B.C. billionaire defends Hudson’s Bay lease bid, offers rent guarantee to ease landlord concerns

A British Columbia billionaire seeking to acquire 25 former Hudson’s Bay leases is pushing back against landlord objections, calling their concerns “misguided” and pledging to personally guarantee her first year of rent.

In an affidavit filed late Wednesday, Ruby Liu said she has already invested millions in the venture and is prepared to commit $400 million to transforming the spaces into new department stores featuring retail, dining, entertainment, and recreation. “I would not have undertaken this process… if I was not fully prepared to fund this venture,” Liu stated.

Liu already operates three B.C. malls—Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre—where she has taken over former Bay locations. She aims to launch at least 20 stores within 180 days of securing the remaining leases. Her $120-million renovation budget focuses on roofs, HVAC, washrooms, elevators, and escalators, which she says covers both essential and cosmetic work.

Major landlords including Cadillac Fairview, Oxford Properties, and Ivanhoe Cambridge argue the leases limit usage to traditional department stores and say Liu’s budget and timeline underestimate the scope of repairs. The Bay has sided with Liu, noting the retailer operated in these spaces without completing many of the upgrades now being demanded.

To counter claims she lacks supplier backing, Liu presented letters from 11 companies—including Conair, Northern Reflections, and Indeka Group—expressing willingness to work with her. Some suppliers even have inventory available in Ontario and Quebec that could be shipped within weeks. She also shared a proposal from Mimran Group Inc. to potentially acquire Canadian fashion brand Alfred Sung’s trademarks and intellectual property.

The Bay’s senior vice-president of real estate and legal, Franco Perugini, suggested landlords may be motivated by redevelopment ambitions, including mixed-use and residential projects. A hearing on whether landlords must accept Liu as a tenant is scheduled for the end of August.