Tuesday October 28, 2025 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
A new national department store chain under her own name was Ruby Liu’s dream. But an Ontario court has said no.
The British Columbia billionaire had attempted to revive the Canadian department store model but with a vision of shopping malls being “inclusive and sustainable public hubs for families and all people”.
Liu is the chair of Central Walk Group.
Was the opposition financial or was there an aversion to the operational style of the billionaire entrepreneur with big-money dreams?
Saving The Bay:
Canadians may say they will miss The Bay, but sales had been declining for the retailer for years.
Liu had made a legal bid to acquire 25 former Hudson’s Bay leases across Canada.
The Bay seemed to have made little attempt to keep up with retail trends (e.g. price point out of line and no major shift to an online presence) and with basic store maintenance (e.g. during the summer heat of 2024 broken air conditioning was left unrepaired).
Liu saw a new vision.
Qualification vs competition:
She heard ‘no’ from an Ontario Superior Court’s ruling by Justice Peter Osborne but, more so, it sounds like she was up against tradition and perhaps a fear of competition.
Reportedly the landlords had fought vigorously to prevent Liu’s company from taking over the prime retail leases, arguing that her plan was unworkable and financially unsound.
Apparently several landlords argued that the presence of an untested retail chain in their anchor spaces could diminish property value and destabilize existing tenant relationships.
According to Retail Insider, the decision follows months of court hearings, public appeals, and heated exchanges between Liu and some of Canada’s largest commercial landlords, including Cadillac Fairview, Oxford Properties, and La Caisse (formerly Ivanhoé Cambridge). The landlords had fought vigorously to prevent Liu’s company from taking over the prime retail leases, arguing that her plan was unworkable and financially unsound.
Or it was simply financial? Justice Osborne concluded that Liu’s business plan “fell well short of a reasonable standard” required to demonstrate the ability to meet lease obligations. He cited significant concerns about her understanding of the financial and operational requirements necessary to run a large-scale department store chain, including “her involvement in and understanding of the business plan,” Osborne wrote.
Business model for today’s shopper?
Though perhaps the entire business model of an anchor tenant is outmoded — something that mall owners may need to look at. LArge commercial real estate holdings may need to shift from depending on retailers to include other types of operations.
But maybe today’s consumers really aren’t enamoured with cruising through large retail spaces in search of a great find or spending time hanging out in public spaces. Economic times are tough and time itself is limited for many people who may frequently default to shopping online.
Central Walk:
Since arriving in BC in 2014. Liu has been investing in the retail public space.
Through Central Walk she currently owns three proven retail spaces — Mayfair Shopping Centre (Victoria), Tsawwassen Mills (Delta), Woodgrove Centre (Nanaimo), as well as Arbutus Ridge Golf Club (in Cobble Hill on Vancouver Island).
===== RELATED:
Closure for HVAC maintenance has occurred at several Hudson’s Bay stores (July 11, 2024)
Bay store closed for HVAC repairs during heat wave (July 8, 2024)
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