Weihong (Ruby) Liu, a billionaire real estate investor based in British Columbia, has received court approval to acquire three former Hudson’s Bay store leases. The ruling, issued Monday by Ontario Superior Court Justice Peter Osborne, marks the first formal step toward Liu’s goal of launching a nationwide department store chain bearing her name—Ruby Liu.
The three approved locations, all situated within shopping centres Liu already owns through her real estate firm Central Walk, include Tsawwassen Mills, Mayfair Shopping Centre in Victoria, and Woodgrove Centre in Nanaimo. The lease acquisition deal is valued at $6 million and is expected to close later this week.
Plans for a New Retail Venture
Ms. Liu, who built her fortune in China’s property sector before turning her attention to Canadian retail real estate, plans to transform the former Hudson’s Bay locations into modernized department stores under the Ruby Liu name. The concept includes traditional offerings such as makeup, apparel, and jewellery, along with added features like play areas for children, food and beverage services, and on-site entertainment.
“She is contributing millions of dollars of real value to the Companies’ Creditors Arrangement Act process,” said David Ward, counsel for Liu, during the court hearing. “She is betting on herself.”
Liu reportedly intends to invest more than $30 million to renovate the initial three locations. Her broader vision includes as many as 28 stores across Canada, pending court approvals and landlord consent.
The Beginning of a Legal and Commercial Journey
The Hudson’s Bay Company entered creditor protection in March 2025, leading to the closure of all 80 Hudson’s Bay stores and 16 Saks-branded locations by June 1. Leases for these spaces became available, attracting interest from a dozen bidders for a total of 39 properties. Liu’s winning bids, particularly for the three properties she owns, were deemed superior in terms of value and deal structure.
Court documents reveal Liu placed a $9.4 million deposit toward the potential acquisition of 28 leases. Of those 28, only three have been formally approved so far.
Strong Opposition from Major Landlords
While the acquisitions in Liu’s own shopping centres sailed through the court process, her attempt to take over 25 additional leases has hit considerable resistance. The targeted leases include locations in Alberta, Ontario, and other parts of British Columbia—properties not owned by Liu.
Lawyers representing prominent landlords such as Cadillac Fairview, Oxford Properties, and Primaris voiced serious objections during Monday’s hearing.
“There have been, from Cadillac Fairview’s perspective, no productive discussions, no meaningful disclosure,” said David Bish, a lawyer with Torys LLP representing Cadillac Fairview. “The process has been very troubled.”
D.J. Miller, counsel for Oxford Properties, echoed those concerns: “There are many troubling aspects of the lack of information that’s taken place.”
According to Bish, none of the 25 landlords have approved the deal. “We actually think it is 25 of 25 that have objected,” he said.
Forced Assignments Could Be Next
Because most commercial lease agreements require landlord consent for lease assignments, Liu faces a procedural and legal hurdle in expanding her venture. Should landlords withhold approval, Liu’s legal team could seek “forced assignment” orders from the court—an option that landlords have already indicated they will vigorously oppose.
Speaking in Mandarin through Central Walk CEO Linda Qin, Liu told journalists on University Avenue after Court that she plans to permanently relocate to Toronto. She may also move Central Walk’s corporate headquarters to the city.
“She is serious about creating something new for Canadians,” Ms. Qin said. “This is a long-term vision.”
Hudson’s Bay Name to Be Retired
In a parallel development, the court also approved Hudson’s Bay Company’s request to change its corporate name to remove all references to “HBC” or “Hudson’s Bay.” The name change is a requirement under the $30-million sale of Hudson’s Bay’s intellectual property to Canadian Tire Corporation.
The sale, previously approved by the court on June 3, is expected to close this week. The new name for the remaining entity has not yet been disclosed.
Liu had originally bid on acquiring the Hudson’s Bay trademarks but withdrew after Canadian Tire increased its offer. The branding for her stores will now rely on her own name, Ruby Liu.
Reimagining the Department Store
The closures of Hudson’s Bay and Saks locations marked the end of an era for Canadian retail, with the 355-year-old company failing to find a buyer to continue its operations. Liu’s ambition is not simply to fill the void but to reinvent the model.
“To me, this isn’t a gamble. It’s not just about money or profit,” she wrote in her public letter. “It’s about building something meaningful—a space full of life, where people can reconnect in the real world.”
Liu has acknowledged the skepticism she has faced, even from within her own family. But she remains undeterred.
“That is not really a business plan,” said her lawyer Ward. “That is a full-circle investment.”
Outlook: A High-Stakes Retail Experiment
Liu’s three-store purchase is the first milestone in what could become a transformative retail initiative in Canada. Yet, the coming weeks will determine how far her vision can stretch beyond her own properties.
Negotiations with landlords continue. Legal filings and possible court motions for forced lease assignments are expected. The fate of 25 leases—and the viability of the Ruby Liu department store chain—hang in the balance.
Still, Liu’s determination signals that a new chapter for Canadian department store retail may be unfolding. Whether her bold investment will spark a retail renaissance or encounter insurmountable obstacles remains to be seen.
