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2w ago

Ruby Liu Wins Approval for Three Former Bay Leases and Faces Opposition on 25 More

Her proposal includes a $180-million investment in renovations plus inventory stocked for a self-branded department store chain with plans to hire up to 3,000 employees.

Ruby Liu is shown leaving court in Toronto on Monday June 23, 2025. The eccentric B.C. billionaire looking to turn Hudson’s Bay’s old digs into her own retail empire left court Monday with the beginnings of her venture in hand — and a looming fight that could curtail her full ambitions. THE CANADIAN PRESS/Nathan Denette
Information about Ms. Liu’s plans for the spaces are still lacking ‘despite multiple requests,’ says CF chief.

Overview

  • Liu secured court approval on June 23 to acquire three former Hudson’s Bay leases for $6 million and has lodged a $9.4 million deposit on bids for 25 more sites.
  • Landlords for 23 of the remaining leases, including Cadillac Fairview and Oxford Properties, filed objections citing her lack of retail management experience and absence of a detailed business plan.
  • Her pitch allocates $84 million to revamp mall spaces and $96 million for initial inventory, with projections showing a $32.5 million loss in 2025 and a $31 million profit the following year.
  • Liu’s team has engaged over 50 former Bay suppliers and reviewed more than 500 resumes from ex-HBC employees ahead of plans to hire up to 3,000 staff.
  • Opposing landlords contend established retailers would offer more reliable job creation and stable lease terms than Liu’s unproven retail concept.