The Decibel The B.C. billionaire fighting to take over Hudson’s Bay stores
Jul 8, 2025
Join Susan Krashinsky Robertson, The Globe's retailing reporter, as she delves into the dramatic downfall of Hudson's Bay, Canada's oldest retailer. She explains the impact of the company's staggering debt and layoffs on its iconic stores. Enter B.C. billionaire Ruby Liu, who aims to acquire 28 leases amidst fierce opposition from landlords. Discover Liu's ambitious vision for revitalizing the retail landscape, her unique marketing strategies, and the intense lease wars that reveal the complexities of a changing Canadian retail market.
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Value of Anchor Tenant Leases
- Hudson's Bay anchor tenant leases have unique advantages like lower rent and control over mall redevelopment.
- These leases reflect a bygone era when large department stores were mall traffic drivers, which is now reversed.
Empty Spaces Return to Landlords
- 62 Hudson's Bay locations without bids are returning to landlords in poor condition needing major repairs.
- Landlords may demolish or renovate them to attract new tenants who don't require large spaces.
Ruby Liu's Ambitious Lease Bids
- Ruby Liu, a mall owner from B.C., has bid on 28 Hudson's Bay leases, planning to launch a modern department store.
- She already owns malls where three leases were smoothly acquired with court approval.