Hudson’s Bay has officially withdrawn its plans to open a location within Vancouver’s reimagined Oakridge Park, a five million square foot mixed-use project co-developed by QuadReal and Westbank. The vacancy creates new opportunities for innovative retail and community experiences.
QuadReal Property Group, the landlord driving the ambitious transformation of the former Oakridge Centre, confirmed this development to Retail Insider. The original agreement to include Hudson’s Bay as an anchor tenant has been restructured, enabling QuadReal to pursue a broader tenant mix that aligns with Oakridge’s evolving experiential and luxury-focused strategy.
“At its heart, Oakridge Park is a place of evolution and growth,” QuadReal said in a statement, explaining that the departure of Hudson’s Bay creates an opportunity to expand its lineup of global and local brands. “In response to positive interest from a diverse range of esteemed brands, restaurateur, and beauty and wellness services, this prime area will now be utilized in new and exciting ways, enhancing the overall experience for our residents, tenants, visitors, and the broader community.”
The decision represents a significant shift from 2018, when Hudson’s Bay and the developer amended the retailer’s lease for Oakridge. The amendment also secured Hudson’s Bay’s role as an anchor tenant in a newly designed, 140,000-square-foot space within Oakridge’s redevelopment.
Hudson’s Bay closed its Oakridge store in February of 2021 in anticipation of the new location. That followed Oakridge’s temporary closure in September of 2020 for the centre’s redevelopment.
Statement from Hudson’s Bay
Hudson’s Bay provided Retail Insider with a statement for this article, regarding Oakridge Park. “HBC continuously looks at opportunities to optimize its real estate portfolio on a market by market basis. We have recently completed an agreement with QuadReal Properties for our location at Oakridge Park and will not open within that redevelopment.”
The company noted that it will continue to maintain its presence in downtown Vancouver. “Hudson’s Bay is excited to reinvest in the Vancouver community and is focused on investments in and the redevelopment of its flagship location on Granville Street in downtown Vancouver.”
Prime Retail Space Opens Up for New Tenants at Oakridge Park
Chrystal Burns, Executive Vice President of Canadian Retail at QuadReal, said that this decision enables Oakridge Park to redefine itself, emphasizing experiences that resonate with today’s retail shoppers. “We see this as a unique opportunity to redefine what truly anchors a destination,” she explained. According to Burns, Oakridge Park’s central park area will become a key attraction, featuring stages for performances, public art installations, and a Time Out Market food hall, which all contribute to a community-centred experience.
Tara Brockelmann, Senior Vice President of Leasing, added that the space originally planned for Hudson’s Bay—a spacious 140,000 square feet within the North Atrium, featuring 200 feet of frontage and ceiling heights over 50 feet—is positioned for high visibility and accessibility. It includes seamless access to parking and multiple atrium spaces with glass skylights, making it an ideal location for new luxury and lifestyle tenants.
“The leasing phase for Oakridge went exceptionally well,” Brockelmann noted. “Many tenants we initially couldn’t accommodate now have the chance to join the Oakridge community. This newly available space allows us to bring in uses that will enhance the experience for everyone.” She explained that Oakridge’s leasing team is carefully selecting brands that align with its unique mix of retail, wellness, and cultural experiences.
The Hudson’s Bay space will be reconfigured to meet the needs of prospective tenants. Burns pointed out that Oakridge’s redefined mission prioritizes experience-driven retail. The combination of community-oriented spaces, elevated design, and a diverse selection of high-end retailers positions Oakridge Park to appeal to a discerning customer base looking for more than just shopping.
Oakridge Park to Feature High-End Retail, Wellness, and Luxury Experiences
The reimagined Oakridge Park will cover approximately 650,000 square feet and house over 100 retailers, including an exclusive mix of luxury labels, established brands, and a variety of dining options. This lineup includes notable luxury retailers new to Vancouver, such as Christian Louboutin, Miu Miu, Max Mara, Alexander Wang, and Maison Margiela. Additional brands will include Louis Vuitton, Prada, Brunello Cucinelli, and Moncler, while Harry Rosen and others will be returning to Oakridge’s premium retail environment.
High-end jewellery and watch brands will be part of Oakridge’s luxury offerings. Bulgari will open its first Vancouver standalone store, joined by other luxury names such as Chaumet, Chow Tai Fook, TAG Heuer, Tiffany, TUDOR, and Jacob & Company. Chaumet, a renowned Parisian jeweller, will debut its first North American standalone location at Oakridge. Rolex will also add to the luxury landscape with a store spanning 6,000 square feet.
Irene Quan, Vice President of Marketing, discussed how Oakridge’s experiential retail approach extends beyond luxury goods. She explained that Oakridge Park will incorporate wellness-oriented retailers and services to cater to a growing demand for health and lifestyle experiences. “We want to bring something unique to this space,” Quan said. She noted that Oakridge’s emphasis on diverse offerings reflects QuadReal’s commitment to creating an integrated destination for retail, community, and culture.
Oakridge Park: More than Retail, a Community Destination
The partnership between QuadReal and Westbank began with Oakridge Centre’s closure in 2020, transforming it into a vibrant, mixed-use community. Oakridge Park will feature high-rise residential towers, office spaces, a public library, and amenities for the performing arts, including a ballet school.
Oakridge’s central park, covering a substantial portion of the property, will serve as a focal point for events and gatherings, reinforcing QuadReal’s vision of Oakridge as a hub for community engagement.
Since acquiring Oakridge Centre in 2017, QuadReal has aimed to maintain its status as one of Canada’s most productive shopping centres. The original Oakridge Centre, which included high-performing stores like Tiffany & Co. and Apple, consistently attracted affluent Vancouver residents, becoming one of Canada’s top-grossing shopping centres. Notably, Tiffany & Co., a high-profile tenant in Oakridge’s earlier iteration, will return to Oakridge Park in a new 5,200-square-foot boutique. Other key tenants include a Safeway grocery store and Crate & Barrel.
The retail area of Oakridge Park is scheduled for opening summer 2025, which Brockelmann mentioned is a great time for most retailers. The planned summer opening aligns with key shopping seasons, including the Lunar New Year, which holds special significance in Vancouver. “This timeline gives retailers the best runway to make an impact,” she explained.
More from Retail Insider:
- Oakridge Park in Vancouver to Launch Annual Summer Activations in Effort to Draw Visitor Foot Traffic
- Oakridge Park in Vancouver Announces Luxury Jewellery Brand Retailers Ahead of Spring 2025 Opening [Feature]
- Oakridge Park in Vancouver Announces First Confirmed Luxury Retail Tenants Ahead of 2025 Grand Opening [Feature]
Would it make sense for Simons to have a second Vancouver location?
Would it be to far out for Nordstrom to take another stab at Canada. Wasn’t the Vancouver store on of their most productive but had to close because it was CCA for all stores or nothing. Would a stand alone Vancouver store make sense?
Stand Alone Nordstrom Store would be hard…with the CCAA filing, i dont think a re-entry would be easy…..a lot of the same logistical challenges would apply, and vendor distribution competition w/ holt renfrew would still apply….would be nice though
an RH gallery like what they have in Yorkdale could make a lot of sense….the crate and barrel store at Oakridge did okay from what I can remember….and those RH galleries are an experiential destination…would align with the Oakridge brand very well
Would be perfect as Vancouver’s 2nd Holt Renfrew location, similar to how Bloor and Yorkdale function together. Although this would inevitably lead to lower sales downtown, the combined stores would likely command a higher share of luxury spending than a single store downtown.
HBC owns Saks and the fact they weren’t even mentioned does not bode well. With already established luxury retailers announced, a Saks Fifth Avenue seems like a natural fit, even if its Canadian operations are not healthy. QuadReal knows it can command more rent from individual boutiques anyways with the excess demand the leasing team now has the luxury of reapproaching. I would welcome a second Simons however. Overall I think this is a great opportunity for Oakridge to hopefully open more first-to-market tenants.
I really wasn’t expecting this news. I was expecting Hudson’s Bay to close a bunch of its 15 or so remaining “Silver Tier” stores in smaller communities like Vernon, Kamloops, Prince George or Pentictin. I do expect Hudson’s Bay to announce more store closures in 2025.
This press release looks to have been very carefully crafted to deflect away from the initial likely “Holy Crap! Now what do we do!” moment when the developer was told about Hudson Bay’s revised plans. Hopefully the retail component in that space will turn out just as nice or nicer than before.
The Bay is in such a sad state that it’s good that they pulled out of the deal. They cannot seem to maintain the inventory of stores currently open. With their out of order elevators, escalators , no music , less staff then ever before and a decrease in product selections, the writing is on the wall for the Bay.
Hudsons Bay Stores have bo money. The can’t get escalators or elevators repairs. Unpaid bills and cash up front in the runout. No way could they fund a luxury build out.
With the Canadian stores spun off when HBC realigned after the NM purchase, I expect a CCA filing in early 25. Will be interesting what the emerge with. One site suggested the brand is done as they have done so much damage to it since 2019, amd maybe the 12 to 15 stores that emerge becone N M.
Of note thebay,com is no longer part of Hudsons Bay stores Canada.
Terrific opportunity to upgrade. Sadly, HBC has become a comedy show. Oakridge has already achieved iconic status. It’ll be an auction now to see who fits the best and pays the most. Bravo QuadReal.
Sad to watch the demise of the The Bay. Any chance we could get a Marks and Spencer????
What is going our with Canada’s beloved Hudson’s Bay!? Its so sad to watch the demise of Hudson’s Bay. More bad news coming from HBC, really wonder what the plan is for HBC in Canada? Most store are lacking stock, in total disrepair and finding a checkout is next to impossible. Online isn’t any better…. you have to wonder if this is planned to drive the retail side of the business into the ground? They don’t seem to be trying to make the company successful like it really could be! What brand is better know in Canada and around the world then Hudson’s Bay (those classic HBC Stripes)!? Its Quintessential to Canada. Its so sad they don’t try and figure out what Canadians want from the brand and give them exactly that.
Zellers was neat but they never restocked, so it was never given a fair try. People love Zellers, you hear people praise the brand but when you say The Bay, people say “i haven’t shopped there for years”, or you hear a poor customer service story. The Bay/Hudson’s online and instore just don’t flow. Its a mix of super high end in a shabby store environment to junk to decent middle of the line merchandise. Just seems like the buyers do whatever they want.
Will say they have a great home department line with the Hudson’s Bay branding, it has sheets, towels, kitchen goods. Great quality, great style, great price (think if they focused more on that model they would win). You even look at the HBC classic Striped merchandise line lately, it was once a classic gift to give or to buy something for your home. People knew those stripes from across the room, now its very oddly designed merchandise that doesn’t really fit the classic Striped HBC colors. Some would say tacky… if they cant even get that right as a brand, can only imagine what else is going on behind the scenes.
Think i speak for most Canadians, they don’t hate shopping at Hudson’s Bay just HBC gives them no reason to shop there. They have so much potential but it just needs to be rediscover and unleased! Think the rediscover would involve closing a good chunk of stores, but they need to focus on a massive turnaround or they will go the way of Sears.
This is a surprising development given that the Oakridge location was one of the prime properties HBC wanted when it bought Woodward’s in 1993. It’s alarming that HBC would now walk away from a project with so much upside.