immersive experiences that go beyond traditional retail, along with strong Asian influences reflective of Liu's heritage and background.

The sprawling 1.2 million sq. ft. complex — previously a sister mall of Ivanhoe Cambridge's CrossIron Mills near Calgary and Vaughan Mills near Toronto — currently has over 200 shops and restaurants.

It remains unclear whether Central Walk's broad expansion into Hudson's Bay store locations across three provinces will affect its improvement plans for Tsawwassen Mills or the proposed redevelopment of Mayfair Shopping Centre.

However, Central Walk's bold and energetic vision for Tsawwassen Mills, along with the company's history of operating major retail complex in East Asia, may offer a glimpse of what could be envisioned for the future of its newly acquired Hudson's Bay locations.

Liu moved to B.C. in 2014. Central Walk was originally founded in China in 1994, specializing in the acquisition, development, and management of large-scale retail properties. Just prior to acquiring their first Canadian properties in B.C., the company sold their flagship Central Walk mall in Shenzhen to Hong Kong's Link Real Estate Investment Trust.

Before reopening the former Hudson's Bay store spaces and introducing its reimagined retail concept, the company will likely need to invest in substantial building upgrades at many locations, due to years of deferred maintenance under Hudson's Bay — particularly in more recent years.

While some of Hudson's Bay's store leases may be relatively short-term — requiring renewal every five, 10, 15, or 20 years — others span much longer durations. The retailer may hold a number of long-term leases that can extend over several decades, and in some cases, approach a full century in length.

A notable example is Hudson's Bay's former store at Oakridge Centre (now named Oakridge Park) in Vancouver. In 2018, the company reached an agreement with QuadReal Property Group to amend its long-standing lease, clearing the way for the mall's full demolition and redevelopment into a new high-density, mixed-use project. 

As part of the breach of the lease terms, QuadReal paid Hudson's Bay $172.5 million — $151.5 million of which was used to repay the retailer's credit borrowings, and $21 million was allocated for tenant improvements to build out a future replacement store in the redeveloped mall.

However, in November 2024 — in hindsight, an early indicator of Hudson's Bay's worsening financial position — the retailer and QuadReal reached a new agreement to cancel plans for a return to Oakridge Park. Hudson's Bay had maintained a presence at Oakridge since the mid-1990s, following its takeover of the former Woodward's location.

By early June 2025, after concluding its liquidation process, Hudson's Bay will permanently close all of its remaining stores. Roughly two weeks later, the company is expected to vacate all remaining brick-and-mortar premises, marking the end of its centuries-long physical legacy in Canada.