Weihong Liu, the Vancouver Island-based investor who has declared interest in acquiring the historic Hudson’s Bay department store chain, has placed one of her major retail assets—Woodgrove Centre in Nanaimo, British Columbia—on the market. The move came ahead of a formal offer deadline for Hudson’s Bay, as the storied retailer faces liquidation following a CCAA filing last month.
The listing of Woodgrove Centre, Nanaimo’s largest shopping centre, was confirmed several days ago. Colliers is managing the sale on behalf of Liu’s company, Central Walk, although the asking price has not been made public. According to BC Assessment, the two-property site—located at 6631 and 6901 Island Highway North—has a combined assessed value of approximately $230 million.
Spanning 775,089 square feet of retail space over a land area of 66.8 acres, the mall boasts an impressive tenant roster. Anchors include Walmart Supercentre, Hudson’s Bay, Save-On-Foods, Avalon Cinema, Toys R Us, Sport Chek, Winners, and Indigo (Chapters). It draws close to 6 million visitors annually and is a dominant retail hub for central and northern Vancouver Island.
Strategic Asset Sale Comes as Liu Eyes National Expansion
The listing comes as Liu positions herself to acquire “dozens” of Hudson’s Bay store locations across Canada. In a series of Mandarin-language videos posted to the Chinese social media platform RedNote, Liu outlined her vision to revitalize the legacy Canadian retailer. Speaking during a filmed tour of a Hudson’s Bay flagship in Calgary, Liu described the retailer’s decline as a “once every 300 years” opportunity for transformation.
“I feel the sadness of the Canadian people,” Liu said in Mandarin, standing in front of a whiteboard announcing an upcoming press conference. She plans to formally outline her proposal at that event, scheduled for April 18.
The deadline for Hudson’s Bay insiders to declare interest in acquiring the company’s assets or intellectual property was April 7. External parties now have until April 30 to submit binding bids for the business. In addition, binding offers specifically related to Hudson’s Bay store leases are due by May 1. According to sources, several parties are in the running—including current owner Richard Baker, who sources said submitted an interest to reacquire the company.
Central Walk’s Expanding Footprint and Capital Strategy
Central Walk currently owns three major shopping centres in British Columbia: Mayfair Shopping Centre in Victoria, Woodgrove Centre in Nanaimo, and the 1.2-million-square-foot Tsawwassen Mills, south of Vancouver. The company also owns Arbutus Ridge Golf Club in Cobble Hill.
Liu’s property empire was largely funded by the sale of her former Chinese asset—Central Walk Shenzhen—which she reportedly sold in 2019 for the equivalent of C$1.25 billion. Since arriving in Canada, Liu has kept a relatively low profile in retail circles, though her recent social media activity signals a shift toward greater public engagement, particularly within Mandarin-speaking communities.
Woodgrove Centre is the first of her major Canadian assets to be listed for sale, although sources suggest her other properties remain part of her long-term investment strategy.
Nanaimo Mall an Island Retail Powerhouse
Woodgrove Centre, which opened in 1981, has evolved significantly over the decades. Originally anchored by Eaton’s and Woodward’s, the mall underwent a substantial expansion in 2000 following Eaton’s bankruptcy. That redevelopment saw Hudson’s Bay relocate to the former Eaton’s space while the original Bay location was demolished to make room for a Walmart, which opened in 2002.
When Liu’s Central Walk acquired the property on September 1, 2020, she proposed a redevelopment vision that included 40,000 square feet of new dining and children’s entertainment facilities, aimed at drawing a broader demographic of visitors, including families and seniors.
Strategically located at the convergence of Island Highway and Nanaimo Parkway, the mall pulls shoppers from across central and northern Vancouver Island—including Parksville, Qualicum, Courtenay, and Port Alberni—many of whom rely on the centre for access to national and international retailers unavailable elsewhere.
Hudson’s Bay Facing Uncertain Future
Liu’s bid for Hudson’s Bay comes as the retailer faces the potential closure of nearly all of its locations. In June, 74 Hudson’s Bay stores are expected to shut down, along with the company’s three Saks Fifth Avenue stores and all 13 Saks Off Fifth locations in Canada. Only six Hudson’s Bay stores are slated to remain open—at least temporarily. These include three locations in the Greater Toronto Area: the flagship store at Yonge and Queen Streets, Yorkdale Shopping Centre, and Hillcrest Mall in Richmond Hill. In Quebec, three stores are expected to stay operational: downtown Montreal, CF Carrefour Laval, and CF Fairview Pointe-Claire.
Court documents show that Hudson’s Bay owes approximately $950 million to nearly 2,000 creditors. Among them is Central Walk, the real estate firm led by Liu, which is owed just over $860,000—positioning her uniquely as both a creditor and a potential acquirer.
Press Conference Expected to Clarify Vision
All eyes are now on Liu’s upcoming press conference on April 18, where she is expected to outline her vision for a new future for Hudson’s Bay. With both financial resources and relevant retail holdings already in place, her bid could bring a new kind of leadership to Canada’s oldest retail institution.
Until then, the sale of Woodgrove Centre may serve as a signal that Liu is consolidating resources for what may be her most ambitious Canadian retail investment to date.
