B.C. billionaire Ruby Liu is set to acquire approximately 28 former Hudson’s Bay retail locations across Canada, with plans to collaborate with hesitant landlords and rejuvenate the interest of younger generations in physical stores.
Liu has positioned herself as the primary contender to fill the void left by the now-defunct Hudson’s Bay, which entered creditor protection in March. As part of the liquidation process, the company has agreed to transfer up to 28 leases to her.
Having already secured three leases by paying around $6 million for spaces in malls she owns, Liu is eyeing the remaining 25 leases situated in properties across Alberta, B.C., and Ontario that are not under her ownership. While court approval is pending, landlords for these locations have expressed resistance to her takeover, citing unproductive discussions with the billionaire, who amassed her wealth in China’s retail sector.
In an extensive discussion with guest host Gloria Macarenko on CBC’s The Early Edition, Liu shared her vision for the department stores and her perspectives on the future of retail. Linda Qin, CEO of Liu’s Central Walk company, served as the translator during the interview conducted in Mandarin.
Liu emphasized the importance of transitioning young individuals from online platforms to physical retail spaces amidst the prevailing e-commerce era. She emphasized the need to attract and engage the younger generation, particularly Gen Z, by creating innovative shopping experiences.
Drawing inspiration from countries like Japan and Thailand, Liu highlighted the significance of hosting diverse events both inside and outside shopping malls to draw in visitors and shoppers. She stressed the role of shopping centers in hosting community events and activities to enrich the overall experience.
Regarding her operational timeline, Liu aims to hire 70% of the former Hudson’s Bay managers and employees for the three B.C. malls she oversees. She outlined a phased plan for store openings, with the first tier stores set to open in three months, followed by a more immersive shopping experience in the second tier stores within six to eight months. The third tier stores will feature innovative elements such as high technology, virtual reality, fine dining, entertainment, and kids’ play areas, subject to landlord approval and support.
Liu expressed confidence in her cost-effective approach, highlighting her ability to optimize expenditures compared to larger corporations. She emphasized the need for hard work, budget optimization, and cost-saving measures to establish premium department stores that bring joy to consumers.
In response to landlord concerns about the lack of a concrete retail plan and experience, Liu assured ongoing negotiations and discussions with landlords to develop detailed business strategies collaboratively. She reiterated her commitment to sharing the success by cutting a portion of the “cake” and distributing it among the supportive landlords.
