Weihong Liu and the Future of Hudson’s Bay

As the Hudson’s Bay Company moves through creditor protection proceedings and prepares to announce the winning bids for what remains of its once-sprawling store network, a high-profile entrepreneur is drawing attention for her ambitious vision to breathe new life into the brand. Weihong Liu, a Chinese-born Canadian billionaire investor and founder of Central Walk, has emerged as a frontrunner in the race to acquire part of the iconic retailer. If her bid succeeds, it could usher in one of the most dramatic reinventions of the Canadian department store model in decades.

While a final decision on the bid is expected within days, Liu’s growing presence in Canadian retail circles and cryptic social media posts on the Chinese-language platform RedNote have offered insight into what a new iteration of Hudson’s Bay could look like under her leadership. Though she has not publicly confirmed her full concept, the direction she has hinted at—rooted in experiential retail, omnichannel integration, and Asian-influenced merchandising—has sparked industry speculation and cautious optimism.

A Regional Retail Strategy Emerges

Liu is understood to have submitted a bid to acquire approximately 25 Hudson’s Bay stores located across British Columbia, Alberta, and Ontario. These are the three provinces that Liu’s business partner Linda Qin has referenced repeatedly on RedNote and in other communications. The bid likely also includes Hudson’s Bay’s intellectual property, which would give Liu the ability to operate stores under the iconic name and utilize its valuable branding, including the company’s multi-stripe trademark.

This geographic focus signals a departure from Hudson’s Bay’s historical national presence. Under Liu’s vision, there would be no stores operating in Quebec, Manitoba, Saskatchewan, or the Atlantic provinces. Notably, Winnipeg had been home to the company’s flagship location from 1926 until 1974, and Saskatchewan once served as a significant market for the brand. Liu’s apparent decision to forego these regions suggests a streamlined, regionally concentrated strategy that prioritizes retail performance and cultural fit over legacy.

One market that appears to be on Liu’s radar is Ottawa. In a post on RedNote, a user asked whether a Hudson’s Bay store would be opening in the city, to which Liu replied in Chinese, “Here I come.” 

Retail expert Carl Boutet noted that while this concentration may appear narrow, it may reflect a pragmatic approach rooted in Liu’s existing property portfolio and her desire to build from familiar ground. “She’s clearly targeting markets where she already has traction, and where she can leverage her real estate holdings and retail relationships,” he said.

Central Walk’s Canadian Footprint

Central Walk, Liu’s real estate investment firm, has made major moves in the Canadian market since her arrival in British Columbia following the sale of a major shopping centre in China. The company owns three major shopping centres in the province: Mayfair Shopping Centre in Victoria, Woodgrove Centre in Nanaimo, and Tsawwassen Mills in South Delta. Two of those properties currently have Hudson’s Bay stores, while the third previously housed a Saks OFF 5TH.

Retail Insider confirmed that Woodgrove Centre was recently placed on the market. On March 30, Qin posted on RedNote that the sale was intended to raise funds for renovations anticipated after the acquisition of Hudson’s Bay stores. It’s a move that Boutet called “a clear signal that Liu is all-in” on transforming the chain and willing to liquidate significant assets to fund her retail ambitions.

A Visit to Toronto at a Critical Time

Liu was in Toronto on April 26, where she visited Hudson’s Bay’s Queen Street flagship as well as Yorkdale Shopping Centre. These visits coincided with the final stages of the bid submission window, which closed on April 30.

According to industry sources, her presence in Toronto may have been tied to finalizing her 10 percent deposit and submission of a formal bid for Hudson’s Bay assets. While no official itinerary was disclosed, her activity in two high-profile properties—both of which house Hudson’s Bay stores—suggests she was assessing key real estate tied to her potential acquisition, and possibly meeting with landlords to discuss the future of the brand in those spaces.

A Vision for “New Retail”

Although Liu has not confirmed her full retail concept, her RedNote posts and past business experience offer clues. She has emphasized themes of “reviving the retail industry,” “making The Bay great again,” and bringing new energy to the Canadian shopping experience. Drawing inspiration from Chinese department stores, Liu may be preparing to launch a format rooted in what Alibaba founder Jack Ma once called “new retail”—a blend of digital and physical commerce with heavy experiential elements.

Boutet believes that Liu’s strategy is not merely about preserving a legacy brand but about reinventing it for a new generation. “If she executes even a portion of what she’s talked about, it could mark a transformative moment for department store retail in Canada,” he said. Liu confirmed on RedNote that targeting younger shoppers was a strategy for the new Hudson’s Bay.

Chinese department stores are known for integrating supermarkets, food halls, beauty salons, and specialty services into their spaces. They also serve as omnichannel hubs where customers can shop online and pick up or return merchandise in-store, often leveraging platforms like WeChat, JD.com, or Alibaba’s Tmall. Liu could bring similar innovations to Canadian shores.

“We’re talking about everything from livestream shopping and AR try-on stations to gamified loyalty programs and in-store personalization based on behavioural data,” said Boutet. “It’s very sophisticated and very scalable—if executed correctly.”

Inventory, Liquidation, and Transitional Strategy

Liu’s immediate post-acquisition strategy will begin with a liquidation phase, though there is some question about how much inventory remains to be sold. According to court documents, Hudson’s Bay has already moved approximately 90 percent of its merchandise out of distribution centres. Still, Liu has signalled on RedNote that a liquidation campaign would be her first public move.

“She could run a handful of stores over the summer purely as liquidation outlets,” Boutet speculated. “That buys her some time—time to develop a new retail concept, to negotiate with landlords, and to get fixtures and inventory in place.”

On RedNote, Liu explained that brands looking to operate within Hudson’s Bay stores would have two options: pay a base rent per square foot or contribute 20 percent of their sales revenue. This concession-based model, widely used in Asian department stores, reduces upfront risk for emerging brands while allowing the retailer to earn income tied directly to performance. Liu framed it as a flexible way to attract a wide range of vendors, particularly as she seeks to populate stores with a mix of brands that may be new to the Canadian market.

Sourcing Talent and Building Teams

Liu has already begun the process of recruiting employees for the planned stores. In a recent video on RedNote, she introduced several newly hired female employees, all Mandarin-speaking, while business partner Linda Qin stated that investor recruitment was also underway. Liu has specifically requested bilingual staff fluent in Mandarin and English.

This staffing approach may also signal a cultural shift in store operations, with Liu possibly reimagining both the customer service and back-of-house environments. “She may choose to bolt on some existing staff to hit the ground running, but if she’s thinking of building something new, she’ll need a team that aligns with that vision,” Boutet said.

Liu has also begun assembling a network of advisors and potential business collaborators. She recently brought in Xie Xiaoqiang, a well-known retail consultant from China, who stated in Mandarin that he believes a Hudson’s Bay chain in Canada could succeed given its prime real estate holdings and Liu’s vision. In another notable meeting, Liu hosted Zhang Huarong, President of Shanghai-based Yueronghui Group, at Tsawwassen Mills. According to Liu’s posts on RedNote, the two were engaged in discussions about the future of Hudson’s Bay and its potential transformation under new ownership.

Flagships and Real Estate Complexity

A critical challenge facing Liu will be access to premium real estate. While her bid may include some flagship locations—such as downtown Vancouver or Calgary—those properties come with major costs and logistical challenges. The Queen Street flagship, for example, has known plumbing and infrastructure issues that could require tens of millions of dollars in investment to resolve.

Moreover, Cadillac Fairview owns the Queen Street building and holds a lease-backed mortgage on the property. Any new deal would likely require long-term lease commitments and substantial guarantees. 

“Landlords are going to want to see a solid business plan and financial backing,” Boutet said. “It’s not just about rent—it’s about credibility and commitment.”

Drawing from Asia’s Retail Innovations

Liu’s influence extends across real estate and retail strategy. Central Walk has recently introduced experiential elements into its Canadian centres, including robot-operated kiosks and pickleball courts. Her vision for Hudson’s Bay could follow a similar playbook, combining dining, entertainment, and specialty retail under one roof.

In China, department stores are known for their dynamic central courts, which often serve as stages for cultural performances, product launches, and brand activations. Boutet suggested Liu may bring a similar level of energy and programming to her Canadian stores. “These stores can become gathering places again—not just places to buy things,” he said.

The Role of the IP and Brand Legacy

One lingering question is how much Liu values the Hudson’s Bay brand name itself. On RedNote, a user suggested she acquire the intellectual property to protect the company’s heritage. Liu responded simply: “Learned.” Liu has noted the importance of the Hudson’s Bay name, and would likely maintain that under her ownership.

Boutet cautioned, however, that name recognition alone may not be enough to ensure success. “The brand has legacy, yes, but if what people see when they walk in doesn’t match their memories or expectations, it loses meaning,” he said. “Zellers is a good example of that. The name resonated, but the execution fell flat.”

What Comes Next?

The court-appointed monitor overseeing Hudson’s Bay’s creditor protection proceedings is expected to announce the successful bidders imminently. If Liu’s offer is accepted, Canadians will be watching closely to see whether her version of Hudson’s Bay becomes a revitalized cultural hub—or another case of unrealized promise.

“She’s either about to launch the most exciting department store project in North America—or walk into a minefield of legacy issues,” Boutet said. “It’s a high-stakes gamble, but if anyone can pull off something this bold, it might be someone like Weihong Liu.”

More from Retail Insider:

• 17 Bids Filed for Hudson’s Bay as Store Liquidation Proceeds
• Hudson’s Bay Restructuring Proceeds Without Insiders
• The Future of Hudson’s Bay as a Canadian House of Brands