B.C. Billionaire Ruby Liu’s Bold Bid for Hudson’s Bay Leases Sparks Controversy
So, there’s been quite a stir lately about Ruby Liu, a billionaire from British Columbia, and her plans involving Hudson’s Bay’s former retail spaces. If you haven’t heard, Ruby Liu has been trying to take over leases for 25 of The Bay’s stores across Canada, which has sparked a major debate in the business and retail world.
Here’s the background: The Hudson’s Bay Company, a historic Canadian retailer, filed for creditor protection earlier this year because of heavy debts, and eventually closed all its stores nationwide. Ruby Liu stepped in with an ambitious plan to revive some of those spaces by acquiring leases for 28 stores, already securing court approval for three stores located in malls she owns in B.C. But the big question revolves around the remaining 25 leases, which are spread out in major malls across Ontario, Alberta, and B.C.
Now, the landlord Cadillac Fairview, a giant property management company, has openly criticized Liu’s plans. They say her approach “defies commercial common sense,” pointing to her lack of a detailed business plan, no recognizable retail brand, and what they describe as an “empty shell” of a business. According to Cadillac Fairview, Liu’s operation has no proven track record in retail, no experienced staff lined up, and no solid financial guarantees beyond her personal assurances. They fear the stores could run out of money before even opening.
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The controversy deepens when you consider what Liu wants to do with these stores. She plans to transform the former Bay locations into department stores under her own name, but with a modern twist—adding dining, entertainment, play areas for kids, even educational centers and robotics performances. However, Cadillac Fairview argues that the leases only allow for department stores, and these innovative plans might breach lease terms.
They’ve also raised concerns about Liu’s proposed timeline and budget. She claims she’ll open at least 20 stores within six months and invest hundreds of millions to renovate and stock them. But Cadillac Fairview calls this unrealistic and underfunded, especially given the extensive repairs needed and the high costs associated with these prime locations. They estimate tens of millions will be needed over the next decade just to keep the stores in good shape.
On the flip side, Ruby Liu remains unfazed by criticism. She’s been very active publicly, holding job fairs and recruitment events in Toronto, emphasizing her vision to revitalize Canadian retail by creating a fresh, dynamic shopping experience that combines retail with social and entertainment elements. Liu points out that Canada’s traditional retail sector has been struggling, with many malls feeling stale and online shopping pulling customers away. Her goal is to bring shoppers back by offering more than just products—she wants to create community hubs where people can gather, relax, and enjoy themselves.
She acknowledges the challenges, especially dealing with landlords and creditors, whom she says represent the traditional “commercial mainstream” that she’s still learning to navigate as a newcomer. Despite this, she is confident about the court’s upcoming decision and believes her plan offers a rare opportunity for retail innovation.
In fact, some local leaders like Markham’s mayor have already voiced support, seeing this as a chance to boost local economies, create jobs, and offer Canadians new shopping experiences. Former Bay employees and vendors also seem hopeful about Liu’s ambitious vision.
So, what happens next? The Ontario Superior Court will hear Cadillac Fairview’s objections later this month. The decision will be closely watched because it doesn’t just affect Ruby Liu or Hudson’s Bay leases—it could signal how Canadian retail adapts or struggles in the coming years. One thing’s clear: Canada’s retail landscape is at a crossroads, and Ruby Liu’s bold move is at the heart of this dramatic shift.
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